JNA Sep/ Oct 2021

專題報道 JNA Sep/Oct 2021 | 13 Lao Feng Xiang store 老鳳祥銀樓店面 2000, registering an average annual compound growth rate of 26 per cent till 2018. The latest figures indicate that China’s diamond market is back on a normal growth track. Anti-smuggling and anti-money laundering initiatives initiated by the Chinese government likewise strengthened the country’s diamond market, Lin said. In September 2020, Chinese customs authorities spearheaded a nationwide campaign to crack down on diamond smuggling, involving RMB5.9 billion (US$855 million) worth of goods. Around 150 people were detained in connection to the campaign. The fight against smuggling continued in 2021. The carat weight and number of diamonds imported through SDE increased substantially due to the increase in demand and the anti-smuggling initiatives. Membership applications to SDE likewise surged, since the bourse is China’s only gateway for importing diamonds under a favourable tax policy. Rough diamond imports at SDE nearly doubled from January to June 2021, when compared to the same period in 2019. The total number of SDE members increased to 386, more than half of which are foreign- funded companies. Shanghai Diamond Trade Association President Pan Bin welcomed the government’s tough stance on illegal activities. “Smuggling has always been a threat to legitimate business. Smuggled diamonds are sold at a lower price and create unfair competition. Though prices may be lower, illegal goods do not have official invoices, leaving consumers largely unprotected in case of problems. The crackdown on smuggling creates a level playing field and a healthy market environment,” said Pan, who is also the director and general manager of Shanghai Lao Feng Xiang Diamond Processing Center Co Ltd, the diamond department of leading Chinese jeweller Lao Feng Xiang. Market outlook Favourable economic conditions in China likewise bode well for diamond sales. Consumption, exports and investment are the growth engines of the country’s Gross Domestic Product (GDP). In 2020, the government started implementing its Dual Circulation strategy that stimulates domestic consumption and reduces dependence on exports. Despite the pandemic, consumption contributed 54.3 per cent of total GDP growth in 2020. The government now intends to triple or quadruple China’s 2020 GDP per capita of US$11,000 by 2035. With China projecting moderate economic growth of 5 per cent to 6 per cent in the coming years, the country’s diamond market is likely to achieve another decade of growth. China 2021 imports based on data from January through July 中國 2021 年進口平均單價，基於 1 月至 7 月的數據 US 2021 imports based on data from January through April 美國 2021 年進口平均單價，基於 1 月至 4 月的數據 Sources 資料來源 : Shanghai Diamond Exchange and US Census Bureau 上海鑽石交易所和美國統計局 Average price for polished diamond imports 裸鑽平均進口單價 (US$/carat) Year 年份 China 中國 US 美國 2017 1,033 2,205 2018 1,135 2,337 2019 1,087 2,090 2020 999 1,654 2021 1,047 1,778