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Dubai, China link to promote jewelry trade

May 05, 2008

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Mumbai, India—The Dubai Multi Commodities Centre (DMCC) and the government of Panyu, China, have entered into an agreement to strengthen trade links between their respective jewelry sectors.

According to the Mumbai-based Gem and Jewellery Export Promotion Council, under the terms of the pact, both parties will mutually promote the jewelry trade, with the aim of developing a strong presence in international markets and establishing a global influence.

The parties will place a special focus on diamonds and colored stones, and will exchange market expertise in jewelry design, training, business opportunities and educational initiatives, in addition to hosting jewelry trade delegations from both countries.

"Our memorandum of understanding with DMCC will enable us to explore the extensive scope of the emerging markets in the high-growth economies of the Middle East," Tan Ying-hua, party secretary of the Panyu government, said in a statement. "This will be of immense value to the diamond and gemstone traders between Panyu and Dubai, and will enhance opportunities for increasing jewelry trade volumes."

The Panyu district accounts for more than one-fifth of China's exports of gold and inlaid jewelry, and it is home to nearly 400 enterprises employing more than 70,000 workers in the jewelry trade.

"Panyu has rapidly emerged as the gem and jewelry capital of China," DMCC Executive Chairman Ahmed bin Sulayem said in a statement. "Through DMCC's partnership with them, we are confident that we will see greater acceleration in jewelry trade between both countries."
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