200 million Yuan worth of diamonds smuggled to Shenzhen

200 million yuan worth of diamond smuggled to Shenzhen

Shenzhen custom has put the value of 200 million Yuan  ( $ 30 million ) for the diamonds smuggled by a cross-border smuggling ring January last year, wherein 28 suspects are arrested including 22 Indians and 3 Hong Kong people. The custom department said that the said diamonds has to be charge of more than 43 million yuan but instead smugglers declare into small amount for importing diamonds to get a legal clearance documents.

An investigation found out that Indian smugglers get their diamond stocks from Hong Kong and hired people called “mules”, the one who carries undeclared goods to bring it to the mainland. It is also reported that some Indians are delivering diamonds door-to-door jewelry companies in the Shuibei area in Luohu District.

Shanghai Diamond Exchange,  the only diamond import and export trade platform in the country, registered more than US$2.8 billion in the diamond trade last year

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