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China to see strong diamond trade this year
By Zhang Fengming |
November 30, 2010, Tuesday
|
Online Edition
Online Edition
INDUSTRY officials today upgraded their forecasts of China's imports and exports of diamonds this year on a strong domestic market.
The trade value is expected to rise to US$2.8 billion this year, up 90 percent than a year ago, said Li Mu, deputy director of the Diamond Administration of China, at the 2010 China Diamond Conference held in Shanghai today.
Yan Nanhai, vice president of China's sole diamond bourse Shanghai Diamond Exchange, said earlier in November that the annual figure is expected to grow to US$2.5 billion.
China's imports and exports of diamonds jumped 78 percent to US$2.2 billion in the first 10 months of this year on strong economic growth and domestic demand, according to industry data.
"China's appetite for the glittering stone is set to keep a rapid growth, backed by growth of newly weds, government support and economic growth," said Li at the two-day meeting that wraps up today.
Emerging markets, including China and India, are leading global demand for diamonds this year as the industry rides out of the global financial crisis.
China is trailing the United States as the world's second biggest market for diamonds after overtaking Japan in 2009.
The trade value is expected to rise to US$2.8 billion this year, up 90 percent than a year ago, said Li Mu, deputy director of the Diamond Administration of China, at the 2010 China Diamond Conference held in Shanghai today.
Yan Nanhai, vice president of China's sole diamond bourse Shanghai Diamond Exchange, said earlier in November that the annual figure is expected to grow to US$2.5 billion.
China's imports and exports of diamonds jumped 78 percent to US$2.2 billion in the first 10 months of this year on strong economic growth and domestic demand, according to industry data.
"China's appetite for the glittering stone is set to keep a rapid growth, backed by growth of newly weds, government support and economic growth," said Li at the two-day meeting that wraps up today.
Emerging markets, including China and India, are leading global demand for diamonds this year as the industry rides out of the global financial crisis.
China is trailing the United States as the world's second biggest market for diamonds after overtaking Japan in 2009.
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