Shanghai Diamond Exchange Membership Application Information

A、Criteria for Application
  • Any diamond business duly registered in Mainland China with independent legal entity.
  • Has been involved in the import, export, wholesale, retail or manufacturing of diamonds and/or diamond jewellery for at least three consecutive years (including three years).
  • With good business record and credit in the industry.
  • With written recommendation letters from two formal members.
  • Willing to acknowledge and obey the regulations of the Exchange.
B、Formal Membership and Preparatory Membership

An applicant who applies for a membership of the Exchange would become a preparatory member in the first two-year preparatory period once its application being approved, and turn into a formal member with the approval of the Council of the Exchange on the expiration of the preparatory period.

The Council of the Exchange shall have right to extend the preparatory period of a member for another 6 months or 1 year. The Council of the Exchange shall have right to cancel the qualification of a preparatory member.

C、Application Procedure

The Exchange shall process the application according to the following procedure:

  • An applicant shall complete application forms and submit them to the Exchange together with all relevant required documents.
  • The Exchange shall post the information of the applicant on its official website for 30 days.
  • If there is no opposition from the formal members, the Council of the Exchange shall make the decision on whether or not granting the applicant a preparatory membership after reviewing its application.
  • The Exchange shall register new membership, issue membership certificate and publish new membership name.
  • The applicant not being admitted may resubmit its applications after one year.
D、Membership Representatives

A member has right to authorize at most two representatives to stay in the Exchange to conduct diamond transaction and notify the information of its representatives to the Exchange and the Administration of Diamond with written notices.

Qualification of Membership Representatives:

  • Has been working in the diamond industry for at least three consecutive years (including three years)
  • Credentials of good business record and credits.

The member shall sign authorization agreements with its representatives and take full responsibility for all business behavior of its representatives.

The member shall notify the Exchange and the Administration of Diamond with written notices if any changes taking place with regard to its representatives.

E、Rights of Membership

A member shall be entitled to:

  • The right to attend membership conference;
  • The right to conduct transaction within the Exchange; to use all public facilities and equipments; get access to all services and information provided by the Exchange.
  • The right to make suggestions for the revision of trading rules or regulations of the Exchange.
  • The right to challenge or raise objection to any application for membership;
  • The right to elect and be elected as the member of the Council, the Board of Arbitration and the Disciplinary Commission.
  • The right to be elected as the member of other professional committees;
  • The right to recommend the application of new applicants;
  • Other rights granted by the Membership Conference.

Items (e) (f) (g) above are not applicable to preparatory members.

F、Obligations of Membership

A member shall assume the following obligations :

  • Abide by all relevant rules and regulations of the Exchange;
  • Accept the supervision and administration by the Exchange and relevant government departments.
  • Take full responsibility for the business behaviors of its representatives;
  • Pay the following fees in time:
    -Entrance fee USD $20,000
    -Annual subscription USD $ 4,000 (for Council Membership) and USD $3,000 (for General Membership)
  • All other relevant obligations.
G、Transfer of Membership

An applicant who satisfies the following conditions may become a preparatory member through the transfer of membership.

  • Meet the requirements as stipulated in Article A above. The entrance fee can be waived upon transfer.
  • Sign an agreement on transfer of membership with the transferor.

Transfer of membership shall be conducted according to the procedures prescribed in Article C above.

H、Termination of membership

The qualification of a member shall be terminated if any one case of the following occurs:

  • The member submits application to resign its membership and gets approval from the Council of the Exchange.
  • The membership is cancelled by the Exchange;
  • the Council disagrees to maintain its membership in case the membership enterprise merges or breaks up.
  • The membership enterprise dismisses, closes or declares bankrupted.

Once the qualification of a membership has been terminated, it shall clear up all business transaction and liabilities related to the Exchange and its members within the required period.

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