DMCC signs MoU with Gems & Jewellery Trade Association of China (GAC)

Dubai Multi Commodities Centre (DMCC), announced today the signing of a memorandum of understanding (MoU) with the Gems & Jewellery Trade Association of China (GAC), a national association of the gems and jewellery trade, approved by the Ministry of Civil Affairs of Peoples Republic of China (PRC), for increased cooperation towards the mutual growth and promotion of diamond and jewellery trade between both countries.

International Diamond Laboratories (IDL), an initiative of the DMCC, also signed a separate MoU with GAC for the possible establishment of a joint functional gemmological service centre in the People's Republic of China.

The MoUs were built on the recent visit to China by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to further strengthen the relationship between the two countries. They are also a natural corollary to a similar agreement signed recently between DMCC and the Government of Panyu, China.

Speaking on the sidelines of the signing ceremony, Zhang Peili, Administrative Vice-President of the 4th GAC Council of the GAC, said: "The MoU with DMCC signifies yet another landmark achievement for China and Dubai in forging long-term bilateral trade ties. As two leading jewellery centres of the world, this arrangement will provide a platform for knowledge exchange and increased jewellery trade opportunities between both markets.

With IDL, we will study the feasibility of establishing a joint gemmological service centre in China to provide customised educational programmes to meet the needs of our local market," she added.

Ahmed bin Sulayem, Executive Chairman, DMCC, said: "We have witnessed increased bilateral trade activity following the recent visit to China by His Highness Sheikh Mohammed Bin Rashid Al Maktoum.

As a strong advocate of Dubai Government initiatives, we are confident that our partnership with GAC will further add value and boost diamond trade activities between our markets. This agreement will also help our members explore new business avenues in the fast-growing Chinese market."

Under the terms of the MoU, DMCC will actively promote the Chinese jewellery market to DMCC member companies.

In turn, GAC will support the Dubai jewellery market in establishing a stronger presence in China.

Both companies will exchange market expertise in diamond jewellery design, training, business opportunities and educational initiatives.

In addition, GAC will promote the services and certificates offered by IDL The MoU also allows Chinese jewellery manufacturers to link with Dubai as a hub to market their products to the wider Middle East.

In addition to the possibility of establishing a joint functional gemmological service centre in China, IDL and GAC will also consider the feasibility of establishing a joint training centre to meet training needs of the growing diamond and jewellery market in the country and develop the skills needed to carry out successful diamond and jewellery activities.