China’s polished diamond imports through the Shanghai Diamond Exchange (SDE) rose significantly from January to September, demonstrating continued recovery of the country’s jewellery retail market. 

According to the latest data from the bourse, polished imports – which reflects the value of polished diamonds imported for consumption in China – reached US$2.31 billion during the period in review, up 206.3 per cent year on year and 59.3 per cent from 2019. 

Annual net polished imports are projected to hit US$3 billion by yearend, which could set a record high since the SDE was founded in 2000. Polished imports reached US$2.74 billion in 2018.

September imports were also promising, increasing by 14.6 per cent to US$239.9 million from 2020 and 83.1 per cent from 2019. Rough diamond imports from January to September meanwhile reached US$50 million, up 123.7 per cent from 2019.

Strong diamond imports reflected the rapid pace of recovery in China’s jewellery market. From January to September 2021, jewellery sales in China rose 41.6 per cent compared to 2020, according to the National Bureau of Statistics of China. 

“Due to the impact of the pandemic on international travel, a large part of overseas jewellery consumption by Chinese tourists has shifted back to the domestic market,” explained Lin Qiang, vice chairman of the World Federation of Diamond Bourses and president of the SDE. “Furthermore, the Chinese government has been strengthening its anti-smuggling and anti-money laundering efforts, which has played a positive role in promoting the entry of diamonds into the Chinese market through the SDE.” 

Overall rough and polished diamond trade via the SDE from January to September was valued at US$5.71 billion, representing an 81.2 per cent increase over the same period in 2019.