CIBJO President Warns Smaller Businesses More Vulnerable to Coronavirus
March 09, 20.jpg)
(IDEX Online) - The president of The World Jewellery Confederation (CIBJO) today warned that smaller businesses may struggle to survive the coronavirus outbreak.
In a statement from his home in Milan, where he and his family are currently quarantined, Dr Gaetano Cavalieri calls for mutual help and co-operation within the jewelry industry at this time of crisis.
He writes: "Many of the technology-based solutions for managing a business remotely come with a cost that will be less easily carried by small and medium-sized enterprises.
"There should be an industry-wide sense of awareness that colleagues who are more vulnerable to the suspension of regular trading norms should be a provided a fair opportunity to catch up and compete.
"The stakes are extremely high. We deal in luxury products, but our chain of supply supports communities and sometimes entire countries in some of the world's most developmentally challenged areas.
"It is incumbent upon us to put our heads together and chart a way forward for the industry through the uncertainty that the COVID-19 coronavirus has created. It is during times like this that the communal spirit of our industry and the mettle of our members will be truly tried and tested."
He says northern Italy, the heart of the nation's jewelry industry is in virtual shutdown, as is China, its second largest market.
He also says: "International travel, which for many of us is the life blood of our business, has been curtailed or suspended, trade shows across the globe have been postponed or canceled, and factories, buying offices, wholesalers and retailers are in standby mode."