WJC completion is further delayed

The completion of the World Jewelry Center is likely to be delayed to 2012 or later. The tower is also undergoing a restructuring in scale, with its 50 storeys being reduced by 10 and 98 residential condos will be scrapped.

The WJC was proposed over 1.1 million-square-foot and the 98 condos would have occupied a total residential area of around 800,000 square feet. As the present market conditions are getting more stiff, the delay in the project is posing an increase in the project cost. Finance is a major hurdle in project completion. The WJC was conceived as a wholesale jewellery marketplace for the global gem and jewellery manufacturers.