Industry Outlook with David Brough: May
05 Jun 2024
By David Brough
JCK Las Vegas sees strong footfall, upbeat sentiment but worries persist over diamond industry
LAS VEGAS – JCK Las Vegas (May 31-June 3), saw strong turnout from the start amid buoyant sentiment backed by positive U.S. business activity data, but worries persisted over the health of the diamonds industry.
The mood was upbeat as JCK, the United States’ largest jewellery trade show, kicked off, with busy booths across the event, including JCK Luxury, from the outset.
Visitors spoke of uncertainty over the outlook for diamonds marketing amid confusion among consumers over competing natural and laboratory-grown segments, while tight supplies and resilient demand underpinned coloured gemstones which appeared to be making inroads into demand for diamonds.
A positive note for diamonds at JCK were the vibrant enquiries by retailers and collectors seen at the Le Vian booth, with marked interest in the brand’s new Wonders & Awe collection, underpinned by the enduring fascination for gold.
JCK Las Vegas hosted a Sustainability Summit on May 30, which gathered key industry leaders to discuss matters such as how to encourage investment into moves towards greater sustainability in jewellery to protect the planet and people.
Other notable panels included a discussion with the President of Botswana, Mogweetsi Masisi, looking at the future of Botswana’s diamond production, including branding of Botswana diamonds, and another discussion featuring leading influencers looking at collaborations to boost marketing impact.
GemGenève see a rise in visitor numbers
GENEVA - Visitors to GemGenève (May 9-12) were up 10 percent compared to the November 2023 edition, underscoring the status of the event as a staple on the international calendar of trade shows specialised in high jewellery and gemstones.
“3,566 visitors came to enjoy the GemGenève experience, 10 percent more than at the previous edition in November 2023,” the show said in a statement.
“The figure was lower than the May 2023 edition due mainly to May 9 being a public holiday and the market being a little less buoyant, but that didn’t stop some visitors from travelling thousands of kilometres to be there! Over 75 nationalities were represented.”
The largest-ever edition of GemGenève, a showcase for high jewellery and gemstones, was inaugurated against a challenging backdrop for the diamond industry.
GemGenève’s May edition, staged at Palexpo near Geneva airport, presented more than 200 exhibitors, offering a wide array of goods from top end antique and vintage jewellery to loose coloured gemstones and diamonds, as well as contemporary, cutting-edge designer creations.
The event had a packed schedule of topical and educational panel discussions, focused on craftsmanship in the gemstone and jewellery industries.
An opals exhibition was among the popular attractions for visitors.
The outlook for sales of vintage jewellery and pieces set with high gemstones, appeared robust, co-founders Ronny Totah and Thomas Faerber said at a news conference on the eve of the show.
However, the diamond trade was cautious, with GemGenève exhibitors and suppliers such as Surat-based SRK Exports offering “G7 eligible” and traceable loose natural diamonds, in response to restrictions on imports of Russian origin stones.
In some segments of the market, natural diamonds have faced competition from laboratory-grown diamonds. However, at GemGenève, which represents the top end of the market, synthetic diamonds did not feature among the exhibitors’ offerings.
The recent series of all-time high gold prices was not expected to significantly affect the pricing structure of top end crafted high jewellery pieces, where craftsmanship represents much of the value, Ronny Totah said.
Italian show Oroarezzo focused on boosting appeal to international buyers
AREZZO, Italy – Oroarezzo, organised by Italian Exhibition Group (IEG), whose latest edition saw a 14 percent jump in foreign visitors, was focused on boosting its appeal to overseas buyers due to the competitiveness of “Made in Italy” gold and silver jewellery production, Exhibition Director Matteo Farsura said after the latest event (May 11-14.)
“The impressive +14% leap in foreign visitors and overall growth of +5% underscore Oroarezzo’s position as a premier global B2B event for ‘Made in Italy’ gold and jewellery manufacturing,” Mr Farsura told the NAJ.
“With attendees from 109 countries, including notable new entries, our event continues to attract international buyers, showcasing the exceptional quality and variety of exhibitors. This year’s success reflects our ongoing commitment to fostering international appeal and expanding market reach, solidifying Oroarezzo’s reputation as a vital hub for the industry.”
Arezzo holds a significant position as the number one Italian gold manufacturing district for export, reaching 3.491 billion euros in 2023, a 9.4% increase compared to 2022. The district accounts for 30.5% of total Italian jewellery exports.
The main destination markets for Arezzo manufacturing, by volume, include the top 3, Turkey with 760.8 million euros, the United Arab Emirates with 685 million, and the United States with 471 million.
“IEG’s strategy for incoming buyers has been driven by this evidence, and the attendance at Oroarezzo consolidates this trend, with the Middle East as the first non-European origin of international buyers attending, showcasing continued growth and reinforcing ‘Made in Italy’s’ prominence in the global jewellery market,” Mr Farsura said.
Referring to the impact on Italian gold and silver jewellery exports of buoyant gold prices, Mr Farsura added: “Despite complex moments from the point of view of geopolitical balances, the purchase of ‘Made in Italy’ goldsmithing does not stop – we also saw this at Vicenzaoro. There is more caution in placing orders but, with the commitment of the entire industry, the positive trend is confirmed.”
David Brough