India eyes surge in jewellery export as US special status to Hong Kong goes

Hong Kong enjoys a discounted rate of 3.3 per cent export duty for goods shipped to the US due to the special status, while shipments from the rest of the world suffer 7.5 per cent

The US’ withdrawal of special status to Hong Kong could boost India’s jewellery exports to developed nations and help it become the world’s largest diamond trading hub, say experts.

India processes 11 out of 13 rough diamonds mined globally. Shifting of business units from Hong Kong to India will further strengthen India’s position in the world diamond processing and jewellery manufacturing.

After China imposed a national security law on Hong Kong earlier this month, the United States on July 14 withdrew the special status granted to Hong Kong, and the United Kingdom, Australia, and Canada followed suit.

“This move will possibly create opportunities