Polished Prices Hold Firm at Hong Kong jewelry Show
By Avi Krawitz www.diamonds.net
Diamond trading at the Hong Kong International Jewellery Show beat pre-show expectations as dealers reported that sales improved over the weekend and polished prices held firm. The fair started with strong visitor traffic which continued through Sunday.
“The show was better than expected and people are more optimistic at the end of the show than they were at the beginning,” said Alon Garty, general manager of Windiam Hong Kong, a Belgium-based diamond manufacturer and dealer.
He added that there was still strong negotiations on prices and that buyers remained cautious when buying for inventory. Prices had softened slightly in January and February as the market was blocked, and that helped spur some trading at the Hong Kong fair, Garty explained.
One Israel-based dealer of fancy shape polished diamonds, who requested anonymity, said that he came to the show with some expectation that sales would take place given the quiet in the market at the beginning of February. “Retail stores have done business, even if it hasn’t been booming, but people in the trade haven’t bought for a few months and retailers need to build inventory,” he explained. “People came with low expectations but even those of us who came with some expectations were happy.”
Buyers were predominantly from the Far East, including Mainland China, Bangkok, and Indonesia, while Indian buyers were restrained by a new 2 percent import duty that was introduced by the government in January.
Diamond demand was focused on stones below 3 carats, predominantly with SI clarity, while demand for larger goods remained weak. Most traders who spoke with Rapaport News reported that there was rising interest for fancy shapes as they presented better value than rounds at the moment. Popular shapes include Hearts, Pears, Oval and Marquise.
The show, which is organized by the Hong Kong Trade and Development Council, opened on Thursday, February 16 and will close on Monday, February 20.
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