According to the Diamond Administration of China (DAC), China's diamond import, export and trading in SDE reached US$444 million from January to April 2oo9, representing an increase of 2.3% against the same period last year.



During the first six months of the year, China's import diamond trade amounted to $692 million, a growth of 6.9% compared to the corresponding period last year.



The total included a record $300 million in imports, which were up 2.7%. DAC attributed the fast growth to the relatively stable domestic economy and continuous growth in demand for jewelry, particular in the bridal sector.



China has become the world's third largest diamond consumer market, following the United States and Japan. Reforms in the China market have attracted 240 firms to become members of the Shanghai Diamond Exchange as of the second quarter of 2009. In July zoo6, the value-added tax (VAT) for polished diamonds imported via the Shanghai Diamond Exchange (CSDE) was reduced from 17 to 4%, and VAT on rough diamonds imported via the SDE was waived.