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Exhibitors Optimistic as Hong Kong Show Kicks Off

Sep 13, 2016 11:20 PM   By Rapaport News
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The mood among diamond dealers was relatively upbeat on the opening day of the Hong Kong Jewellery & Gem Fair as steady buyer traffic raised expectations for the rest of the week.

Polished diamond trading has picked up in the past month with dealers expecting retailers in China and the U.S. to stock up ahead of the fourth quarter holiday season. This week’s show is an opportune time to look for goods, exhibitors explained to Rapaport News.

“The market has got better in the last four weeks,” said Tony Mehta, owner of Diasqua Group, a Hong Kong-based supplier of diamonds up to 10 carats. “People haven’t bought in a while and prices have dropped, so they’re seeing an opportunity to find goods.”

The show opened Tuesday, with more than 3,600 exhibitors from 55 countries attending, while organizers expect about 58,000 buyers during the seven-day event. Some 35 percent of exhibitors are Hong Kong companies.

“There seems to be a bit of a buzz,” said one exhibitor. The market tends to improve around the September Hong Kong show as traders return from the summer break in July and August, added Sandeep Selot of Hong Kong-based Elements Limited, a supplier of mainly melee goods. “It’s always a question if it’s sustainable,” Selot cautioned.

People are still conservative given the state of the market in the past few years, Mehta said, adding that retailers are holding lower inventory than in the past. While traffic was promising on the first day, he noted many buyers were assessing the market, comparing prices and observing stock levels.

Others observed some buying activity at relatively stable prices. Mahiar Borhanjoo, managing director of Venus Jewel International, an India-based manufacturer of solitaires from 0.30-carat to 15 carats, said he met with retail buyers from the Middle East, the U.S. and China, including “one or two new customers.” There are many Indian buyers at the show with some pushing for higher discounts, Mehta added.

In general, prices are stable as there are fewer goods on the market compared with a year ago, said Nissim Zuaretz, chief executive officer of DN Diamonds, an Israel-based supplier of large stones. “For the nice goods, triple EX, none, prices are strong,” he added.

The fair is taking place across two venues, with around 500 diamond companies exhibiting at AsiaWorld-Expo from September 13 to 17. The second venue featuring finished jewelry is scheduled to run from September 15 to 19 at the Hong Kong Convention & Exhibition Centre.

The show will include the official launch of a ‘Declaration Programme on Exhibits of Natural Diamond’ aimed at giving buyers confidence they are purchasing natural mined diamonds. The scheme enables participants to display a poster demonstrating that their diamonds are not lab-grown. Mehta stressed many manufacturers have their own programs in place giving such assurances on their invoices.
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Tags: added. Sandeep Selot, Diasqua Group, DN Diamonds, Elements Limited, Hong Kong, Hong Kong Jewellery & Gem Fair, in, Mahaiair Borhanjoo, Polished diamond trading, Rapaport News, Tony Mehta, u.s., Venus Jewel International
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