Trade activity at the Hong Kong Jewelery & Gem Fair, held from June 19 to 22, was below expectations of participants, as they failed to increase sales and dilute the traditional period of calm in the market, Rapaport reports. Exhibitors noted that buyers were looking for specific goods to fulfill existing orders, avoiding replenishment of stock.
Suppliers reported that they were faced with a drop in demand due to price increases, and buyers demanded discounts and did not show willingness and enthusiasm for purchases. Sellers, in turn, did not want to cut prices, cutting profit margins, and already suffered from high prices for rough diamonds.
"If someone had the intention to buy goods and agreed with the price, then he had no problems with the search," said Anshul Mehta, manager of the Mumbai company Rosy Blue. "If the sellers cut prices by 3-4%, sales would be much higher."
The participants of the exhibition, specializing in selling expensive diamond jewelry, complained about rather low activity and consumer traffic compared to last year's exhibition.
The exhibitors polled by Rapaport News correspondent noted a good demand for diamonds weighing more than 3 carats, as well as shifting preferences of Far Eastern consumers towards SI purity diamonds and below. There was a steady demand for diamonds of fantasy color and original shapes (oval-cut stones were especially popular).