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Shanghai: Bustling Diamond Trade Center in China

Posted on: Thursday, 10 November 2005, 09:00 CST

Shanghai: bustling diamond trade center in China

SHANGHAI, Nov. 10 (Xinhua) -- Shanghai, China's industrial and commercial hub, has grown into a center of the bustling diamond trade in China thanks to Shanghai Diamond Exchange launched five years ago.

Local customs statistics show that Shanghai Diamond Exchange imported and exported 225 million carats of diamonds or diamond powder in the past five years, with the value placed at 383 million US dollars.

In a breakdown, the exchange has imported 32 million carats of diamonds, worth of 356 million US dollars, and exported 193 million carats of diamonds, worth of 27 million US dollars, since it was inaugurated in October 2000.

In the past five years, a total of 428 million yuan (about 52.77 million US dollars) in value-added taxes has been levied for the state.

Located inside Jinmao Plaza, a landmark building in Pudong District of Shanghai, the exchange is the only venue in China authorized by the State Council to handle diamond import and export procedures and to conduct relevant trade.

As a member of the World Federation of Diamond Bourses (WFDB), the exchange now has a membership of 157 companies, including those from Belgium, Israel, India, South Africa and the United States.

Source: Xinhua News Agency - CEIS

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