20 Sept 2019
Are there any particular issues to bear in mind when importing diamonds into mainland China?
When importing diamonds – including rough diamonds and unmounted diamonds – into mainland China, the importer is required to complete all the import-export customs declaration procedures required via the Shanghai Diamond Exchange. In a bid to tighten diamond import /export procedures and to counter incidences of gem smuggling, the State Council has now designated the Shanghai Diamond Exchange as the sole agency for overseeing the import / export of such items.
Accordingly, all customs declaration procedures relating to the import / export of diamonds, in line with the terms of general trade, fall under the auspices of the Shanghai Diamond Exchange. With regard to the import / export of diamonds destined for the processing trade, customs declaration procedures will continue to be handled in line with the existing practice. In the case of diamonds imported under processing trade terms for sale on the domestic market, all transactions, however, must be conducted via the Shanghai Diamond Exchange.