(IDEX Online) - The Guangzhou Diamond Exchange (GZDE), together with senior rough diamond buyers, opened its first Generic Public Course on Rough Diamonds at the end of March.
Rough diamonds are unfamiliar to most mainland Chinese companies, the GZDE said.
The course includes theory, sharing trading experience, visiting factories, and viewing goods. It attracted diamond industry players from Beijing, Shanghai, Shenzhen, Guangzhou.
The theoretical study began with explaining the geological conditions required for the formation, preservation, and production of diamonds. This course also reviewed the sales system and trade regulations of the global rough diamond industry, and explained the identification, grading, cutting and polishing of rough diamonds.
The factory visit further strengthened the trainees' understanding of the processing of rough diamonds.
Chinese companies can purchase rough diamonds from abroad and settle foreign currency transactions in mainland China through the GZDE. After purchase, they can directly transfer the goods to bonded processing and utilize the supply chain finance services provided by GZDE.
China is the world's second largest diamond consuming country and the sixth largest rough diamond trading country, while Guangzhou is China's largest diamond manufacturing center. Carrying out rough diamond display, trading and processing in Guangzhou, will support the transformation and upgrading of the Chinese diamond industry, and optimize the global diamond industry value chain with the "Belt and Road" initiative, bringing a new perspective to the global diamond industry, the exchange said.