Shanghai's Jewelry Industry Polishes ImageJewelry businesses in China's largest commercial city of Shanghai formed their own organization, the Shanghai Diamond Association, Wednesday, in a bid to inject order in the industry and polish its public image.President Pan Bin said the association now has 35 members, and it will function as a bridge between the government and members in policy development, industrial supervision and market rectification. It will also organize exhibitions, training and information exchange programs to raise the competitiveness of its members, Pan said. China's jewelry sales have been growing at 30 percent a year over recent years. The country is now the world's fifth largest jewelry consumer, while Shanghai's sales account for about one-fifth of the national total. In October last year, a national diamond trading center, the Shanghai Diamond Exchange went into operation. The authority also plans to set up two diamond processing zones in Lujiazui and Longhua. Pan noted that because of its high added value, land efficiency and more employment, jewelry is being given more and more attention by authorities in Shanghai. However, he said the city's jewelry industry is still in its infant stage, marked by a short history, the small size of enterprises and poor management. Furthermore, the abuse of discounts and other vicious promotion manoeuvres cheating on jewelry prices prevail in the market and has greatly damaged the image of the industry. An important task of the association for this year will be to set up a price coordinating group and impose more self-discipline in the business, Pan said. |
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