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Sino-Africa Diamond Secures Credit Line Agreement for $330M

Nov 26, 2013 1:41 PM   By Sino-Africa Diamond
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Press Release: Wang Ning (David Wang), the chairman of Shenzhen Sino-Africa Diamond Co. Ltd. and Dai Huiming, the vice president of China Construction Bank Shenzhen Branch signed a strategic cooperation agreement on November 26, 2013 in Shenzhen, China.  The bank offered a tentative credit line of RMB 2 billion (approx. $330 million) to Sino-Africa Diamond, mainly for the international purchase of rough diamonds and the establishment of a new rough diamond trading center in Shenzhen.

Liu Jun, the president of China Construction Bank Shenzhen Branch, said, "We have offered a total amount of over RMB 10 billion ($1.9 billion) credit line to the Shenzhen jewelry companies. The signing of the agreement is clearly our affirmative vote for Sino-Africa Diamond and our commitment to support the Shenzhen gold, gem and jewelry industry.”

Ning said, "China is the second largest diamond polishing country after India and the second diamond consumer market after USA; however, a bottle neck has emerged despite the prosperity, even for the city of Shenzhen as the most developed region of the industry.  China’s diamond polishing industry is mainly based on contract cutting, with very low profit margins.  Meanwhile, the prevailing majority of the polished diamonds for China retailers have to be imported.  Sino-Africa Diamond, with the ambition to become a sightholder of major diamond mining groups in the world, will build a bridge over the gap and benefit China’s diamond and jewelry industry.”

Sasara C. George, the Ambassador of Botswana to China, also made a congratulating statement. “Today is an auspicious day to the diamond world. Botswana is the largest producing country in the world for gem-quality rough diamond and China has a huge consumer market.  We have noticed a strengthening relationship between the two countries. I wish for a long-term cooperation between Sino-Africa Diamond and China Construction Bank, and it shall benefit all of us.”

Mayor He Haitao and the deputy mayor, Wang Ping, of Luohu District of Shenzhen City, witnessed the signing of the strategic cooperation agreement, together with over 20 officials and important trade members.

About Sino-Africa Diamond
With registered capital of $16 million (RMB 100 million), Shenzhen Sino-Africa Diamond Co. Ltd. was established in 2013 by seven shareholders - Cheung Ning Diamond, a prominent diamond wholesaler, together with six top diamond and jewelry companies in China (Creation, Boee, Xingguangda, OK OK OK, Y&M and Diamond Charm). Sino-Africa Diamond established direct trading with miners and rough diamond traders from South Africa, Botswana and Belgium, etc.  China Construction Bank Shenzhen Branch is the strategic partner in financing.  With the support of Shenzhen government, Sino-Africa Diamond has already started to establish China’s own rough diamond trading center in Shenzhen, thriving to upgrade the Luohu District of Shenzhen City to a world-class trading and processing center for rough diamonds.

About China Construction Bank Shenzhen Branch
China Construction Bank (CCB) is one of the “big four” banks in China.  The Shenzhen branch is one of the provincial-level branches under the head office, as well as one of the oldest financial institutions in Shenzhen. At present there are 106 sub-branches under Shenzhen branch, employing around 4,000 people in total. There is a full and wide range of banking business categories in CCB Shenzhen branch, with over 250 products in corporate and retail banking, and over 60 products are created as the first one in Shenzhen banking market.

Rapaport News is not responsible for, and does not endorse, the content of any third-party press release. This is not a Rapaport Press Release. It has been provided as additional information for our clients.

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Tags: China, diamonds, Polishing, Sino-Africa Diamond, supplies
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