The city of Las Vegas and Beverly Hills-based Probity International Corp. announced last week that construction would begin within a year to 18 months on the World Jewelry Center (WJC), to be located on Grand Central Parkway.

The project — scheduled to be completed by late 2009 or early 2010 for a price tag estimated to reach into the hundreds of millions of dollars — will include office space, retail shops, and luxury condominiums, as well as a museum and education center open to the public.

The 1 million-square-foot facility is designed to be not only a center of commerce, but of education about the jewelry industry as well.

"I hope it will be a fantastic icon for the industry," said Bill Boyajian, former president of the Gemological Institute of America and managing director of the WJC, at an announcement gala last week.

Boyajian unveiled a rendering of the center — alongside Mayor Oscar Goodman, developer Robert Zarnegin, and jewelry industry leaders from around the world who have already committed to the project — in a tent where the 5.4-acre center will stand.

As if the crowd at the gala were not already highly bejeweled, several young ladies hung with ropes of pearls and dripping with diamonds modeled the center's future offerings.

Of course, the tower isn't the first industry center to locate in Las Vegas.

The World Market Center — a furniture industry mecca — opened across Grand Central Parkway from the future site of the WJC last year. When the eight-building complex is completed in 2013 it will be the largest tradeshow complex in the world.

And some Vegas insiders say the jewelry and furniture industries won't be the only ones to capitalize on the pull of Las Vegas.

"I think you absolutely see the trend," said Cindy Ramsey, deputy executive director of the American Gem Society in Las Vegas. "It's obviously a trend and if a business wants to bring business partners to them, there's not a better city than Las Vegas to do that.

"Sometimes serious business can involve serious entertainment."

Boyajian said Las Vegas was the only logical choice for the center.

"We needed a city of lights, of luxury ... We needed Las Vegas," he said. "I don't believe this project would work in any other city."

Zarnegin, too, said Las Vegas, with its business-friendly atmosphere, millions of visitors annually and fast-growing population, offers endless opportunity.

And the world's largest gem and jewelry exhibition is already an annual feature for the city.

"Many people in the industry have asked me, 'Why Las Vegas'" Zarnegin said in a statement. "Las Vegas is a crossroads that is well-known around the world. People love to travel here for both business and pleasure. A key reason for building this industry hub in Las Vegas is that the environment here is truly progressive and pro-business."

Models wearing jewelry from various manufacturers during a event to unveil plans for the World Jewelry Center in downtown Las Vegas. R. Marsh Starks

Dana Pretner Andrew, director of marketing and public relations for World Market Center, said furniture exhibitions differ from other industry trade shows, because of the difficult and time-consuming nature of moving the product.

That makes the permanent showplace an intuitive fit for the industry.

"The idea of a permanent showroom isn't terribly new for the (furniture) trade. It's just new for Las Vegas," said Andrew. "Vegas is so used to seeing temporary shows coming in and out of the convention centers."

Andrew said it remains to be seen whether the model will work for other industries with less bulky merchandise.

But with twice as many tenants signed up for the second phase of the World Market Center as for the first, "It really shows the power of this model," she said.

Andrew said the real key to marketing a permanent showplace and industry center in Las Vegas is, however, marketing Las Vegas.

"You can have a market anywhere, but you can't get the Las Vegas experience anywhere else," she said. "And so to plug into that for the benefit of promoting the market ... there's no better way to do that than to capitalize on the appeal of the city."

Unlike the World Market Center, which is for industry insiders only, the WJC will cater to people both inside and outside the jewelry trade — from international gem dealers to small consumers — and will actually seek to draw visitors from the Strip.

Mayor Goodman said that he believes the project will change the landscape of the jewelry industry, as well as the way business leaders think about Las Vegas.

The city is not only a place to play, he implied, but a center of global commerce as well.

"The entire concept of the World Jewelry Center is very progressive and will fit in well with all the other innovative, international business projects coming to our city," he said in a press release.

Ron Altoon, of Altoon + Porter Architects, the firm designing the center, said part of the strategy to draw customers to the center is embodied in the building itself.

He said the minimalist structure will change the Vegas skyline with its more than 50 stories, which will be topped by a 14-story, glowing sky lobby atrium with a panoramic view of the city.

But although the lighted atrium might catch the eye of the potential jewelry consumer as she flies into town, it won't be open to the public. It will be the entryway to several super-luxury condos located on the top floors of the project.

"I hope it stands up to its name in splendor," Altoon said.