Indian diamond exports hit by slump in Chinese demand, HMPV concerns add to uncertainty
Chow Tai Fook and De Beers has failed to enthuse Chinese consumers to buy the rock. The trade had raised Rs 15 crore through crowdfunding for the generic promotion of natural diamonds across the key international markets.
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The spread of the Human Metapneumovirus (HMPV) virus in China has created further uncertainty for Indian diamond exporters because they have witnessed a significant fall in diamond consumption in China after the COVID-19 pandemic.
“We are trying our best to revive the Chinese market. But we have not received a single order from China despite all our efforts. The generic promotion of natural diamonds is going on in China. We're hoping that it shows some results going ahead. But as of now, we have not seen any impact of the campaign," said Vipul Shah, Gem & Jewellery Export Promotion Council chairman. GJEPC is representing the Indian diamond industry in the generic campaign that has been launched in China.
China accounts for around a third of India's cut and polished diamond exports and primarily buys through Hong Kong. India is the world's largest centre for cutting and polishing diamonds, accounting for nine out of 10 diamonds polished globally.
Paul Rowley, Executive Vice President, Diamond Trading, De Beers Group, who is currently in India, told ET that China demand is likely to go up in the second half
