September 2021 | Lab Grown Magazine

September 2021 | The Lab Grown Diamond Resource Book 32 To advertise call (888) 832-1109 | September 2021 33 Smiling Rocks kicked off 2021 with a giant ad in Times Square. T he five-day twin shows attracted more than 13,700 industry buyers and over 17,000 public visitors who came to explore and purchase a wide array of jewelry products. The twin shows also ran online until August 5 to enable global jewelers and traders to engage in business talks via video conferences, along with more than 1,200 online meetings arranged between exhibitors and buyers. With the pandemic changing the global economy and international travel restrictions disrupting regular business travel, enterprises are looking to conduct cross-border business through both online and physical channels. "An independent survey conducted on-site found that 44% of the interviewed exhibitors and buyers considered business travel restrictions during the pandemic as the biggest current challenge," stated Benjamin Chau, Acting Executive Director of the HKTDC. "On a more positive note, 31% and 19% of respondents, respectively, believed that the recovering purchasing power of customers and business leads driven by e-tailing would be the main source of new business opportunities this year." "The HKTDC is adopting a strategy that clearly aligns with the survey results," Chau continued. "Addressing both exhibitors’ needs and market trends, we made a swift decision to open the twin shows to public visitors for the first time. This has enabled exhibitors to reach out to more retail clients and broaden their customer base. Also, the fact that the two shows run in a unique physical and online format for the first time has helped to create more business opportunities for traders." During the shows, the HKTDC conducted an on- site survey in which more than 800 exhibitors and buyers were interviewed.The survey found that buyers and exhibitors remain cautious regarding the market outlook, with 54% of respondents expecting overall sales to decrease this year and only 29% expecting sales to remain unchanged. In terms of sourcing prices and production costs, 45% of respondents said they were under more pressure. Despite this, more than half of them (54%) expected that retail prices will remain unchanged. Regarding the growth prospects for jewelry products in major countries and regions over the next two years, respondents considered that North America (41%), Western Europe (33%) and Hong Kong (31%) were the most promising traditional markets, while Mainland China was considered by 51% as the most promising emerging market. Hong Kong was recognized as an ideal sourcing hub, with quality (75%), use of material (73%) and services (71%) being the three most appreciated aspects. In terms of popular product categories, the survey found that nearly half (49%) of the respondents favored karat-white gold, followed by karat-rose gold (42%) and karat-yellow gold (38%). Diamonds remained the most popular (54%) among all gemstones. >> Crowds register to attend the physical editions of the 37th HKTDC Hong Kong International Jewellery Show, 7th HKTDC Hong Kong International Diamond, Gem & Pearl Show and the HKTDC International Sourcing Show. The Twin HKTDC Jewelry and Gem Shows Successful Conclusion Despite the Pandemic The 37th HKTDC Hong Kong International Jewellery Show and 7th HKTDC Hong Kong International Diamond, Gem & Pearl Show, organized by the Hong Kong Trade Development Council (HKTDC) were held from July 25 to 29 for the physical event at the Convention Centre. And, this year, the shows also welcomed the public. Survey results of the mood of the market, future expectations, and the favored product categories were also announced. Among the beautiful jewels featured at the HK shows are these earrings and ring from the 'Monet' collection featuring a range of colorful gemstones, by Hong Kong designer brand Green G. Half of the respondents expected trendy fashion jewelry to have the greatest market potential.The survey also found that 28% of public visitors interviewed had spent more than HK$10,000 each on-site and that diamond jewelry items were the most popular products (51%) purchased at the shows. The twin shows were the first two physical trade fairs staged by the HKTDC since the pandemic began, creating business opportunities for exhibitors and buyers alike. A local Hong Kong upmarket designer brand, Green G, exhibited at the show and was pleased with the high turnout, despite the pandemic. "While we were not sure what to expect, we were pleasantly surprised at the turnout and the response," said Paul Tsang, Managing Director. "What also helped this Jewelry parades were good ways to display new and unique jewelry designs to the crowds at the shows. Some 1,100 business matching meetings at the HKTDC Inter- national Sourcing Show were arranged during the show. In addition, more than 100 buyers in Hong Kong and local repre- sentatives of overseas buying offices participated in business connection events and discussed business opportunities with exhibitors at the fairground. The twin shows were opened to public visitors for the first time and 28% of those interviewed said they spent more than HK$10,000 on-site. year was that the shows were opened to the public.We had a lot of interest for our colorful jewels as well as a healthy number of sales to consumers who came to see the jewelry and gem exhibitions for the first time." He noted that, while their overseas retail clients did not show up because of travel restrictions, their local representatives and Hong Kong retailers did come to replenish their inventory of Green G's fine jewelry. Just Gold Company Limited, joined the jewelry show for the first time this year. Arthur Tang, the company’s Managing Director, Greater China, shared that the show was an effective business platform that helped their company enhance its branding and increase market exposure. Exhibitor Yvonne Pong, Director, Wing Hang South Sea Pearl Company Limited, considered the jewelry show as the perfect place to promote their pearl jewelry collections and drive new business. "We’ve met some quality buyers, including a number of new customers," she said. "The HKTDC has done an excellent job making the show a success despite the pandemic. I am confident the show will get even better, with more overseas buyers coming to source products once travel restrictions are lifted." A host of activities were held during the two shows, including seminars on changes that the pandemic and online marketing have brought to the jewelry industry supply chain, a series of expert talks tailor-made to guide the public on the appreciation of rare-color diamonds and pearl evaluation methods, jewelry smart bidding session, workshop, lucky draws and jewelry parades. These events not only facilitated the exchange of market intelligence among industry players, but also enhanced public knowledge about gemstones and jewelry products. Overall, exhibitors and buyers felt that the physical versions were greatly complemented by the digital versions, helping during these uncertain times. ◊