China's Foreign Trade Volume of Diamond Sets New Record
Posted on: Wednesday, 18 January 2006, 09:00 CST
China's foreign trade volume of diamond sets new record
SHANGHAI, Jan. 17 (Xinhua) -- The total export-import volume of diamond in China hit a record high of 410 million U.S. dollars in 2005, according to the Diamond Administration of China (DAC) here on Monday.
The volume was 11.4 percent more than that in 2004, an official from the Shanghai-based DAC said.
The imports and exports of diamond last year contributed 162 million yuan (20.25 million dollars) of value added tax to the nation's revenue.
China is short of diamond resources and mainly relies on imports. The jewelry industry's demand for diamond has been increasing, despite rising prices of raw materials on the international market, the official said.
Local authorities have strengthen management of jewelry markets and cracked down on illegal transactions, which also led to the increase of export-import volume, he said.
With the authorization of the Ministry of Commerce, the DAC is in charge of supervision on the Shanghai Diamond Exchange and inspection on diamond import and export.
The DAC was officially established in April 2000 with approval by the State Council, China's central government.
Source: Xinhua News Agency - CEIS
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