CIIE: Diamond traders look to find a place in China

World
Europe

02:30

A number of diamond trading companies from the world famous trading hub in Antwerp, Belgium will attend the China International Import Expo (CIIE) in Shanghai as they try to expand their business in the country.

One firm known as Diamond Trading NV can trace its beginnings in Antwerp all the way back to 1875 when the current CEO's grandfather moved to the northern Belgian city from Poland.

Daniel de Belder has run the company since the 1990's and is heading to Shanghai to the CIIE in November – he says Antwerp has to "keep working on its reputation as there's much place for improving the contacts we have with China."

Rough diamonds /CGTN Photo

In July of this year 1.9 billion US dollars worth of rough and polished diamonds were imported into Antwerp and 2.4 billion US dollars exported – largely trading with India which is a hub for cutting rough diamonds.

For the diamond industry in Belgium, the Chinese market is seen as the new frontier.

A number of Belgian firms, including Diamond Trading NV, opened offices in China in 2011 but sales struggled to start with. They are now back on track and many companies are ramping up their efforts again.

Bernard Dewit, the chairman of the Belgium-China Chamber of Commerce in Brussels says it is definitely worth it because, "every five years there are more than 20 or 30 million people coming into the middle class in China. That means people with the power to buy."

But it is also about the products that are being sold into the Chinese market. Daniel de Belder is going to the CIIE because the cutters at his firm have designed a brand new way of cutting diamonds.

They have perfected the "Athena Cut" which is different to the common "Brilliant Cut" because a symmetrical set of two semi-circles can be seen in the top – each dissected by a straight line. They hope its similarity to the yin yang symbol will be attractive to Chinese consumers.

Athena diamond outline /CGTN Photo

That kind of idea is exactly what Bernard Dewit would suggest – "you need to have an added value as a European producer. China doesn't need you otherwise," he says.

Both Mr de Belder and Mr Dewit will be attending the CIIE along with more than 30 other Belgian firms. They are all hoping to be able to access customers in China and create a foothold in the Chinese market.

The China International Import Expo runs from November 5-10, 2018 at the National Exhibition and Convention Centre in Shanghai, east China.