India's Exports Blocked: US$700m Shipment for HK Stuck

Finance and Trade
05/05/2020 13:20

Times of India reports that a 700 million US$ shipment of loose diamonds, destined for Hong Kong, is stuck at the Bharat Diamond Bourse, despite efforts to persuade government to allow the Bourse to resume activities with minimal workforce. According to a spokesperson for the Gem and Jewellery Promotion Council (GJEPC), the diamond industry in India, already heavily impacted by lockdown measures, could suffer even more because of exports being blocked; "if business would shift to China and Thailand ... it would be a permanent loss". India's GJEPC recently called on its members to implement a voluntary ban on rough imports, starting May 15, for the duration of one month. Experts last week commented that the country's diamond revenues could drop to its lowest point in a decade this year.