The HKTDC Hong Kong International Jewellery Show, and its twin event, the HKTDC Hong Kong International Diamond, Gem & Pearl Show, held from March 2, 2025, to March 8, 2025, provided a glimpse into the current state of the jewellery market, and its future potential. With over 4,000 exhibitors from more than 40 countries, the twin shows showcased a comprehensive spectrum of the jewellery industry — from raw materials, to finished masterpieces.
Two Venues, Two Distinct Experiences
The events were hosted at two of Hong Kong's premier venues: the Hong Kong Convention and Exhibition Centre (HKCEC), and AsiaWorld-Expo (AWE).
HKCEC, located in Wan Chai, is renowned for hosting international exhibitions, conventions, and fairs. This year, it showcased finished luxury jewellery collections, branded designs, and high-end pieces through specially curated zones, such as the Hall of Extraordinary, which featured exceptional collections from renowned exhibitors such as Dehres, On Tung, and Lili Jewelry. The Hall of Fame also showcased international brands such as Giorgio Visconti from Italy, Lao Feng Xiang from Mainland China, and Cheté from Hong Kong.
AWE, situated near Hong Kong International Airport, focussed on loose diamonds, gemstones, and pearls. It hosted key zones, including the Hall of Fine Diamonds, Treasures of Nature, and Treasures of Ocean, offering buyers a comprehensive sourcing platform for diamonds, gemstones, and pearls.
Insights and Observations from the Show
The overall atmosphere at both venues was positive, but actual sales conversions were tempered by price discrepancies. Buyers remained cautious, mainly purchasing for open orders, rather than stocking inventory. The demand for small-sized diamonds, particularly stars and melees, was strong, but customers resisted price increases. The 0.30 to 3ct category in better colours also faced challenges, with slower sales.
The Japanese pavilion at HKCEC drew significant attention, driven by the appeal of pre-owned jewellery at bargain prices. Meanwhile, the Korean and Turkish pavilions maintained strong interest, showcasing high-quality mountings that consistently resonate with discerning buyers. At AWE, good traffic for loose diamonds and gemstones reflected the reduced production and dried-up pipelines over the past six months. High-value gemstones continued to generate inquiries, highlighting their scarcity and enduring appeal.
Innovations and Industry Trends
This year's shows also highlighted technological advancements and innovative marketing tools. Venus Jewel introduced its Matched Pair Report, an industry-first initiative that meticulously documents and verifies pairs of natural diamonds based on over 25 grading parameters, including cut, colour, clarity, carat weight, and light performance. This new offering adds a layer of precision and transparency, appealing to traders and jewellery connoisseurs worldwide.
The HKTDC also adopted a hybrid "EXHIBITION+" model, combining physical exhibitions with online platforms like Click2Match, an AI-enabled business matching service. This approach extended the reach and impact of the events beyond their physical confines, providing more opportunities for global buyers and exhibitors to connect.
Cautious Buying and Market Dynamics
Buyers were noticeably cautious, purchasing only what was necessary, and what they were confident about selling. Many transactions involved pre-sold or highly likely-to-sell pieces, reflecting a conservative approach to inventory. This dynamic was particularly noticeable at the HKCEC jewellery show, where strong visitor traffic did not translate into high transaction volumes.
Chinese buyers were fewer than expected, with the majority of the activity driven by Indian, other Asian, and Middle Eastern buyers. This shift underscores India's growing influence as both a consumer and a manufacturer in the global jewellery market.
A New Normal for the Market
Compared to the September 2024 fair, the current show performed better, signalling a potential stabilization in the market. However, the industry seems to be settling into a new normal, with the turnover of jewellery companies now approximately 30% to 40% lower than in previous years. This recalibration of the market size requires stakeholders to adjust expectations and strategies accordingly.
Maintaining stability in polished production, and avoiding significant rough price increases or oversupply could help sustain the positive market sentiment. However, embracing this ‘new normal’ with a pragmatic approach will be essential for navigating the market's evolving landscape.
Trade Tariffs and Future Outlook
There was palpable concern about the impact of new US trade tariffs on China’s and India's jewellery industries. Despite this, the sentiment around India remained largely bullish, bolstered by strong local consumption, and a robust manufacturing sector.
Ultimately, the HKTDC twin shows underscored both opportunities and challenges within the jewellery market. While the demand for high-value gems and second-hand jewellery remained strong, cautious buying behaviour and price sensitivities were evident. As the industry adjusts to its new size and shape, flexibility and strategic foresight will be crucial in maintaining growth and stability in a competitive global market. Whether it was technology-driven transparency, high-quality mountings, or the subtle shift towards second-hand luxury, this year's event provided invaluable insights into where the market is heading.