Dubai Multi Commodities Centre (DMCC) today signed a Memorandum of Understanding (MoU) with the People's Government of Panyu District, China, for increased cooperation towards mutual growth and the promotion of jewellery trade between both countries, with a special focus on diamonds and coloured stones. The MoU is in line with the recent visit of Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to China to strengthen ties between the UAE and China.
Under the terms of the MoU, both parties will mutually promote jewellery 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 jewellery design, training, business opportunities and educational initiatives, in addition to facilitating the reciprocal operation of visiting jewellery trade delegations.
Led by Mr. Tan Ying-hua, Party Secretary of the Panyu People’s Government, the 11-member delegation from the Government of Panyu visited the DMCC offices, ahead of the signing of the MoU. The delegation comprising senior officials from the Panyu People’s Government include the Vice President of the Panyu Jewellery Manufacturers Association and the Jewellery and Diamond advisor to the Panyu Government. Ahmed bin Sulayem, Executive Chairman, DMCC, presented each member of the delegation with a Chinese version of Sheikh Mohammed’s book: “Royati – My Vision”.
Mr. Tan Ying-hua, said: “Our MoU with DMCC, the leading government-backed centre for commodities trade in Dubai, will enable us to explore the extensive scope of the emerging markets in the high growth economies of the Middle East. 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 jewellery 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. The MoU also seeks to encourage youth exchange programmes and establish cultural delegations in the fields of art and music, with the intention of promoting friendship between the two countries.
Ahmed bin Sulayem, Executive Chairman, DMCC, said: “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. 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 jewellery alone. Panyu has nearly 400 enterprises employing more than 70,000 workers within the jewellery trade. In 2007, the total value of domestic export was US$1.32 billion. Panyu is also set to host the 9th International Coloured Gemstone Association (ICA) Congress in 2009.
Peter Meeus, Executive Director – Diamonds, DMCC, said: “The diamond industry is well established in both countries. Year-on-year, Dubai has gained momentum in establishing a physical diamond trade in the emirate. In 2007, Dubai’s total diamond trade increased by 53 per cent to reach US$11.23 billion. Similarly, with its large and trained workforce and favourable tax laws, Panyu has created a favourable infrastructure for the jewellery industry. We are confident that this agreement will further cement the existing relationship between Dubai and Panyu and boost trade activities in diamonds and other gemstones.”
© 2008 Al Bawaba (www.albawaba.com)
