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| The Macau China Diamond & Gem Exchange announcement |
To help meet this goal, the recently formed Macau China Diamond & Gem Exchange (MDGE) used the September Hong Kong Jewellery & Gem Fair to announce that it signed an agreement with the Shanghai Diamond Exchange (SDE) and the Industrial and Commercial Bank of China (ICBC Macau) to promote the city as a global diamond and gem trading center.
The September 13 announcement was held at the AsiaWorld-Expo convention facility near Hong Kong’s international airport.
“The rapid development and vast potential of China’s jewelry market has coincided with the evolving plans of the Guangdong-Hong Kong-Macau Greater Bay Area creating an opportunity for diamond and gem trading in Macau,” MDGE said in a statement. “With available financing, low and simple taxation as well as an attractive free trade policy, Macau also has its own commercial and financial advantages to enter the global diamond industry. Building upon China’s “One Country, Two Systems” policy, and the strong support of Macau’s political leaders and business community.”
The organization added, “Through the strategic partnership between MDGE and SDE, the integration of SDE’s policy and management expertise within MDGE will accelerate progress to build upon Macau’s position as an international free trade port and the preferential policies of the Guangdong – Hong Kong – Macau Great Bay Area. Further enhancing this arrangement, ICBC will provide unique financial services to MDGE members as strategic partner of MDGE.”
The agreement allows for the training of professionals in authentication, design and transformation of jewelry. It also makes use of Macau’s position as a world tourism and leisure center and a platform of services between China and Portuguese-speaking countries.
In addition, the agreement will allow MDGE to actively develop concentrated rough-diamond trading, which will drive rough diamonds into the Shanghai Diamond Exchange and further promote the Chinese industry.
Founded in 2000, the Shanghai Diamond Exchange is the only diamond import and export market in the interior of China and the fifth largest diamond trading center in the world.
China imports precious and semi-precious stones from Angola, Brazil and Mozambique.
The demand for diamonds in the wedding market in Macau and in the interior of China has grown significantly as a result of the rapid growth of the Chinese economy.