Tuesday, September 20, 2011

Buyers Test Prices on First Day of Hong Kong Show

The Hong Kong Jewellery & Gem Fair opened Monday with just ''average'' traffic, but a lot of inquiries as dealers were searching for market price levels. Diamond suppliers reported that buyers were looking for goods while testing the waters with low offers on the first day. Sellers were holding firm on their prices with the hope that these will be accepted later in the week.

Organizers reported that participation in the event rose 8 percent year on year with 3,454 exhibitors from 46 countries displaying goods, of which about 430 are located in the diamond pavilion.

''The scale of the September fair continues to reach new heights,'' said Celine Lau, director of jewelry fairs at UBM Asia Ltd. ''These record breaking figures have further strengthened the fair’s position as the world’s number one jewelry event.''

The fair is split into two venues with the AsiaWorld-Expo (AWE), featuring the diamond pavilion, running from September 19 to 23, and the Hong Kong Convention and Exhibition Centre (HKCEC) running from September 21 to 25.

Dealers are hoping that Far East demand at the show will enable a period of stability after prices have declined in the past two months as economic sentiment in the U.S. and Europe has stammered.

''Amid worries about economic uncertainty in the West, China, with its huge population, growing middle-classes and rising consumer spending, are becoming major driving forces of global jewelry demand,'' Lau said. ''Exhibitors would like to leverage on the advantages of the September show for expanding their business to these emerging markets.''

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