The State Council, China's Cabinet, has approved the upgrading of the Shanghai Gems & Jade Exchange to the national-level China Gems & Jade Exchange in order to set up a traceability system for gems and jade products in the country, the Shanghai Diamond Trading Administration Office said on Friday.
The newly-upgraded exchange will provide professional service for gems and jade enterprises from home and abroad, under the supervision of China's customs, based on basic principles of 'fair, just, and open,' it said.
The exchange will continue to seek the establishment of a long-term mechanism for international trade and cooperation on gems, and make it more convenient to import gems and jade products from abroad.
In 2017 the country's total retail value of gems and jewelry exceeded 600 billion yuan (US$88.24 billion), according to figures from the Gems & Jewelry Trade Association of China, positioning China as one of the largest markets for gems and jewelry in the world.
Attachments
- Original document
- Permalink
Disclaimer
Shanghai Municipal Government published this content on 03 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 03 January 2019 02:23:08 UTC
