Dubai Multi Commodities Centre (DMCC) and the Thai Gem and Jewellery Traders Association (TGJTA) signed an agreement Wednesday, making TGJTA the first affiliate member of the Dubai Gems Club (DGC), a strategic initiative of the Coloured Stones and Pearls Division at DMCC.
This agreement will boost trade opportunities between Dubai and Thailand, both fast-emerging markets for gems and coloured stones. Thailand, a major global gem trading and processing centre, is the second largest exporter of gems and jewellery in the world with annual exports over US$2 billion. The country enjoys rich natural deposits of ruby and sapphire and is known as the heart of South East Asian gemstone production and trade.
Under the terms of the agreement, TGJTA members will access DGC’s network of local and international markets. In addition, as an affiliate member, TGJTA will also have access to the dedicated trading facilities of the Dubai Gems Club located at Almas Tower. DMCC serves as an international hub bridging gemstone producing and consuming countries, and facilitates the trade of coloured stones through Dubai via the Dubai Gems Club.
Ms. Gaiti Rabbani, Executive Director – Coloured Stones and Pearls Division, DMCC, said: “We strongly feel that the coloured stones industry needs a unified and comprehensive marketing strategy that will drive demand across the emerging consumer markets. DMCC’s affiliation with TGJTA will offer Thailand’s coloured stones community a dedicated platform to further boost their trade, and will in turn positively impact the entire value chain of the coloured stones industry. In addition, our partnership with TGJTA will add value to Dubai’s AED 70 million annual coloured stones trade.” “The affiliate membership status is new to DGC and we are pleased to work with a reputable association such as TGJTA in this endeavour. We expect to see an equally strong response from other respected international gemstone organisations as a result of the various benefits derived from this membership status,” she added.
Mr. Vichai Assarasakorn, President, TGJTA, said: “The TGJTA has always sought to lead the way in the international community to promote Thailand’s coloured stones trade. Our association with DMCC will pave the way for a dedicated market for over 200 of our members. We look forward to partnering with the Dubai Gems Club to further develop the jewellery and coloured stones trade.”