9-3-2020
Belgium’s polished diamond exports took the hardest hit among categories, declined 55 percent yoy to US$560 million in February and rough exports dropped a relatively modest 16 percent, according to figures by the Antwerp World Diamond Centre (AWDC), reflecting a market slowdown due to the spread of coronavirus.
Hong Kong is Antwerp’s second largest market for polished goods, trades slumped almost 94 percent. Furthermore, the Hong Kong International Diamond, Gem & Pearl Show and the Hong Kong International Jewellery Show are the key selling events at the beginning of the year, the postponement caused a 7 percent drop of exports.
The trade still expresses concern about the impact the new coronavirus may have on the industry- rough purchases from the majors may be postponed and there may be a slowdown in manufacturing in India as consumer sentiment has crashed in China and may follow elsewhere. Others expect the demand for polished goods in China will rise again when the coronavirus calms down, as consumer jewellery demand remains strong despite challenging external circumstances, the Diamond loupe said.
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