Hong Kong manufacturers are optimistic about prospects in the gemstone and jewellery industry in the second half of the year, citing improved consumer sentiment and renewed confidence in the trade.
Speaking at a press conference in the September Hong Kong Jewellery & Gem Fair, Lawrence Ma, founding president and chairman of the Diamond Federation of Hong Kong, China Ltd, cited a more stable diamond market.
“From the beginning of the year, the price of polished diamonds remained steady. Reports from De Beers are also encouraging; they have been selling sizable amounts during the last few sights. Demand and supply are very much in balance,” stated Ma. “The inventory has been reduced both in the rough and polished sectors. It’s a healthier season. Everybody is planning for the second half of the year.”
At the trade show, Ma noted that buyers are interested in different types of goods. “All in all, it’s a changing market, but we are seeing positive signs for the second half of the year,” he added.
Kent Wong, managing director of Chow Tai Fook Jewellery Group, and chairman of the Hong Kong Jewellers’ & Goldsmiths’ Association Ltd, meanwhile, said despite volatility in the global market, Hong Kong jewellers are seeing signs of stability in the second half of the year.
“The most important buying seasons like Christmas and Chinese New Year are happening during the second half of the year so we expect the industry to perform better,” noted Wong. “Most retailers are replacing orders and working hard to launch new campaigns to help boost consumer sentiment.”