Cooperation signed to boost diamond trade in Belt and Road countries

Editor's note:

Shanghai, a well-established destination for investment both domestic and international, is confident of riding the waves of a rising city to attract more quality investment with better policies and services.

Ti Gong

Shanghai has witnessed the signing of a strategic partnership to boost the diamond trade in the Belt and Road countries.

Last week, the Shanghai Diamond Exchange and the Federation of Belgian Diamond Bourses signed a "Strategic Cooperation in Diamond Trade for the Development of the Silk Road E-commerce Pilot Zone."

The Silk Road e-commerce zone is an initiative aimed at improving digital economic cooperation under the Belt and Road Initiative, and Shanghai has been designated by the State Council as the pilot zone for the initiative.

The cooperation was signed at an event held by the Pudong New Area to promote its role as an international commerce center.

Ti Gong

At the event, five major names in the diamond industry were assigned as "Global Ambassadors for Pudong International Consumption Center."

They are Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB); WFDB vice presidents Moshe Salem and Philippe Barsamian; WFDB secretary general Rony Unterman; and Lin Qiang, president of the Shanghai Diamond Exchange.

The WFDB Presidents' Meeting 2024 also wrapped in Shanghai last week.

Shanghai Vice Mayor Hua Yuan said in his opening speech that Shanghai, as the birthplace of China's diamond processing industry, would boost fashion sales in the diamond and jewelry industry.

China is the world's second largest diamond market, with the Shanghai Diamond Exchange – the only channel for the import and export of diamonds in China – achieving a compound growth rate of 26 percent over the past 24 years, Lin told Shanghai Daily.

Next, the exchange would work with Customs to launch a traceability system for imported diamonds, he added.