India's diamond exports may fall 20% as China battles Coronavirus

China purchases nearly 40 per cent of India's cut and polished diamonds directly and indirectly through Hong Kong.

India’s diamond exports may decline by 20 per cent this financial year as global demand weakens because of travel and trade restrictions to prevent the spread of Coronavirus.

Data compiled by the Gems and Jewellery Export Promotion Council (GJEPC) showed cut and polished diamonds worth $16.32 billion were exported between April 2019 and January 2020: a 17 per-cent fall compared to $19.61 billion between April 2018 and January 2019.

Exports are unlikely to improve in January-March quarter, as 89,000 cases of Coronavirus are reported globally, the majority in China. The country cumulatively purchases nearly 40 per cent of India’s cut