SURAT: Weak buyer sentiment at the five-day long gems and jewellery exhibition in Hong Kong has dampened the spirit of exhibitors as well as diamantaires in Surat and Mumbai ahead of Christmas season. This reflects weak demand for polished diamonds.
The finished jewellery exhibition opened on Wednesday at Wan Chai district. It will end on Sunday. The loose diamond section of the fair began on Monday at Asia World Expo and will end on Friday.
The annual Hong Kong Jewellery and Gem Fair is the second largest exhibition in the world after JCK Las Vegas. Since the exhibition is held every year in September, buyers sentiment ahead of Christmas decides what the demand for polished diamonds and jewellery would be.
Protests in Hong Kong since June against extradition bill have coincided with sluggish consumer and dealer demand in the region because of the US-China trade war.
Industry sources said Hong Kong is the second largest export market for polished diamonds after the US. The annual polished diamond exports are pegged at $8 billion. Hong Kong is the gateway to China where polished diamonds are exported by Indian diamantaires.
Diamond industry analyst, Aniruddha Lidbide, said, “This has happened for the first time in many years that the buyers sentiment in Hong Kong exhibition is very weak ahead of Christmas sales season. It is very bad news for diamantaires in Surat. International buyers sought huge discounts on polished diamonds. Hong Kong exhibition was the last hope for the industry in 2019. Now it depends on market conditions, how the polished diamond demand will perform in 2020.”
Nilesh Borada, a diamantaire who participated in the exhibition, said, “We got very less orders compared to last year. In most of the business deals, we had to compromise hugely on price front.”
The finished jewellery exhibition opened on Wednesday at Wan Chai district. It will end on Sunday. The loose diamond section of the fair began on Monday at Asia World Expo and will end on Friday.
The annual Hong Kong Jewellery and Gem Fair is the second largest exhibition in the world after JCK Las Vegas. Since the exhibition is held every year in September, buyers sentiment ahead of Christmas decides what the demand for polished diamonds and jewellery would be.
Protests in Hong Kong since June against extradition bill have coincided with sluggish consumer and dealer demand in the region because of the US-China trade war.
Industry sources said Hong Kong is the second largest export market for polished diamonds after the US. The annual polished diamond exports are pegged at $8 billion. Hong Kong is the gateway to China where polished diamonds are exported by Indian diamantaires.
Diamond industry analyst, Aniruddha Lidbide, said, “This has happened for the first time in many years that the buyers sentiment in Hong Kong exhibition is very weak ahead of Christmas sales season. It is very bad news for diamantaires in Surat. International buyers sought huge discounts on polished diamonds. Hong Kong exhibition was the last hope for the industry in 2019. Now it depends on market conditions, how the polished diamond demand will perform in 2020.”
Nilesh Borada, a diamantaire who participated in the exhibition, said, “We got very less orders compared to last year. In most of the business deals, we had to compromise hugely on price front.”
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