China Diamond Imports Soar 92%China's diamondimports in the first half of 2010 spiked some 92%, the ShanghaiDiamond Exchange Administration said.
According to the SDEA, diamond imports rose to a record $577 millionin the first half of this year, as strong consumer demand and stableeconomic growth secured China's position as the world's second-biggestmarket for the glittering stone.
Chinatrails the UnitedStates as the world's second-biggest market for diamonds, withJapan coming in as the world's third-biggest market with diamond importscoming to $334 million for H1-2010.
"China's jewelrydemand is rising rapidly amid stable economic growth and increasingdomestic consumption," the bourse administration said. The ShanghaiDiamond Exchange, set up in 2000, is China's sole bourse for theprecious stone.
China cut value-added tax on imported polished diamonds from 17% to4% in 2006, while VAT is not imposed on imported rough diamonds. Since2002, customs duties have been waived on rough and polished stonestraded on the exchange.
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