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Jovella Reflects Positive Mood in Israeli Jewelry Sector

Jul 2, 2008 5:34 AM   By Avi Krawitz
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RAPAPORT... The 2008 Jovella International Jewelry Exhibition launched Tuesday showcasing Israel’s jewelry industry which has recently seen a steady rise in exports.

The country’s jewelry exports rose 5 percent to $410 million in 2007, the Israel Export Institute reported in the run up to the show, and organizers said interest in Jovella had increased as a result.

Itzhak Bendor, managing director of the Israel Jewelry Manufacturers Association, a main sponsor of the event, said that while previous shows had focused upon increasing international buyers, exhibitors were turning to the local markets to hedge unstable foreign markets this year.

“For the time being the Israeli economy is an island of stability, so it is very important for exhibitors to maintain their local customer base,” Bendor said. “There’s a very strong inflow of tourists at the moment and local consumption is at a peak so the trimming of Jovella is very good.”

Bendor, nevertheless, noted the significant international presence at Jovella.

The show featured approximately 200 exhibitors -- some from the United States, Canada, Italy and Brazil --  and about 300 international buyers were expected to attend. In total around 12,000 visitors were expected to attend the three day exhibition.

The show featured jewelry from the four segments that the Israeli market is known, including diamond, gold, silver and fashion jewelry.

Of Israel’s $410 million worth of jewelry exports in 2007, gold jewelry accounted for 43 percent, diamond 37 percent, fashion 13 percent and silver jewelry 7 percent of the total.

This year’s show saw a stronger presence of the country’s diamond industry than previous years, with the Israel Diamond Institute Group of Companies (IDI) sponsoring the event for the first time, encompassing a jewelry trend forecasting seminar presented by Italy-based TJF Group.

“This exhibition has proven to be an excellent showcase for the superb creativity and craftsmanship of Israel’s jewelry designers and manufacturers,” said Moti Ganz, chairman of IDI. “We hope that our involvement will promote the show in global markets and further business opportunities for both Israel’s diamond and jewelry industries.”

Israel’s exports of jewelry inlaid diamonds and precious stones have increased 30 percent since 2006, show organizers said.

A number of local diamantaires saw Jovella as an opportunity to sell left over goods from the JCK Show in Las Vegas.

“Jovella started in a hotel and each year we’ve seen it grow,” said Asher Yasdi, of Diamonds Forever Ltd , who also attended JCK. “There’s traffic and you see sales being made.”

Others were optimistic on the first day of the show.

“JCK was okay for us, but this is our first time at Jovella and we hope it will be good,” said Moshe Sinai, vice president of Illimitee by Ovadia Diamonds.

“We realized there was huge potential both in Israel and abroad. And when you consider the fact that we manufacture diamonds anyway, it was a win-win situation.”
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Tags: Economy, IDI, Israel, Israel Diamond Institute, JCK, Jewelry, Jovella, United States
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