The World Federation of Diamond Bourses (WFDB) and the Shanghai Diamond Exchange (SDE) are taking action to revive China’s natural diamond market, which has been struggling with weakened demand. After key leaders met with Chinese government officials in Shanghai earlier this year, both exchanges have signed a Memorandum of Understanding (MoU) in mid-May 2024 to reignite interest in diamonds across China.
A Strategic Move to Rekindle China’s Love for Diamonds
The MoU is more than just a piece of paper—it’s a game plan. WFDB and SDE are set to launch massive marketing campaigns and initiatives to promote natural diamonds in China and further expand the market. The agreement also encourages direct cooperation, including joint events, bilateral exchanges, and a WFDB representative office in China’s diamond hub. Meanwhile, SDE will focus on the Greater China region to drive demand.
WFDB President Yoram Dvash emphasized the urgency of this collaboration. "China’s declining diamond demand has caused significant imbalance in the global market, posing major challenges to the industry. With this MoU, we’re taking an important step toward cultivating a strong and healthy diamond industry in China," he said. The WFDB plans to work closely with SDE and the Chinese government to restore growth in the diamond sector.
Will This Partnership Bring China’s Diamond Market Back to Life?
As the world’s second-largest natural diamond market, China plays a crucial role in the diamond industry’s future. By combining their resources and expertise, WFDB and SDE hope to turn things around and bring back the sparkle to China’s diamond trade. Stay tuned as these industry giants tackle one of the biggest challenges facing the diamond world today.