Deal to promote coloured stones trade
Dubai, October 7, 2007
The trade of coloured stones and pearls will be promoted under a memorandum of understanding (MoU) signed between Dubai and Hong Kong authorities.
The MoU signed by the Dubai Multi Commodities Centre (DMCC) and the Hong Kong Gemstone Manufacturers’ Association (HKGMA) aims to build industry-specific trade relations targeting Dubai, Hong Kong and China markets.
Under the terms of this agreement, DMCC and HKGMA will design initiatives aimed at promoting the coloured stones and pearl trade through trade forums, exhibitions, seminars and jewellery events, including the Hong Kong Jewellery Fair.
This agreement will be overseen by DMCC’s Coloured Stones & Pearls Division that was created for the strategic development and promotion of Dubai as a hub for the global coloured stones and pearls trade, fostering relations with the international trade and developing industry services.
Already established as a centre for gold and diamond jewellery, coloured stones and pearls represent the largest growth potential for the Dubai and Middle East market. Current DMCC projects under this division include the Dubai Gems Club, the Dubai Pearl Exchange and Pearls of Dubai, a joint-venture project.
Gaiti Rabbani, executive director – Coloured Stones & Pearls Division, DMCC, said: “Middle East, China, Hong Kong and Thailand are emerging economies with a strong trade in coloured stones and pearls. Together, the DMCC and HKGMA cover these important centres of gemstone production and consumption. Through this agreement with HKGMA, DMCC reinforces its commitment to the development of the trade. We are confident that this partnership will contribute significantly to the global jewellery, coloured stones and pearls industries.”
Johnson Sin, president, HKGMA said: “The Middle East is home to a young population, and increasing liquidity has meant that the region is fast becoming a huge consumer market for jewellery and gemstones. At HKGMA, our mission is to unite all participants in the global gemstone industry to create a better business environment and increased business opportunities. This agreement with DMCC, the leading government-backed centre for commodities trade in Dubai, will enable our members to explore the extensive possibilities of this emerging market.”
He added: “This agreement will cement the existing relationship between Hong Kong, China and Dubai, and take it to the next level by highlighting Dubai’s complementary role in promoting global trade in coloured gemstones and pearls.”
The MoU will also facilitate in sharing of local market knowledge and expertise, providing assistance in marketing joint initiatives, and continuously maintaining a dialogue of ideas towards the development of the gemstone trade. –TradeArabia News Service