INDIAN DIAMOND INDUSTRY DAMPENED BY CORONAVIRUS SPREAD
The coronavirus which began infecting citizens of Wuhan in China, has now spread to 90 nations. Some epidemiologists have started referring to the virus spread as a pandemic. Both citizens and businesses are now starting to face some tough challenges – the effect of the virus.
Though a particular nation and its citizens may not yet have been overwhelmed by the spread of COVID-19, businesses within that nation may still be impacted by the economic hardships that are a result of the worldwide spread of COVID-19 infections. Industries on every continent, rely on China for their supply of products or raw materials. Slowdown in the supply chain can result in lowered production levels and this in turn, could result in employees losing their jobs.
One industry, diamond cutting in India is an integral part of the diamond supply chain. The hazards resulting from the coronavirus attack have had their effect on Indian diamond cutting houses. The cutting and polishing operations at Surat in India, fulfill over 80% of the global demand for the glittering stone.
Purchases of the newly cut and polished Indian stones by clients from Hong Kong and the mainland, are shipped to jewelry producers and diamond dealers all over the world.
Fresh purchases of diamonds, have been down due to travel restrictions and quarantining in China. Chinese jewelry producers and wholesalers are faced with unmanned factories and non-moving inventory. This leaves the Indian diamond cutters with two significant problems. First, there has been a significant and sudden fall in fresh orders from Chinese and Hong Kong buyers and second, there is a delay in the payment for recently fulfilled orders from these same buyers.
No one has really been able to predict when, the rampaging wrath of the coronavirus would come to an end. What this does mean is that it would be some time before, the Indian diamond cutters see their business pickup.
As a final note, it would be wise for governments, businesses and the general population, to observe and learn from the effects of the coronavirus spread. While there is no doubt that, life and work will go back to normal in the not very distant future, we are all aware that this is not the last challenge of its type that the world will experience.
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