JEWELLERY EDITORIAL

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2014/09/23

India’s Prime Minister Mr. Narendra Modi has been able to give Indian economy the booster dose which was badly required within first three months of his coalition government led by his Bhartiya Janata Party (BJP).

 

His prime goal, as he had declared before the general elections, was to provide India a stable and work-efficient government at the centre which is must for a country for its growth. His second goal was to improve the shabby condition of the Indian economy by creating a congenial atmosphere for attracting foreign direct investments which is also must for enhancing gross domestic product and generating larger numbers of employment.

 

Mr. Modi has achieved both these targets within first three months of his government’s inception. As a part of his pre-conceived strategy in his mind, Mr. Modi has started improving India’s relations with the neighbor countries, first among them were Bhutan and Japan and the last and recent was Asian giant China.


The two Asian giants in global gem & jewellery industry

 

During Mr. Modi’s recent official tour of Japan, the Land of Rising Sun has pledged to invest about USD 35 billion in India’s various sectors like railways, infrastructure, energy etc. while China’s President Mr. Xi Jinping has promised to invest USD 20 billion in India over the next five years and also has agreed to provide greater market access to Indian products in farm, pharma including gems and jewellery sectors, with a view to reducing the large trade gap with India.

 

It may be noted here that an MoU was signed between India’s Gems and Jewellery Export Promotion Council (GJEPC) & China Gems Center (CGC) recently during a jewellery show in Jaipur which would facilitate smoother exchange of gemstone and jewellery between India and China. Accordingly, Indian manufacturers are now eager to set up their trade centres in China.

 

With exclusion of talk about other sectors, we will discuss about India and China as a major global force which drives and dictates the terms in gem & jewellery sector. While India and China together account for about 70% of the world's gold market, China has achieved the status of the fastest growing global market for diamond jewellery as the country has seen an increase of 30% in the number of diamond jewellery retail doors between 2010 and ’13. On the other hand, domestic diamond jewellery markets of both India and China rose by a compounded annual growth rate of 12% in local currency terms between 2008 and 2013, according to a report recently released by the De Beers.

 

The Managing Director of Rio Tinto Group Mr. Jean-Marc Lieberherr has also given positive indications about the new Indian government. He recently said during the September ’14 Hong Kong fair,

“We are sure to see strong growth in India as soon as the country gets its house in order with the new government. The middle class in China and India, supposed to be the world’s fastest growing jewellery market, can double by 2015 in comparison with 2010, boosting demand for diamonds.”

 

China and India, where about an estimated 21 million weddings take place every year, may account for half of the growth in diamond demand in the next five years from 2013, market experts say. India and China, the two major forces in global market are now striking closer ties in the fields of gem & jewellery to become decisive drivers in growth of the industry.

 


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2014/09/22

The young and prospering new generation in India has come to an age and it is now becoming more precise and choosy as far as its jewellery is concerned. A notable change in its taste from tradition gold jewellery to latest diamond jewellery has been marked among the educated and employed youths, aspiring grooms and brides along with their growing sources of income.

 

A myth had been prevailing among Indian consumers that diamonds and diamond jewellery are unaffordable. Organized diamond jewellery chains in India, with their sustained campaigning have now become successful in eradicating this myth from consumers’ mind to a great extent. Moreover, introduction of certified diamonds has enhanced trust and made diamond valuations more authentic. Indian manufacturers are now reaching the mass, offering them affordable diamond jewellery to almost all economic levels. They have also introduced innovative and fashionable diamond jewellery which is cheaper by traditional world standards and targeted at the middle class.


Consumers now prefer diamond jewellery in India’s metro cities

 

Indian jewellery has an evolving history of about 5000 years and a taste of gold jewellery has been deep-rooted in the minds of Indian people. So it would be very difficult to change their preference overnight. Of course, the manufacturers here have been successful in recent times to turn the flow of the tastes of Indian consumers towards diamond jewellery but this is not enough as the growth of diamond jewellery demand here is still in nascent stage. This shift in taste has been noted in big cities of India where about 30% of population reside, rest (about 70% of population) resides in rural areas. Therefore, gold jewellery sales will still see volume growth thanks to this factor.

