The Chinese government is intensifying its attempts to increase the presence of diamond mining in China. Currently the country is the fifth largest producer of diamonds.

Current Chinese tax policies confer favorable status on diamond mining firms. Since July 2006, the diamond tariff was reduced 10 percent. This has caused the diamond trade to grow at a faster pace than before.

The Diamond Administration of China has reported that total imports and exports of diamonds on the Shanghai Diamond Exchange totaled $610 million US in 2006. This is an increase of 44 percent from 2005.

The total volume of trade of diamonds in 2007 is expected to go up another 50 percent to $900 million US. This is seven times the traded amount recorded in 2001when the Shanghai exchanged was first set up.

The Diamond Administration of China in December 2007 signed a cooperation agreement with the Antwerp World Diamond Center to broaden the scope of cooperation in the future. Antwerp is one of the world’s largest diamond trading centers.

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