The devastating impact of coronavirus is of far wider reach than its primary target-the human life. The dreaded virus, which morphs itself to various forms is crippling the world economy with cancellations of import/export trade deals worth billions. Tourism, textile, and automobile industry are among the worst affected after the onslaught of the Covid-19.
A loss of at least 5 billion is projected in India’s diamond export by 2021, according to a report.Diamond exports from India account to USD 24 billion in 2018-19.In 2021 this will fall to $ 19 billion.Diamond exports fell 18 percent in value during the first 9 months of the current fiscal, the report said. About 40 percent of these diamond exports are made in Hong Kong. However, local markets in Hong Kong have seen a recession last year, which has reduced demand for exports. It is clear that diamond exports to Hong Kong have not taken place since January 15 this year.
The trend is expected to continue till the end of the fiscal year.The negative impact of the virus had forced the Southeast markets to shutdown and atop of it is holiday season in the far east.
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