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Visitor Traffic Holds Steady for Opening Day of Hong Kong Show
Sep 15, 2014 5:58 AM
By Avi Krawitz
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RAPAPORT... The Hong Kong Jewellery and Gem Fair opened on Monday with steady visitor traffic but cautious trading as buyers sought out pricing information in the early stages of the show. Suppliers maintained moderate expectations for the event, noting that Far East demand has been restrained in the past few weeks.
“The market is looking to see if the show will signal a turnaround in Far East demand,” said one India-based diamond manufacturer. "The U.S. and Europe have been okay but the Far East has been a bit weak in the past few weeks.”
Diamond suppliers noted that demand for goods below 1-carat sizes from China’s large jewelry retailers has slowed, influencing caution in the market. In addition, polished prices softened in the past few months and dealers are hoping the show will signal a more stable price trend for the remainder of the year. Exhibitors noted that there is a lot of inventory in the market, and at the show but the verdict is still out whether there will be significant depletion of stock in the coming days.
“There is movement and traffic but people are looking for information on prices at this stage,” said one Belgium-based supplier. “I haven’t seen any significant buying, yet.”
Trading was marred by reports of diamonds stolen from various booths during the first day. Rapaport News confirmed that three diamonds weighing between 3 carats and 5 carats were stolen from companies exhibiting in the Israel Diamond Institute's pavilion in separate incidents. Show organizers couldn’t be reached for comment at press time.
As in previous years, the show is taking place at two venues with the loose diamond section located at the AsiaWorld-Expo from September 15 to 19, while finished jewelry will be exhibited at the Hong Kong Convention & Exhibition Centre from September 17 to 21.
UBM Asia, which organized the event, reported that 3,694 exhibitors are participating in the fair, including 435 diamond companies.
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Tags:
Avi Krawitz, diamonds, Hong Kong show, jewellery, Jewelry, Rapaport
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