 

But this is a good beginning and what needs to be done to carry forward this shift is to become more focused on rural areas of India with a sustained campaigning to bring awareness about diamonds and diamond jewellery. The World Diamond Mark Foundation (WDM) which is about to launch its generic promotions for diamonds soon can be a great help for driving diamond jewellery demand growth in India.

 

It would be encouraging for India’s diamond jewellery manufacturers and retailers to see that consumers here are becoming more modern and less traditional. They have shown a willingness to shift from traditional gold jewellery and to try jewellery made from other precious commodities like diamonds and platinum. Besides sustained campaigns, the other reason behind this change in consumption patterns is that a large number of young people in India are using internet technology which keeps them informed about the trends prevailing in the world. Today, they care more about the latest design, style and seasonal trends.

 

Market analysts here observe that this change in consumption patterns can be credited to other factors also. The change is also being driven by price moves and currency devaluation. During last entire year, Indian consumers have seen volatile gold prices along with a steep downfall of the Indian rupee against the USD. On the other hand, polished diamonds have become cheaper. As the Rapaport Diamond Trade Index puts it, average asking price for 1-carat diamonds fell by about 18% by the end of the second quarter of this year, year-over-year.

 

During July 2014, diamond solitaires outpaced gold in the stock index by 10 percentage points which further dimmed India’s love for gold. Besides, the profit margins on pure gold have also gone down after the Indian government introduced various curbs on imports of the precious metal to take control over its Current Account Deficit (CAD), including higher import taxes and tougher import procedures, in an attempt to close the current account deficit. This has prompted them to popularize diamond studded jewellery among Indian consumers.

 


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2014/09/19

Attendance for the first two days of the September Hong Kong Jewellery Fair improved by 11.2 percent year-over-year, according to UBM Asia, the company the owns and operates the world’s largest B2B fine jewellery trade fair. The numbers are from the portion of the show dedicated to jewellery making materials, equipment and supplies held at the AsiaWorld-Expo.

 

Wolfram Diener, UBM Asia senior vice president, shared these numbers with me during a brief interview Wednesday at the opening of the portion of the show dedicated to finished fine jewellery at the Hong Kong Convention & Exhibition Centre. Fair organizers predicted very modest growth this year, and judging from the first two days of the finished jewellery portion of the fair, this may still happen. But an attendance figure of 33,606 unique visitors had to be a welcome sign for the organizers. Particularly during a time of political turmoil and violence in the Middle East, sanctions against Russia, and still sluggish economies in the western portion of the world, particularly in Europe and the US. Not to mention a category 8 typhoon off the coast of Hong Kong.

The crowded registration area at the AsiaWorld-Expo during the second day of the fair.

The crowded registration area at the AsiaWorld-Expo during the second day of the fair.

 

One of the buyers I saw Tuesday was Steven Lagos, founder of the jewellery brand, Lagos, who says the annual fair has grown to become “best show in the world.”

 

“You used to be able to see all of these little companies in Basel, but it has gotten too exclusive and expensive,” he says. “I always find interesting ideas and suppliers in Hong Kong.  It really offers a global perspective into the business.”

 

Mayuri Vara, owner Vara of London, a new luxury jewellery brand, says she has been coming to the Hong Kong fair for three years to source her materials and to network. Next year, she plans to be an exhibitor. This year, her focus will be coloured gemstones, such as rhodolite garnet, pink sapphires, morganite, grey and champagne diamonds.

 

“The demand of colored gemstones at the fair is set to continue,” she says. “(The show) attracts a great number of influential international buyers and is a gateway to doors into luxury Asian markets. We will be looking forward to exhibiting next year.”

