China is a nucleus in the global
economy. It is a manufacturing
centre that contributes almost
16 per cent to the global gross domestic
product. Hence, when the country is
being overrun by a super-spreader like
coronavirus, certain amount of collateral
damage was expected. And Hong Kong,
one of the main centres for gems and
jewellery globally, is not too far away
from Wuhan, the city where this dreadful
virus first germinated. About 3350
manufacturing companies import and
export precious jewellery in Hong Kong.
The outbreak has left the jewellery
industry in a state of frenzy. In Hong
Kong, more than 15 cases have been
reported so far. The Hong Kong
International Diamond, Gem & Pearl
Show, one of the most important events
for the gems and jewellery industry
has been postponed. HKTDC stated
that the show which was originally
scheduled March 4 – 8 at the Hong
Kong Convention Centre and the
International Diamond, Gem & Pearl
Show scheduled March 2 – 6 at
AsiaWorld-Expo, will be postponed toMay 18 - 21 at the same venue.
Months of preparation ahead of
the show has been put to test with the
decision of postponing the show, as
many stakeholders believe that the new
timing of the show may not be fruitful
after all. It does seem like Hong Kong
has been jinxed, with issues cropping
up one after the other, first the protests
and now the deadly virus. The prodemocracy
protests proved a headache
to the entire gems and jewellery
industry, especially India, which
exports a third of its diamonds to Hong
Kong. Ahead of Chinese New Year
and Christmas, both very important
events in HK, the protests presented
a challenge, stunting the Chinese
economy to a large extent. A report
by Reuters suggested that the Hong
Kong government has shut 10 border checkpoints with mainland China but
stopped short of a complete closure.
The city which is full of opportunities,
always buzzing with activity is now fear
stricken with a weak morale, because
it is braving political, social and
economic problems at the same time.