The World Federation of Diamond Bourses (WFDB) and the Shanghai Diamond Exchange (SDE) have signed a Memorandum of Understanding (MoU) on May 15, 2024, to promote the development of the natural diamond market in China. The SDE, China’s only designated platform for diamond import and export, will collaborate with the WFDB to enhance the Chinese diamond market through extensive marketing campaigns and other initiatives.
The MoU follows discussions between WFDB leaders and Chinese government officials during the WFDB Presidents’ Meeting in Shanghai in March. These meetings culminated in an agreement to bolster the Chinese diamond market, which faces significant challenges despite China producing 40 to 50 percent of all lab-grown diamonds. Research from Chow Tai Fook, China’s largest jeweller, indicates that three-quarters of Chinese consumers still view natural diamonds as more valuable than lab-grown diamonds.
WFDB President Yoram Dvash highlighted the critical nature of this partnership, stating, "The decline in diamond demand in China has caused a significant imbalance in the diamond market and presents a major challenge for the world diamond industry." He emphasized that the MoU with Shanghai is a crucial step towards strengthening the diamond industry in China, the world's second-largest market for natural diamonds.
