Hong Kong Jewellery & Gem Fair: Slow Trade, 17 Thefts

Retail and Consumer Confidence
29/06/2015 14:37

Ehud Laniado writes that the Hong Kong show that took place last week opened with a "generally low mood" on the part of diamond wholesalers, but notes that the June edition of this show is usually a slow one, "and this year it was especially slow." Most of the large buyers were absent. The presence of the smaller Chinese retailers created quite a number of transactions, although with a lower total value of sales compared to last year. Buyers initially offered low prices but exhibitors held prices strong, especially in areas where a shortage has been felt lately, such as 1-carats in the VS-SI qualities. Many exhibitors expressed their discontent from shows in general, and commented that they probably can have the same sales volume or better at their offices. It is not clear if this is a long-term conclusion or only a sentiment that rises from the current weak market.

However, while it was slow for the traders, the thieves kept themselves very busy, as the event was hit by 17 thefts of goods with a total value of HK$ 6.9 million. 12 thefts of diamonds and other jewels were reported on opening day alone, with a total value of HK$5 million.