The spread of the coronavirus across the globe along with increasing gold prices is causing a steep decline in exports. World over the gem and jewellery exports are expected to fall by five per cent from the previous fiscal.

Coronavirus impact
The coronavirus outbreak has spread to the US, Australia, Italy, Japan, Singapore, Hong Kong, Iran, Thailand, Taiwan and Korea. Hong Kong, a major trading hub for gold and diamond jewellery exports from India has been worst hit due to its impact. 

Gold price rise
According to industry analysts, as a result of the spread of coronavirus beyond China, people have started investing in gold as a safe option, which has led to the rise in gold prices. This has consequently seen a decline in jewellery exports.