A senior official yesterday called for intensified efforts to
further develop the diamond industry in China, the world's fifth
largest consumer of the precious stone.
"Under the current favorable tax policy, it is time to take the
diamond industry to a new level," Ma Xiuhong, vice-minister of
commerce, said at the 2007 China International Diamond Conference
held in Shanghai.
Starting July 2006, the tariff on diamonds was reduced to 10
percent from 15.3 percent. Since the new tax policy on diamond
industry took effect, diamond trade has grown at a much faster
pace.
According to latest figures compiled by the Shanghai-based
Diamond Administration of China (DAC), total imports and exports of
diamond plus turnover of the precious stone on the Shanghai Diamond
Exchange (SDE), amounted to $610 million in 2006, up 44 percent
from 2005. The total trading volume in 2007 is expected to increase
by a further 50 percent to $900 million, seven times that of 2001
when the SDE was first established.
Tang Dengjie, vice-mayor of Shanghai, said more work was needed
establish Shanghai into an international diamond trading center in
China.
DAC yesterday signed a cooperation memorandum with the Antwerp
World Diamond Center in a bid to broaden the scope of cooperation
in the future. Antwerp center is one of the largest diamond-trading
hubs in the world.
(China Daily November 29, 2007)
