China’s Polished Diamond Imports Grow Nearly Fivefold In Q1

China’s net imports of polished diamonds in 2020 dropped 16% to 1.426 million carats versus 2019, according to data published by the Shanghai Diamond Exchange (SDE). Last year the country’s polished diamond imports by value fell 23% year-on-year to $1.424 billion.

However, in the last four months of 2020, imports recovered at an accelerated pace, with monthly net import value exceeding $200 million in September, October and November, and $191 million in December 2020.

In Q1 2021, China’s polished diamond imports skyrocketed 394% year-on-year to 699,500 carats, and rose 393% in value to $722 million. Chinese Q1 2021 polished imports saw a 25% increase over the same period in 2019 ($578 million), a good indication of continued improvement in the diamond market of mainland China, SDE noted.

The SDE’s net import truly reflects China’s official import of diamonds for domestic consumption as it is the only portal in China for importing polished diamonds under the favorable tax policy (0% duty and 4% VAT).

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