The Dubai Multi Commodities Centre and the China Gems and Jade Exchange signed a memorandum of understanding to create new trading opportunities between the United Arab Emirates and China.
The China Gems and Jade Exchange is a national-level gemstone trading platform approved by the State Council of China.In a press release, the parties explained that the idea is to connect 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," the media statement reads.
This is not the first MoU that the DMCC signs with the Asian giant. Prior to this, the group engaged with the China Council for the Promotion of International Trade.
According to the Dubai Multi Commodities Centre, the signing of these agreements is also aimed at emphasizing the group's support to the strategy to reignite the 'Dubai Silk Road,' which was outlined in the 'Fifty-Year Charter' released earlier this year by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE.