Dubai, Gujarat Sign Pact to Boost Diamond Trade

The Dubai Chamber of Commerce and Industry and the Southern Gujarat Chamber of Commerce and Industry (SGCCI) recently signed an agreement to promote bilateral trade between Dubai and Surat, mainly in diamond and textile businesses.

Dubai Chamber-SGCCIDubai Chamber Trade Mission’s chairman, Abdul Rahman Saif Al Ghurair, who led the delegation of 11 Dubai businessmen to India, and SGCCI’s president, Rohit Mehta, signed the agreement during the conclusion of a visit to the Indian city of Surat from April 17 to 20, 2012.

“The Dubai Chamber Trade Mission to Surat was very fruitful as seen through the signing of the agreement, which clarified our unified commitment to increase trade and investment between the two cities while taking our bilateral ties to the next level,” Al Ghurair said.

The agreement sets the framework for the development of joint ventures, technology transfers and investment, exchange of trade inquiries and delegations besides consolidating economic relations between Dubai and Surat.

Al Ghurair stressed the most promising sectors of Surat, which included diamonds, gold trading and manufacturing as well as textiles, are important for Dubai traders in light of the emirate’s strategic location serving as a major transit route for these products and goods going to all parts of the world.

He stated that Dubai’s cooperation with Surat in the area of diamonds is immensely important as the emirate’s total imports of diamonds during January to September 2011 amounted to AED 48.9 billion while exports of gold from Dubai reached AED 45 billion and re-exports of diamonds valued at AED 52.3 billion during the same period.

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