SURAT: Indian diamantaires have been pinning their hopes on the success of Hong Kong International Diamond, Gem and Pearl Show and the Hong Kong International Jewellery Show being held at two separate locations in Hong Kong between March 2 to March 6 and March 4 to March 8, respectively.
Diamond suppliers from Surat and Mumbai are hoping for a boost to market confidence as the Hong Kong International Diamond, Gem and Pearl Show opened on Monday.
While it was too early to assess actual trading at the show, visitor traffic was quiet in the morning session but picked up in the afternoon.
"There is a sense of confidence in the show. There are visitors from across the world, especially the top diamond buying centres like China, U.S, Far East etc. However, we are confident enough for the two events, which is going to increase the polished diamond demand" says Vijay Sheth, an exhibitor at the HK shows.
According to Rapaport, the diamantaires are hoping the show will signal an improvement in market activity after a prolonged period of caution among polished diamond buyers. Many, to whom RApaport spoke to at the show, noted that there is a shortage of some goods given that India-based manufacturers have reduced their polished production by about 30 percent since the October Diwali break.
One manufacturer reported that there is a shortage of 0.50-carat to 0.99-carat, D-J, VVS1-SI diamonds, and steady Chinese demand for these goods. Exhibitors hope that Chinese retailers will return to the diamond market after the Chinese New Year spring festival that ended in late February.
A total of 4,300 exhibitors from 52 countries are participating in the two events, according to the Hong Kong Trade Development Council (HKRDC), which is organizing the shows.