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Mixed Reports From JCK Las Vegas
Jun 3, 2012 10:44 PM
By Avi Krawitz
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RAPAPORT... Diamond dealers gave mixed reports about the JCK Las Vegas show as concerns about the global economy continue to fuel caution in the trade. Many noted that the show was not as strong as last year and that sales fell below the high expectations they had coming into the show.
“There has been traffic but buyers are looking for bargains and trying to buy at prices relevant a year or two ago,” said Avnissh Patel, owner of New York-based Sirgold Inc., a diamond and jewelry dealer. “People are worried about China and India slowing and the European crisis is a concern. In the U.S., things seem to be okay but we are still not sure what will happen tomorrow.”
Denny Ballard, of Just Perfect MSP, a jewelry wholesaler, agreed and added that the mood tends to improve during an U.S. election year even if the economy is still relatively weak. He noted that the mood at the show changed slightly after the stock markets fell on Friday but that it didn’t have a significant impact on buying.
“It was a good show,” Ballard said. “Retailers are buying exactly what they need. If you have the right product at the right price and the right support program, you can sell in this market.”
Many diamond dealers who spoke with Rapaport News noted that Indian buyers were not as active in buying at the show as they were in previous years. Rather, the Indians that were in Vegas came to get a feel for prices before the Hong Kong show later in June.
U.S. buyers found what they came for, and there was a strong Israeli presence in the diamond section. “Trading in the Ramat Gan bourse has been weak but they came to Vegas to buy,” said Simon Rosenzwig, certificates director at Niru, a diamond manufacturer.
Dealers reported that there was good demand for fancy shapes, particularly oval and marquise shape goods, and princess and cushion shapes in all categories except VVS clarities. While demand for rounds was weaker, goods above 0.90-carat, J-L, VVS-VS sold to buyers from the East while the same sizes in SI1-SI2 were popular among U.S. buyers.
The show ends on Monday, June 4.
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Tags:
Avi Krawitz, diamonds, JCK Las Vegas, Jewelry, Polished Diamonds, Rapaport
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