SDE: China’s Diamond Trade Headed for a Record Year in 2021
The Shanghai Diamond Exchange (SDE) says that China’s diamond trade is heading “for a record year in 2021,” IDEX Online reports.
Total imports and exports of rough and polished diamonds through the SDE totaled $5.718 billion from January to September 2021, and will likely reach a record $6 billion by year’s end. In 2018, the busiest year ever for the Chinese diamond industry, trade totaled $5.784 billion.
Net imports of polished diamonds for the first three quarters of the year totaled $2.316 billion, up 59.3% on pre-Covid 2019. This figure, says the SDE, is predicted to reach $3 billion for the full year – “a record high since SDE was founded in 2000.” Import of rough diamonds for the first three quarters totaled $49.962 million – up 124% on 2019.
Lin Qiang, president of the SDE, commented: “Due to the impact of pandemic on international travel, a large part of overseas jewelry consumption by Chinese tourists has shifted back to the domestic market,” said Lin Qiang, president of the SDE. Furthermore, the Chinese government has been strengthening its anti-smuggling and anti-money laundering efforts this year, which has played a positive role in promoting the entry of diamonds into the Chinese market through the legal import channel of SDE.”