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Friday, February 20, 2015, 15:39

China's diamond consumption continues to decline

By Xinhua

 China's diamond consumption continues to decline
This photo taken on May 23, 2011 shows a gold tiara inlaid with 228 Akoya pearls, 1,880 diamonds, and a 15mm-diameter pearl as the tiara is priced at nearly four milliion yuan (US$620,000) and is on display at a jewellery shop in Beijing. (PHOTO / AFP)

SHANGHAI - The amount of polished diamonds imported into China declined for a fourth consecutive month in January, according to the Shanghai Diamond Exchange.

Last month, the country imported polished diamonds worth US$157 million, down 24 percent compared with the previous January.

The declining trend has resulted from sluggish global economic recovery and a weak domestic market, according to the exchange.

In 2014, China's diamond consumption hit a record high thanks to robust growth in the first three quarters. In the year, polished diamonds worth about US$2.24 billion, up 31 percent year on year, were exported to the country through the exchange.

The exchange, founded in October 2000 in Shanghai's Pudong District, is the only venue in China authorized by the State Council to handle diamond imports and exports and to conduct trade.

As a member of the World Federation of Diamond Bourses, the exchange's membership stood at 370 at the end of January.

China is now the world's second-largest diamond consumer and fourth-largest rough diamond trader.

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