China in a celebratory mood with diamonds

The first half of 2008 has been very good for China’s diamond trade. Diamond imports increased by 37 percent and amounted to $267 million, in which 99.4 percent were polished goods. The Shanghai Diamond Exchange (SDE) currently houses 217 members, who generated import and export transactions worth a record $149 million in April.

The overall trade of both exports and imports ahs seen a jump of 43 percent valuing at $652 million, in the said six months. Diamond Administration of China (DAC) statistics inform that the 2007 diamond imports and exports on Shanghai Diamond Exchange (SDE) reached $1 billion. There are 217 members of the SDE and eight new members joined during the first half of 2008.

VAT has been reduced in the country from 17 percent to 4 percent on diamond imports beginning in July 2006. In the fist six months of 2008, the customs at import stage collected a total VAT on diamonds worth $110.4 million, an increase of 26 percent.