February 18, 2019

China (Shanghai) Gems & Jade Exchange upgrades its services

Since the Gems & Jade Exchange in the China (Shanghai) Free Trade Zone got approval from the State Council to upgrade to the China (Shanghai) Gems & Jade Exchange on December 28 2018, the exchange has been boosting its services.

The approval to become a national gems and jade trade platform has helped the exchange to further expand its trading scale to include more domestic and international gems into its trading range, thereby increasing its international influence.

Registered and opened in the FTZ in December 2014, with a registered capital of 200 million yuan (US$29.6 million), the exchange’s main shareholders are Donghao Lansheng and China National Arts & Craft Group Corp Ltd.

The exchange mainly deals ruby and sapphire, white jade, emerald, and agate in domestic and foreign spot trading. By the end of last year, the exchange had sealed deals worth of 3 billion yuan and paid 96 million yuan in tax.

After several years of development, the center has introduced services such as gems and jade appraisal and evaluation, mineral ore source tracing, and members’ credibility appraisal. Its mineral ore source tracing service was approved by the Ministry of Commerce to be the pilot unit of commodity source tracing, and the member appraisal system is a sub-platform of the city’s commerce credibility system.

Using the latest technologies, such as real-time tracing, Big Data, blockchain, and high-end intelligent technologies, the exchange has made breakthroughs in the plateau of the gems and jade industry, becoming the only international gems and jade trading platform that has whole-process and traceable services.

In June 2018, Shanghai introduced measures to promote the exchange into China (Shanghai) Gems & Jade Exchange and favorable policies to facilitate customs clearance, and instant tax refund to ease the import added-value tax burden.

During the first 11 months of 2018, retail sales of gold and silver jewelry commodities in Shanghai had increased 15.5 percent year-on-year, according to the Shanghai Commission of Commerce.