Many industries along with jewelry succumbed to the disaster that is the pandemic. The past year was in chaos, the pandemic made life a true living nightmare. It took us a long time to get in terms with such a life-altering event. The best way to cope with it is to get on with your life and don’t look back. When you go through such a reality, you stop taking things for granted covid 19.
You live life to the fullest and take any opportunity that comes your way. Wholesale Jewelry, Face challenges with a strength that even surprises you. It has altered the way we used to look at the world and has given us a new and clearer angle to look from. It has also changed our relationship with different industries that used to rule the world. Especially the fashion industry, Hong Kong is the topmost up-to-date country in fashion covid 19.
Trends are originated from there and carried out to the rest of the world. Since the pandemic started, Wholesale Silver Jewelry, it has completely changed our relationship with every aspect of the Hong Kong industry, including jewelry covid 19.
How covid 19 has changed our relationship with Hong Kong factory?
In this article, our main focus will be on the relationship change we had with the Hong Kong jewelry factory. Hong Kong’s jewelry industry is famous throughout the world. It can be classified into two parts covid 19:
About Hong Kong jewelry industry
Fine jewelry: fine jewelry sales from the range of medium to high priced products. It is extremely popular for its gem-set jewelry category that has made a lot of profit over the years. The category includes diamonds set in 14k to 18k along with white and yellow gold. Some highly-skilled manufacturers work immaculately on producing contemporary gem-setting jewelry covid 19.
Their impressive skills and capabilities are extremely famous worldwide and compete with expert European manufacturers. Their pieces are sold everywhere around the globe and are highly in demand. They are famous for their meticulous work and mastering techniques that make up fine pieces of gem-setting jewelry covid 19.
Hong Kong’s jewelry industry is known for its productive labor force that works effectively to reach customer satisfaction. Jewelry manufacturer, It is skilled at making small orders with high quality and creative results at an affordable price range. Even the technology level of the jewelry industry is something to remember covid 19.
It is rumored to have surpassed the superior technology of countries like Thailand but below powerful countries like Italy and Japan. However, one thing to note is Hong Kong’s expertise in the production of gold items covid 19.
Hong Kong has also been given high superiority over jade jewelry. The major items that it engages in are bangles, rings, and pendants. It also distributes and trades in pearls, the majority of them are all imported from Japan, India, Australia, etc covid 19.
Effect of covid-19 on the jewelry industry
From January till May 2020, Hong Kong’s fine jewelry exports declined by 41%. Moreover, the reexports to different countries fell by 43%, along with domestic exports by 32%. This shows how of an impact it had on the jewelry industry. Hong Kong experienced a downward trend in its exports of pearls, gemstones, and rough diamonds. This led to a slump of 48% in January-may, 2020.
Other than this, Hong Kong’s exports in imitation jewelry experienced a slip of 22% from January to May. All of this has left a prominent dent in the growth of the jewelry industry. It is predicted that the industry would take at least 2 to 3 years to recover from the loss. Nobody could have been prepared for such a disastrous impact to follow the economy worldwide. This is what makes the pandemic that much more powerful.
Changes in Hong Kong jewelry factory
During the early phase of the pandemic, many factory owners were concerned about the health safety of their workers. As a jewelry factory consists of many machines and technology, it is a breeding ground for covid-19. This is information that many people aren’t aware of but is quite alarming. These metal surfaces can contain covid-19 on their surfaces for 72 hours straight. The virus is active for that long can spread like hellfire along with the whole factory covid 19.
As the demand for jewelry slumped along with the sales, factories lost fortunes that will take years to recover from. Factory owners who were concerned about their workers’ health paid them monthly. Many jewelry industries did not give annual bonuses to workers due to the losses experienced through covid-19. Factories were eventually shut down due to which many workers were fired from their jobs covid 19.
The industry became brutal; people were out of jobs and lived without any real pay. However, it depends upon the value of the working team. Jewelry businesses with an irreplaceable manufacturing staff would never clean out their staff. That’s a strategic move they’ll want to make for the future of their factory covid 19.
This can also be said about businesses with a really small number of staff. If the workers are few then the owner can afford to give them paid leave. This way they don’t have to suffer during this tough time where financial and physical health is in jeopardy.
The pandemic has been a part of our lives for almost two years now. Since then the world has faced numerous challenges and failures that it still hasn’t recovered from. Factories from all over the world have been shut down for a long time, facing major losses. This has a direct impact on the workforce, where workers are let go of their jobs increasing the unemployment rate.
The same has happened with the Hong Kong jewelry industry, the pandemic has made it impossible to keep sales going. Therefore, to prevent the factory from crashing into a ditch, these measures are taken. The article concerns all how Hong Kong has been affected by the pandemic covid 19.
Covid-19 and its effects on factories in Hongkong that produce jewelry have been devastating. Click here to read more on the topic covid 19.