The Shenzhen Rough Diamond Exchange (SRDE), home to 63 corporate members, has elected its first Governing Council during a diamond summit in Shenzhen.
The council members represent companies in the diamond, coloured gemstone, jewellery and service sectors, including a huge number of public companies, suppliers and large chain stores.
Wang Ning, CEO of SRDE, was named chairman of the Governing Council. The council convenes on a regular basis to discuss issues relevant to the exchange and the industry, and to build stronger relationships and foster self-discipline among SRDE members.
SRDE, with a registered capital of US$16 million, is the only trading platform in Shenzhen for diamond, jade and gemstone approved by the Shenzhen municipal government.
SRDE obtained the Bonded Warehouse Registration Certificate from the Shenzhen Customs House in December 2015. Through its secure diamond and gemstone storage, sorting and viewing facility in the Luohu District of Shenzhen, rough and polished diamonds, and colored gemstones can be imported on a duty-free temporary inbound basis.
The members can invite their clients to view the merchandise in SRDE. The polished diamonds can be then imported under Shanghai Diamond Exchange procedures. The rough diamonds are fully monitored under the Kimberly Process, and can be sent to diamond manufacturers in China for cutting.
The colored gemstones can be imported directly through SRDE after payment of duty and VAT, while stones with the Country of Origin Certificate from the 10 Association of Southeast Asian Nations and 35 other countries are exempt from duty, including Sri Lanka, Madagascar, Zambia and Mozambique, among others.
During the diamond summit jointly held by SRDE, the Gems & Jewelry Trade Association of Guangdong Province and the Shenzhen Gold & Jewelry Association, the exchange also launched a new service to finance its members in diamond procurement. Around 300 trade members attended the event, with extensive discussions on developing Shenzhen as an international diamond hub, and fortifying the close relationship between Shenzhen and Hong Kong in the diamond and jewellery business.