DUBAI, 30th June, 2020 (WAM) — DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has announced the signing of a Memorandum of Understanding with the Guangzhou Diamond Exchange, GZDE, establishing a strategic partnership with one of China’s leading international diamond trading platforms and communities.
The agreement strengthens bilateral ties between the UAE and China, and creates new trading opportunities across the diamond industry. The two parties will gain access to new markets as a result of the collaboration, and both parties have committed to cooperate in promoting responsible business practices among their respective members.
“Since its inception in 2002, DMCC has helped transform Dubai into one of the world’s leading diamond trading hubs. With much more to achieve, DMCC will always seek opportunities to collaborate with others and write the next chapter of Dubai’s remarkable diamond story. This is just one of the many reasons why we are delighted to sign the agreement with the Guangzhou Diamond Exchange, and we look forward to the potential this brings,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC and Chairman, Dubai Diamond Exchange.
He added, “This agreement will further advance the strong and longstanding cultural and commercial ties that exist between the UAE and China, and extend our support to both the Dubai Silk Road strategy and One Belt One Road Initiative,” he added.
“DMCC is a brilliant and energetic hub for the international diamond industry. DDE and GZDE have a very good partnership and series of mutual activities in the past years enhancing the trust and trade between the traders of the two platforms. In this specially challenging but should-be-with-hope moment for the global industry, we are looking forward to closely cooperating with DMCC to introduce more business opportunities to the Chinese diamond industry and to explore and identify more sparkles for the Dubai diamond community, together with the global diamond society. This strategic document mandates us mission with vision,” said LIANG Weizhang, President, Guangzhou Diamond Exchange.
DMCC has successfully built a world-class ecosystem for the diamond trade in Dubai, which includes the Dubai Diamond Exchange, the world’s largest tender facility. In 2019, the trade for diamonds in Dubai reached AED 84 billion (¥161 billion, USD22 billion). The signing of this MoU emphasises DMCC’s leading role in continuing to grow the diamond trade through the emirate.
“According to National Bureau of Statistics of China, China’s jewellery market has seen a positive trend with three consecutive months of growth since March 2020,” said Zhu Yongsheng, Chairman, Guangzhou Diamond Exchange. “As an international diamond trading platform and a modern comprehensive service hub for the industry rooted in the largest diamond market in China, Guangzhou Diamond Exchange will work closely with DMCC and the Dubai Diamond Exchange to provide high-quality trading services and industry support for both the Chinese and foreign diamond industries.”
China is one of DMCC’s key target markets and its business district already enjoys strong relationships with several Chinese entities. Last year, DMCC signed a similar agreement with the China Gems and Jade Exchange to connect buyers and sellers of gemstones and jade from the two countries.