Macau wants to be an international diamond trading centre

8 June 2018

Macau intends to set up an international trading centre for diamonds and rough gems, taking advantage, among other things, of the network of the Shanghai Diamond Exchange and the precious stones available in Portuguese-speaking countries, according to a statement from the Macau Trade and Investment Promotion Institute (IPIM).

In order to increase cooperation and develop the Macau diamond and jewellery industry, IPIM President Jackson Chang and the chairman of the Shanghai Diamond Exchange, Lin Qiang, signed an “Agreement for Strategic Cooperation” to develop the industry on an international level.

The statement from IPIM also said the agreement will allow for training of professionals in terms of authentication, design and transformation of jewellery and make use of Macau’s position as a world tourism and leisure centre and a platform of services between China and the Portuguese-speaking countries.

Founded in 2000, the Shanghai Diamond Exchange is the only diamond import and export market in the interior of China and the fifth largest diamond trading centre in the world, along with Antwerp, New York, Mumbai and Johannesburg.

The Shanghai Stock Exchange has annual transactions in excess of US$5 billion.

China imports precious and semi-precious stones from Angola, Brazil and Mozambique.

The demand for diamonds in the wedding market in Macau and in the interior of China has grown significantly as a result of the growth of the Chinese economy. (macauhub)