The American Gem Trade Association (AGTA) has signaled a decline in attendance at recent Asian fairs.
Recognized in the North American jewelry trade as the voice of the natural colored gemstone, pearl, and cultured pearl industries, the AGTA recently published an editorial on its website about the decrease in attendance at fairs in Asia. Editor-in-chief Jennifer Heebner, who authored the piece, reports that events such as the International Jewelry Tokyo, Bangkok Gems & Jewelry Fair, and Hong Kong International Jewelry Show “had emptier aisles and lighter sales.”
This trend has also caught the attention of Brazilian companies as they gear up to participate in the prestigious Jewelry & Gem WORLD Hong Kong (JGW) in September, held in Hong Kong. Notably, this event in Asia is currently sponsored by Precious Brazil, an initiative of the Brazilian Gems and Jewellery Trade Association (IBGM) and the Brazilian Trade and Investment Promotion Agency (ApexBrasil).
Part of the explanation for the low visitor numbers at early 2024 events is attributed to the real estate crisis in China, which has halted bank loans and negatively affected consumer savings, making the moment less conducive to luxury goods purchases.
Laws have deterred the public
The movement has also been impacted due to two laws. Since January of this year, anyone trading in metals and gemstones and operating in Hong Kong must report every transaction equivalent to or greater than HK$120,000, due to the new “Anti-Money Laundering and Counter-Terrorist Financing Ordinance.”
The “Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance” requires that anyone arriving in Hong Kong with an amount equal to or exceeding HKD 120,000 declare possession to customs.
In light of all the developments, Brazilian brands have also felt the impact. In the 2023/2019 comparison, exports from the project to Hong Kong decreased by 40%. Other regions such as China and Taiwan also experienced declines in exports, by 16% and 24%, respectively, over the same period.
About ApexBrasil
The Brazilian Trade and Investment Promotion Agency (ApexBrasil) works to promote Brazilian products and services abroad and attract foreign investment to strategic sectors of the Brazilian economy. The Agency carries out diverse commercial promotion initiatives, including prospective and trade missions, business rounds, sponsoring Brazilian companies’ participation in major international fairs, and facilitating visits by foreign buyers and opinion leaders to learn about the Brazilian production landscape.
About IBGM
The Brazilian Gems and Jewellery Trade Association is a national, non-profit private entity founded in 1977. Its mission is to represent, integrate, develop, and promote all segments of the gem, jewelry, and fashion jewelry chain. The association works as an advocate for their interests and by promoting knowledge transfer, trust, and appreciation of their products among consumers.
About Precious Brazil
The Industry Sector Project Precious Brazil aims to support and promote Brazilian companies in the Minerals, gemstones, jewelry, and fashion accessories segments that seek to export their products, whether they are beginners, exporters, or already internationalized. Coordinated by IBGM – The Brazilian Gems and Jewellery Trade Association in partnership with ApexBrasil – Brazilian Trade and Investment Promotion Agency – the project currently serves approximately 150 companies in the industry.
Notícias relacionadas
