Russia’s Alrosa, the world’s largest diamond mining company, will hold its March auctions in Moscow and Israel after Hong Kong postponed two jewellery shows because of the coronavirus outbreak, the company said on Wednesday.
Demand for diamonds in China, the world’s second largest market after the United States, had already weakened last year because of trade tensions and democracy protests in Hong Kong.
Consumption is expected to fall further as China’s actions to halt the coronavirus slow the economy and stores are temporarily closed.
The Hong Kong Trade Development Council postponed two jewellery shows, scheduled for March 2-6 and 4-8, where precious stones, rough and polished diamonds, pearls and other jewels are displayed and sold. It cited the safety of exhibitors and buyers as a priority.
Alrosa holds four auctions in Hong Kong every year for a special size of rough diamonds and two polished diamond tenders. It has been forced to alter its plans for 2020.
Read more about the postponement of the two shows on the Reuters website HERE