Dubai Summit to Include China Participation

Key China and Hong Kong diamond and jewelry industry members have confirmed that they will be attending the first ever Middle East China Diamond and Jewellery Summit, the Dubai Multi Commodities Centre said in a statement Thursday.

The summit, with its special focus on the Middle East and China diamond and jewelry trade, aims to enhance trade relationships across the entire value chain of this fast-growing industry in both regions. It will be held from Nov. 8 – 9 at the Atlantis Hotel, Palm Jumeirah.

Confirmed participants include Chow Tai Fook, Chow Sang Sang, and Luk Fook, in addition to leaders from the Shanghai Diamond exchange, Diamond Federation of Hong Kong, China ltd., and Worldmart of Panyu.

“The Chinese jewelry industry recorded sales of $26 billion in 2007, a growth of more than 11 percent from 2006.

“The summit will provide our members the opportunity to discover a new emerging market, while at the same time giving them a platform to develop new business relationships,” said Lawrence Yung Yi Ma, president, Diamond Federation of Hong Kong, China ltd.

Trade between Dubai and China reached $20 billion in 2007, representing an increase of 47 percent from 2006.

“We look forward to participating at this summit and explaining our role in the PRC diamond market to the jewellery merchants in the Middle East, who are looking to establish new businesses in mainland China,” said Lin Qiang, president, Shanghai Diamond Exchange

Peter Meeus, executive director Diamonds, DMCC, explained that non-oil trade between Dubai and China reached $19.4 billion in 2007, up from $13.18 billion, the previous year. In addition, for the third consecutive year, China occupied second place among Dubai’s top trading partners in 2007.

“Growth in the Middle East, Mainland China, and Hong Kong has been unmatched in comparison to any other place in the world,” Meeus said. “DMCC wants to bring these new titans of the jewellery world together, both from the Middle East, including Saudi Arabia and Turkey, as well as from Mainland China and Hong Kong. This summit will witness a core audience of key decision makers and will provide a boost to the Middle East and Chinese trade relations.”