China's 2021 Net Diamond Import Doubles 2020 to a New High

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.

"The historic growth in diamond imports in 2021 proves that the economic fundamentals and underlying factors supporting the long-term development of China's diamond market remain unchanged, and indicates that China's diamond imports shall sustain waves of growth for a long time to come," said Lin Qiang, Vice Chairman of the World Federation of Diamond Bourses (WFDB) and President of the Shanghai Diamond Exchange (SDE).

The data from the Gems & Jewelry Trade Association of China (GAC) show that China's diamond jewelry retail market reached approximately US$12.4 billion in 2021, accounting for 13% of the nation’s jewelry retail.

According to data released by the National Bureau of Statistics of China, China's Gross Domestic Product (GDP) in 2021 increased 8.1% year-on-year. Meanwhile, the annual retail sales of gold, silver and jewelry products for the key sampling jewelers grew by 29.8% year-on-year in 2021, ranking first among the consumer retail market segments.