Covid Lockdowns Hit China's Diamond Trade
July 10, 22
(IDEX Online) - China's diamond trade declined by over 46 per cent in the first half of this year, as Shanghai was hit by a two-month long Covid lockdown.
Total transactions for all rough and polished diamonds were $2.056bn from January to June.
That's down from $3.82bn in the same period during 2021, according to the Shanghai Diamond Exchange (SDE), when China reported record high imports.
Shanghai's 25m residents endured a 65-day lockdown during April and May as part of the country's zero-tolerance policy. The seven-day average of new cases never rose beyond 3,000 during that time.
Net imports of polished diamonds for the first half of 2022 were $1.01bn, down 35.9 per cent but showed signs of recovery as Covid restrictions were relaxed.