Shanghai Bourse to Promote Natural Diamonds
May 16, 24
(IDEX Online) - Shanghai Diamond Bourse is to promote natural diamonds in China, in cooperation with the World Federation of Diamond Bourses (WFDB).
Both sides have signed a memorandum of understanding (MOU) over large-scale marketing campaigns following meetings in March.
China produces 40 per cent to 50 per cent of all the lab growns, according to the country's Gems and Jewelry Trade Association.
But three quarters of China's consumers believe natural diamonds are more valuable than lab growns according to research for Chow Tai Fook, the country's biggest jeweler.
"The WFDB recognizes that the decline in diamond demand in China has caused a significant imbalance in the diamond market and presents a major challenge for the world diamond industry," said WFDB president Yoram Dvash.
He added that the MOU with Shanghai was an important step toward cultivating a strong diamond industry in China, the second largest global market for natural diamonds.
Pic shows Shanghai Diamond Bourse.