Weak show in Hong Kong, uncertainty prevails

Buyers from Islamic countries stay away from HK show due to ongoing Ramadan; Brexit made the situation bad to worse.
Weak show in Hong Kong, uncertainty prevails

29th edition of the June Hong Kong Jewellery & Gem Fair concluded on a sluggish note owing to the uncertainty that prevailed over global economies due to Britain’s decision to exit EU. It came no surprise to the exhibitors as the buyers at the HK June Fair decided to play safe and put buying on hold.

Besides, this year, the dates of the show clashed with the ongoing month of Ramadan. Along with buyers from Middle East China, buyers from Vietnam, Indonesia, Malaysia, Cambodia and, Singapore and were also missing as all these places have a large number Islamic population. During the holy month, these buyers did not travel to Hong Kong.

June show is key mid-season sourcing platform that the many buyers do not miss. However, this year, the picture looked little bleak owing to the prevailing global market conditions. Even exhibitors at the show had not any expectations. After a dull start, the show got little better but it was met with price-sensitive buyers, who were selective about their purchases. From gemstones, diamond exhibitors to jewellery exhibitors, everyone had lukewarm response as the buying plummeted to almost 25 per cent as compared to the previous year.

Few Israeli exhibitors received good response as there were few exhibitors exhibiting large size diamonds. In diamonds, pointers and till 3-carat goods were did elicit response but it did not convert in good demand. The exhibitors believed that the price for 3-carat up goods might go further down. In small goods, prices were strong as manufacturer couldn’t sell goods at cheaper rates due to high rough prices.

The 29th edition of the June HK Fair was held at the Hong Kong Convention & Exhibition Centre (HKCEC), occupying over 70,000 square metres of exhibition space. The four-day fair took place from 23rd June until 26th June with a record number of exhibitors in excess of 2,200 companies from 41 countries and regions.

The Fair featured 16 specialty themed pavilions so that buyers can source products with ease. One of the major highlights is the Diamond Pavilion, one of the largest diamond pavilions in the world, which housed about 500 local and overseas diamantaires. The Gemstone Pavilion meanwhile featured over 500 international gemstone suppliers.

The June Fair also offered participants a number of learning opportunities. GRS Lab and the Gemmological Association of Hong Kong hosted seminars on timely industry topics. On 25 June, the GRS Lab discussed their new book titled “Pigeon Blood Valley” and shared the latest market intelligence about rubies from the city of Mogok, Myanmar. The Gemmological Association of Hong Kong discussed the technology for identifying laboratory-grown diamonds.

Besides, this show, Mineral, Gem and Fossil Asia was held concurrently at the Convention Hall in HKCEC. This all-in-one marketplace gave buyers the opportunity to source a wide range of the world’s rare mineral specimens, rough gemstones and fossils.

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