But the company's fortunes began to crumble when the unrest began in Hong Kong. Ammolite is regarded as a Canadian national treasure, meaning the federal government must approve all applications to export it. "Hong Kong people appreciate precious gems — the rarer, the better," said Gordon Houlden, a former diplomat who has worked in Beijing and Hong Kong and is now director of the China Institute at the University of Alberta. He was in Hong Kong last year when Korite was at an exhibition showcasing its product to Chinese buyers. Korite was unable to recover this year as the situation in Hong Kong persists and revenues elsewhere in the world began to dry up amid the pandemic.

Source: CBC News July 15, 2020 07:52 UTC