National gem and jade trade center planned in Panyu

A national gem and jade trade center will be established in Panyu district of Guangzhou, the capital of Guangdong province, to facilitate production and trade of jewelry, according to local authorities.

Thanks to a fast and convenient transportation network in Panyu, which has the Asia's largest high-speed railway station, the center will help better introduce international gem and jade raw materials to the Chinese market, according to the authorities.

Panyu is already an important jewelry production and trade center in China, with exports of jewelries accounting for 25 percent of the country's total.

The district, in the southern area of Guangzhou, consumes more than 70 tons of color jewels annually, with the production capacity of jewelries making up of 60 percent of the country's total, according to organizers of the Panyu Jewelry Cultural Festival.

The annual jewelry event, which covers an exhibition area of 3,000 square meters, opened on Saturday and is scheduled to end on Wednesday.