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Nov 21

JGT Dubai Show confirms city as leading centre for diamond trading

The third edition of the Jewellery, Gem & Technology (JGT) Dubai show confirmed the city’s status as a propitious location for diamantaires — and its potential to take over Hong Kong as the fall trade-fair destination.JGT Dubai, which took place last week, was a success for certified and loose diamond dealers. UAE diamond trade market ranked third in the world behind India and US as it is expected to reach $40bn this year

 

“There was more diamond trading than [there were] customers from the retail and jewelry side,” said Ashish Garg, business head of KGK Diamonds in Dubai, adding that dealers from Israel, Belgium and India had been particularly busy on the show’s first two days.

 

This year, the event hosted over 350 exhibitors from 25 countries. China, Hong Kong, India, Italy, Singapore, Sri Lanka, Thailand, Turkey and the US had dedicated pavilions. Among the diamond companies with booths were Choron, Hari Krishna Exports, Pace Gems, Shree Ramkrishna Exports (SRK), and Stargems.

 

The November 12 to 14 event overlapped with the Jewellery & Watch Show (JWS) in Abu Dhabi on November 13 to 17, which might explain the low foot traffic from jewelry buyers. Companies selling gold, diamonds, colored gemstones, and finished and semi-finished jewelry exhibited alongside packaging and jewelry-technology providers. Synthetic-diamond companies were present, but attendees remarked on the low traffic for this segment as well.

 

KGK was one of the first companies to move from Antwerp to Dubai in the past five years, followed by 30 to 40 other companies, Garg said. He sees the United Arab Emirates city as a strong contender to replace the Hong Kong September fair in diamond dealers’ itineraries.

 

“Hong Kong has not been doing so well for the last two to three years in their diamond trade,” he explained. “Dubai is more convenient. There is no visa hassle, you have a great infrastructure, great hotels and good nightlife. It’s very comfortable for people to come in.”

 

A spokesperson for diamond manufacturer Venus Jewel also expects JGT Dubai to become as large as the Hong Kong fair, pointing to the increased number of exhibitors in this third installment of the show. Buyers inquired about lower-clarity, upgradeable goods with Gemological Institute of America (GIA) and HRD Antwerp certification, the spokesperson said, and fancy shapes attracted attention in bigger sizes.








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