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New favorable policy in Guangzhou: 22 measures to help Guangzhou create a world-class diamond industry ecosystem

publish:2021-05-20

Guangzhou issued the Measures of Guangzhou City to Leverage the Domestic and International Dual Circulation Strategy to Promote the Quality Development of the Diamond Industry, the country’s first policy in support of the diamond industry based on the new development pattern on May 8. The 22-point measures in 9 areas will promote the establishment of a new pattern for the development of the diamond industry chain, supply chain and innovation chain in Guangzhou, and create a globally competitive diamond industry ecosystem in Guangdong, Hong Kong and Macao.
 
 
180,000 practitioners constitute a complete diamond jewelry industry chain
 
China is the world’s second largest market for diamond consumption. Over 70% of diamond and jewelry processing in China takes place in Guangdong, especially in Panyu and the surrounding areas, which undertake orders from Hong Kong, Israel and other regions. The data show that there are up to 180,000 market entities engaged in jewelry processing, manufacturing, operation and sales in Guangzhou. Enterprises above designated size alone have 27,000 employees. Panyu is home to more than 400 jewelry processing and manufacturing companies and over 2,000 sales companies from over 30 countries and regions, with nearly 100,000 employees.
 
Supply chain covers the global diamond market
 
According to customs statistics, Guangzhou’s diamond import under processing trade reached 3.37 billion yuan in the first quarter of 2021, a year-on-year increase of 41.5%. Companies expressed that orders for foreign trade in diamond are improving as the negative impact of the COVID-19 weakens.
 
The global diamond mineral resources are concentrated in Russia, Canada, Botswana, Congo-Kinshasa, Australia, South Africa, etc. and mainly distributed through Botswana, Antwerp, Mumbai and Hong Kong, China. Eva Verstraelen, the Economic and Commercial Consul of the Flanders Investment & Trade, Consulate General of Belgium in Guangzhou, said that enterprises in Guangzhou are important target clients for Belgian rough diamond and polished diamond dealers. Antwerp maintains a long-term close relationship with Guangzhou in terms of diamond business.
 
In fact, Guangzhou’s diamond sector has forged cooperative relationship with trading platforms, service agencies, mining companies, and government regulatory authorities in important gathering places of diamond industry in the world, such as Belgium, India, the UAE, and Russia. It has opened up solid diamond purchasing channels.
 
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Guangzhou Diamond Exchange visited Russian diamond industry
 
Zhu Yongsheng, chairman of the Guangzhou Diamond Exchange, said that it has close ties with the countries of origin of diamonds worldwide, and fostered firm cooperation with world-renowned trading platforms. Companies are arranged to participate in the global online auction of diamonds. This ensures a sound supply chain for diamond processing enterprises, and helps the Guangzhou diamond industry become bigger and stronger.
 
 
Speed up the digital transformation of the diamond jewelry industry 
 
Guangzhou’s jewelry and diamond sector embraces the livestream e-commerce practice, which is popular worldwide. Last June, during China’s first Livestream E-commerce Festival in Guangzhou, the “GZDE LIVE” platform of the Guangzhou Diamond Exchange went online, connecting important diamond trading centres such as Dubai, Antwerp, Tel Aviv, and Mumbai. Global diamond trading platforms and traders participated in exchanges on the fight against the pandemic and facilitation of trading and innovation in the international diamond sector despite the impact of the COVID-19.
 
Dialogue and exchanges were conducted under the theme of “Keep Up With the Digital Age” at the Fifth International Jewellery & Diamond Conference held in October 2020. In the event chaired by Alan Cohen, President of the London Diamond Bourse, representatives of Chinese diamond jewelry brands discussed online with representatives of the global diamond industries about the opportunities and challenges of the diamond industry in the digital economy, analyzed the trends of the Chinese market, and learned about the developments of the global diamond industry.
 
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Representatives of Guangzhou diamond industry and international industry organizations discussed the "Marketing Breaking under the Digital Ecology"
 
 
22-point measures to help the quality development of Guangzhou’s diamond industry
 
According to the head of the Guangzhou Municipal Commerce Bureau, the 22-point measures in 9 areas will be carried out to promote the establishment of a new pattern of development for the diamond industry, bring together global diamond industry resources, build a law-based, international, and business-friendly environment, and create a globally competitive diamond industry ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area.
 
First, create the most stable fundamentals for the global diamond supply chain. To benchmark against the world’s important distribution places of the diamond industry, establish a long-term mechanism for industrial exchanges, build a platform for commerce and trade facilitation, carry out online and offline trading on a regular basis, and open up international trade channels.
 
Second, build proprietary brands of diamond jewelry. Make a success of “Designed in Guangzhou” brand, promote regional brands, and support enterprises to hold new product launch events, acquire international brands, implement overseas brand promotion, etc.
 
Third, become a place for customs facilitation for diamond trade. Support the centralized customs clearance for general diamond trade in Guangzhou, optimize the customs clearance supervision, encourage enterprises to adopt networked regulatory electronic account books and implement rolling write-offs, and adopt a low-cost and efficient bonded display and trading model.
 
Fourth, innovate new business forms of diamond trading. Speed up the digital transformation of the industry, build an online marketing service platform, develop city brand of diamond livestream for Guangzhou, incubate diamond livestearm e-commerce bases and must-visit thematic locations, and carry out customized diamond consumption, experiential consumption and “export goods for domestic sale” business based on digital connectivity technology.
 
Fifth, cultivate the diamond industry cluster belt. Build the diamond industry cluster with Panyu as the mainstay and Liwan, Nansha, Huadu and Conghua as the supporting areas; upgrade the “Shawan Guibao Town” and “Daluotang Jewelry Town”, and support the development of small and micro diamond enterprises.
 
Sixth, develop the diamond industry through financial enabling. Explore the establishment of diamond trade blockchain credit information system and a supply chain financial platform; provide financial services such as loans, financing, credit and guarantee for the diamond industry, and realize the synergy of the diamond industry and financial innovation.
 
Seventh, promote the integration of culture, business and tourism in the diamond industry. Develop the diamond fashion industry, promote the “Guangzhou Diamond” as a public brand, hold “China (Panyu, Guangzhou) International Jewelry Trend Conference”, innovate popular areas for tourism-based diamond consumption, and develop the diamond cultural industry.
 
Eighth, establish a better intellectual property protection mechanism. Improve comprehensive services such as assistance for rights protection, mediation and law enforcement, better protect intellectual property rights, and incentivize innovation in diamond and jewelry.
 
Nineth, create a good environment for the sustainable development of the diamond industry. Hold the International Jewellery & Diamond Conference, the International Jewelry Festival and other events, carry out projects to promote and upgrade the industry, and establish a mechanism for supporting key enterprises and dynamic monitoring.
 
 
Source: Southcn.com (with deletion), reporters/Tang Wenshi, Su Mengru, Correspondent/SSWX
 

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