Diamonds in China - 701 Changma diamond mine
Many people don't know that China has diamond mine and for quite a long time as China's 701 Changma diamond mine was opened in 1975. China has produced about 300,000 carats in 2002 and their diamond industry looks to be having great potential despite some problems.701 Changma diamond mine is the largest producer of diamonds in China and is located in the Shandong province.
In its more than 30 years of existence this diamond mine produced over 1 Mct of quality diamonds.Some other provinces are also being explored beside Shandong province (Liaoning, Anhui, Jiangsu and Shaanxi Provinces) as China is well aware of high profits in diamond business and wants to become major player on diamond market.Production in Changma diamond mine increased significantly in last couple of years and considering the findings of new kimberlite pipes in some provinces China is on the right way to become major diamond force in years to come.
Not only China is the large diamond producer but is also among top five consumers of diamond jewelry with and this is increasing because of China's rapid economic growth.Despite China's great potential in diamond industry, China is still not complete certainty for profits in diamond business, since excessive management, external costs, corruption and lack of reliability prevented China's full diamond industry development.
There's also influential underground economy, but with the wise government policy China could and really should benefit from its big potential, as both producer and consumer of diamonds.