Hong Kong at Asia World Expo sets Positive Tone for the ongoing Buying Season
The 5th Hong Kong International Diamond, Gem & Pearl Show 2018 commenced at the AsiaWorld Expo on the 27th February. With 50 exhibitors from India and 4,480 exhibitors from almost 50 countries and regions, the show was well received and exuded a positive sentiment across the board.
The demand for loose diamonds over the last two days has been good and a good number of Chinese buyers were witnessed engaging in business. Though pricing has been an issue, an optimistic market world over has led the companies to close deals.
Also, in the last few months, rough prices have gone up by as high as 15 per cent, making polished dearer. Hence, suppliers are finding it difficult to replace goods at current market prices, as asking price is not catching up at same pace.
With regard to Nirav Modi-PNB fraud, the global industry seems unaffected by it, and the impact, as we already know, is and will be seen only in India.
Loose gemstones are experiencing a dull period and finance issues in Jaipur have been one of the main factors affecting the market’s performance. However, this has been turned to an advantage amidst buyers as suppliers are looking to sell for cash. Jaipur’s financial situation is not in a great shape and this has caused a lot of uncertainty amongst suppliers and traders dealing in gemstones globally.
The show which remains to be an important event for the industry and a large marketplace where serious business happens will run till March 3. Jewellery Part starts today at Convention Centre, hope to see some good designs and business.