This is a two-way street since Asian countries are also interested in being wider represented in international markets.
China
The Hong Kong International Jewellery Show (March 4-8) was an important event for the jewelry industry. The show was reported to attract a record number of participants bringing together 2,306 exhibitors from all parts of the world. According to its organizers’ estimates, approximately 31,000 visitors were expected to come to the show before its closure. Companies from Cambodia, Egypt, Lebanon, Kuwait and Mexico joined the team of participants from 45 countries for their first time.
In recent years, as IDEXOnline reports, jewelry shows in Hong Kong are attracting more and more sellers and buyers since South-East Asia is drawing their interest as the most rapidly expanding jewelry market and an alternative to the stagnating jewelry market in the U.S.A.
Hong Kong, the former British colony, is the fourth largest jewelry exporter in the world whose export turnover went up 17% last year reaching $4.3 billion. The U.S.A. and the European Community are the largest importers of jewelry from Hong Kong.
It is noteworthy in this respect, that the Chinese jewelry market has one peculiarity being represented by China only and proper as well as by Xianggang (Hong Kong) and Aomen (Macau), special administrative territories, which run their own jewelry show. Sales of jewelry and watches in Macau in 2007 rose 54% - the highest increase for any retail category. The majority of retailers (69%) expect double-digit increases in sales during the first quarter of 2008 and prices to remain stable.
According to official statistics, total jewelry sales across China in the first two months of 2008 went up 46.8%. This was also the highest increase for any category of goods.
Remember that Garret Penny, Managing Director of De Beers, addressing the Diamond Conference in Tel Aviv called the industry to include the new markets of China and India into their expansion strategies to ensure continuous diamond demand. “This is where the growth is going to come from in the next 10 years and we need to pay closer attention to these markets,” Penny said.
It was reported in the end of February that De Beers Diamond Jewellery was opening its first store in the premiere shopping mall of Hong Kong. Guy Leymarie, company CEO, said the company had waited two years to find the right location before opening. “For us location is decisive. We would rather open later and have the right location,” he said.
The company store’s neighbours include Tiffany & Co. and Dickson Watch & Jewelry (which sells such brands as Rolex, Bulgari and Chopard) as well as the Christian Dior, Valentino and Harvey Nichols flagships.
The store is operated as a franchise by Lane Crawford Joyce Group, which has plans to open a second De Beers store in Hong Kong later this year, as well as a store in Macau.
Leymarie added that while the priority is currently to focus on Hong Kong, De Beers would open in China in the future.
