Bilateral diamond and jewelry trade between the Middle East and China will be in the spotlight at the forthcoming Middle East Diamond and Jewelry Summit, according to an announcement from Dubai Multi Commodities Center (DMCC). The summit, with its special focus on the Middle East-China diamond and jewelry trade, aims to enhance trade relationships across the entire value chain of this fast-growing industry in both regions. To be held on Nov. 8- 9 at the Atlantis Hotel, Palm Jumeirah, the inaugural two-day summit has generated tremendous response from China and Hong Kong's diamond and jewelry industry. Confirmed participants include top names like Chow Tai Fook, Chow Sang Sang, and Luk Fook, in addition to board members from major regional trade organizations. Peter Meeus, executive director, diamonds, DMCC, said the summit was ideally positioned to highlight the growing trade opportunities between the Middle East and China. According to Dubai World's Statistics Department, non-oil trade between Dubai and China touched AED71.2 billion ($19.4 billion) in 2007, up from AED48.4 billion ($13.18 billion) the previous year. In addition, for the third consecutive year, China occupied second place among Dubai's top trading partners in 2007. Meeus said: “Growth in the Middle East, Mainland China and Hong Kong has been unmatched in comparison to any other place in the world. DMCC wants to bring these new titans of the jewelry world together, both from the Middle East, including Saudi Arabia and Turkey, as well as from mainland China and Hong Kong. This summit will include a core audience of key decision makers and will provide a boost to Middle East and Chinese trade relations.” He added that this initiative was in line with the Government of Dubai's efforts to boost bilateral trade with China, and follows closely the leadership's visit to China earlier this year. Lawrence Yung Yi Ma, president, Diamond Federation of Hong Kong, said: “The Chinese jewelry industry recorded sales of $26 billion in 2007, growth of over 11 percent from 2006. The summit will provide our members the opportunity to discover a new emerging market, while at the same time giving them a platform to develop new business relationships.” Lin Qiang, president, Shanghai Diamond Exchange, said: “The volume of trade between Dubai and China reached $20 billion in 2007, representing an increase of 47 percent from 2006. We look forward to participating in this summit and explaining our role in the PRC diamond market to jewelry merchants in the Middle East, who are looking to establish new businesses in mainland China.” __
