RAPAPORT... Despite record snowstorms leading up to the JA New York Winter Show, which was held from February 28 through March 2, show organizers announced that attendance was up 22 percent compared with last year’s show, which ran from January 18 to 20, 2009. Though most attendees were from the region, some Canadians and out-of-towners were spotted strolling the Jacob Javits Convention Center’s aisles.
Although the show had moved to a different floor and was smaller in size than previous years, overall, most exhibitors were pleased with results that surpassed 2009’s weak sales. Reports of growth cited numbers ranging from 10 percent to 25 percent.
Diamond Prices Slow Sales
In the section reserved for New York’s Diamond Dealers Club (DDC) members, sales were affected by recent price increases. “It will take time for people to adjust. It’s just a matter of people making commitments,” explained Jay Mehta, director of operations and partner at Varsha Diamonds.
Several representatives of booths in the DDC section expressed disappointment that there wasn’t more signage and that the area wasn’t situated closer to the show entrance. Most loose diamond demand centered on 1-carat to 3-carat stones in bread-and-butter qualities.
The Hong Kong section was a draw for bargain-hunters, while the Couture Pavilion, Designer Showcase, Inner Circle and Italy areas appealed to retailers looking for special pieces to help their stores stand out. Keys and knots continued as trends, with the bulk of jewelers sticking with classic, tried-and-true items. In a sign of the times, at the Supplier Pavilion, Stuller’s Tim Droste observed, “I’ve seen a lot of people buying gold scales.”
Two weeks later, at the Manufacturing Jewelers and Suppliers of America (MJSA) Expo New York, March 14 to 16, exhibitors were happy to see solid foot traffic and serious buyers. Most visitors hailed from nearby states, but some buyers from Canada and South America did attend.
Hilton a Hit
Gregg Adwar, president of Adwar Casting Company, commented, “I am pleased and I like the Hilton,” referring to the new location of the show, which had previously been housed at the Jacob Javits Convention Center. He saw “a lot of people” from the nearby diamond district who had taken the short walk to the Expo.
Harold Rhodes, an account executive at melee specialist Grunberger Diamonds, reported interest in calibrated sizes of melee. “We’re reaching out to the mom-and-pop manufacturers. You have to explain what you do and what you have, but at least it’s not people asking for price only. We are selling a lot of specific sizes to people who do CAD/CAM. Certain key sizes do well and everyone wants G, H and SI1.”
Jeffrey C. Crohn, of diamond cutter and importer Joseph Blank, noted that his company’s most popular option was its loose diamond, 14-karat gold stud program in the $200 to $700 wholesale price range. “It’s all about price point,” he conceded.
Customization is Key
Eileen Greaney, a sales representative for Romanoff, which supplies equipment for casters, jewelers and polishers, estimated that her company’s sales fared 40 percent to 50 percent better than at the 2009 show. She said that the event attracted buyers who were eager to upgrade their machinery to enable them to create more custom work.
At the close of both shows, exhibitors expressed cautious optimism for a slightly improved U.S. diamond and jewelry market in 2010. “Things are improving slowly, but customers do have a bit more of an appetite,” concluded Shawn Davaran, president of Triple X Diamonds.
Article from the Rapaport Magazine - April 2010. To subscribe click here.