Dubai Multi Commodities Centre signed a Memorandum of Understanding with the People's Government of Panyu District, China, for increased cooperation towards mutual growth and the promotion of jewelry trade between both countries, with a special focus on diamonds and colored stones.
Under the terms of the agreement, both parties will mutually promote the jewelry trade, with the intention of collectively developing a strong presence in international markets and establishing a global influence. This will be accomplished through the exchange of market expertise in jewelry design, training, business opportunities, and educational initiatives, in addition to facilitating the reciprocal operation of visiting jewelry trade delegations.
"Our MoU with DMCC ... will enable us to explore the extensive scope of the emerging markets in the high growth economies of the Middle East," said Tan Ying-hua party secretary of the Panyu People's Government. "We aim to jointly create an environment conducive to business, and a solid platform for the exchange of knowledge. This will be of immense value to the diamond and gemstone traders between Panyu and Dubai, and will enhance opportunities for increasing jewelry trade volumes."
"DMCC is very pleased to enter into this cooperative relationship with the Government of Panyu, China, which will open up new avenues for strengthening trade links between two prominent economies," said Ahmed bin Sulayem, executive chairman, DMCC. "Panyu has rapidly emerged as the gem and jewellery capital of China. Through DMCC's partnership with them, we are confident that we will see greater acceleration in jewellery trade between both countries."
Panyu, a district of Guangzhou situated in the Guangdong province, accounts for more than a fifth of China's export of gold and inlaid jewelry. Panyu has nearly 400 enterprises employing more than 70,000 workers within the jewelry trade. In 2007, the total value of domestic export was $1.32 billion. Panyu is also set to host the ninth International Coloured Gemstone Association Congress in 2009.
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