Over One Billion Yuan of Diamond Ornaments Sold in Shanghai

More than one billion yuan (US$120 million) worth of diamond ornaments were sold in Shanghai, China's leading industrial and commercial city, in 2000, statistics show.

The figure is one-fifth of the national total for last year, according to information released at Wednesday's ceremony marking the founding of the Shanghai Diamond Association.

Pan Bin, president of the association, said the sales volume of diamond ornaments in China has increased by more than 30 percent annually in recent years. China now ranks fifth in the world in terms of diamond consumption.

China established a state-level diamond bourse -- the Shanghai Diamond Exchange, last year and plans to build two diamond processing zones in Shanghai.

The Shanghai Diamond Association now has 35 members. It will serve as a bridge between the government and enterprises, help government draft policies and development plans and maintain order on the market, sources said.

(Xinhua 04/19/2001)