The Dubai Multi Commodities Centre (DMCC) announced that it has signed a memorandum of understanding with the China Gems and Jade Exchange (CGJE), creating a strategic alliance with China’s official trading platform for gemstones and jade.
DMCC Chief Operating Officer Feryal Ahmadi and CGJE Executive Vice President Yuk Chan signed the agreement during a high-level official trade visit of the Shanghai Municipal Government to the United Arab Emirates (UAE). The signing ceremony was attended by Shanghai Vice Mayor Xu Kunlin and a number of senior representatives from the Shanghai municipal government.
The DMCC said that the partnership is set to create new trading opportunities between the UAE and China by connecting buyers and sellers of gemstones and jade from the two countries.
Ahmadi commented, “We are thrilled that the China Gems and Jade Exchange has chosen DMCC as their partner in the region, which reiterates our position as a leading and trusted precious stones trading platform. This agreement is set to boost our existing and strong economic ties with the Chinese business community. It also forms an integral part of DMCC’s strategy to attract, facilitate and drive new trade flows through Dubai.”
The CGJE, which is in the China (Shanghai) Pilot Free Trade Zone, is a national-level gemstone-trading platform set up by the Chinese government to improve the gemstone mid-stream market and promote the rapid development of China's gem and jewellery industry.
CGJE Chairperson Fanny Wong observed, “China and the UAE have a longstanding relationship and partnerships such as this one will ensure these ties continue to grow. We are excited about working alongside DMCC, which we believe will enable us to connect with and access some of the fastest growing markets and unlock a host of opportunities in the gemstone industry.”