Press Release: The September Hong Kong Jewellery & Gem Fair gave the overwhelming majority of Israel Diamond Exchange (IDE) members' optimism ahead of the holiday sales seasons. Buyers, arriving in droves, returned to the market, inspected the polished diamonds for sale, negotiating and reportedly driving hard bargains and buying considerable amounts of goods.
"I come away from this show with mixed feelings," said IDE member Eli Sadeh of the eponymous firm. "The first days were very busy, and it was obvious that the buyers -- who came in large numbers -- were making the rounds, taking in prices and comparing them. While they did come back and buy, overall price resistance was considerable," Sadeh reported. He said that across the board, good sales were made because Israeli companies "needed to adapt themselves to the circumstances. This, of course, affected our price points, but I think that, overall, Israeli diamond firms came away with a good feeling from this fair."
Shimshowitz Shlomo of Dov Diamonds, who is also an IDE board member, said the Fair had been satisfying for most of close to 100 members who had exhibited in the Israel diamond pavilion. "Of course, anyone you talk to will tell you we came with rather low expectations. But I do think that the sales levels achieved have inspired all of us with optimism ahead of the year-end holiday sales season," he stated. Shimshowitz added he was confident that the upbeat feedback out of Hong Kong would be reflected in the other markets and would positively affect the upcoming Israel Diamond Week in New York in early November.
Nir Scolnic of LN Diamonds agreed. "The market, so we felt, is back. We saw buyers we had not seen in past years, from the smaller Asian Tiger economies, such as Vietnam, and, importantly, also from Korea." Scolnik said that LN Diamonds is a diamond manufacturing firm and a Rio Tinto and ALROSA core client. "Our clients appreciate our services, and they came back in good numbers. But we also made quite a few new, significantly successful contacts. Of course, the buyers showed resistance to prices, but as the market goes, ultimately demand will always be met by supply."
Traffic in the Israel diamond pavilion was strong and buyers lauded the services offered by the Israel Diamond Institute's staff at the pavilion. "The Israeli pavilion is always a good place to visit as the services offered here, such as the diamond inventory search programs, are a great, and make it so easy to find what you are looking for, " a Hong Kong-based buyer said.
With the upcoming Israel Diamond Week in New York just six weeks away, U.S. diamond buyers are encouraged to register for the event.
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