Sunday is the final day of the Hong Kong Jewellery & Gem Fair, and now that we’ve officially reached the half way point of the show, some clear trends are emerging. We briefly touched on this issue earlier this week, but now at the show’s midpoint, it’s becoming a clear issue.
More American sellers = Less American antique scarcity.
According to Raymond Lee Jewelers VP Jee Josephson:
“We have been attending three Hong Kong shows a year for the past 5 years. When we started there were very few Americans selling. It made it much easier for us and the other few to sell more and at a higher price. Now that there are so many of us it has made it much more difficult.”
What has brought so many American sellers to this particular show? For starters, the lure of Hong Kong’s rapidly swelling economy. Young consumers in Asia (namely China and India) are eager to inject their newly acquired cash into the market – particularly when it comes to luxury goods.
The sellers want to tap into this prized market, and the Hong Kong Jewellery & Gem Fair is one of the most prestigious shows to help them do so; the show was all too happy to welcome them.
“Our antique section over sold booths, so the show organizers mixed in some of the new antique dealers from America in nearby sections that are unrelated to antique. Because of this those dealers sold zero product,” said Josephson.
So how has the American invasion translate into sales so far at the show? Not fantastically, as one would expect. Josephson explains:
“It was a slower than usual show for us and our American dealer friends. The global market is a bit shaky at the moment. Some of our friends told us that they sold as much as usual but for a much lower margin. Because of the vibe here many American dealers may not return because of the high ticket cost to attend, and the new influx of competition.”
Check back with us on Monday for a full re-cap of the Hong Kong show.
Liz for Raymond Lee Jewelers, your source for jewelry industry news.