 

Leibish Polnauer, founder of Leibish & Co, a dealer of fancy colored diamonds to consumers and the trade primarily online, brought some of his more special gems with him to exhibit, including a 50-carat yellow diamond and a 3.37-carat pinkish-purple diamond, known as “The Purple Orchid,” that has an asking price of $4 million. His booth like many at the show was crowded with people milling about and with appointments. When I asked him about business, he shrugged saying “typhoons, whatever, we do most of our business online.”

 

It is the largest B2B fine jewellery show in the world in terms of the number of exhibitors and the amount of exhibition space. Baselworld – The World Watch and Jewellery Show (primarily a watch show open to the trade and general public) attracts more visitors.

 

 


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2014/09/11

You have some very specific products you are looking for? THE set of gemstones… a type of coral… a hard to come by set of pearls? There is a new service for you at the upcoming September Hong Kong Fair, helping to deal with special requests more efficiently!

 

The show is a heaven for browsing, meeting old and new exhibitors. It is most likely the place where you will be able to cover your sourcing needs whatever they are.  The exhibitor lists and the Mobile Buyer Guide  are essential tools to sort and categorize potential suppliers. But even then, you might want to zoom in on even further to ensure you maximize your options while managing a busy schedule.

 

At JewelleryNetAsia we are now launching a new sourcing feature just in time for the opening of the September Hong Kong Fair: At our Product Locator Kiosks positioned throughout the fair venues you can place Trade Lead messages. These Trade Leads will be published to suitable suppliers. Only targeted exhibitors can see the offers and can respond while you are at the fair. Just approach the Product Locator Kiosks and place your sourcing request as detailed as possible.

 

With a number of suitable replies you will save so much time you can expand casual browsing, networking with your contacts or even see a bit more of Hong Kong.

 

Have a great show!

 

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2014/09/10

 At the 71st Venice Film Festival, chokers were the  perfect complement to the actress' long and elegant strapless gowns. 

Vintage and Classic

Chokers in vintage and classic design is always the most anticipated highlights of the red carpet look.

Alessandra Ambrosio in Alberta Ferretti high-low gown

Alessandra Ambrosio in Alberta Ferretti high-low gown and Chopard’s Bejewelled Choker attending 'La Rancon De La Gloire' premiere at the 71st Venice Film Festival

Andersphoto / Shutterstock.com

 

 

Diamond Necklace

Diamond Necklace - Noble Jewelry Limited, Hong Kong

 

Emerald and Diamond Classic Choker

Emerald and Diamond Classic Choker - KGK Jewellery (HK) Limited, Hong Kong

 

Leaf-like choke

What we were more excited to see the leaf-like choker sparking on the beautiful clavicle of the actress. 

 

Sveva Alviti in Pastel-blue Alberta Ferretti empire gown attending the Opening Ceremony and 'Birdman' premiere during the 71st Venice Film Festival

( Photo Source: taniavolobueva / Shutterstock.com)

 

Leaf-like Embellished 18K White Gold Ruby Jewellery Set - Artman Jewellery Limited, Hong Kong

Emerald and Diamond Classic Choker

Cartier (1955) 18K Gold, Platinum, Navette Cut Turquoise and Diamond Necklace - Palais Royal Paris Jewellery Company Limited, Hong Kong

Simple Diamond Choker

Somebody says a simple and short necklace is hardly noticable. Somebody says the diamond embellished simple chokers are just perfect matches bringing brillance to the skin for the trend of neutral nouveau. What do you think?

Amy Ryan attended the 'Birdman' Premiere during the 71st Venice Film Festival

( Photo Source: taniavolobueva / Shutterstock.com)

 

Emerald and Diamond Classic Choker

Fancy Yellow Starburst Diamond Necklace- Louis Glick & Company,USA

Emerald and Diamond Classic Choker

Pave Chained Necklace in Sterling Silver with Single Cut Diamonds - Silver Mountain, India

 

Emerald and Diamond Classic Choker

Diamond Necklace- Double Arts Jewellery Manufacturer Limited, Hong Kong


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