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| The delegation from Panyu China meets with the leaders of the Israeli Diamond Industry |
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A senior government delegation from Panyu, China visited the Israeli Diamond Industry today (November 10, 2009) as the guests of the Israel Diamond Exchange (IDE), the Israeli Diamond Manufacturers Association (IDMA), and the Israel Diamond Institute Group of Companies (IDI).
The meeting between senior members of the Israeli Diamond Industry and the Chinese delegation began with opening remarks by WFDB and IDE President Avi Paz, who warmly welcomed the members of the delegation and expressed the hope that this day would mark the beginning of a long relationship between Panyu and Israeli Diamond Industry.
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| IDMA President and IDI Chairman at the meeting with a senior delegation from Panyu, China |
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Greetings were also presented by IDMA President and IDI Chairman Moti Ganz who noted that Panyu is well-known for its diamond manufacturing facilities. He noted: “This is a good opportunity to show you what we do with the processed diamonds that come here from Panyu.”
The delegation’s leader, Mr. Tan Ying Hua, who heads the standing committee of the NPC (Communist Party Government) in Panyu, provided background information about Panyu, which houses over 400 jewelry manufacturers and employs 80,000 skilled workers. The jewelry and diamond hub’s exports are valued at $1.4 billion annually.
He noted: “Panyu is a major international jewelry center with the ideal infrastructure required for world diamond and jewelry trade. I recommend that you take advantage of this gateway to reach the huge domestic market in China.”
Panyu’s Acting Mayor Li Wei Tay described major government incentives introduced in Panyu in order to promote development, including low-priced real-estate, financial support and reduced infrastructural development costs. He noted that Panyu, which is situated close to the major trade centers of Hong Kong and Macau, offers the ideal platform for the international diamond and jewelry trade. He noted: “Panyu is not only a major diamond and gem processing center with one-stop, integrated services but also a window to the Chinese domestic market.”
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| The head of the Chinese delegation, Tan Ying Hua, addresses leaders of the Israeli Diamond Industry |
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The Panyu delegation brought welcome news regarding the opening of Panyu to the international diamond trade. Up until now China only allowed diamonds to enter the country through the Shanghai Diamond Exchange (SDE), but Panyu has now officially become the country’s second diamond gateway as well an effective platform where diamonds can be sold to buyers from all over the mainland.
Johnnie Chan, director of the Worldmart enterprise which was established by Brinks with the support of the Chinese government, explained the new regulations that will enable foreign diamantaires to bring diamonds into China through the company. The latter deals with customs clearance and serves as a bonded warehouse for incoming goods. The company charges 0.3% commission for its services as an agent importer for foreign diamantaires and handles the issuing of invoices. The 4% VAT is only charged in the event that diamonds are sold.
Following the cordial and productive meeting, the Panyu delegation was taken on a tour of the IDE and visited the IDE trading floor.
