China Market, World Opportunity: Antwerp's diamond business seeking bigger market in China

World
Europe

02:47

Traders from Belgium's famous diamond trading hub in Antwerp are heading to the China International Import Expo in November. They're hoping to consolidate their business and find new Chinese customers. In Antwerp, here's CGTN's Europe correspondent Jack Parrock.

A diamond in the rough. Well thousands of them actually. One of the many hundreds of diamond traders here in Antwerp, Diamond Trading NV is heading to Shanghai for the China International Import Expo in November.

DANIEL DE BELDER CEO, DIAMOND TRADING NV "I think it's important for Antwerp to be on the map in China. Belgium has a reputation for diamonds, for chocolatesand a few other things. But I think we have to keep working on our reputation and there's much place for improving the contacts we have with China."

A girl's best friend perhaps, but here in Antwerp, Diamonds are much more than that.

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

But they also cut diamonds here in Antwerp.

JACK PARROCK ANTWERP "The team here at Diamond Trading NV are also taking a special new cut of diamond with them to the expo. This is it. It's called the Athena cut, and they believe it will be particularly attractive to the Chinese market."

That's because the top of the diamond is cut into a shape similar to that of the Yin Yang symbol.

This diamond firm is one of around 30 Belgian businesses heading to the Expo searching for new consumers in China.

BERNARD DEWIT, CHAIRMAN THE BELGIAN-CHINESE CHAMBER OF COMMERCE "Every five years you have more than 20, 30 million people coming into the middle class. That means people with the power to buy, with the power to buy some products that we produce."

And the chamber of commerce is advising Belgian businesses on how to access the Chinese market.

BERNARD DEWIT, CHAIRMAN THE BELGIAN-CHINESE CHAMBER OF COMMERCE "You need to have an added value as a European producer, otherwise China is already producing many items. China doesn't need you. So if you want to show China your product is something, either they don't have or of a very good quality, then you have a market."

After an initial boom when many diamond traders headed into China 2011, diamond sales dropped off, before regaining again over the last couple of years.

With the market stabilized, Antwerp's diamond industry sees China as the next place for glittering growth. Jack Parrock, CGTN, Antwerp.