The Gem and Jewellery Export Promotion Council (GJEPC) is working with the Dubai Multi Commodities Centre (DMCC) to set up goods delivery standards for gold and diamond trade, a senior industry official said.
The GJEPC is the apex body of the gems and jewellery industry, set up by the Ministry of Commerce, and it represents about 6,000 exporters in the sector.
The DMCC is one of the world's largest free zones for businesses which hosts over 2,500 Indian companies, out of the 14,500 international ones.
Gold and diamond form a major part of the multi-faceted trade and commerce relationship between India and the DMCC.
"We are in constant consultation with the Gems and Jewellery Export Promotion Council (GJEPC) and the Ministry of Commerce to help set up the good delivery standards as we have done with the Organisation for Economic Co-operation and Development (OECD) framework," CEO of DMCC, Gautam Sashittal said.
"Surat-based industry refines our diamonds while India is one of our largest gold jewellery markets. These are all the reasons for us to build ongoing business synergies with India," he added.
The DMCC also has signed a Memorandum of Understanding with the Gujarat International Finance and Tech covering a series of regulatory, licensing and trade hosting arrangements.
"We are looking at the potential of GIFT-DMCC-based companies complimenting each other's businesses," he said referring to the free-zone based operators who enjoy tax incentives to compete in global markets.
"We could facilitate automatic licensing and vice-versa. We are looking at such models. This arrangement with GIFT is work in progress," Sashittal said, addressing the two-day global convention of India's Institute of Directors (IOD), which is being held here.
IOD's Singapore convention is a way forward for the DMCC to reach out to Indian companies and build bridges for business community, he added.