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By Avi Krawitz
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Posted: 09/22/09 11:41
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RAPAPORT... The first two days of the September Hong Kong Jewellery & Gem Fair met exhibitor’s expectations as participants reported that a steady stream of serious buyers have passed through the event.
“There are a lot of people and it seems that interest is back in the diamond market,” said Hanan Rapaport, the Far East sales manager for Avlas Diamonds. “There are serious buyers at the show who want to see goods and make an offer.”
The show that features raw materials, such as diamonds, colored gemstones, pearls, as well as equipmentm began Monday at the Hong Kong Convention & Exhibition Centre, whereas a separate venue for finished jewelry will open Wednesday at the Asia-World Expo. Organizers have already reported a record number of exhibitors for the event this year.
In contrast with the September 2008 event, which coincided with the start of the economic collapse, participants reported that there has been a positive mood at this year’s show, reflecting the general optimism in the market.
Demand, Prices Holding Firm
Reports from the show indicate strong demand for 1.00 carat, G-I, VVS-VS goods. There is also good demand for 0.30 to 0.90 carats, J+, SI1 stones and significant demand for diamonds above 3 carats in J+, SI+. H-I colors and lower are selling well in general.
Hanan Rapaport (who is not associated with the Rapaport Group) noted that the price gap between buyers and sellers had narrowed, with sellers experiencing greater success by holding firm on price levels. Alon Garty, general manager of Windiam Hong Kong, added that buyers were still seeking deep discounts, but sellers were able to strategize on whether to hold out or close the deal. Others indicated that prices have been strong for sellers at the show and are trending upward on 1.00 to 2.00 carat, G-I, VVS-VS stones.
Many Chinese, Indian Buyers
Traders noted the strong presence of buyers from India and China at the show, with others coming from southeastern Asia, such as Malaysia, Singapore and Indonesia and some from Australia. Traffic is expected to increase on Wednesday with the start of the Asia-World Expo for finished jewelry, as exhibitors expect that more buyers would rather combine the two events. Exhibitors have reported very little interdealer trading at the show so far.
Arnav Mehta, a director at Blue Star Diamonds, said he was expecting a good show because the Far East market has been less affected by the recession than other markets, while those in the U.S. and Europe are lagging behind.
“We’ll have to see how Christmas turns out to evaluate if there are any signs of recovery [in the U.S. and Europe],” he said. Mehta added that he felt the market had placed too much emphasis and hope on the Hong Kong show since business there has carried on as normal in the weeks leading up to this show. “What the show has given us is an opportunity to pick up some new clients,” he stressed.
Some Caution & Optimism
Mehta reported that demand from the Far East has even held up very well during the past three to four months. Garty agreed, but cautioned that the market may have risen too quickly. “The demand is not entirely there and the increases are based on speculation, as it was before [the collapse],” Garty said. “It seems that the industry has a short memory.”
Mehta noted that inventory levels appeared to be high at the show, while at the same time, there were shortages in certain goods. He reasoned that dealers have been exclusively buying rough in the past few months and only manufacturing certain goods, which has led to shortages of other makes.
Still, reports from the opening days proved positive overall, as exhibitors appear happy just to be conducting business again, compared with the very quiet first half of 2009.
“There’s clearly a market,” Hanan Rapaport said. “It’s much more optimistic and people are doing business.”
LH
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