March HK Show sees low number of buyers

The March Hong Kong Jewelllery & Gem Fair was held with a record breaking participation of 2306 exhibitors, indicating growth in terms of the number of entities in the global diamond market today. But although the organisers of the show expected 33,000 buyers, the market situation of fluctuating dollar prices, high gold prices, uncertain diamond prices made buyers refrain from purchase. Buyers were scanty in numbers at the show.

India did not show up in big numbers as Indian buyers were skeptical due to the rising dollar, which touched INR 52, a high of 5-7 percent in one week. Liquidity was the big question. Sellers were not willing to sell on credit especially to American buyers. Many buyers in the show were looking forward for discounted deals, citing a possibility that sellers may want to liquidate their stocks. But some exhibitors like the Israelis preferred to wait for the markets to stabilise rather than sell at lower rates.

Some exhibitors were of the opinion that the sentiments although were lower by 80 percent, business was down by 40 percent. Some experienced that the September edition of the show last year fared better that the March show this year, which could indicate that the recession is taking its toll on the diamond industry.