Strategic alliance between China and the UAE
Dubai Multi Commodities Centre (DMCC) has recently signed a Memorandum of Understanding with China Gems and Jade Exchange (CGJE) marking the establishment of strategic alliance between the two countries and their precious stones trading platform.
During the official visit of Shanghai’s Municipal Government to the UAE, the Chief Operating Officer of DMCC, Feryal Ahmadi, and the Co-Founder and Executive Vice President, Yuk Chan, signed the MoU to establish the partnership and seek new trading opportunities between the UAE and China.
The MoU aims to connect buyers and sellers of gemstones and jade from the two countries. Furthermore, the cooperation will see both parties promote business practices based on an ethical and responsible principle.
"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 Feryal Ahmadi, Chief Operating Officer, DMCC: “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.”
China and the UAE have established a good partner relationship for a long time, while now this MoU is expected to further strengthen the ties. Fanny Wong, Chairwomen and Founder of CGJE, also mentioned: “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."
As a national-level official gemstone-trading platform, CGJE is an important strategic project led by the Chinese government in the China (Shanghai) Pilot Free Trade Zone. It is established to improve the gemstone market and develop China’s gem and jewelry industry.
The signing ceremony was attended by the Vice Mayor of Shanghai, Mr. Xu Kunlin and a number of senior representatives from the Shanghai Municipal Government. The Chinese delegation also visited the DMCC and the Dubai Diamond Exchange (DDE) to observe a live diamond tender taking place.
“The signing of this MoU emphasizes 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'. It also symbolizes the importance of Dubai’s strategic location in the Belt and Road Initiative effort to form strategic alliances internationally,” announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.