Hong Kong Show Opens, Strong Diamond Sales

The Hong Kong Jewellery and Watch Fair opened today, with renovations of the main exhibition area underway. This sent the diamond booths to what used to be the underground parking area. Surprisingly, this proved to be a successful move.

The diamond venue, which hosted the Belgium and Israel pavilions, is denser than the regular area, but placing everyone together in smaller quarters resulted a concentrated environment. Many traders reported good business, even though the first day tends to be a more exploratory day for buyers.

The Fine Design Pavilion, where the high-end companies exhibit, saw especially good business, as buyers are clamoring for large stones of four carats and higher. Some were willing to buy lower color stones just to meet strong demand from clients.

The show, one of the three largest of its kind, is expanding, adding a Macau venue. This comes at a time when the local industry is seeing strong growth of 15 percent, while the U.S. has lost its luster.