Gujarati Diamond Traders May Leave HK Due to Robberies

Finance and Trade
25/04/2016 08:49

Gujarati diamantaires in Hong Kong are threatening to move their diamond business to "safer countries" as a result of a rise in robbery attacks on members of the diamond community in recent years. The diamantaires have asked local authorities to beef up security. Hong Kong's diamond business is valued at $13 billion annually and most of it is controlled by Gujarati diamantaires, The Times of India reports. The turnover of the diamond jewelry and diamond-set watch business is estimated at more than $30 billion. There are about 800 diamond companies in Hong Kong, mostly importing and exporting diamonds from and to India.

"The diamond business is contributing heavily to Hong Kong's economy, but it is useless if our businesses and traders are not protected," a member of the community told the newspaper. "We suspect South Asian asylum seekers are behind these attacks. If the Hong Kong government fails to provide us with security, we may be forced to leave the country."