The Rapaport Group announced that it had launched a new diamond import services to mainland China, Diamonds.net said.



According to the company's press release, the service will allow foreign companies to sell their diamonds directly to local Chinese companies. Rapaport's service guarantees payments to the supplier, delivery of diamonds to the buyer and takes full responsibility for all import procedures, including processing and payment of customs and taxation fees.



The service reportedly has the full support of the Chinese Government and the Shanghai Diamond Exchange. The fee for the service is 1%.



“China is a market of the future, offering unprecedented opportunity for the expansion of diamond demand. It is vital that the diamond trade respect the rule of law and operate in full compliance with Chinese regulations.

The Rapaport Group is pleased to present our Diamond Import Service as well as a broad range of additional services designed to open up China’s markets and encourage the development of free, fair, honest, competitive and efficient Chinese diamond markets.” Martin Rapaport, Chairman of the Rapaport Group said.



The new bureau, Rapaport Shanghai Ltd, is fully owned and operated by the Rapaport Group. It is a Chinese registered company with offices and membership in the Shanghai Diamond Exchange. It will provide firms wishing to penetrate the Chinese market a broad range of marketing and sales services, including the import of diamonds into mainland China on behalf of Chinese buyers and foreign suppliers.