CHINA-GUANGDONG-$420M IMPORTS IN 1Q

$420M IMPORTS IN 1Q
Guangdong Province sparkles as China’s diamond capital
With $420 million in diamond imports during the first quarter, China’s Guangdong Province is emerging as formidable competitor to India as the world’s top diamond cutting and polishing center. Author: Dorothy Kosich
Posted:  Friday , 20 Apr 2007

RENO, NV - 
China's Guangdong Province imported more than $420 million in diamonds during the first quarter of this year for an 11.4% increase.
During the same period South Africa sold more than $100 million in diamonds to the province, up 21.8% from the same quarter of last year. The European Union diamond exports to Guangdong increased 7.4% for $180 million, China Daily reported Friday.
Approximately 6.1 million carats of rough diamonds are processed annually in China, which has more than 100 diamond-cutting factories. Guangdong and Shandong provinces are China's major diamond polishing centers because of their low labor costs and skilled workforce. The nation's total number of diamond cutters was estimated about 60,000, according to Diamond Vues.
More than 90% of Guangdong's diamond processors are in Guangzhou's Panya District and the City of Conghua, according to the New Express Daily. The City of Panyua, located just across the border from Hong Kong is considered China's "gems and jewelry capital," accounting for more than one fifth of China's gold and inland jewelry exports.
Guangdong's diamond processing companies include state-owned firms, joint ventures, foreign corporation, processing firms and privately run companies, according to China Daily.
Daily News & Analysis India reports that diamond manufacturing centre India--where 80% of the world's diamonds are cut and polished--currently has the edge in diamond cutting and polishing, but is considering establishing factories in China.