Diamond Bourse of Canada Seeks to Deepen diamond trading with China

In a drive to improve diamond trade relations with China, the Diamond Bourse of Canada is opening a liaison office within the Shanghai Diamond Exchange facility.

The DBC's opening of its permanent China presence follows a formal business visit by a delegation of Canadian diamond businesses to China organized by the DBC, the SDE and the Diamond Administration of China.

The Canadian diamond delegation sought to address three primary goals: establish commercial synergies between Canadian and Chinese diamond operations with bilateral trade relations between the members of the diamond exchanges, establish a China-specific marketing strategy for Canadian diamonds that includes the education of Chinese consumers on the value of "Brand Canada,” and to advocate the benefits of Canada to potential Chinese investors with the goal of attracting direct investment in various facets of the country's emerging diamond industries.

"As major producers and consumers, China and Canada have much to gain from exploring and seeking mutually beneficial industry synergies — on all levels of the industry,” according to the DBC's General Manager Adam Shubinsky.

DBC Chairman Bhushan Vora stressed China's potential future role, as a major market for Canadian polished diamonds. “We believe that we are faced with a unique opportunity here to create and establish a distinct value-proposition for Canadian polished diamonds within the rapidly expanding Chinese diamond market.

“On the whole, the average Chinese consumer already has a very favorable perception of Canada. To capitalize on this foundation though, it is important that the marketing of Canadian polished diamonds transcend its usual selling points of ethics, sustainability or quality and focus more on selling and marketing 'Canada' and the idea of Canada, to the Chinese end consumer," Vora added.

The DBS said that additional Canadian diamond trade missions are expected in the coming months.

Source: IDEX