Day 2 Brings More ‘Eclectic’ Diamond Trading
Sentiment among participants was mixed on the second day of the Hong Kong Jewellery & Gem Fair, with exhibitors reporting satisfactory, if not outstanding, business activity.
“The first day was good but today is eclectic,” said an Antwerp-based trader on Wednesday.
The mood on the opening day was relatively positive despite pre-show expectations of uncertainty amid a decline seen in the Far Eastern market.
“The Far East is definitely dealing with decreased demand in the last few years. Buyers in China and Hong Kong can afford to be picky as they have less demand and more goods available,” said Jeremy Medding, owner of EMA Diamonds, which supplies round diamonds up to 10 carats. “People came with lower expectations, but it’s been more upbeat than that.”
The second day had slightly less traffic but buyers were more serious, added one Hong Kong-based trader. Prices were relatively stable as manufacturers have already adapted to lower price levels, particularly for diamonds below 1-carat, added another Antwerp-based supplier.
Suppliers noted steady demand for specific items. Demand for diamonds in the 0.20-carat to 0.30-carat range has improved in recent weeks, but larger goods and large fancy shapes are still struggling, traders reported.
“Its hard to sell 3-carat, D to F, VVS goods in rounds and fancy shapes,” commented another India exhibitor, who described the show as “okay” so far. “With the larger fancies, when you need diamonds you can’t find them, and when you have the stone you can’t find a buyer.”
There remains some caution in the melee market with pockets of good demand for certain categories, added an Indian supplier of melee who requested to remain unnamed.
The show is running in two venues with traders of loose diamonds exhibiting at Asia-World Expo since Tuesday, with the show running until Saturday. Thursday sees the start of the show’s finished-jewelry section, which takes place in the Hong Kong Convention & Exhibition Centre until Monday.