Hong Kong, China Market Seeing Good Demand, Says Lawrence Ma
September 17, 14
 Lawrence Ma (second right) at the press conference. |
Ma was speaking at a press conference organized by the Hong Kong Gem and Jewellery Fair.
"Sales of larger polished diamonds are soft due to the global economic situation," he commented. He added that demand is good in China, India and the United States, while Europe remains "troubled".
"I would say that 60-70 percent of goods being polished are seeing strong demand. There is a lot re-adjustment going on in the market. The Chinese engagement and wedding market will provide strong demand in the next 10-20 years."
Meanwhile, Ken Wong, Chairman of the Hong Kong Jewellers and Goldsmiths Association, said Hong Kong has been facing severe challenges in recent months with retail sales of diamond jewelry dropping by more than 20 percent from a year earlier.
However, the decline in gold prices had seen a rise in sales of gold jewelry, particularly as compared to the year-earlier figures. He said he expected to see a rise in sales of diamond-set jewelry later this year.
He added that retailers had to adapt themselves to changing buying patterns by consumers, and added that precious gemstone-set jewelry had become increasingly popular in the past two years.
Anthony Mong, Vice President of the Hong Kong Gemstone Manufacturers Association, said that in the past several years there had been a rise in the sale of gemstone jewelry in China. "In the past, Chinese consumers for the most part bought diamond and gold jewelry, but now they are showing interest in gemstone jewelry with particular stones such as coral. We believe there is a huge demand for this type of jewelry in China.
He said that the most popular color of gemstones were red, yellow and sky blue. "Chinese buyers like colors that are closely allied to nature. This is critical. The market will become increasingly diversified with many different types of stones and jewelry types." he commented.