DMCC and Panyu to focus on promoting gem trade



The Dubai Multi Commodities Centre (DMCC) has signed an agreement with the People’s Government of Panyu District, China, to promote the jewellery trade between the countries, with a focus on diamonds and coloured stones.

Under the terms of the memorandum of understanding (MoU), both parties will exchange market expertise in jewellery design, training, business opportunities and educational initiatives, in addition to assisting visiting jewellery trade delegations.

Led by Tan Ying-hua, party secretary of the Panyu Peoples Government, the 11-member delegation from the Government of Panyu visited the DMCC offices, ahead of signing of the deal. Upon signing the agreement, he said: “Our MoU with DMCC, the leading government-backed centre for commodities trade in Dubai, will enable us to explore the extensive scope of the emerging markets in the high growth economies of the region.”

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 alone. Panyu has nearly 400 enterprises employing more than 70,000 workers within the jewellery trade.

In 2007, the total value of domestic export was $1.32 billion (Dh4.84bn). Panyu is also set to host the ninth International Coloured Gemstone Association (ICA) Congress in 2009.

Ahmed bin Sulayem, Executive Chairman of DMCC, said: “DMCC is very pleased to enter into this co-operative relationship with the Government of Panyu, China, which will open up new avenues for strengthening trade links between the two economies.” (Wam)