With the COVID-19 pandemic effectively under control in China, the diamond import of the country has registered a hefty bounce in the first half-year of 2021, after the gloomy market situation in the first half of 2020 followed by the recovery period in the second half, says a press release from Shanghai Diamond Exchange (SDE).
According to SDE’s data, from January thru June, the diamond transaction in SDE reached $3.821 bn, representing an 86.39% increase over the same period of 2019. Net polished import reached $1.576 bn, exceeding the annual import of 2020, and up 49.24% from 1H 2019.
Due to the double impact of gloomy market sentiment and the COVID-19 pandemic in 2019 and 2020, China’s diamond import has dropped by nearly 50% in the past two years. China’s GDP grew by 18.3% in the first quarter of 2021, creating a record high quarterly GPD growth rate in history. In spite of the pandemic in 2020, consumption still contributed 54.3% to the total GDP growth of the year. As China’s economy is estimated to maintain a 5 to 6% moderate growth rate in the coming future, the diamond market will be most likely to achieve another decade of desirable growth.
President of SDE and Vice-Chairman of WFDB Lin Qiang commented: “The strong rebound of diamond import not only benefits from the quick recovery of China’s economy, specifically the release of consumption power restrained by pandemic and appreciation of the RMB which offset the increase of diamond price in USD but also results from the strategic move of anti-smuggle and anti-money laundering initiated by the Chinese government. With the support of the country’s special policies, Shanghai Diamond Exchange has provided a regularized channel for the diamonds imported into China and a platform to assist the government to improve the supervision, which essentially safeguarded a healthy and sustainable growth of China’s diamond market in the past two decades.“
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
Exclusive
Ellah Muchemwa: ADPA to launch Africa's first diamond mining standard next year
The African Diamond Producers Association (ADPA), which is based in Luanda, Angola, and represents the interests of mainly African diamond producers and those with the potential to produce diamonds, will next year launch the Sustainable Development...
04 november 2024
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
