Sustained economic recovery coupled with technological innovation and consumers’ enduring affinity for jewellery are expected to fuel the business going forward, according to industry stakeholders.

A generally more favourable economic environment could spur sales and facilitate ease of doing business, Lawrence Ma, founding president and chairman of the Diamond Federation of Hong Kong, said at a panel discussion, “Looking Ahead: What’s Next for the Jewellery Industry,” held on the sidelines of Jewellery & Gem ASIA Hong Kong.

Other speakers included Noy Elram, managing director of Sarine Asia Pacific and Ioannis Alexandris, antique jewellery expert and founder and CEO of Gemolithos.

The four-day event is being held at the Hong Kong Convention and Exhibition Centre until June 25, 2023.

“The stronger the economic growth, the higher the propensity to spend,” noted Ma. China’s reopening also presents greater opportunities for the jewellery sector, he added. 

Meanwhile, Elram highlighted the increasingly important role of technology in today’s jewellery industry. A younger generation of consumers, for instance, use technology to do extensive online research before making their jewellery purchases while widespread digitalisation has made it possible for them to buy jewellery online.

Technology is also fuelling traceability and sustainability movements in the trade, which have become critical to protecting consumer trust and confidence.

Steady demand for fine jewellery, meanwhile, is expected to continue, according to Alexandris. Specifically, buyers are becoming progressively more aware of antique and vintage jewellery, recognising their value and provenance. 

“In China especially, we are seeing increased knowledge of antique and vintage jewellery pieces. They now have the know-how,” noted Alexandris. “We are also observing higher demand for jewellery from the 1970s and 1980s. These are sought after for their wearability, subtle designs and high craftsmanship.”