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Shanghai Diamond Exchange, WFDB sign MoU to promote natural diamonds

The World Federation of Diamond Bourses (WFDB), the association of the world’s major diamond bourses, and the Shanghai Diamond Exchange (SDE), the only designated platform for diamond import and export in China, signed a Memorandum of Understanding on May 15, 2024, to promote the development of the diamond market in China.

The MOU follows meetings by WFDB leaders and Chinese government officials during the WFDB Presidents’ Meeting in Shanghai in March, where agreement was reached to further the development of the Chinese diamond market through large-scale marketing campaigns and other initiatives.

China produces 40 per cent to 50 per cent of all the lab growns. But three quarters of China's consumers believe natural diamonds are more valuable than LGD according to research for Chow Tai Fook, the country's biggest jeweller.

"The WFDB recognizes that the decline in diamond demand in China has caused a significant imbalance in the diamond market and presents a major challenge for the world diamond industry," said WFDB president Yoram Dvash.He added that the MOU with Shanghai was an important step toward cultivating a strong diamond industry in China, the second largest global market for natural diamonds.

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