A senior official yesterday called for intensified efforts to further develop the diamond industry in China, the world's fifth largest consumer of the precious stone.

"Under the current favorable tax policy, it is time to take the diamond industry to a new level," Ma Xiuhong, vice-minister of commerce, said at the 2007 China International Diamond Conference held in Shanghai.

Starting July 2006, the tariff on diamonds was reduced to 10 percent from 15.3 percent. Since the new tax policy on diamond industry took effect, diamond trade has grown at a much faster pace.

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