DMCC and China Gems and Jade Exchange Sign MoU For Strategic Alliance
In the course of a visit of senior officials from the Shanghai Municipal Government to Dubai’s DMCC and DDE, as part of trade visit to the UAE, the DMCC and the China Gems and Jade Exchange signed a Memorandum of Understanding (MoU) with the purported objective of driving new commodity trade flows through Dubai. DMCC has, thus, set up a strategic alliance with China’s official trading platform for gemstones and jade.
Feryal Ahmadi, Chief Operating Officer, DMCC, and Yuk Chan, Co-Founder and Executive Vice President, CGJE, signed the MoU on behalf of their respective organisations. The signing ceremony was attended by H.E. Mr. Xu Kunlin, the 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,” DMCC said announcing the alliance. “Additionally, the collaboration will see both parties promote ethical and responsible business practices to their members.”
“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,” said Ahmadi. “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.”
Jignesh Sanghvi, Chief Financial Officer, DMCC; Ahmad Hamza, Executive Director – Free Zone, DMCC; Maryam Al Hashemi, Director Precious Stones and Metals, DMCC; and Dr. Martin Leake, Special Advisor – Precious Stones, DMCC, accompanied the delegation, which was taken on a tour of DMCC and the Dubai Diamond Exchange (DDE), where officials were able to observe a live diamond tender taking place.
CGJE, a national-level gemstone-trading platform approved by the State Council of China, is registered in the China (Shanghai) Pilot Free Trade Zone. It is an important strategic project established by the Chinese government to improve the gemstone market and with the aim of promoting the rapid development of China's gem and jewellery industry.
Fanny Wong, Chairwoman and Founder, CGJE, commented: “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 – the world’s leading Free Zone – 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.”
DMCC noted that the signing of this MoU “emphasises DMCC’s support of the emirate’s wider economic vision” and in particular, the strategy to reignite the ‘Dubai Silk Road’ as outlined in the 'Fifty-Year Charter', announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. “It also symbolises the importance of Dubai’s strategic location in the Belt and Road Initiative effort to form strategic alliances internationally,” DMCC added.
China is one of DMCC’s target markets and the Free Zone offers a Chinese language service to facilitate trade between the two regions.
DMCC has signed a number of MoUs with Chinese entities, including the China Council For The Promotion of International Trade (CCPIT), the largest official institution for the promotion of foreign trade in China. The organisation has also conducted several roadshows in China, as part of its Made for Trade Live international programme, engaging business leaders and government officials and highlighting the ease of doing business in the emirate.
Pic Cap: Feryal Ahmadi, Chief Operating Officer, DMCC, and Yuk Chan, Co-Founder and Executive Vice President, CGJE, signing the MoU in the presence of H.E. Mr. Xu Kunlin, the Vice Mayor of Shanghai and a number of senior representatives from the Shanghai Municipal Government; and officials of the DMCC.