Dubai signs jewellery trade deal with Thailand

Dubai: An agreement between the Dubai Multi Commodities Centre (DMCC) and the Thai Gem and Jewellery Traders Association (TGJTA) is set to boost Dubai's Dh70 million annual trade in gems and coloured stones, the DMCC said on Wednesday.

Thailand, known as the heart of South East Asian gemstone production and trade, is the second largest exporter of gems and jewellery in the world with annual exports of over $2 billion.

The agreement, set to boost trade opportunities with Dubai, makes the Thai association the first affiliate member of the DMCC's Dubai Gems Club (DGC), an initiative of the centre's coloured stones and pearls division. It provides TGJTA members with access to the DGC's network of local and international markets and to the dedicated trading facilities of the Dubai Gems Club at Almas Tower.

Gaiti Rabbani, executive director of the DMCC's coloured stones and pearl division, said: "DMCC's affiliation with TGJTA will offer Thailand's coloured stones community a dedicated platform to further boost their trade, and will in turn positively impact the entire value chain of the coloured stones industry. In addition, our partnership with TGJTA will add value to Dubai's Dh70 million annual coloured stones trade," said .

The TGJTA was established to develop and expand what was once a 'cottage industry' that has since turned Thailand into one of the world's leading gem and jewellery manufacturing and trading centres.

Vichai Assarasakorn, TGJTA president, said: "This association will pave the way for a dedicated market for over 200 of our members. We look forward to partnering with the DGC to develop the jewellery and coloured stones trade."