Shmuel Schnitzer, Honorary Life President of the World Federation of Diamond Bourses (WFDB), says that the initial criteria required to proceed to the second phase of developing the Chinese diamond and jewelry industries - in which China will become one of the world's leading exporters of diamond jewelry - have been met.

Schnitzer, speaking on behalf of the Honorary Senior Advisors of the Shanghai Diamond Exchange, told the audience at the recent China International Diamond Conference in Shanghai, that it was clear from the very beginning that the Chinese diamond and jewelry industries would develop in two phases.

“We are now in the midst of the first phase – China is becoming an ever-stronger center of diamond cutting and jewelry production and the local consumer center is growing by leaps and bounds. The time is right for a breakthrough,” explains Schnitzer.

The diamond jewelry import figures to China distinguish China as the world's second largest jewelry importer, just behind the United States, he explains, adding that China is quickly becoming a major world power of diamonds and diamond jewelry.

“The growth in the diamond centers in China and India, as well as other countries in Southeast Asia, undoubtedly represents a shift of our industry's center of gravity towards this region. But nevertheless, the mutual influence of East and West is extremely strong, and worldwide economic stability is essential for the stability of our business as a whole, so all of us need to hope for economic improvement in the United States and Europe, as well,” notes Schnitzer.

The advisors to the Shanghai Diamond Exchange include 4 Israelis - Shmuel Schnitzer, Israel Diamond Exchange President Avi Paz, President of the International Diamond Manufacturers Association Moti Ganz and President of the World Diamond Council Eli Izhakoff.