DMCC forms strategic alliance with China Gems and Jade Exchange
Officials during the MoU signing ceremony.
Feryal Ahmadi, Chief Operating Officer, DMCC, and Yuk Chan, Co-Founder and Executive Vice President, CGJE, signed the agreement during a high-level official trade visit of the Shanghai Municipal Government to the United Arab Emirates (UAE). The signing ceremony was attended by 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. 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. 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,” said Feryal Ahmadi, Chief Operating Officer, DMCC.
Accompanying the delegation were 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. The delegation 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 was registered in the China (Shanghai) Pilot Free Trade Zone. It is a national-level gemstone-trading platform approved by the State Council of China. CGJE is an important strategic project established by the Chinese government in the free trade zone to improve the gemstone factor market and aim to promote the rapid development of China’s gem and jewellery industry.
Fanny Wong, Chairwoman and Founder, CGJE, added: “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.”
The signing of the 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.
Meanwhile, DMCC has announced its collaboration with TradeAssets, the first blockchain-powered trade finance e-marketplace of its kind for banks.
Through its collaboration with DMCC Tradeflow, a dedicated flexible and customised online platform for registering possession and ownership of commodities in the UAE, TradeAssets will gain access to a larger client base of institutional investors looking to mitigate risk when conducting online primary and secondary trade finance transactions. DMCC will also strategically assist TradeAssets with lead generation and business development, as well as help the digitally driven entity in identifying potential eligible financial partners.
Sanjeev Dutta, Executive Director, Commodities and Financial Services, DMCC, said, “DMCC is committed to driving global trade flows through Dubai and ensuring that its member companies have access to an efficient, safe, secure and transparent marketplace. Our partnership with TradeAssets is an important one. We look forward to supporting the growth of the TradeAssets innovative platform that ensures client’s online transactions are secure.”
“Our Future of Trade report launched last year highlighted the 1.5 trillion trade finance gap currently facing the industry. Advancements in technology have the potential to bridge this gap and usher in a new phase of economic growth. This is where solutions provided by fintech and blockchain are key, and why we have signed this agreement with TradeAssets - the first e-marketplace for banks of its kind,” he added.
Lakshmanan Sankaran, Founder Chairman and CEO, TradeAssets, added, “The collaboration with DMCC will help us grow our client base and encourage other financiers to adopt advanced technology in their day-to-day processes. We are excited to join and interact with a diverse community of trade pioneers and tap into a dynamic market comprising some of the region’s most tech-savvy business leaders.”
Agencies
