上海钻石交易所保税政策降本，天然钻石领跑高端消费

Core Insights - The Chinese diamond industry has evolved through five stages, with natural diamonds maintaining a high-value position due to their scarcity, stable high-end demand, and unique cultural attributes [1][3][4] - The market is increasingly stratified, with natural diamonds becoming a core choice for high-end consumption, gifting, and collection, while cultivated diamonds are positioned for mass-market appeal [1][6] Industry Development Stages - The diamond industry in China began to emerge as a luxury good before 1982, gaining visibility alongside the jewelry sector [3] - The establishment of the Shanghai Diamond Exchange from 1982 to 1993 helped standardize natural diamond trade and created a regulated platform for circulation [3] - From 1993 to 2003, international brands introduced natural diamond products, enhancing consumer awareness of their scarcity and value [3] - The rapid growth phase from 2003 to 2013 saw natural diamonds transition from luxury items to essential wedding products, making China the world's second-largest diamond consumer by 2003 [3] Supply and Demand Dynamics - Despite advancements in cultivated diamond technology since 2013, the core value of natural diamonds remains intact due to their inherent scarcity and controlled supply [4] - Natural diamonds require billions of years of geological processes to form, and their supply is concentrated among leading companies, such as De Beers, which has reduced production by 20 million carats to stabilize market prices [4] - In contrast, cultivated diamonds can be mass-produced through industrial processes, lacking the non-renewable scarcity that underpins the long-term value of natural diamonds [4] Market Positioning - Natural diamonds are focused on the high-end market, while cultivated diamonds target the mass market [6] - Consumer demand in China is diversifying, with a decline in wedding market share but an increase in self-purchase and gifting scenarios for high-end products [6] - High-net-worth individuals prefer large, high-clarity natural diamonds for collection and wealth transfer, valuing their natural scarcity and historical significance [6] Policy and Market Environment - Policies such as the bonded warehouse system at the Shanghai Diamond Exchange have reduced transaction costs and promoted the maturation of the high-end natural diamond market [7] - Trade barriers and environmental regulations pose challenges to the supply chain, but they also highlight the technical barriers and resource value of natural diamond mining [7] - While cultivated diamonds are sometimes marketed for their "environmental" benefits, their industrial production processes do not demonstrate a clear environmental advantage over natural diamonds [7] - The stratified market structure of "high-end natural diamonds, mass-market cultivated diamonds, and industrial applications" positions natural diamonds as a value anchor in the high-end consumption market [7]