The net import of polished diamonds through the Shanghai Diamond Exchange in 2021 reached another record high, reflecting the potential and resilience of the Chinese diamond market. Total net polished imports reached $2.924 bn, surging 105.3% year-on-year of 2020 and up 58.0% from 2019.
The SDE is the only portal in China to import polished diamonds under the favourable tax policy of 0% tariff and 4% Value Added Tax (VAT), therefore the figure reflects the value of polished diamonds imported for consumption in China.
Lin Qiang, Vice Chairman of the World Federation of Diamond Bourses (WFDB) and President of the Shanghai Diamond Exchange (SDE) said: "The historic growth in diamond imports in 2021proves that the economic fundamentals and underlying factors supporting the long-term development of China's diamond market remain unchanged, and indicates that China's diamond imports shall sustain waves of growth for a long time to come.”
The data from the Gems & Jewelry Trade Association of China (GAC) shows that China's diamond jewellery retail market reached approximately $12.4 bn in 2021, accounting for 13% of the nation’s jewellery retail.
According to data released by the National Bureau of Statistics of China, China's Gross Domestic Product (GDP) in 2021 increased 8.1% year-on-year. Meanwhile, the annual retail sales of gold, silver and jewellery products for the key sampling jewellers grew by 29.8% year-on-year in 2021, ranking first among the consumer retail market segments.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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