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Last updated at: (Beijing Time) Wednesday, January 01, 2003

China's Diamond Import Climbs

China imported 38.3 million US dollars-worth of diamond and related products through the Shanghai Diamond Exchange Center, the only legal trading channel in China, in the first 11 months of 2002.


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China imported 38.3 million US dollars-worth of diamond and related products through the Shanghai Diamond Exchange Center, the only legal trading channel in China, in the first 11 months of 2002.

The figure marks a rapid growth in the import of diamond through legal channel since the central government allowed the center to be exempted from tariffs on diamond products last June.

However, such an import volume lags far behind consumer demand for diamond products in China. Diamond smuggling is still a widespread problem.

The Shanghai Diamond Exchange Center imported 37.4 million dollars-worth of diamond for ornament making, including finished diamond ornaments and raw diamonds, in the first 11 months of 2002,making up 97.7 percent of the company's total diamond import. Finished diamond for making ornaments constituted 86 percent of the total import.

The other 900,000 US dollars worth of diamond imorts were for industrial use.

Meanwhile, the center exported 1.05 million dollars-worth of diamond, accounting for 31 percent of its total export. Nearly half of the imported diamond was used for making ornaments.

This shows that imports of all kinds of diamond through the exchange center was mainly for domestic consumption. The large percentage of imported diamond for ornament-making indicates China's demand for diamond remains brisk.

Currently, the Shanghai Diamond Exchange Center has 94 members,63 of which are foreign-funded or from overseas. It was authorized to deal with all diamond import and export for general trade beginning June 1, 2002.


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