DW JAN - FEB 2020

The Big STory
We all acknowledge
the great importance
of Hong Kong and
Mainland China for
the global diamond
and jewellery trade.
The long term effect
of the coronavirus
will be measured in
time. However, for the
time being, given the
current situation there
was no other option
than rescheduling the
Hong Kong trade show.
Hopefully the situation
will be resolved very
soon and we can all
go back to business as
usual
Shai Schnitzer,
S.Schnitzer Diamonds
May 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.
Global Impact
Retailers and manufacturers in
Mainland China have closed down
indefinitely and Hong Kong too
declared a holiday till the first week
of March. The mass shutdown to curb
the spread of the virus has resulted in
a massive supply chain distress. The
concern for everybody in the industry is
that the pandemic is yet to be contained,
and its impact both domestically and
internationally will be felt for a long
time, as tourism will be hit hard. “We
58 | january-february 2020 | DiamonD WorlD