New Venue, High Spirits

This year the gems & jewellery industry’s most looked forward to fair, the JCK Las Vegas movedto its new venue, the much touted Mandalay Bay Hotel and Convention Centre. While the change did cause some confusion in movement within the show, the new, larger location was appreciated by Diamond World reports.

On June 3, 2011, the JCK, Las Vegas Show opened at its spanking new venue, the Mandlay Bay Hotel and Convention Centre, a move which has been on the cards for some time. The larger, more spacious and luxurious location, with high level amenities buoyed up the spirits of participants and visitors alike from the word go. Exhibitors were particularly happy as the move afforded them more space, and they most were accommodated at the same level. However, the new venue did throw visitors into some confusion as stalwart participants have by now almost mastered the floor plan of the Venetian, the earlier venue. But such early teething problems apart, the venue was greatly appreciated by all.

More than 2,500 exhibiting companies from 22 countries took part in the event and the show got off on a positive note from the first day itself. The atmosphere at the show was filled with positive energy and business was brisk as well.

The show now has a separate Diamond Plaza especially placing most of the diamond dealers in close proximity to each other. As other major industry fairs have shown, diamonds were a particularly hot product attracting not only attention, but also high prices, which were absorbed by buyers, even those from the US. Interestingly, American buyers were also willing to pay on cash terms, against their earlier demand of extended credit lines. This it seems is due to the demand from the East, so sellers could hold firm.

This was reaffirmed at the show as a lot of Asian buyers were seen, reportedly there to also purchase the old unsold stock from US dealers. There was interest in fancy shapes like pears and hearts, we are told, as they compare favourably in terms of prices to same sized rounds. Dealers expect prices in fancies to go up in the near future.

At the retail level, jewellers have had to maintain prices, and hence retailers have to be innovative in offering goods. As a result there has been some downward adjustment made in terms of both diamond sizes and qualities as well as metal weight.

Another offshoot of this is the increasing importance of silver jewellery in the market as well as the increasing use of alternative materials like leather and wood in the designs to keep down prices. While brands like Pandora and Chamilia and similar products had a particularly strong showing, several companies are now also moving in this direction – whether it is the use of silver with diamonds, coloured gemstones and CZ and innovating on design to include new materials and metals.

The AGTA Gem Fair™, held in conjunction with JCK was held at the beach level which disappointed exhibitors who felt that footfall was affected as a result, to the extent of some participants telling us that they would not participate in the future if the location and marketing efforts were not improved. However, otherwise gemstones did well, in spite of prices having gone up in the last three months or so.

“Demand for colour in jewellery is a really hot trend right now because of its beauty, affordability and wearability,” said Adam Graham, Marketing Manager, AGTA. “Buyers at the AGTA GemFair™ at JCK have two extra days to find a wealth of loose gemstones, cultured pearls and finished jewellery to restock their inventories for the upcoming season.” Also disappointed at their location was the Plumb Club – the pavilion of high end luxury jewellery companies – which reportedly also had lower visitor traffic in their aisles compared to previous years.

Other shows running parallel to the JCK, Las Vegas, were Luxury at JCK, and The Las Vegas Antique Jewelry & Watch how, both of which also had an extremely positive response. The luxury market has been doing well and has maintained both prices and demand. At the latter, activity was heightened due to dealers looking for finished jewellery at competitive prices rather than at the current rates of metal and diamonds. Needless to say, important goods were snapped up in no time. At the conclusion of the show, Yancy Weinrich, Industry Vice President, JCK Events said, “We are encouraged by the level of buying on the show floor. This suggests that the recovery is picking up momentum as jewellers are looking to refresh and purchase new inventory for the upcoming holiday season.”

The JCK Las Vegas is particularly important to the gems and jewellery industry as it serves as a touchstone for the US market, still the largest in terms of sheer size. This is the show from which the industry takes a reading to plan for their future business direction. Overall the show was positive. However, a few aspects are causing the industry to move with caution. At the micro level, the constant upward movement of prices of gold and diamonds as well as t prices of cone fluctuation means that no one can take large long term orders. This not only impacts the industry as a whole, it also particularly affects the US TV and catalogue segment which is fairly large. Secondly at a macro level, the US economy still has a long way to go before it puts the 2008 crisis behind it. However, for the moment, the industry is happy and looking forward to a good season.

Larger India Pavilion at Vegas

This year the India Pavilion organised by The Gem & Jewellery Export Promotion Council at JCK, Las Vegas was bigger and better. The show did not disappoint participants either, and the contingent returned deeply satisfied.

For some years now, The Gem & Jewellery Export Promotion Council has been organising the India Pavilion at the JCK, Las Vegas, one of the foremost shows of the international gems and jewellery industry.

This year the India Pavilion featured a total of 81 booths, with 53 companies occupying 79 booths spread over an area of 8050 sq. ft compared to last year’s 6500sq. ft. The GJEPC sponsored an exclusive VIP Lounge and also made its presence felt through extensive on site branding at the show.

“JCK offers the best product sourcing opportunities – from high-end and luxury and boutique to mass market. With Indian exports to the US touching US$ 5114.66 million in 2010, participation at the JCK show is vital for Indian players presenting as it does both business and networking opportunities,” said Rajiv Jain, Chairman, GJEPC.

Vice Chairman, GJEPC, Sanjay Kothari said that participants had returned from the show deeply satisfied. “Business was good and all were happy,” he said.

IDCA Hosts Annual Awards Gala Dinner

As it has done for the last many years, the New York-based Indian Diamond & Colorstone Association (IDCA) held its annual awards ceremony and gala dinner during the JCK, Las Vegas Show 2011, honouring leading lights of the gems and jewellery industry.

On June 4, on the sidelines of the JCK Las Vegas, the Indian Diamond and Colorstone Association (IDCA) held its 27th Annual Awards Ceremony and Gala Dinner at the Mandalay Bay Hotel, Las Vegas.

The glitterati at the event included special guests Pete Zegarac, Inspector in Charge of the US Postal Inspection Service, Phoenix Division, Lou Rohde, Director of Member Services of the Diamond Dealers Club of NY (DDC), and Jim and Madlene Moseley, principals of TransGuardian, Inc., a software company whose owners are IDCA and DDC members.

Macy’s was awarded as the Retailer of the Year, received on its behalf by vice president and divisional merchandise manager of jewelry, Bea Spiech. ABN AMRO and Standard Chartered Banks also received awards.

The prestigious Doyenne of the Year title was bestowed Varda Shine, CEO of the Diamond Trading Company. Shreyas K. Doshi of Shrenuj & Co. Ltd. received the “Pioneer Honoree” for his dynamic contribution to the transformation of the Indian diamond industry.

The evening also included some foot tapping moments during the Indian music programme which was arranged by the hosts, and during which several of the prominent hosts and guests took to the floor.