China mulls new policies to promote diamond-based industry development

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Last updated at: (Beijing Time) Wednesday, November 19, 2003

China mulls new policies to promote diamond-based industry development

The Chinese government has been considering new policies to advance a rapid and healthy development of diamond-based industry in China.

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The Chinese government has been considering new policies to advance a rapid and healthy development of diamond-based industry in China.

Fang Xiong, head of the Office for Joint Administration of the Shanghai Diamond Exchange, made the remark while addressing an international diamond summit forum held in the eastern metropolis on Tuesday. Fang didn't provide details about the policies.

"The big changes brought about by the founding of the Chinese mainland's only diamond exchange in Pudong New District of Shanghai three years back, and the central government's tax cuts and centralized management toward the diamond-based industry since June last year have served as an impetus for well thought-out new policies," said Fang.

According to Fang, China's import of diamonds and diamond jewelry was worth 10.48 million US dollars in 1995, but the volume shot up to 244 million US dollars from June last year to May this year.

Transactions in the first 17 months after the Shanghai diamond exchange was founded in October 2000 totaled 20.26 million US dollars, but the average monthly transactions at the exchange since June last year is 21.4 million US dollars.

Eli Izhakoff, chairman of the World Diamond Council, also said the diamond industry had every reason to become an important source of new jobs and plenty of hard currency.

China produces 170,000 carats of raw diamonds a year, accounting for 0.14 percent of the world's total of 125 million carats. So it depends heavily on imports for diamond processing and consumption.

The Shanghai Diamond Exchange, which is authorized to monopolize diamond import and export under general trade, now has 121 members, including 83 foreign ones.

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