Israel's Diamond Industry Sets Sights on Chinese Market

December 22, 2003

Israel's Diamond Industry Sets Sights on Chinese Market

Israel's diamond industry believes in the potential of China as the next major market for diamonds, and is aiming marketing activities toward that country. In the coming year the Israel Diamond Institute plans to participate in trade exhibitions in China, and to send a high-level delegation of diamantaires to visit the country.

Israel's diamond trade with Chinahas risen since tax regulations were eased on the import of diamonds to that country. Last year statistics published by the Israel Diamond Controller showed Israel's polished diamond exports to China nearly tripled to $80.8 million, and indications are that they will continue the increase this year.

"China is an important export market for Israel, and has tremendous growth potential. The liberalization that the government has implemented in the area of diamond imports, as well as additional steps that are expected, will certainly make this market one of our top export targets in the coming years," says Shmuel Schnitzer, president of the Israel Diamond Exchange, who recently returned from a visit to China, where he spoke at the International Diamond Summit Forum in Shanghai.

He noted that many of Israel's diamantaires were already engaged in joint ventures with diamond companies in China and that the potential is great for expansion in this direction. "It's clear that the delegation to China which we are planning will open up trade ties between Israeli and Chinese diamantaires," he said. "I am hopeful that it will also result in many cooperative business ventures between the two sides."

Israel Diamond Institute officials said that the mission is being planned for June and will include visits to Beijing, Shanghai and the industrial centers of Panyu and Shenzhen in Guangdong province, where there are large diamond and jewelry factories.

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