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June Hong Kong Jewellery & Gem Fair was held at Hong Kong Convention & Exhibition Centre from June 21st to 24th for 4 days. The faction austerity won in Greece re-election on 17th and a crisis of the euro area secession faded. It seemed the debt crisis in Europe went to the recovery, and then a Spanish financial panic heated it again. The 10-year government bonds in Spain recorded high of 7.3%, more than 7% so called dangerous zone, and it went up to 6.2% in the Italy government bonds again. This instability might affect the European debt issue for a while.
In addition, nuclear development problem in Iran, sanctions to Iran by American and European countries might be carried out. It seems that the U.S. is planning to carry out the financial sanction against the financial institution of each country which trades with the Iran central bank, and EU countries also carry out the export-ban measure of the crude oil from Iran from July 1. If a crude oil price rises and seemed to have an influence to each commodity, it brings confusion to the further world economy again. This exhibition gave us the impression that the atmosphere of the Indian buyer suddenly worsened from jitters of the future by large slump of the rupee of India remarkably. The exhibition hall had few figures of the Indian buyers as never before, and the price of diamond seemed to have dropped a little.
Furthermore, there were many voices that the price of diamond might fall more, but I hope to recover in order to avoid confusion of the industry. Even though under such economic conditions, speaking of the buyers from other countries, although it did not go as before, the impression we had was much better than Japanese buyer. We felt the purchasing power of buyers from China, South East Asia and ASEAN was still big.
However, their demand, some marketable goods were changing. And the purchasing will of emerald, used to be most popular item, was considerably low so far, and popularity of the jade seemed to be fading away. On the contrary, a semiprecious stone, like tourmaline, and a pearl product were outstanding at the sales. We express our sincere appreciation for all of you who had attended at our booth regardless of such a global economic slump. