Antwerp Facets reports that the import and export of diamonds in China including the trading volume on the Shanghai Diamond Exchange (SDE) are expected to reach $900 million this year.

According to the official figures published by the Diamond Administration of China (DAC) at the diamond conference held last week in Shanghai, there has been a 47.5% increase in trade as compared to last year, while last year`s numbers reflected a 44% increase over 2005.

The China Daily reports that since the SDE`s inception in 2001 the volume of trade has grown sevenfold.

During the conference in Shanghai, China`s Deputy Minister of Commerce Ma Xiuhong noted that the tax on diamonds was decreased in 2006 in order to promote the diamond trade. He commented that the tax should be further reduced.

Shanghai`s Deputy Mayor Tang Dengjie called for further steps to be taken in order to turn Shanghai into China`s leading international diamond trading center.