The Dubai Multi Commodities Centre (DMCC) has been working with representatives of Shenzhen in China to help establish a closer trade relationship between the two destinations.
Parallels drawn between the two states include the fact that both have developed due to foreign property investment in Dubai and Shenzhen since the 1970s.
Since that time, both have grown rapidly to become major economic centres, the DMCC notes.
Now they are working on an agreement to enhance trade relations in precious stones and related disciplines such as jewellery.
Ahmed Bin Sulayem, executive chair of the DMCC, says: "We are confident that this collaboration will facilitate an even more conducive business environment for both sides."
The DMCC previously revealed that precious metals are also proving a positive investment vehicle in Dubai.
In 2008, a record-breaking 674 tonnes of gold was recorded as being traded in the emirate, representing a 53 per cent increase year-on-year in cash values.