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Boyajian Markets World Jewelry Center to Israel Industry
Dec 18, 2006 8:01 AM
By Jeanette Goldman
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RAPAPORT... A delegation from the future World Jewelry Center project, which is planned for Las Vegas, is visiting Israel on promotional road show aimed at marketing the new jewelry complex to Israeli jewelry manufacturers and diamantaires. The tour is part of a larger multi-million dollar marketing effort which includes Italy, India, Hong Kong, and the United States.
In a meeting with diamantaires on December 17, Bill Boyajian, the project’s managing director, provided details of the center and described the benefits of purchasing office space in the new complex, which is due to open in 2010.
The complex will offer two structures one of which is a prominent 60 story tower for jewelry dealers and manufacturers. The top floors of the tower would be reserved for residential condominiums. The center will also hold a retail jewelry center for approximately 60 retail stores.
Following the meeting with diamantaires, Boyajian told journalists he has received “positive feedback” from potential customers in Israel and in India.
“If we can get 10 to 15 really good quality Israeli firms in the next several months, I would be delighted,” he said. Boyajian noted he already received letters of intent to purchase office space in the complex from industry leaders Avi Paz and Shmuel Schnitzer. “Our aim is to have the whole world represented, with the entire range of industry catering to retailers, manufacturers, dealers and wholesalers in the gem, jewelry, pearl, and watch industries.”
The World Jewelry Center is considering opening a diamond exchange in the complex, but only if the exchange can succeed in attracting visitors from all over the world, Boyajian told journalists. “If it is good for our clients in the building and it is good for the industry, then that is what we will do,” he said. “But not if the exchange would just remain an empty room,” he added.
Boyajian said the World Jewelry Center would not take away business from other diamond trade centers in the world. “Our aim is...to help centers by allowing them to bring their product directly to consumers in the United States,” Boyajian said.
He added that the project is not for everyone, because not everyone can afford to participate nor does everyone have the vision to see how the project fits into their business model. In any case, Boyajian said, it usually takes a couple of months for potential clients to decide whether purchasing office space fits into their business model.
Describing the benefits of the World Jewelry Center project, Boyajian noted that Las Vegas has a thriving retail business sector alongside a growing wholesale sector. Additionally, since the state of Nevada receives much of its revenue from the gaming business the state does not impose corporate income and personal state income taxes.
The plans for the center's retail sector is to include unique jewelers not found at the average suburban shopping mall in the United States he said.
The center will also “most likely” be a foreign trade zone Boyajian said. This would be advantageous to many companies wishing to manufacture abroad and use Las Vegas as a distribution center, because goods enter Las Vegas duty-free until the goods are sold.
According to Boyajian, nearly 15 percent of the required clients needed to move ahead with the project, have already signed letters of intent to purchase office space. Organizers hope to get at least 25 percent of potential clients to sign letters of intent by July 2007.
Las Vegas reported hosting 40 million visitors in 2005 and is home to the largest convention market in the United States. Las Vegas has approximately 70,000 new residents every year.
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Tags:
Consumers, Hong Kong, India, Israel, Jewelry, United States
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