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SCMP Reporter

PEARL, DIAMOND AND gem sellers are taking up the biggest booths at the Hong Kong Jewellery and Watch Fair, reflecting the city's status as the world's leading distribution centre of pearls and gems.

Cheng Tai-po, vice-chairman of major exhibitor Man Sang Jewellery, said Hong Kong had become the centre of pearl distribution because of its 'competitive economic policy' and its position as the 'doorway to the enormous mainland market'.

Letitia Chow Mei-lai, director of development - jewellery group at  exhibition organiser CMP Asia, agreed.

She said the mainland was the biggest producer of freshwater pearls, and 95 per cent of exports went through Hong Kong companies, making the city an important pearl distribution centre.

Hong Kong exported pearls, gem stones and rough diamonds worth $30.8 billion last year, an increase of 22 per cent over the previous year.

Two important auctions, the Paspaley  South Sea Pearl Auction and Robert Wan Tahiti Perles  auction, were now a fixture of the Hong Kong jewellery fairs and were seen as more important than the same auctions in Japan, Ms Chow said.

Robert Wan sold 93 per cent of the 204,940 Tahitian pearls offered at an auction in Hong Kong in March for Euro5.67 million ($53.1 million), according to CMP Asia's jewellery trade monthly Jewellery News Asia.

The average price of a pearl was Euro29.7, 20 per cent higher than prices achieved at the November auction in Kobe in Japan.

The Paspaley auction in March in Hong Kong netted US$13 million, with the pearls selling for an average of US$85.3.

Ms Chow said prices of pearls had been unstable due to the quality and quantity of the production, but the prices of good quality and large pearls were holding strong.

'Pearls used to come and go as fashion accessories ...  but now pearls are more or less a permanent fixture of fashion,' Ms Chow said.

Mr Cheng said freshwater pearl prices had risen 10 per cent to 15 per cent in the first half of this year compared with the previous six months due to stable supply.

'As people realise that natural colour pearls are more valuable, the demand for quality pearls increases and this helps stabilise prices. On the other hand, the prices in the lower-end pearl market show a decreasing trend,' he said.

Man Sang is taking up 18 booths in the jewellery fair, making it the largest exhibitor.

'Because the June Hong Kong Jewellery and Watch Fair has grown into the most prestigious international mid-year jewellery fair in Asia, it is an important business platform to promote our company's products,' Mr Cheng said.

'We want to show our comprehensive range of products - mainly South Sea golden pearls, South Sea white pearls and freshwater pearls - to all international and local buyers, and it takes up a relatively large area to display all our best products at the show.'

He expected to see strong demand at the show.

'These are high-quality pearls which customers find much more valuable, thus increasing demand,' he said.



HK takes over as top global distribution centre of pearls