The Construction of a Diamond Exchange Center In Lujiazui, Shanghai Is in Preparation
The Diamond and Jewelry Process Industry Will Take Shape in Ten Years
A few days ago, the State Council formally approved Shanghai to prepare the construction of a diamond exchange center at the state level. Paying great attention to this, Shanghai Municipal Government has decided to support the item with all its strength. At present, all preparation work for the construction has been in progress.
The general configuration of Shanghai Diamond Exchange Center includes one associated management office, one Diamond Exchange, several organs providing the Diamond Exchange with the adequate and systematic service and a group of diamond process corporations with good credit standing and better quality. The configuration and its operational rules accord with the international current pattern. The associated management office is composed of the Municipal Foreign Economic and Trade Commission, Shanghai Customs, the State Administration of Taxation and Shanghai Branch of the Chinese People's Bank. Shanghai Branch Bureau of the State Administration for Foreign Exchange, the Municipal Administrative Bureau of Industry and Commerce and the Management Committee of Pudong New District etc. are also included. The Chinese Handicraft Import and Export General Company, Shanghai Lujiazui Development(Group) Company Ltd., and two or three foreign companies having influence in the world diamond and jewelry industries have jointly invested and organized the Diamond Exchange of Shanghai.
Occupying the area of 10,400 square meters, Shanghai Diamond Exchange is set up inside Jin Mao Tower in Lujiazui Finance and Trade Central Area and adopts the enclosed management under the whole-course supervision of the Customs. The exchange accounts among members are settled on the basis of US dollars, while the exchange accounts between members and domestic non-members are squared on the basis of RMB with exception. At present, the phase development aims have been worked out. Within one or two years, the sale volume of diamonds will reach four to six hundred million US dollars and the employed will be more than twenty thousand, which may lay the foundation for the diamond and jewelry process industry of Shanghai. In 2005, the sale volume of diamonds will certainly reach two or three billion US dollars and the employed is going to surpass sixty thousand. In 2010, the sale will be three to five billion US dollars and the employed is sure to be over a hundred thousand. And in 2015, Shanghai will build up the diamond process center with the competitive power in cost in Asia.
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