04 Jul 2020
DiamondWorld Directory
Home |
Archival
Home
G&J Trade Loses Momentum,Thanks to Coronavirus
Hong Kong is where the East meets West. It has been a melting pot of cultures, where many luxury brands have found their safety nets. There is nothing in Hong Kong you won’t find, including beautifully designed jewels, gemstones in variegated colours and of course diamonds. However, in the past few months, the city has been awash with crises. Following the antigovernment protests, the dreaded coronavirus is not just harming people, it is taking the flourish out of HK’s economy. A usually packed Kowloon is now deserted, as offices and factories remain closed. What’s more problematic in all this is the effect all of this is having on the Indian G&J trade reports Diamond World
By: Diamond World News Service
|
Mar 9 2020 2:52PM
|
Reference: 24790  

DecreaseIncrease
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.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet

First | Previous | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Next | Last | All

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
HouseAd_Trade Fair
Search News by City
Advertisement
Kosher 23460
Advertisement
HouseAd_Trade Fair
Recent Issue
2020
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 26637
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 298
GJEPC Chairman Interview
Views: 23851
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 30863
Promo for IJ Awards 2012 at NDTV Profit
Views: 45099
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 57340
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 18249
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 43713
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 41976
Advertisement
GIA_2020
Advertisement
Kosher 250300
Member of:
Supporter of: