Cooperation letters signed between Panyu Government and IDI

Official letters of cooperation were recently exchanged between Israeli Diamond Industry - represented by Israel Diamond Institute (IDI), the Israel Diamond Exchange (IDE) and the Israel Diamond Manufacturers Association (IsDMA) and the Panyu People’s Government, during a meeting of a senior delegation from Panyu to the Israeli Diamond Industry. The letters propose joint efforts to foster healthy working relations between both ends and accomplish projects of mutual interest.

Representing the Israeli cooperation, the signatures included those of Mr. Avi Paz, IDE President and Mr. Moti Ganz, IsDMA President and IDI Chairman, while those on behalf of the Panyu government included Mr. Tan Ying Hua, Chief Party Secretary of Panyu PCC and Chief Director of the Panyu People’s Congress, who led the delegation, as well as Mr. Li Wei-tang, Deputy Chief of the Panyu District and the de facto mayor of Panyu. The delegation also included high ranking officials from Panyu, as well as Mr. Johnny Chang, representing the Worldmart Jewelry & Gems Emporium, an international trading platform supported by the Chinese government.

During a meeting both sides presented the advantages of doing business with their respective centers. The delegation introduced Panyu as the leading center in China for diamond and jewellery manufacture and trade and stressed on important advantages for Israeli diamond companies to manufacture and trade in Panyu, including close proximity to Hong Kong, the low cost, high quality labor and an efficient and open approach to doing business with foreigners. The Chinese domestic market consumption of diamonds and diamond jewellery and the growth within was also elaborated.

Mr. Moti Ganz noted that Panyu is well-known for its diamond manufacturing facilities and that some Israelis have already begun to manufacture there. Mr. Avi Paz said that the agreement will open the doors between the Israeli Diamond Industry and Panyu.

Earlier, the Chinese delegation presented Worldmart, an international trading platform which will enable Israeli diamantaires to trade with the Chinese diamond market through Panyu, rather than exclusively through the Shanghai Diamond Exchange. The new platform also works together with Brinks bonded warehouse to facilitate trade between Israeli diamond companies and the Chinese diamond and jewelry market.