DMCC signs pact with Chinese association

Dubai: Dubai Multi Commodities Centre (DMCC), on Wednesday said it has signed a memorandum of understanding (MoU) with the Gems & Jewellery Trade Association of China (GAC), a national association of the gems and jewellery trade approved by the Ministry of Civil Affairs of Peoples Republic of China (PRC), for increased cooperation towards mutual growth and promotion of bilateral diamond and jewellery trade.

The MoU was signed at meetings held alongside the annual gathering of the World Federation of Diamond Bourses (WFDB), currently being held in Shanghai.

Service centre

International Diamond Laboratories (IDL), an initiative of the DMCC, also signed a separate MoU with GAC for the possible establishment of a joint functional gemmological service centre in the People's Republic of China.

The MoUs come in the wake of the recent visit to China by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, aimed at further strengthening the relationship between the two countries.

They are also a natural corollary to a similar agreement signed recently between DMCC and the Government of Panyu, China.

Ahmad Bin Sulayem, executive chairman of DMCC, said: "As a strong advocate of Dubai Government initiatives, we are confident that our partnership with GAC will further add value and boost diamond trade activities between our markets. This agreement will also help our members explore new business avenues in the fast-growing Chinese market."

Details

Under the terms of the MoU, DMCC will actively promote the Chinese jewellery market to DMCC member companies.

In turn, GAC will support the Dubai jewellery market in establishing a stronger presence in China.

Both companies will exchange market expertise in diamond jewellery design, training, business opportunities and educational initiatives.

In addition, GAC will promote the services and certificates offered by IDL.

The MoU also allows Chinese jewellery manufacturers to link with Dubai as a hub to market their products to the wider Middle East.