21 Sep 2021
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The View from Hong Kong-Hong Kong Market
It has been a tough road for Hong Kong, with USChina Trade War, pro-democracy protests and finally, coronavirus. But thanks to the indefatigable spirit of Hong Kongers, the city has managed to beat the virus. In the same spirit, with the support of the Government that believes in the business capability of its small and medium scale entrepreneurs, the jewellery industry will come out of this crisis says Vijetha Rangabashyam
By: Diamond World News Service
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Jul 22 2020 11:57AM
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Reference: 25048  

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The Government has given subsidies and salary packages to support the employees. They have given $9000 to each employee in Hong Kong every month, this will continue for 6 months. India opening up is crucial as it is the hub of sourcing. There will be major issues if India doesn’t open up as supply chain will get affected Zulu Ghevriya, Prism GroupPrimed for innovation
When the going gets tough, the tough gets going. Hong Kong has been a centre for gems and jewellery for many years and businesses have gotten complacent – a dose of innovation was much needed. Due to this pandemic, people are slowly beginning to get creative. However, many business owners are happy with being busy tending to customers who are coming in or having some enquiries. Basic pieces were getting sold off the shelves, now people want to think outside the box. Some retailers are even clearing out some of their merchandise to make room for some sort of seminars and educational programmes for people. ‘‘I know of a retailer who has created a bench jeweller concept for consumers to build, repair, and/or polish their rings as a touch of personalization. These are creative ways in which retailers are expanding beyond conventional methods,” adds Maheshwari.

Another big setback
The Hong Kong jewellery show, one of the biggest jewellery events in the world has been cancelled and this is a major setback for the jewellery market in Hong Kong. It is a place where serious business takes place and this will further lead to downfall in business numbers, especially for small and medium businesses. “Established businesses are able to maneuver through this crisis and conduct business through Zoom calls because they already have a network of clients,” says Maheshwari.. Also, dealing with a niche product like fancy colour diamonds has given him an edge. “There’s always been a scarcity in natural coloured diamonds, but it’s even more prevalent now. Being a stockist with a global footprint, we have an advantage in acting swiftly and delivering on time,” he adds.

HK Government to the rescue
All said and done, the Hong Kong government has been extremely supportive to business owners in rolling out financial aids and relief packages to both small and medium scale businesses. “They understand that the market has been affected. They have given subsidies and salary packages to support the employees. They have given $9000 to each employee in Hong Kong every month, this will continue for 6 months,” says Zulu Ghevriya of Prism Group. This move has been initiated to ensure there are no layoffs. The belief and hope in HK’s business prowess is strong and undeterred even with coronavirus. The government is encouraging business to fully go digital and they are completely funding any digital initiative undertaken by companies.

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