The gems and jewellery business in Rajasthan, with an annual turnover of about Rs 3,500 crores, is set to suffer huge losses due to postponement of Hong Kong International Jewellery Show after the spread of coronavirus.
Indian jewellers have more than 500 offices in Hong Kong. With the show postponed, trade experts say the business, which generated Rs 150-200 crore at the show, is at stake. Sanjay Kala, President of Jaipur Gem and Jewellery Association, said, “The show is an important showcasing platform for jewellers.”
With polished diamonds worth around Rs 50,000 crore being exported from Surat to Hong Kong every year, the disease’s outbreak will impact the Surat diamond industry which polishes 99 per cent of all rough diamonds imported in the country.
Experts say the Surat diamond industry is staring at a loss of around Rs 8,000 crore for February and March.