As the expression goes, change is the only constant in life and the jewelry industry is going through monumental change. Some of it even hits close to home. This was the dominant theme at the September Hong Kong Jewellery & Gem Fair press conference.
The first change is UBM Asia, the largest operator of jewelry trade fairs in the world, has merged with Informa, a London-based company that bills itself as an international business-to-business information services group.
The second change is that Wolfram Diener, senior VP of UBM Asia and a big presence at the Hong Kong jewelry fairs, will be leaving. After 22 years of living in Hong Kong and China, the German native has accepted a new job as managing director of Messe Düsseldorf.
Diener, 57, led his last press conference at the Hong Kong jewelry fair calling it his “final curtain” and introducing his replacement, his close friend, David Bondi, who was in attendance.
In the rest of his presentation he noted that Thailand, with 400 exhibitors of finished jewels, gemstones and supplies, is the largest contingent at the fair, outside of exhibitors from Hong Kong and China. He added there is strong participation from Japan and an increase in exhibitors from Turkey.
Eight leaders of trade associations from Hong Kong and China gave a review of business in the first nine months of the year and what they expect by the end of 2018. Most of the speakers reported strong turnover but also expressed concern due to U.S. and China trade tensions and a strengthening U.S. dollar.
Lawrence Ma, founding president of the Diamond Federation of Hong Kong, said diamond sales increased by 8.7 percent for the first half of the year. However, he added, that he is “cautiously optimistic when it comes to business at the September Hong Kong jewelry fair. “I expect a good show but not necessarily a great show.”
Ken Lo, chairman of the Hong Kong Jewellery and Jade Manufacturers Association, said his organization saw double digit sales gains for the first half of the year but agreed with Ma that events outside their influence could dampen sales for the rest of the year. “I’m very cautious at the year’s end about what’s going to happen,” he said.
Most of the other speakers talked about the challenges being posed by Millennial and Generation Y consumers and how they could disrupt jewelry distribution channels in China.
The press conference itself, an annual event, underwent some change as well. In the past all of the officials sat in front and addressed the media sitting in chairs. This year they added tables and provided lunch for those in attendance.
Change comes in many forms.