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Diamond(including rough diamond & unset polished diamond,hereafter the same) import and export in the name of normal trade is required to go through the declaration formalities with the customs located inside the Shanghai Diamond Exchange(SDE),Diamond import and export in the name of processing trade shall finish related formalities according to current policy.If diamond imported in the name of processing trade is to be sold at domestic market,it is required that the diamond shall be sent to SDE for transaction or filing.Diamond flowing between SDE and overseas is only required to be registered and filed with the customs inside SDE.Diamond flowing between SDE and areas inside China but outside SDE is required to finish the customs declaration formalities.Diamond from inside SDE entrusted to be processed by enterprises established in Bonded Zone or Export Processing Area shall be under traiff-free customs supervision.If the diamond is entrusted to be processed by enterprises outside Bonded Zone or Export Processing Area,related formalities shall be finished according to current processing trade policy.             More..

Diamond(including rough diamond & unset polished diamond,hereafter the same) directly entering SDE from overseas is exempted from import duty,value-added tax.Diamond entering SDE from domestic market can enjoy tax-refund.The tax collected at the processing stage shall be fully refunded when diamond is exported(the former tax-refund rate is 13%).Diamond flowing from SDE to overseas can not enjoy tax-refund.For diamond imported from SDE to domestic market,no import duty is required but value-added taxshall be duly paid.The consumption tax formerly collected at the stage of import and processing is to be postponed until the stage of retailing,and the consumption tax for unset polished diamon and diamond jewellery is to be collected at a reduced rate of 5%.             More..

Will approval from foreign exchange administration,members of SDE can open a foreign exchange account for the exclusive use of diamond transaction.Foreign exchange payment & collection by members registered in SDE or by members registered outside SDE but inside by members registered outside SDE but inside China on diamond transaction between members and enterprises outside SDE but inside China is treated as diamond import by the latter,who is required to finish related formalities.Should members registered in RMB have no foreign exchange or no sufficient foreign exchange,they can apply to purchase foreign exchange to initiate business.The purchased foreign exchange shall be transferred to the special foreign exchange account for diamond trading only.Diamond transaction between members,between member and enterprise located in bonded Zone or Export Processing Area or other areas inside China but outside SDE shall be settled in foreign currency.              More..