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Positive Data Raises Hopes for Hong Kong Show
Municipality’s Polished-Diamond Imports Rise 10% in 1H
Sep 12, 2017 9:35 AM
By Rapaport News
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RAPAPORT... The Hong Kong Jewellery & Gem Fair started Wednesday amid improved Chinese
consumer sentiment and positive trends in the local polished-diamond
trade.
“As the national economy gains a steady
momentum, Chinese consumers are becoming more willing to spend, with [a] nationwide
buying spree driving [the] upgrade,” said Vishal Bali, managing director of data
provider Nielsen Company’s China branch.
China’s official consumer-confidence index rose
to its highest level since 1996 in July, Bloomberg reported Tuesday.
Diamond dealers are hoping improved confidence will translate to
stronger demand at the show, which begins Wednesday, with recent data signaling
a return to growth for the local trade.
Polished-diamond imports to Hong Kong jumped 10% to $9.35 billion in the
first half of the year, while exports grew 1% to $6.72 billion, according to
data from the Diamond Federation of Hong Kong, China.
“We are pleased that...Chinese demand for diamonds
and jewelry is rising after a period of stagnation,” said Shmuel Schnitzer,
chairman of the Israel Diamond Institute. “I am hopeful
about the outcome of the show despite the challenges the diamond industry has
been facing.”
Hong Kong’s polished-diamond exports to mainland China,
its largest market, rose 21% to $1.53 billion. Meanwhile, a large portion of
Hong Kong’s polished imports remain in the municipality, with net polished
imports — the excess of imports over exports, representing the value of goods
available for local consumption — rising 41% to $2.63 billion.
The increase mirrors an improvement in consumer trends, with retail sales of
jewelry, watches, clocks and other valuable gifts increasing 13% to $793 million
(HKD 6.19 billion) in July, according to figures the Census and Statistics
Department released last month. Proceeds in the first seven months were up 2.5% to $5.29
billion.
Major jewelers such as Chow Tai Fook, Luk Fook
and Chow Sang Sang recorded some improvement in Hong Kong from last year’s
heavy declines, and a sharper rise in sales in mainland China.
“The strong job market and the associated robust
income growth have supported consumer confidence,” Bloomberg cited Robin Xing,
the chief China economist at Morgan Stanley in Hong Kong, as saying in its
report. “Consumer confidence is further driven by the unleashed consumption
potential in lower-tier cities.”
The exhibition’s 35th edition will run at AsiaWorld-Expo from Wednesday to
Sunday, and at the Hong Kong Convention & Exhibition Centre from Friday to
Tuesday.
Image: UBM |
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Tags:
China, Hong Kong, Hong Kong Jewellery & Gem Fair, Hong Kong show, Rapaport News
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