Macau Jewellery Fair a Flop

Written on January 17, 2008 by admin

Reports from the First Annual Macau Jewelry and Watch Fair were mixed as the show came to a close, but most agreed the show did not live up to the expectations of the participants who made the long trip.

The inaugural show was held in the Venetian Macao’s convention centre, attracting buyers from mainland China. Rising diamond demand in the Far East brought traders with high expectations.

Those expectations were not met for one Israeli dealer who told Rapaport News that the show was very quiet.

He added that Israeli traders were now spending time in Hong Kong to try and sell their wares, and that the problems seen in Macau were likely indicative of a soft global market for anything other than large stones.

“The booths were almost empty,” he said. “The only interest at all was for the big diamonds.”

Another attendee disagreed, however, calling the turnout healthy, especially for a first show. Both Israel and Belgium had a credible presence with 33 dealers from Belgium and an estimated 38 from Israel.

Unfortunately, much of the show was overshadowed by accusations of fraud and theft. Last week two sellers from mainland China were arrested by the Macau Judiciary Police on the first day of the show, after a stall holder allegedly discovered his US$60,000, three-carat diamond had been switched with a well-crafted replica. Police recovered the authentic diamond along with five other fakes after a body search.

The inaugural show was held in the Venetian Macao’s convention centre, attracting buyers from mainland China. Rising diamond demand in the Far East brought traders with high expectations.

Those expectations were not met for one Israeli dealer who told Rapaport News that the show was very quiet.

“The booths were almost empty,” he said. “The only interest at all was for the big diamonds.”

Unfortunately, much of the show was overshadowed by accusations of fraud and theft. Last week two sellers from mainland China were arrested by the Macau Judiciary Police on the first day of the show, after a stall holder allegedly discovered his US$60,000, three-carat diamond had been switched with a well-crafted replica. Police recovered the authentic diamond along with five other fakes after a body search.