Nice tattoo! I experienced similar peeling/fading on one of my tattoos, it wasn't quite as bad, but it still looked really faded. Two weeks later, the color's returned and it looks fine. I'm no expert but it might just be part of the healing process. Worst case scenario you might need a touch-up, but I doubt it. You should ask your artist though. For now just try to relax, let it heal and hope for the best. Good luck and I hope everything works out.
Thanks for all the replies guys.
Here is an updated picture. It appears all the movements on the hand is not doing the tattoo well ! Will take your advice and care for it as best I can until fully healed and then decide where to go with it. The artist who done it is a cool dude and will be sure to help me out!