Wednesday, July 25, 2018

China to expand gold market authority on Silk Road by backing new operation in Sri Lanka

On July 25, the Shanghai Gold Exchange is backing a move to create a new hub in Sri Lanka which will facilitate a market for gold, gems, and jewelry along their Silk Road (Belt and Road) project.

A Chinese gold mining giant announced that it is ready to set up an international standard, modern gold, gem and jewellery hub in Sri Lanka adding that such a hub boosts China’s OBOR plans on the country. The Chinese firm, Sanmenxio Jinqu Group, is backed by the world’s largest physical gold exchange – the Shanghai Gold Exchange. 
“This is the first ever such foreign facility proposed to be set up in Colombo, and it shall also be an extension of China’s One Belt One Road (OBOR) plans on Sri Lanka” said Xu Yujin, the Chairman of Sanmenxio Jinqu Group in China’s Henan province. “A modern, state of the art gem and jewellery bourse will uplift Sri Lanka’s gem and jewellery sector in many ways and attract Chinese tourists too” added Chairman Yujin addressing the Minister of Industry and Commerce Rishad Bathiudeen on 24 July in Colombo. Chairman Yujin, joined by Sanmenxio prefecture city’s Vice Mayor Sun Jiwei and Ms Leah Wan, Director of Jinqu Gold (a subsidiary of Sanmenxio Jinqu Group) was leading a seven-man business delegation to Sri Lanka when he met Minister Bathiudeen in Colombo. Joining the session was MNM Ramzeen, Director of Batcha Gems, Colombo 4. Ramzeen’s Batcha Gems has international offices in China and Japan. – Biz English
China's expansion along the Silk Road to create primary hubs is moving along quickly, especially with last month's MOU with the UAE, and one earlier this year with Qatar. 

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