Shenzhen Rough Diamond Exchange (SRDE), a secure diamond storage, sorting and viewing facility in the Chinese city, has received final approval to operate.
Foreign suppliers will be able to ship diamonds to the new bonded warehouse in the Luohu district of Shenzhen duty-free. Local Chinese companies will then be able to view the goods at the SRDE and purchase them through importation procedures at the Shanghai Diamond Exchange, according to a statement December 9.
SRDE obtained the Bonded Warehouse Registration Certificate from the Shenzhen Customs House on December 3. It had been granted initial approval by the Shenzhen municipal government in August 2014.
The exchange was established by four shareholders, Shenzhen Overseas Chinese Town Co. Ltd., CITIC United Asia Investments Ltd., Beijing LDY Asset Management Co. Ltd. and Shenzhen Cheung Ning Diamond Co. Ltd. It has registered capital of $16 million.