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Xi Jinping will meet with dozens of corporate executives in Beijing this weekend. It comes as many companies have reduced their China investments.

Since March 2022, both the polished diamond import and diamond retail market have taken a toll from a new wave of Covid-19 pandemic in China, as the local administrations nationwide have strengthened preventive and control measures.

According to the Shanghai Diamond Exchange (SDE), the net import of polished diamonds through the SDE in 2021 reached another record high, reflecting the potential and resilience of the Chinese diamond market. Total net polished import reached US$2.924 billion, surging 105.3% year-on-year of 2020, and up 58.0% from 2019. The SDE is the only portal in China to import polished diamonds under the favorable tax policy of 0% tariff and 4% Value Added Tax (VAT), therefore the figure reflects the value of polished diamonds imported for consumption in China.

China’s diamond imports have maintained a sustained growth momentum in the first three quarters of 2021 thanks to the rapid recovery of the country’s retail jewelry market. According to the Shanghai Diamond Exchange (SDE), diamond transactions via the SDE from January through September 2021 reached USD 5.718 billion, representing an 81.2% increase over the same period of 2019, and approaching the all-time high of USD 5.784 billion in 2018 (January - December).

Press release content from News Direct Corporation. The AP news staff was not involved in its creation.