Text Version
RSS Feeds
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  -Text Version
  -RSS Feeds
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
China's online diamond dealers launch self-discipline pact
+ -
21:34, February 17, 2009

Click the "PLAY" button and listen. Do you like the online audio service here?
Good, I like it
Just so so
I don't like it
No interest
 Comment  Tell A Friend
 Print Format  Save Article
The Gems and Jewelry Trade Association of China (GAC) published a self-discipline pact for the domestic online diamond trade on Tuesday in an attempt to protect consumers' rights in the country's fledgling Internet-based jewelry business.

The pact, dubbed as "The Self-discipline Pact for China's e-trade on Jewelry (Diamond)," was jointly formed by the GAC and nine major Chinese online jewelry companies. It is open to both domestic and international online jewelry dealers.

The pact is aimed to curb irregularities and fraudulent activities in the online jewelry business, said Sun Fengmin, secretary-general of the GAC, at Tuesday's press conference.

Fraudulent activities by some online jewelry dealers has infringed consumers' rights and impaired the healthy development of online jewelry trade in the country.

The pact specifically applies to the online diamond trade as the precious gem is more commonly traded internationally and domestically, compared to other jewelry items such as pearl and jade, said the GAC official. However, he urged e-traders of other jewelry to follow suit.

He expressed his hopes that the issuance of the pact could help improve service in the sector and make consumers more confident in e-business.

According to Shi Hongyue, deputy secretary-general of the GAC, there are about 100 domestic companies specialized in the online jewelry trade, and among these firms, merely 20-30 are better self-disciplined and operate strictly in accordance with law.

Furthermore, there are thousands of individuals in the country who have opened online jewelry shops.

In 2008, the online diamond trade stood at some 1 billion yuan (146 million U.S. dollars), and the figure is expected to double in 2009, according to the GAC.

"Under the impact of the current global financial crisis, consumers are more paying greater attention to cost-effectiveness when buying jewelry. Thus, there is a great opportunity for online jewelry trade," said Stone Xu, co-president of the Shanghai-based online jewel dealer Zbird.Com.

The cost of e-trading jewelry is about 30 percent lower as e-shops spend less on office rent and employees, compared with the traditional business model, Xu said.


  Your Message:   Most Commented:
British boy becomes father at 13 
Why does Israel push for truce in Gaza?
"In Utah, I Get Zero Respect!", Interview with Utah Governor Jon M. Huntsman, Jr.
Satellite collision reflects necessity for int'l laws: Russian expert
U.S. Airways jet's engines lost power simultaneously

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved