JNA Sep/ Oct 2021

SPECIAL FEATURES 12 | JNA Sep/Oct 2021 Bright prospects for Demand for diamonds is on the rise in China as economic conditions improve and jewellery retail rebounds. JNA examines the factors affecting the country’s diamond sector and the structural shifts driving growth in the new normal. 隨着經濟回暖和 珠寶零售業反彈，中國鑽石需求上升。《 JNA 亞洲珠寶》分析影響中國 鑽石行業的因素，以及在新常態下推動行業增長的結構性變化。 | Julius Zheng 鄭嶸 | 中國鑽石行業前景明朗 W ith the Covid-19 pandemic effectively under control in China, demand for diamonds is on the rise, with all indications pointing to sustained growth as the market adjusts to post- lockdown consumer preferences. The first half of 2020 bore the brunt of the pandemic’s impact on diamond imports and retail in China. The second half made up for earlier losses, rallying the year to a respectable finish. Recovery continued this year, with import and retail numbers registering a healthy bounce in the first seven months. Net polished imports at the Shanghai Diamond Exchange (SDE) from January to July 2021 reached around US$1.84 billion, surpassing total imports in 2020 and recording a nearly 52 per cent hike over the same period in 2019. Given the current growth momentum, SDE forecasts that annual polished diamond imports this year could exceed 2018’s previous record high of US$2.78 billion. SDE president Lin Qiang attributed the substantial growth in diamond imports to the rapid recovery of the Chinese economy, specifically the “release of consumption power restrained by the pandemic and the appreciation of the RMB, which offset diamond price increases in US dollar terms.” China’s diamond imports had been steadily growing since SDE’s establishment in China’s diamond trade