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China's 1H07 Diamond Trade +116%
By Avi Krawitz Posted: 07/19/07 07:55
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RAPAPORT... China’s diamond imports jumped 227.9 percent to $195 million in the first six months of 2007 boosted by the tax cut on imported stone implemented half way through 2006.

China’s exports reached $224 million in the first half of 2007 bringing the country’s total trade in diamonds to $419 million, 115.7 percent higher than the same period a year earlier, China’s Business daily reported citing the Shanghai Diamond Exchange.

China has experienced sharp increase in diamond imports since the country scrapped its VAT (value added tax) on imported uncut diamonds, and lowered taxes on imported refined diamonds from 17 to 4 percent effective from July 1, 2006.

Following the tax reform, China's diamond imports grew 194 percent to $147 million in the second half of 2006, and rose 170 percent to $77.91 million in the first quarter of 2007.
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