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Press Release: Israeli Diamond Industry Preps for JCK Las Vegas

May 7, 2015 3:55 AM   By Israel Diamond Institute
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Press Release: The Israeli diamond industry is busily gearing up for JCK Las Vegas, which is opening on May 29. The leading diamond and jewelry trade show in the U.S., JCK Las Vegas is central to the marketing efforts of a great many Israeli companies. This year, with the economic recovery in the U.S., Israeli exhibitors are looking forward to a lively show and robust sales.

These positive expectations are boosted by economic statistics. The U.S. is the largest consumer market for diamond jewelry and in 2014, the demand for polished diamonds in the U.S. surpassed the level prior to the economic crisis that began in 2008. 

The sales of the Israeli diamond industry to the U.S. market increased by 5 percent in 2014; Israel’s share of U.S. diamond imports remained steady at 38 percent. Over 89 percent of the polished diamonds imported to the U.S. weigh half a carat or more, while 97 percent of diamonds imported from Israel weigh over half a carat.
Of the 100 Israeli diamond companies exhibiting at JCK, close to 50 will be located at the Israel Diamond Institute’s (IDI) national pavilion, located in the Diamond Plaza. The pavilion’s longest standing exhibitor -- since 2002 -- is Shlomo Bichachi, the founder of Bichachi Diamonds, a powerhouse of fine-make straight-cut diamonds. Bichachi Diamonds was Israel’s 15th-largest diamond exporter in 2014, with exports of over $46 million. 
Bichachi’s experience at the show has always been positive. This year, he plans to bring 2,000 pairs of side stones in all sizes and shapes, including special ones such as half-moons, as well as side stones of up to 3 carats. “I’m sure that the richness of the display will have an effect on clients,” he said. He is also looking for new clients -- jewelry designers and manufacturers, including large chains. “I am now ready to commit to programs. My goal is to have 60 percent of my manufacturing output sold in advance,” he said.
RDS Diamonds counts JCK as an anchor. Mainly serving the U.S. market, with a concentration on retailers throughout the country, RDS specializes in large, fine-make fancy shapes, mostly squares. Exhibiting in the Israel Diamond Pavilion since 2007, company co-founder Itay Rabih said that JCK is where they are able to meet their customers and where their customers know they can find them. “JCK is our advertising. It is the face of our business,” said Itay.

Itay expects this year’s show to be well attended. “With the uncertainty in the market lots of people want to know the direction of the industry and will come to learn what’s happening. A lot of traffic means that we’ll have the opportunity to make new contacts and lots of sales.”
Rony Eitany of Regent Diamonds will be participating in JCK this year for the first time. Having based his business during more than 30 years selling stones of 3 carats and up in Southeast Asian markets, Eitany feels it is time to branch out to the enormous U.S. market. He knows that he has unique stones that are well suited to the U.S. market, and has sold in the past through middle men. 

Although it will be his first exposure to JCK Las Vegas, Eitany is confident he will do well. “I’m not expecting to take America by storm. I know that it takes a long time to build up a clientele, to establish relations based on trust. I’m looking for independent high-end retailers and designers who are seeking special goods. JCK will be a good opportunity to meet some serious buyers,” he said. 

Rapaport News is not responsible for, and does not endorse, the content of any third-party press release. This is not a Rapaport Press Release. It has been provided as additional information for our clients.
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Tags: Avi Krawitz, Israel Diamond Institute
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