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Trade

UAE's leading free zone signs deal with China's gemstones exchange

May 15, 2019


Abstract : The Dubai Multi-Commodities Center (DMCC), the world's leading free zone for commodities trade and enterprises, signed Tuesday a deal with China to promote gemstones and jade trade.

DUBAI, May 14 (Xinhua) -- The Dubai Multi-Commodities Center (DMCC), the world's leading free zone for commodities trade and enterprises, signed Tuesday a deal with China to promote gemstones and jade trade.

Feryal Ahmadi, chief operating officer of DMCC, and Chen Yu, co-founder and executive vice president of China's Gems and Jade Exchange (CGJE), signed the memorandum of understanding (MoU) during the visit of a high-level official delegation from Shanghai, China.

The signing ceremony was attended by Xu Kunlin, vice mayor of Shanghai, and a number of senior representatives from the Shanghai municipal government.

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. Additionally, the collaboration aims at promoting ethical and responsible business practices for companies of both countries.

"This agreement will 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 stimulate new trade flows through Dubai," said Ahmadi.

Registered in China (Shanghai) Pilot Free Trade Zone, the CGJE is a national-level gemstones trading platform. It is an important strategic project to improve the gemstone market and to promote the rapid development of China's gem and jewellery industry.

"China and the United Arab Emirates (UAE) have a longstanding relation and partnership. This agreement will contribute to develop our ties," said Huang Yunfang, chairwoman and founder of CGJE.

"We believe that the cooperation will enable us to connect with and get access to some of the fastest growing markets and unlock many opportunities in the gemstone industry," Huang added.

The signing of the MoU highlighted DMCC's support for the country's economic vision, and in particular the "Dubai Silk Road" outlined in the "Fifty-Year Charter," said Sheikh Mohammed bin Rashid Al Maktoum, vice president and Prime Minister of the UAE.

It also shows the importance of Dubai's strategic location in the China-proposed Belt and Road Initiative, he added.

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