China's Diamond Trade set to hit a Record $6bn in 2021
October 18, 21
(IDEX Online) - China's diamond trade is heading for a record year in 2021, says the Shanghai Diamond Exchange (SDE).
Total imports and exports of rough and polished diamonds through the SDE were $5.718bn from January to September and are likely to top $6bn by the year end. By comparison, in 2018, the busiest year ever for the Chinese diamond industry, total trade was $5.784bn.
Net imports of polished diamonds for the three quarters were $2.316bn, up 59.3 per cent on pre-Covid 2019. That figure is predicted to approach $3bn for the full year, a record high since SDE (pictured) was founded in 2000.
Import of rough diamonds for the first three quarters were $49.962m, up 124 per cent on 2019.
"Due to the impact of pandemic on international travel, a large part of overseas jewelry consumption by Chinese tourists has shifted back to domestic market," said Lin Qiang, president of the SDE.
"Furthermore, the Chinese government has been strengthening its anti-smuggling and anti-money laundering efforts this year, which has played a positive role in promoting the entry of diamonds into the Chinese market through the legal import channel of SDE."