Jewellery and gemstone industry experts from China, Hong Kong and Macau examined business opportunities arising from the development of the Greater Bay Area at a recent webinar.

Organised by the Hong Kong Jewellers’ and Goldsmiths’ Association (HKJGA) on October 28, the event also discussed bright spots and challenges in the different sectors of the industry.

Moderated by Chow Tai Fook Jewellery Group Ltd’s Kent Wong, who’s also chairman of HKJGA, the webinar featured Mark Lee, research director of Asia Pacific Institute for Strategy, as keynote speaker and the following as panelists: Lawrence Ma, president of the Diamond Federation of Hong Kong, China (DFHK); Liang Weizhang, director and general manager of Guangzhou Diamond Exchange (GZDE); Benedict Sin, honorary chairman and director of Hong Kong Jewellery and Jade Manufacturers Association (HKJJM); Dominic Mok, president of Asian Gemmological Institute and Laboratory Ltd (AGIL); and Jessica Fong, chairperson of Hong Kong Jewelry Designers’ Association.

The Greater Bay Area is a so-called megalopolis, consisting of the two Special Administrative Regions of Hong Kong and Macau, and the nine municipalities of Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing in Guangdong Province. 

According to Lee, developing industry clusters in the Greater Bay Area could bring about opportunities as he cited examples of successful Bay Areas such as New York and Silicon Valley in San Francisco. The Greater Bay Area has the potential to become a world-class centre by developing expertise in certain areas based on its unique needs, added Lee.

Hong Kong’s strategic location coupled with its reliable logistics system meanwhile could bode well for the jewellery sector. This, together with China’s production know-how, can further drive innovation and make the Greater Bay Area an even more attractive business destination, he noted.

Ma of DFHK talked about trends in the natural diamond sector amid the Covid-19 pandemic. He said that timely production cuts helped stabilise diamond prices. “On the demand side, the Chinese market has shown signs of recovery from the pandemic,” continued Ma.

He added that the impact of Covid-19 is only short-term as China’s diamond market still has great potential.

Liang of GZDE meanwhile said the exchange is developing digital initiatives to aid suppliers. He also expressed interest in cooperating more with Hong Kong in promoting industry development. 

Sin of HKJJM mentioned the importance of free flow of people and goods in the continued cooperation between China and Hong Kong. The jewellery and gemstone industry could also enhance communication with the Hong Kong government to improve existing regulations.

Mok of AGIL said the quantity of gemstones sent for testing from the Greater Bay Area is steadily increasing, adding that testing methods in Hong Kong and China are of the same standards.

Fong of Hong Kong Jewelry Designers’ Association meanwhile stated that Hong Kong designers could draw inspiration from Chinese culture to establish more distinctive designs and brands and gain further international recognition. 

The webinar also included individual interview sessions with guests such as Su Wei, chairman of Macau • China Diamond and Gem Exchange; Li Zhiwei, director and general manager of Guangdong Gem and Jade Exchange; Ye Zhibin, director of National Gemstone Testing Center and executive vice president of Gems & Jewelry Trade Association of China; Lau Hak Bun, vice chairman of HKJGA and chairman of Kowloon Pearls, Precious Stones, Jade, Gold and Silver Ornament Merchants Association; and Yang Shaowu, president of Shenzhen Gold & Jewelry Association.