Global Sources Direct Leverages China’s Booming Diamond Market

NewswireToday - /newswire/ - Shenzhen, Guangdong, China, 01/31/2008 - Global Sources Direct leverages tax exemption, a strong International Diamond and Jewelry Exchange (IDEX) supplier network and the growth in skilled Chinese artisans to offer direct-from-the-mine prices on diamond jewelry (NASDAQ: GSOL).

In collaboration with a network of IDEX-affiliated suppliers, Global Sources Direct has launched an online diamond department to provide small retailers with diamond jewelry at China prices.

General Manager of Global Sources Direct, Paul Tittmann, said: “China’s tax exemption on diamond imports went into effect in July 2006. That, in combination with rapid growth in domestic production which now tops $14 billion, has kept China diamond prices low.

“Meanwhile, there’s been an explosion in the number of skilled Chinese jewelry artisans which has dramatically raised the quality of China’s diamond jewelry.

“With over 50 products already available, and many more expected by spring, we’re confident this will be a strong growth category in 2008. Small jewelry retailers can now, for the first time, purchase premium designs of high-quality diamonds at low China prices.”

General Manager of the Shenzhen-based independent jewelry consultancy, JPIJ International, Engin Kugu, said: “This growing sector marries modern fashion trends with unique aspects of Chinese culture.

“Thanks to rapid improvements in China’s jewelry manufacturing and processing, we’re seeing the industry evolving from ‘Chinese-manufacturing’ to ‘Chinese-creating.’”

In a 2006 report, IDEX showed online luxury jewelry sales as representing the equivalent of 2,000 independent stores valued at $1 million each. Online B2C retailers are projected to hold 7.7% market share by 2010, led by premier companies like Blue Nile.

Diamond Jewelry Enhances Other Jewelry Offerings at Global Sources Direct
Global Sources Direct’s Bali Originals, hand-crafted jewelry benefiting from the US-based Kearny Alliance’s “Aid Through Trade” sustainable job creation program, as well as their range of products made from authentic imported Swarovski crystal, have all been shipping in continually increasing quantities due to buyers’ increasing demand for luxury jewelry. Both lines are expected to see continued growth in 2008.

Buyers interested in purchasing diamond jewelry through Global Sources Direct should visit the website.

Specialized Global Sources Websites, Trade Magazines and Face-to-Face EventsGlobal Sources Direct is one part of the company's sourcing and product information services which include Global Sources Online (GlobalSources.com), Global Sources Magazines and the China Sourcing Fairs (ChinaSourcingFair.com).