DMCC, Panyu Sign MoU to Promote Jewelry Trade

The Dubai Multi Commodities Centre (DMCC) signed a Memorandum of Understanding Wednesday with the People's Government of Panyu District, China, for increased cooperation and the promotion of jewelry trade between the two countries, with a special focus on diamonds and colored stones. 

The signing follows the recent visit of the Amir of Dubai Sheikh Mohammed Bin Rashid Al Maktoum to China to strengthen ties between the UAE and China.

Under the terms of the MoU, both sides will mutually promote 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, the sides said.

According to Tan Ying-hua, Party Secretary of the Panyu People’s Government, "Through our collaboration, 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 and the Government of Panyu will form a four-member steering committee to assist in discussing the wider scope of the MoU.

Ahmed bin Sulayem, Executive Chairman, DMCC, said the DMCC is "very pleased" to enter this relationship, adding that it "will open up new avenues for strengthening trade links between two prominent economies."

The Panyu district is one of the world's largest jewelry manufacturing centers, accounting for more than a fifth of China’s export of gold and inlaid jewelry alone, employing more than 70,000 workers. In 2007, the total value of domestic export from the district was $1.32 billion.

"Through DMCC’s partnership with them, we are confident that we will see greater acceleration in jewelry trade between both countries,” bin Sulayem added.