Guangzhou Exchange Holds Inaugural Rough Sale

Beijing: The Guangzhou Diamond Exchange (GZDE) held its first sale of rough diamonds this month, noting strong demand for goods listed on its online platform.

Diamonds were sourced from unnamed international suppliers and sold via three platforms: direct negotiation, allocated supply and an online auction, the exchange said Thursday.

The introduction of rough sales at the exchange gives local dealers access to primary supply at a “preferential price” and brings “new and innovative trade channels to the Chinese diamond industry,” GZDE explained. The sales also provide an opportunity for global suppliers to connect with the large domestic diamond jewellery market, it added.

Alrosa recently targeted China as a growing customer base for its rough supply, opening its Eurasian Diamond Centre in the Russian city of Vladivostok, near the Chinese border. The miner raised $12.9 million in sales from its rough auction at the center earlier this month.

Meanwhile, to mark the Guangzhou sale, GZDE hosted a seminar outlining the opportunities that new diamond supply channels and processing technology presented. Close to 400 members of the trade participated in the seminar, which included presentations by representatives of GZDE and the Diamond Processing Specialized Committee of Gems & Jewellery Trade Association of China, among other industry organizations, the exchange reported.