Diamonds make the cut for Chinese firms

Figures from the Diamond Administration of China (DAC) show that the annual turnover at the Shanghai Diamond Exchange (SDE) reached US$2.81 trillion in 2010, an increase of 88.1 percent from 2009. According to DAC, China is the second largest diamond-buying nation in the world. The largest is the United States. Industry experts predict sales in China will experience 15 percent annual growth over the next few years.

De Beers, the London-based diamond-trading giant, opened its first boutique store in Beijing on May 31 with the aim of attracting wealthy customers. Other international luxury product retailers such as Cartier and Tiffany have set up flagship stores in cities such as Beijing and Shanghai to increase their market recognition.

Sun Fengming, the vice-president of the China Diamond Association, said diamond demand in China will continue to increase as people not only want to own a diamond but also want to know more about them.

Diamonds are increasingly in demand for wedding rings and by investors hoping to avoid the negative effects of inflation on cash.

The tremendous business opportunities in China are not just attracting the attention of international giants. Smaller players are also keeping a close eye on the market.

The diamond retailer The Carat Club (TCC), based in Malaysia, opened its first flagship store in Shanghai to sell diamonds of three carats or more.

1|2|Next Page>>

PrintEmail

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos
 Respond to this email