As part of its ongoing expansion, the Dubai Multi-Commodities Centre (DMCC), signed a significant deal with the Chinese government to promote the trade of gemstones and jade. The aim is to form an important alliance with the Chinese trading platform to further embellish relations between the two countries.
The deal was signed by the DMCC’s chief operating officer, Feryal Ahmadi, and China's Gems and Jade Exchange co-founder and executive vice president, Chen Yu. The deal was secured during the visit of the official Chinese delegation to the UAE in mid-May. Also present at the signing of the deal was the vice mayor of Shanghai, Xu Kunlin, along with a number of other senior representatives.
It is hoped the deal will help form new trading possibilities between the two countries, by creating a direct link between buyers and sellers of jade and gemstones in the UAE and China. A key part of the deal also encourages both parties to promote responsible and ethical business practices that will help sustain the industry and enable it to expand further.
Ahmadi expressed his delight that the DMCC were selected as a regional partner by the Chinese organisation. He said it confirms their platform’s position as the leading trader of precious stones in the UAE. Ahmadi went on to say the agreement would serve to boost their existing economic ties with the Chinese business community. He concluded by stating deals such as these formed an integral part of the DMCC’s strategy to build long-lasting trade routes through Dubai.
Exciting new possibilities
The China Gems and Jade Exchange is a prominent, State Council of China- approved trading platform for precious stones, registered in the China (Shanghai) Pilot Free Trade Zone. It is seen by the Chinese government as an important project that will help to promote the country’s gem and jewellery industry as they continue their efforts to establish new business relationships across the world.
The chairwoman, and founder, of the State Council of the China Gems and Jade Exchange, Fanny Wong, stated this deal reiterates the strong partnerships and relationships that exist between China and the UAE. Wong said the organisation was excited at the prospect of working alongside the DMCC. She believes it will play a fundamental role in allowing them to connect with some of the world’s fastest markets and present a host of new opportunities that were never before possible.
Vice president and Prime Minister of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, stated the signing of this deal was further confirmation of the DMCC’s ongoing support of the country’s economic vision. One of the key plans revealed in the ‘Fifty-Year Charter’ was to rekindle the ‘Dubai Silk Road’, and this new partnership will play an important role in helping to establish that.