MARKET INTELLIGENCE 54 | JNA May/June 2023 Fahri Saygi, sales manager at Turkish wedding band manufacturer Tarz Alyans, agreed, saying that lightweight wedding rings in 18-karat gold that weigh about 6 to 7 grams have become highly sought after. Before the pandemic, customers would ask for hollow gold rings weighing about 7 to 8 grams. The company official also said soaring prices were a strong consideration for buyers, but the industry is eagerly awaiting positive developments at upcoming fairs in June and September. Meanwhile, Salil Shah, owner of Diamrusa Ltd, said prices of smaller diamonds and coloured gemstones have likewise increased and these are reflected in finished goods. He noted, “Prices have drastically changed since the pandemic, but the good news is that consumers are still buying. In fact, demand is higher than before and there are not enough raw materials due to supply constraints, particularly for coloured gemstones.” Should prices continue to escalate, however, the market could see a shift in demand for alternative gemstones that are more reasonably priced. Major markets like the US, China and India are expected to drive the business moving forward, with the latter two compensating for any anticipated slowdown in the US. Jewellery manufacturers are also redirecting their focus to Asia and some parts of Europe and the US, according to Shah. Prices of fancy colour diamonds have likewise been strong amid steady demand, according to Harsh Maheshwari, executive director of Kunming Diamonds. “It is becoming increasingly difficult to source goods, so those who want to buy just have to buy what is available. This, in turn, allows people to increase prices,” explained Maheshwari. “Yellows are popular now since this is an entry product for anyone wanting to build a fancy colour diamond collection before eventually investing in pinks, oranges or greens.” He also said the industry is excited to witness Hong Kong returning to normalcy as demonstrated by in-person B2B fairs. Full market reopening and revival of businesses, however, will take time. Commenting on results of the March fair in Hong Kong, Maheshwari explained, “Buyers were mostly from China who were not able to travel and attend shows for three years. It was difficult for them to digest new prices. It will take time for them to adjust.” The industry will most likely have a clearer picture of where businesses are headed by June and September, he said. As people increasingly seek opportunities for in-person connections, physical events are making a strong comeback. - Celine Lau, director of Jewellery Fairs at Informa Markets Jewellery
RkJQdWJsaXNoZXIy NjAxOTU=