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The Middle East is looking to consolidating its ties with China to sustain its diamond and jewellery trade and consolidate its role as the gateway to other key emerging markets worldwide, officials say. The Dubai Multi Commodities Centre (DMCC) has recently announced at a specially convened press conference that over 600 global diamond traders and retailers will converge on Dubai from 8 to 9 November 2008 for the inaugural Middle East –China Diamond & Jewellery Summit at the newly-opened Atlantis Hotel on Dubai’s Palm Jumeirah island.
According to Peter Meeus, DMCC Executive Director for diamonds said that private consumption of diamond and jewellery in the Middle East, which accounts for 18 to 20 % of the USD $ 50.0 billion world market, is still very strong and is set to grow by 7.0 % in the next few years. The diamond trade in the UAE enjoyed a record growth in 2007, crossing USD $ 10.0 billion. Likewise, the jewellery industry in China has achieved record sales last year, reaching over USD $ 26.0 billion, an 11.0 % increase over the preceding years.