Dubai Multi Commodities Centre (DMCC) has signed a Memorandum of Understanding (MoU) with the People’s Government of Panyu District, China, for cooperation towards the promotion of jewellery trade between both countries, with a special focus on diamonds and coloured stones.
Under the terms of the MoU, both parties will mutually promote jewellery trade, with the intention of collectively developing a strong presence in international markets and establishing a global influence.
This will be accomplished through the exchange of market expertise in jewellery design, training, business opportunities and educational initiatives, in addition to facilitating the reciprocal operation of visiting jewellery trade delegations.
Led by Tan Ying-hua, Party Secretary of the Panyu People’s Government, the 11-member delegation from the Panyu visited the DMCC offices, ahead of the signing of the memorandum.
Tan Ying-hua, said: “The MoU with DMCC will enable us to explore the scope of the emerging markets in the high growth economies of the Middle East. Through our collaboration, we aim to jointly create an environment conducive to business, and a solid platform for the exchange of knowledge. This will be of immense value to the diamond and gemstone traders between Panyu and Dubai, and will enhance opportunities for increasing jewellery trade volumes.”
DMCC and Panyu will form a four-member committee to assist in discussing the wider scope of the MoU.
The pact also seeks to encourage youth exchange programmes and establish cultural delegations in the fields of art and music.
Panyu, a district of Guangzhou situated in the Guangdong province, accounts for more than a fifth of China’s export of gold and inlaid jewellery.
Peter Meeus, executive director – Diamonds, DMCC, said: “The diamond industry is well established in both countries. In 2007, Dubai’s total diamond trade increased by 53 per cent to reach $11.23 billion (Dh41.2bn). We are confident that this agreement will further cement the existing relationship between Dubai and Panyu and boost trade activities in jewellery.”
DMCC to promote jewellery trade in China