Dubai Multi Commodities Centre and the Gems & Jewellery trade association of China (GAC)on Wednesday signed a memorandum of understanding for increased cooperation towards the mutual growth and promotion of diamond and jewelry trade between both countries.
The MoU was signed at bilateral meetings alongside the annual gathering of the World Federation of Diamond Bourses, currently being held in Shanghai. International Diamond Laboratories, an initiative of the DMCC also signed a separate MoU with GAC for the possible establishment of a joint functional gemological service centre in the People’s Republic of China.
“The MoU with DMCC signifies yet another landmark achievement for China and Dubai in forging long-term bilateral trade ties. As two leading jewelry centers of the world, this arrangement will provide a platform for knowledge exchange and increased jewelry trade opportunities between both markets," said Zhang Peili, administrative vice-president of the 4th GAC Council. "With IDL, we will study the feasibility of establishing a joint gemological service centre in China to provide customized educational programs to meet the needs of our local market.”
Ahmed bin Sulayem, Executive Chairman, DMCC, said: “We have witnessed increased bilateral trade activity following the recent visit to China by His Highness Sheikh Mohammed Bin Rashid Al Maktoum. 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.”
Under the terms of the agreement, DMCC will actively promote the Chinese jewelry market to DMCC member companies. In return, GAC will support the Dubai jewelry market in establishing a stronger presence in China. Both companies will exchange market expertise in diamond jewelry design, training, business opportunities, and educational initiatives. In addition, GAC will promote the services and certificates offered by the International Diamond Laboratories. The MoU also allows Chinese jewelry manufacturers to link with Dubai as a hub to market their products to the wider Middle East.
In addition to the possibility of establishing a joint functional gemological service center in China, IDL and GAC will also consider the feasibility of establishing a joint training centre to meet training needs of the growing diamond and jewelry market in the country and develop the skills needed to carry out successful diamond and jewelry activities.