As of 2016, India is now the second largest exporter of diamonds in the world. China is the world’s foremost importer of diamonds making up to 31.8 percent of the market. India’s export of diamonds has grown rapidly over the past few years, reaching a total of $2.48 billion in 2016.
The figures showing a rise in Indian diamond exports to China were released during a Shanghai road show attended by the Indian Consulate in Shanghai, the Jewellery Export Promotion Council, and the Shanghai Diamond Exchange. The purpose of the roadshow was to promote the participation of Chinese companies in the India International Gems and Jewellery Show (IIJS), which takes place in Mumbai in July. During the road show, Lin Qiang, the President of the Shanghai Diamond Exchange, claimed that his organization would bring a large delegation of jewelers from the East China region to IIJS 2017.
Trade links between India and China are becoming increasingly important for both countries. Following years of decline, Indian exports to China rose rapidly during the first quarter of 2017. As a high-value, high-status item, diamonds form an important part of this overall export picture.
Demand for diamonds in China seems to be insatiable. Even though Indian diamonds exports have grown rapidly over the last few years, they still account for less than a third of the enormous quantity of diamonds that China imports every year. As a result, there is plenty of potentials for India to increase its diamond exports to China, particularly as the growing middle class of Chinese consumers becomes wealthier and more willing to spend money on imported diamonds.
Indian diamond exporters are eagerly awaiting IIJS 2017, which will feature two main events. One of these events will focus on gems and jewelry. The purpose of the other event is to display equipment and machinery that is essential to the industry. Both are vital for promoting the growing Indian diamond industry, for which the future looks very bright indeed.
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