New COVID Wave Hurts China’s Diamond Imports in H1 2022
According to data from the Shanghai Diamond Exchange (SDE) quoted by Rough & Polished, diamond transactions on the SDE totaled $2.056 billion from January to June 2022 – a fall of 46.2% compared to the same period in 2021. Net import of polished diamonds reached US$1.01 billion – a fall of 35.9% year-on-year,
There is some good news: since the pandemic “has been effectively contained across the country, the diamond market has shown signs of recovery in June. Net polished diamond imports through the SDE reached$441 million in June – up 48% year-on-year.
Lin Qiang, Vice Chairman of the World Federation of Diamond Bourses (WFDB) and President of the Shanghai Diamond Exchange (SDE) commented: “With the launch of economic stimulus packages by the Chinese government, we believe the domestic consumer market will be back to the track of growth in the second half of the year. The demand for wedding and diamond jewelry, which was greatly suppressed by the pandemic in the first half of the year, will be gradually released.”