A bedazzling array of diamonds and jewels were laid out for industry buyers and sellers from Feb 20 to 22, at the "Grand Feast of Gemstone" 2017 Guangzhou International Buyer Meet (Spring) Diamonds and Color Gemstones, held in Panyu district, Guangzhou.

Experts from around the world descended on the Guangdong province's capital for the two-day event to trade some of the world's most precious stones, including diamonds, rubies, sapphires, emeralds, and topaz, worth more than 100 million yuan ($14.54 million). 

The event was co-sponsored by trading platforms the Guangzhou Diamond Exchange (GZDE) and the Guangdong Gems and Jade Exchange (GDGJE), subsidiaries of Guangdong Assets and Equity Exchange Group.

Deals are struck on the table between jewel traders looking for a bargain. [Photo/Guangzhou Daily] 

The event coincided with Indian Diamond Week which attracted a dozen of the country's top suppliers. India is Guangzhou's largest trading partner for diamonds and precious stones. The majority of exhibits at the event were supplied by India and Hong Kong.

Suppliers were able to transport their gems directly to the event without having to transit through the Guangzhou's bonded area, allowing for purchasing and logistics costs to be reduced by a third.

A bulbous green emerald adorns a bust in Guangzhou where more than 100-million-yuan's worth of precious stones are on display. [Photo/Guangzhou Daily] 

With the help of the trading platform established by GDGJE, buying and selling took place on a face-to-face level which happens with less frequency in today’s globalized world. 

As the event was based in Guangzhou, it made trading even easier for local businesses. "The trading platform will raise efficiency by 10 percent for domestic manufacturers and buyers," according to a spokesperson for GDGJE.

On the morning of the first day, some 300 buyers came out to discuss deals on the trading floor. 

Such trading platforms facilitated 174 million yuan's worth of business last year, with insiders predicting total trading volume to reach a staggering 5 billion yuan this year.

Precious stones and gems sparkle on display at the two-day trade event held in Guangzhou from Feb 20 to 22. [Photo/Guangzhou Daily] 

GZDE and GDGJE (the two exchanges) are state-owned comprehensive diamond, jewelry and gem trading platforms established with the approval of the People's Government of Guangdong province.

The two exchanges are committed to building international comprehensive jewelry and diamond service hubs based in Guangzhou, serving Guangdong, Hong Kong and Macao, as well as covering the country and targeting the world.