Diamond trading accord signed

China and Belgium have signed a memorandum of understanding on automated data exchange on the rough diamond trade.

The agreement was signed on Wednesday by Wei Chuanzhong, vice-minister of the General Administration of Quality Supervision, Inspection and Quarantine, and Jean-Marc Delporte, Belgium's vice-minister of economy.

Wei also chairs the The Kimberley Process, a joint governments, industry and civil society initiative to stem the flow of conflict diamonds, a trade which has decreased from representing 15 percent of global diamond traffic, to 0.2 percent over the past decade.

The Kimberley Process's certification scheme plenary is currently being held in Guangzhou, capital of Guangdong province.

Countries participating in the Kimberley Process are committed to strict regulations and trading only with countries which are members of the scheme. In a statement, officials said the signing marked a new phase for the scheme.

Belgium is a global leader in the diamond trade with 84 percent of all rough diamonds and half of all cut diamonds passing through its capital Antwerp. Experts in the country's Diamond Office handle about 72 tons of diamonds every year.