Dubai: The Dubai Multi Commodities Centre (DMCC) announced today that it has signed a Memorandum of Understanding (MoU) with the China Gems and Jade Exchange (CGJE), creating a strategic alliance with China’s official trading platform for gemstones and jade.

Feryal Ahmadi, DMCC chief operating officer, and Yuk Chan, co-founder and executive vice-president of the CGJE, signed the agreement during a high-level official trade visit of the Shanghai Municipal Government to the UAE. The signing ceremony was attended by Xu Kunlin, the Vice-Mayor of Shanghai, and a number of senior representatives from the Shanghai Municipal Government.

The partnership is set to create new trading opportunities between the UAE and China by connecting buyers and sellers of gemstones and jade from the two countries.

Additionally, the collaboration will see both parties promote ethical and responsible business practices to their members.

“We are thrilled that the China Gems and Jade Exchange has chosen DMCC as their partner in the region, which reiterates our position as a leading and trusted precious stones trading platform. This agreement is set to boost our existing and strong economic ties with the Chinese business community. It also forms an integral part of DMCC’s strategy to attract, facilitate and drive new trade flows through Dubai,” said Ahmadi.

The Chinese delegation was taken on a tour of the DMCC and the Dubai Diamond Exchange,DDE, where officials were able to observe a live diamond tender taking place.

CGJE was registered in the China (Shanghai) Pilot Free Trade Zone. It is a national-level gemstone-trading platform approved by the State Council of China.

CGJE is an important strategic project established by the Chinese government to improve the gemstone factor market and also promote the rapid development of China’s gem and jewellery industry.

Fanny Wong, chairwoman and founder of the CGJE, added: “China and the UAE have a longstanding relationship and partnerships such as this one will ensure these ties continue to grow. We are excited about working alongside DMCC — the world’s leading Free Zone — which we believe will enable us to connect with and access some of the fastest growing markets and unlock a host of opportunities in the gemstone industry.”

The signing of this MoU emphasises DMCC’s support of the emirate’s wider economic vision and in particular, the strategy to reignite the ‘Dubai Silk Road’ as outlined in the ‘Fifty-Year Charter’, announced by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

It also symbolises the importance of Dubai’s strategic location in the Belt and Road Initiative effort to form strategic alliances internationally.