Indian Diamond Industry, Reels From Coronavirus Threat

The fast spreading coronavirus that began its journey from Wuhan in China, has now spread its destructive properties across 90 nations (March 2020). While the life of citizens at every level has taken a hit, businesses are also facing some tough  challenges. 

Business communities in nations that, have not been overwhelmed with the COVID-19 spread and managed the few infected patients rather well, have not been spared the economic hardships that the infection has unleashed. 

The diamond cutting business in India is an important element of the billion dollar industry. The health hazard brought about by the coronavirus, has seriously affected diamond cutters in India. Located in Surat (India), diamond cutting and polishing operations supply more than 80% of the diamonds, traded in world markets. 

Clients from China and Hong Kong, account for a major share of their business. Diamonds purchased from cutters in Surat, are exported to jewelry production centers in various parts of China. Dozens of Asian diamond dealers located in Hong Kong’s commercial district, distribute diamonds across the globe. 

Rampant coronavirus infections in China, have forced diamond buyers to re-plan fresh purchases. As the market for diamonds progressively slows down, Chinese buyers have been left saddled with inventory. Diamond cutters in India are faced with not one but two serious problems. While there has been a steep fall in diamond orders, cutters are also faced with delayed payments from orders that have been executed in the recent past. 

The wrath of the virus is far from over, tough to guess which way things would go. It should be some time before demand for diamonds picks pace. The world has the responsibility, to stay prepared for such calamities – let the lessons from the coronavirus not be forgotten. 

 

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