Pudong is expected to become the core height of the domestic diamond market

Taking advantage of the downturn in the world diamond market due to the financial crisis, China’s diamond trade is thriving and ranks as the world’s second largest consumer of diamonds. Pudong, which is home to a number of diamond trade resources, is also actively integrating the resources of “Three Ports, Three Areas,” Jinqiao, and Lujiazui to create a corridor for the diamond industry chain. This will make Pudong become the core height of the domestic diamond market.

The diamond industrial chain corridor is now Pudong on the Shenjiang Road in the Jinqiao Park. A construction site is under intense construction. By the end of next year, the World Diamond Center with 100,000 square meters will stand here. He Liehui, chairman of Investor's Roads International Holding Group, said: “We will set up two bases in Jinqiao. One base will focus on high-value-added industries that are designed and processed by diamonds, and gather a group of famous diamond design companies at home and abroad. The base is mainly focused on diamond dealers."

He said that the project will have a total investment of 100 million U.S. dollars. After the project is completed, it will use the mineral resources of Tatsu Road Group in Africa to develop raw material trade in diamond mineral resources and carry out high-end manufacturing of diamonds for cutting, grinding and processing. Research and design of diamond jewelry, fashion and creative industries related to diamonds and jewelry, and skills training industries.

According to He Liehui, one of the reasons why he chose Jinqiao is to look at the advantages of China Golden Bridge. As the core linking the “Three Ports and Three Districts” and the Lujiazui Finance City, Jinqiao clearly has unique geographical advantages in the development of the diamond industry. With the rise of the Jinqiao World Diamond Center, Pudong is gradually forming the diamond industry chain corridor of the “Three Ports and Three Zones” port – Jinqiao – Lujiazui.

Using the “three ports and three zones”, especially the port advantages of the Pudong Airport and the policy advantages of the airport bonded zone, a large number of raw diamonds are imported, and then the diamonds are used in the World Diamond Center in Jinqiao to design and process the rough diamonds. Lujiazui's diamond factor market carries out related financial operations. At the same time, the Shanghai Diamond Exchange located in Lujiazui will also become a domestic diamond information center, appraisal center, and talent cultivation center. The formation of this Pudong diamond industrial chain corridor will undoubtedly make Pudong a core highland for the domestic diamond market.

Advantageous policies to create a diamond factor market According to data recently released by the Shanghai Diamond Exchange Joint Management Office, in the first half of this year, the total amount of diamond import, export, and transaction at the Shanghai Diamond Exchange reached 1.217 billion U.S. dollars, an increase of 76% year-on-year. China's general trade diamond imports have reached The record high of 577 million US dollars, an increase of 92%. The total number of member units has also reached 267. Today, China has surpassed Japan and has become the second largest consumer of diamonds in the world.

The rapid growth of the diamond market has also attracted attention in various aspects. The relevant departments in Pudong have stated that they will focus on the growth of the Shanghai Diamond Exchange and hope to use it as a major financial factor market built by Pudong in the future.

"The development of diamond trading, Pudong does have a unique advantage." Analysis of industry experts: diamond import tax generally includes 10% tariff, VAT 17%, consumption tax 10%. On the one hand, a series of tax preferential policies of the Shanghai Diamond Exchange, such as: tariff exemption, consumption tax after the move to the retail sector, VAT exemption and immediate return, created favorable conditions for market development. On the other hand, the offshore finance that Pudong is experimenting with can also be combined with the development of the diamond factor market in the future, laying the foundation for the internationalization of the Pudong diamond factor market. At the same time, the increasingly powerful financial information and talent advantages of Lujiazui will also provide impetus for the development of the diamond market.

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