China Welcomes Overseas Investment in Diamond Industry

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Last updated at: (Beijing Time) Wednesday, March 05, 2003

China Welcomes Overseas Investment in Diamond Industry

China welcomes overseas businessmen to become members of China's sole diamond exchange center -- Shanghai Diamond Exchange (SDE) and run diamond business in the Chinese mainland.

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China welcomes overseas businessmen to become members of China's sole diamond exchange center -- Shanghai Diamond Exchange (SDE) and run diamond business in the Chinese mainland.

SDE President Lin Qiang made the remarks Wednesday at a seminar on "Development of China's Diamond Industry" held during the ongoing Hong Kong International Jewelry Show 2003 and wished all the overseas diamond businessmen to make profits in the Chinese mainland.

He said SDE, which was established in October 2000 and has beenoperating in accordance with the international practices of the diamond industry, has been appointed by China's State Council to be the only Chinese mainland diamond business exchange.

Since June 2002, the central government has announced policies on exemption of import duty for diamond imports to China through the SDE and centralized management of diamond imports and exports at the SDE. Up to the end of last December, SDE's total amount of the diamond transaction volume had reached 157 million US dollars.

At the same seminar, Guo Zhiyue, chairman of the China Diamond Manufacturers Association (CDMA), said here Wednesday that CDMA isa non-profit organization and accepts any diamond-polishing factory owner in China to be its member.

He said the Chinese mainland now has over 18,000 diamond polishing factories and 16,000 of them are CDMA's members. The total number of the diamond polishing factories is expected to reach 21,000 by the end of this year, he said.

Guo said the Chinese mainland has become world second biggest diamond polisher after India, attributing the fast growth to China's rapid and steady economic growth, stable social environment andthe tax cuts announced last June.

He also noted that the Chinese mainland has low cost labor and high-quality management personnel as well, apart from the huge potential of the domestic market.

Guo said the coastal city of Shanghai, together with Guangdong and Shandong provinces, have become the Chinese mainland's major diamond polishing centers and they all have advanced polishing technique. He said the western regions of China also have a great potential in developing diamond polishing industry.

Zhang Huiguo, director of General Office of Shanghai Diamond Exchange Administration, said at the seminar that his office will be engaged in further regulating the market order and try to reduce the cost of diamond business and streamline the approval procedures of application to be SDE members.

Lawrence Ma, chairman of Diamond Federation of Hong Kong, ChinaLtd (DFHK), said his federation has been working intently with theHK government and other trade associations in helping HK diamond traders to explore and develop business plans in China since the year of 2000. He hoped to establish a closer tie with the Chinese mainland colleagues.

The four-day Hong Kong International Jewelry Exhibition, which opened Tuesday, has attracted 1,187 jewelry exhibitors from 30 countries and regions.

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