Surat's diamond business is getting affected due to rising insurgency in Hong Kong

Nov 27 2019 04:23 PM
Surat's diamond business is getting affected due to rising insurgency in Hong Kong

The recession on the diamond business of Surat has not left the chase yet. Diamond traders had some expectations about the Christmas festival after the recession that lasted throughout the year, which is now completely lost. And the business of diamond has been only 10 to 20 percent. The reason for this is the rebellion happening in Hong Kong. Due to the long-running agitation in Hing Kong, many industries have stalled for some months. And it is also having a bad effect on the diamond industry. After Diwali, now the diamond industry is going through a period of despair due to the purchase of Dayanand even on Christmas.

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China is considered to be the largest market in Surat's Diamond Market. But due to the continuous rebellion by the agitators in Hongkong, there is an atmosphere of complete instability for trade in China and Hongkong due to which no orders are coming from the diamond industry of Surat from Hongkong. Its direct hit is on the diamond traders of Surat. The traders of Surat were hopeful that the recession on the diamond industry would be removed at the time of Christmas and that the old glow would return to the industry. But this has not happened and now the diamond traders are again seeing an atmosphere of despair. Small industries have become lifeless due to the ongoing movement in Hong Kong.

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Especially the purchase of Polished Diamond, which exports Hongkong and China from Surat, has been braked. China and Hongkong are the most commonly traded polished diamonds after America. A trade war is going on in America and China already. Its attack was only on the diamond trade, but now the double whammy of the rebellion in Hongkong is also falling on this industry. About 45 percent of the diamond trade from Surat is with China and Hongkong. But due to the instability of the hongkong for the last few months, the airport and the industry is closed there, due to this, the export of diamond has been reduced to 10 to 20 percent. The fridge has been set at the airport itself.

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Before Diwali, the condition of the diamond industry was not good, even during Diwali, the purchase of diamonds was much less than what diamond traders had expected. But traders were hoping that due to Christmas in America, selection, Hongkong, demand for diamonds will increase, but the hope of traders has receded, after the Diwali vacation, small and big 50 percent factories are not in demand for diamonds. Till now it is not open, in a year, a large number of diamond artisans have become unemployed. And many artisans have caused unemployment

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