Diamond Trade to be Hard Hit by Coronavirus

0

If you’ve followed latest news about virus outbreak over the past few weeks, then you should know how baleful it hit many trade events. Also reports in the Indian press highlight the worry that many diamond traders are highly feeling about the effects of the ongoing coronavirus outbreak.

There have been isolated incidents of the disease in India; most people are more worried about the effects on the country’s diamond trade particularly in Surat. With respect to the media, the Surat industry could face losses of around $1.12 billion in the next two months. This is because one of its main export destinations is Hong Kong, which has declared a state of emergency due to the coronavirus outbreak in China.

Moreover the Hong Kong accounts for about 37-percent of Surat’s total exports, affirmed Gems and Jewellery Export Promotion Council (GJEPC). Even Gujarati traders in Hong Kong are coming back to India until the situation in the Far East ameliorates.

In addition the postponement of a number of Hong Kong diamond and jewelry trade fairs is also likely to impact the Surat industry. Even the Hong Kong Trade and Development Council (HKTDC) announced that it was moving the HKTDC Hong Kong International Diamond, Gem & Pearl Show 2020 scheduled for March 2-6 and the HKTDC Hong Kong International Jewellery Show 2020 scheduled for March 4-8 to May 18-21.

Also spring – Fashion Jewellery & Accessories Fair, which was scheduled for March 3-6, has also been postponed. Finally the Alrosa is also moving its sales events from Hong Kong to other locations around the world. Asia’s biggest air show which recently opened in Singapore under the shadow of a deadly coronavirus outbreak has forced dozens of organizations to withdraw and is threatening to spoil the aviation industry. The news reaching from all quarters of globe suggest that there is certainly alarming due to virus outbreak.

Share.