The latest report by China's biggest Internet auction portal, eachnet.com.cn, claimed the monthly trade volume of second-hand jewelry and watches on the website is 1.5 million yuan (US$181,000).

More than 10,000 items are listed on eachnet.com.cn for auction. An average of 1,000 clicks are recorded for each item, the report said.

The trade volume of the website is expected to exceed 300 million yuan (US$36 million) a year.

"On-line auctions have become one of the most important channels for trade in personal valuables," said a research and development report by the China Internet Association.

eachnet.com.cn has just handled China's most expensive on-line transaction over a Vacheron Constantin watch. The original owner in Shanghai sold the watch to a Beijing resident for 75,000 yuan (US$9,000).

A manager surnamed Zuo, at eachnet.com.cn, said the on-line auction saves time and has no space limit and commission is charged at only 0.25 to two percent.

Sixty percent of the users of eachnet.com.cn had the experienceof traditional auctions and 70 percent claimed the on-line service was easier.

(Xinhua News Agency March 14, 2003)