The China Gems & Jade Exchange in China (Shanghai) Pilot Free Trade Zone. [Photo/csgje.com]

Shanghai Gems & Jade Exchange, in the China (Shanghai) Pilot Free Trade Zone, has increased its service capacity since it upgraded to the national trading center as China Gems & Jade Exchange, according to the administrative committee of the zone.

The exchange, mainly engaged in the spot trading of gemstones such as red sapphires, white jade and agate, will further expand deal sizes and enhance its international influence by involving more domestic and international trade of gemstones.

As an international service platform, it successfully tackled bottlenecks in industrial development through innovative measures such as big data, block chain and high-end smart technology.

Statistics show that its transactions amounted to 3 billion yuan ($442.76 million) and the amount of its tax payments was about 96 million yuan by the end of 2018.

Next, the local government will continue to work on the regulation and service work for the trading center and promote the implementation of policies on convenient custom clearance for the development of the industry of gems and jade in the zone.