Low Hong Kong Turnout Dampens Optimism

(Rapaport) - The March Hong Kong show closed on Monday with dealers disappointed in the number of buyers that attended, even as they remain satisfied with the recent improvement in Far East demand. “Sentiment is positive, and buyers adapted to higher price levels that emerged in the past few months,” said one Israel-based diamantaire who requested anonymity. Many noted that trading before the show was better than during the event as wholesalers and retailers needed stock for the Chinese New Year, which started on February 16. Diamond exhibitors therefore came to the show with high expectations after recording good sales from November through February. Polished diamond prices firmed, with the RapNet Diamond Index (RAPI™) for 1-carat diamonds rising 2.9% in the first two months of 2018. However, participants’ hopes diminished following low buyer turnout from mainland China. Chinese clients were still on vacation as the show was too close to the New Year Lunar festival, dealers noted.