Shanghai Diamond Exchange
Faced with these problems, China’s government approved the establishment of Shanghai Diamond Exchange in February 2000, and followed it up by actual establishment in the October the same year. This non-profit organization brought together most of the diamond processing and trading companies in China, and in addition attracted alliances from several foreign diamond companies. This organization addressed the problem of disorganized nature of the diamond market in China, and helped formulation of trading rules and administration of export taxes and import tariffs in diamond.
The main functions of the SDE are:
- standardize and promote the development of China’s diamond industry,
- grab the opportunities offered by the global movement of diamond processing and join the internationalized market for trade in diamond processing, • foster markets for diamond trade in China and
- meet the increasing demand from growing diamond consumers in China.
The Shanghai Diamond Exchange (SDE) provides diamond dealers a fair, just and safe transaction venue with closed management. It is another state-level production factor market set up in the Pudong New Area of Shanghai authorized by the State Council. SDE operates in accordance with the international practices of the diamond industry. SDE has got a Membership Conference which is composed of all the members.
It is an organ of authority which exercises self-disciplinary administration. Under the Membership Conference there is the Supervision Council, a permanent organization of the Membership Conference. The Council is responsible to the Membership Conference, and is composed of members elected by the Membership Conference. Chairman of the Council must be a Chinese citizen. The Council set up several professional councils under it, such as the Discipline Council, the Arbitration Council, and so on.
Shanghai Diamond Exchange is located in the Jin Mao Tower which is the highest building in China. It covers an area of 5422 square meters with the building’s two floors. Besides the Transaction Hall with matching facilities, the government institutions including Customs Office, Foreign Exchange Office, Industry & Commerce Office and so on provide “One-Door” service in Joint Administration Quarter of SDE. Many organizations covering bank, insurance, security escort, and diamond grading provide relevant services within the premises.
SDE also offers nearly one hundred high-level business offices for its members to rent. SDE is equipped with convenient communication and network system, and sound facilities for fire control, monitoring and security. SDE subjects itself to the coordination, instruction and supervision of the Shanghai Diamond Exchange Administration (see below). All activities of SDE must abide by the relevant laws and regulations of People’s Republic of China. The organizational structure of SDE and all its business activities should comply with the Constitution of SDE and other relevant rules and regulations rectified by the Membership Conference.
The requirements for membership applicants are as follows:
- The applicant shall be diamond enterprise duly registered in PRC which enjoy independent legal entity status.
- The applicant shall have at least three years of experiences both domestically or internationally in diamond business. • The applicant shall have good business credit.
- The applicant shall be recommended by two full members of SDE and go through necessary warranty formalities
- The applicant shall be willing to accept the Constitution of SDE, abide by the regulations of SDE and pay the entrance fee and annual fee in full on time.
As of April 2004, the Shanghai Diamond Exchange Centre has 125 members, over half of which are foreign/overseas funded by foreigners or from overseas. The Chinese members are from 10 provinces and cities like Beijing, Shanghai, Shandong and Guangdong. The Foreign members are from 11 countries and regions including Hong Kong, Taiwan, Israel, Belgium, the US and India. At any point of time, some 50-55 companies are actively trading in the exchange. Currently, membership fee is US$ 1500 and the prospective members need a minimum registered capital of US$ 200,000 for registration.
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