The Macao Trade and Investment Promotion Institute (IPIM) has announced that Macao and the Shanghai Diamond Exchange have agreed to make Macao a place where China and the Portuguese-speaking Countries can trade diamonds, Lusa reports.

The Portuguese news agency quotes a written statement issued by the institute as saying IPIM President Jackson Chang and Shanghai Stock Exchange President Lin Qiang signed the agreement last week.

IPIM says the purpose is to develop the jewellery industry in Macao by exploiting what it calls “the abundant precious stone natural resources” of the Portuguese-speaking Countries and tapping the market for jewellery among the millions of visitors to Macao, Lusa says.