The overall mood at last month’s International Jewellery and
International Diamond, Gem & Pearl shows was more upbeat than the past
couple of years, and consumer confidence and purchasing power seemed higher.
Vinnie Yiu of Brilliant Diamond Trading described the atmosphere as very
positive, reflecting the price increase of polished diamonds and rough stones
since the end of 2017.
“All overseas exhibitors were coming with very high
expectations that Asian and mainland Chinese buyers were going to stock up
after the Christmas season [and] Chinese New Year,” he said, noting that all
dealers reported a shortage of new goods, as they sold quickly or had been
preordered.
Eric Lai of United Jewelry Company commented that the timing
of the shows, very soon after the Chinese New Year, had possibly resulted in
fewer visitors from mainland China.
“The show was a bit slow because many buyers were still on
holiday, especially the ones from East Asia, and some went only to the
[Diamond, Gem & Pearl Show] at the [AsiaWorld] Expo,” he explained.
Ada Fung of Zuri Jewellery said it seemed there was better
purchasing power this year. “We are seeing bigger orders and more requests,”
she reported.
There was less traffic from mainland China, said Terence Wu
of Foo Hang Jewellery, a high-end wholesaler, retailer, manufacturer and
exporter, “but people are still buying, and the local market is doing better.”
Storied designs
As in the past couple of years, buyers were looking for new
designs and unique pieces, according to Lai. His company specializes in
high-end jadeite jewelry, a market segment that has been less significantly
impacted by the economic downturn in recent years.
“People are always looking for new things, but jadeite is
unique, and they want a good piece but a simple look. A very good piece of
jadeite is wow in itself,” he added.
The importance of good storytelling and craftsmanship were
two other key trends.
“People want the story behind the product, they are not only
interested in the design of the product, but also the culture. Story and
craftsmanship are key,”
said Fung.
Yve Chan, founding director of Dawn, which also specializes
in high-end jadeite jewelry, echoed the importance of craftsmanship: “Customers
like to know the workmanship behind the piece, the techniques and skills used,
such as engraving and so on.”
The manufacturing industry is evolving, paying closer
attention to customer requirements, adapting its designs, brands and pricing,
and diversifying into new sales channels both online and offline, according to
Kent Wong, chairman of the Hong Kong Trade Development Council (HKTDC) Jewellery
Advisory Committee.
Exhibiting strength
Despite the dip in visitor numbers, the March Hong Kong
shows attracted a record 4,550 exhibitors from 52 countries and regions.
“This strong participation is evidence that the jewelry
industry remains optimistic about prospects and sees Hong Kong as an important
market platform,” said Lawrence Ma, president of the Diamond Federation of Hong
Kong and chairman of the shows’ organizing committees.
Wong echoed this positive sentiment. “We are
optimistic for the future. Exhibitors and visitors are happy and excited. We’ve
been hearing from the retail sector in recent months that sales are up, so they
are more optimistic about the future and willing to stock up,” he said.
Article from the Rapaport Magazine - April 2018. To subscribe click here.