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Muted Las Vegas Fairs Come to a Close
Traffic down, trading stable at JCK fair
Jun 6, 2018 5:17 AM
By Avi Krawitz
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RAPAPORT... The Las Vegas jewelry week ended on Monday with trading
reflecting a steady US market, despite the slower foot traffic at the various
shows.
“Traffic was a bit down, but it was an okay show,” said
one Israeli polished supplier exhibiting at the JCK fair. “Dealers were looking
for goods, and retailers were maintaining relationships.”
Some noted that activity was better for jewelry suppliers
than in the diamond pavilion at JCK as retail buyers sought out designs and
collections for the fall and end-of-year holiday seasons.
The average retailer comes to Las Vegas to look for some
loose diamonds, said John Carter, president and CEO of retailer Jack Lewis
Jewelers in Bloomington, Illinois. But the main purpose, he continued, is to
establish relationships with existing suppliers and other retailers, understand
the buzz in the industry and see new designs.
“It’s a great way to find new suppliers,” he said.
As such, most orders from retailers take effect after the
show, explained one jewelry wholesaler at JCK Luxury, who added that he’d met
few new buyers while exhibiting there. “The follow-up is vital, but we also
have to reach out to those who weren’t here. There was less traffic, and I feel
people are rethinking the [trade-show] business model due to the high cost.”
Similarly, in the loose-diamond section, suppliers
questioned whether the shows were as vital as they used to be, with less
traffic and fewer exhibitors attending this year.
It’s not clear that the industry needs the shows, said a
New York-based dealer, as dealers are engaged with clients throughout the year
and buyers have access to goods online.
Over 2,300 exhibitors participated in the JCK and Luxury
shows, according to organizers, and more than 20,000 visitors were registered
to attend.
Many pointed to strong trading in the first quarter and said businesses
didn’t need to buy inventory at the show.
“The higher-end client is doing very well, while the
middle and lower segments are naturally more cautious,” reported a New York
dealer. “The economy is doing well, and the market is in a better place, so
we’re not too concerned that the show was a bit slower this year.”
He added that he’d “rather have a good year and a bad
show than the other way round. And we’re having a good year.”
The following are some trends observed at the JCK show:
- Sales are up in 2018, but
profitability is a big concern for the trade.
- De Beers’ entry into lab-grown
diamonds dominated discussions at the show, with the natural-diamond industry
largely supporting the move to disrupt the synthetics market.
- Blockchain initiatives are gaining
momentum, with some concerns about market segmentation.
- Polished prices are stable,
with the RapNet Diamond index (RAPI) flat during the week of the show (May 29
to June 5).
- There is a shortage of
goods in select categories, supporting prices.
- There is steady demand for
round, 0.50- to 1.25-carat, G to I, SI diamonds.
- VVS is weak.
- Fancy shapes are stable,
with emeralds and ovals the strongest categories.
Next year, the JCK show will be returning to its former
venue at the Venetian and Sands Expo Center.
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Tags:
Avi Krawitz, De Beers’, Jack Lewis Jewelers, JCK, JCK fair, JCK Luxury, John Carter, las vegas, Rapaport News, Venetian and Sands Expo Center
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