Since March 2022, both the polished diamond import and diamond retail market have taken a toll from a new wave of Covid-19 pandemic in China, as the local administrations nationwide have strengthened preventive and control measures.
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According to the Shanghai Diamond Exchange (SDE), the net import of polished diamonds through the SDE in 2021 reached another record high, reflecting the potential and resilience of the Chinese diamond market. Total net polished import reached US$2.924 billion, surging 105.3% year-on-year of 2020, and up 58.0% from 2019. The SDE is the only portal in China to import polished diamonds under the favorable tax policy of 0% tariff and 4% Value Added Tax (VAT), therefore the figure reflects the value of polished diamonds imported for consumption in China.
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