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Shenzhen Bourse to Embrace Polished Diamonds
Mar 22, 2017 5:47 AM
By Rapaport News
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RAPAPORT... The Shenzhen Rough Diamond Exchange (SRDE) plans to expand
into polished trading and is preparing to rename itself to reflect the upgrade.
The bourse is in the process of rebranding as the Shenzhen
Diamond Exchange and has been trialing imports of polished diamonds since late
last year, a spokesperson for the organization told Rapaport News on
Wednesday.
The SRDE opened a bonded warehouse in December 2015, where
rough diamonds and colored gemstones that have been shipped into the southeastern
Chinese city can be held tax-free for traders to view. Through this
arrangement, contractors can cut rough diamonds, and colored stones can enter
the Chinese market following payment of tariffs and value-added tax.
The exchange, home to more than 50 members, now plans to receive
polished diamonds, which will then be sent to the Shanghai Diamond Exchange as
per import procedures.
Shenzhen is the biggest jewelry hub in China, with around 90
percent of the diamonds the country consumes passing through the city’s traders
or jewelry manufacturers, according to Liu Jianhua, deputy secretary-general of
the diamond division at the Gems & Jewelry Trade Association of China. Liu
spoke at a diamond-industry forum in the city last week.
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Tags:
China, diamond exchanges, Gems & Jewelry Trade Association of China, imports, Liu Jianhua, polished trading, Rapaport News, Shanghai Diamond Exchange, shenzhen, Shenzhen Diamond Exchange, Shenzhen Rough Diamond Exchange, SRDE
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