Colored Gemstone Market Assessment was the subject of a
well-received speech at the third annual International
Gem and Jewelry Conference recently in Hong Kong. The president of the
International Colored Gemstone Association, Wilson Yuen presented an
upbeat report on the near-future colored gem market in Asian countries.
also presented an assessment on the China colored gem market at the
October International Gemology Conference.
press releases covering these recent speeches by Mr. Yuan on the Asian
market outlook are presented below.
ICA President Yuen outlines ASEAN countries
outlook at GIT 2012 conference
Hong Kong, December 17, 2012 – Wilson Yuen, president of ICA,
talked about the ASEAN countries’ market trend at the 3rd
International Gem and Jewelry Conference (GIT 2012) on December 12. He
discussed each country’s strengths and weakness from the manufacturing,
sales and exportation perspective.
“China and India remain as the largest consumer markets in terms of
sales and export. Thailand maintains its position as the top supplier.
With respects to the competition from Sri Lanka and India, Thailand’s
growing economic status could soon disqualify it for tax exemption when
exporting gems to the US market,” said Yuen.
ICA president Wilson Yuen spoke about
the ASEAN countries' market trend at GIT 2012 conference. All photo
courtesy of GIT.
He also indicated countries like Vietnam and Lao will gradually develop
their gemstone industry as they have rich resources and low manufacturing
cost. Indonesia and Brunei will continue to have a substantial
development. The market of Myanmar will be expanding with the economic
sanctions lifted. Singapore will be a strong competitor against Hong Kong
in the high-end market.
In addition to the general market trend, Yuen also emphasized on the
recent development of the China market and revealed that volume of the
mid-range consumers is growing. This market segment demands designs that
speak for their self-presentation.
ICA president Wilson Yuen (second
right) with GIT board members and other keynote speakers at GIT 2012
The GIT 2012 conference was held on December 12 and 13, 2012. Six
keynote speakers presented topics ranging from business practices, market
creativity to top ten trends and colors. 20 sessions with experts from the
jewelry and gem industry were arranged in the afternoons with each taking
up 20 minutes.
A report of the speeches presented are available below.
ICA President predicts the
development model of China’s colored gem market to be similar to the US
Hong Kong, December 18, 2012 – Wilson Yuen, president of ICA,
gave an overview of China’s gemstone market at the 2012 World Jewellery
Industry Development Summit- Hong Kong on November 30. He addressed the
need to build an integrated colored gemstone database in China.
In his speech, Yuen predicted that the development model of the China
market would be similar to that of the United States. Products priced at
low-to-mid level are most consumed. With the increasing consuming power of
the middle class, the mid-to-high priced products will see a smooth
development. As for the high-end designs, many international auction
houses have entered Hong Kong in recent years, which manifested the great
potential of the Greater China market.
When being asked if there is any timeline proposed by the Chinese
government on the colored gemstone tax break, Yuen said we need to make
that happen step by step.
“It will be much easier to lobby the government if the database on
colored gemstones is systemized. Governments of Hunan province and
Changsha city, and ICA are working together on the International Gemstone
Cultural and Creative Industrial Park project. One of our missions is to
build the database,” said Yuen.
The summit was held on November 30 and December 1, with more than 800
participants. The overall theme was “branding and innovation” and was
also addressed by other industry experts such as Mr. François
Curiel, President of Christie’s Asia and Mr. Dominique Riviere,
jewellery design instructor of Fashion Institute of Technology, New York.
The 2012 World Jewellery Industry Development Summit was funded by the
CreateHK under the Commerce and Economic Development Bureau of HKSAR
government. It was organized by Hong Kong Jewelry Manufacturers’
Association (HKJMA). ICA is the summit’s supporting organization.
Around 820 people from the
global jewelry design and trade industry attended the summit.
Yuen talked about
China’s colored gem market development at the 2012 International
Hong Kong, November 9, 2012- Wilson Yuen, president of
International Colored Gemstone Association, presented the topic of “overall
development of China’s colored gemstone market” in the 2012
International Gemology Conference on October 29.
Yuen indicated that China’s market is growing gradually with strong
base. But there are still several challenges ahead.
“First of all, the supply of the entire colored gemstone industry in
China is from the overseas. The pricing strategy has been manipulated;
second, the import tariff is high enough to keep the public away from
consuming the products in accordance with their actual value; third, there
are misleading counseling services on colored gemstones due to the lack of
proper promotions,” said Yuen in the conference.
“Government of Hunan province initiated the project of International
Gemstone Culture and Creative Industrial Park. It helps the custom and tax
department to build the database and draw up the reasonable tariff
standard. Hopefully, colored gemstones will have the same equal tax
treatment as the diamonds,” Yuen added.
The 2012 International Gemology Conference was hosted by China
University of Geosciences Gemmological Institute on October 29 and 30, in
Wuhan Science & Technology Conference & Exhibition Center. Over
500 representatives from the jewelry and gem industry attended the
conference. Sessions were mainly focused on the analysis and prediction of
China’s jewelry and colored gem market.
Top - Colored gemstone display
Wilson Yuen, president of the
International Colored Gemstone Association, addresses the conference
Next - International
Gem and Jewelry Conference dignitaries
Next - 2012 World Jewellery
Industry Development Summit participants
Next - Gem Special Offer - Fine Spessartite Garnet
Next: - Jewelry items for sale - moderate price
Next - Dealer Product Image - Chrome Diopside and White
Topaz Ring in Sterling Silver
Last - Dealer Program Image - Pink Spinel and Sterling
A Google search using keywords such as
International Colored Gemstone Association
can return some very interesting
information and websites.
We keep gem prices low by buying quality gemstone rough
worldwide, and having the rough material cut by our gem cutters in Asia.
Gem Industry News
Holiday Shopping Season
The 2012 holiday shopping season was generally recognized as October 28
through December 24. Obama Administration agencies predicted a strong
sales season... much better than the 2 percent growth in 2011. The International
Diamond Exchange and some other private industry groups used
Administration economic assumptions and made similar predictions.
It did not happen. There was only a meager 0.7 percent increase in
sales revenue. Many brick-and-mortar jewelry retailers are left with
depressing inventories of unsold goods.
Several jewelry industry publications conducted interviews with jewelry
retailers. As a group, it is fair to say those interviews were less than
optimistic. Most identified the source of their pessimism as government
policies leading to continued high unemployment and slow economic growth.
Uncertainty regarding taxes and business regulations also were cited as
As in the past few years, the two segments of jewelry sales that saw
any success were the low price point goods, and high-end, fine quality
stones set in custom design pieces.
While government analysts continue to project 2 percent or better
growth in the U.S. economy, jewelry business leaders appear to predict
little or no improvement in the economy over the next five years.
Now is the time!
Time to take a week to recharge... before you begin thinking of
replenishing your depleted inventory - oh, and remember that the Tucson Gem Shows are only a month away.
Also, Valentine's Day is coming.
The big stores are hurting because
people are buying with caution. But gift occasions don't stop. Birthdays,
anniversaries, and many other reasons to buy nice jewelry at a great price just
keep on coming.
If this business wasn't so enjoyable, it could turn into work.
Be The quality jewelry at a low
Do you enjoy jewelry and gems?
Do you enjoy talking with friends and friends