2007

World Jewelry Center Becoming a Reality

Summer 2007

The planned World Jewelry Center in Las Vegas is making strides toward becoming a reality as more than a quarter of the total space in the proposed 60-story tower is under agreement.

Eighty international companies representing the breadth of the jewelry industry have submitted non-binding letters-of-intent for more 200,000 square-feet of space in the 800,000 square-foot tower.

Developers plan to buy the land this month, break ground next spring and complete the project—the tallest building in Las Vegas—by 2010.

The tower is being envisioned as a trade hub for jewelry and gem industry dealers, manufacturers, and traders.

One of the major attractions for businesses is the tower’s planned designation as a Foreign Trade Zone, where foreign companies will not pay a duty for products shipped into the U.S. until the products are sold. The plans also include an adjacent three-story building that will house retail spaces and a gem museum.

The area surrounding the WJC is being developed for a various projects, including a performing arts center and an institute for neurological research designed by Frank Gehry. The area is already home to the World Market Center, a furniture marketplace.  recent survey by the Jewelry Consumer Opinion Council, run by MVI Marketing, found that for most consumers place price above all else when diamond shopping. The survey asked 2,250 consumers about their jewelry shopping habits. 42% of consumers said that.