China is second biggest diamond market

China is now the world’s second biggest market for imported diamonds, according to the China Diamond Forum which opened November 30 in Shanghai.

From January to September this year, finished diamond jewelry imports in the United States, China and Japan totalled US$3.1 billion, US$900 million and US$510 million respectively.

The Shanghai diamond trading administration office attributed the fast growth in imports to a relatively stable domestic economy and constant growth in demand for jewels – in particular those used for wedding ceremonies.

English People’s Daily Online reports that in the first half of 2009, the membership of the Shanghai Diamond Exchange increased by 10 to 240.