Dubai Multi Commodities Centre has signed a “memorandum of understanding” with the Hong Kong Gemstone Manufacturers’ Association to build industry-specific trade relations between Hong Kong, China, and Dubai in the colored stones and pearls sector.
Under the terms of this agreement, DMCC and HKGMA will design initiatives aimed at promoting the colored stones and pearl trade through trade forums, exhibitions, seminars, and jewellery events, including the Hong Kong Jewellery Fair.
This agreement will be overseen by DMCC’s Coloured Stones & Pearls Division that was created for the strategic development and promotion of Dubai as a hub for the global colored stones and pearls trade. Dubai said in a statement that colored stones and pearls represent the largest growth potential for the Dubai and Middle East market. Current DMCC projects under this division include the Dubai Gems Club, the Dubai Pearl Exchange, and Pearls of Dubai, a joint-venture project.
The agreement will also increase sharing of local market knowledge and expertise, providing assistance in marketing joint initiatives, and continuously maintaining a dialogue of ideas towards the development of the gemstone trade, the organizations said in a statement.
Johnson Sin, president, HKGMA (left);
and Gaiti Rabban, executive director,
Coloured Stones & Pearls Division,
DMCC; sign agreement.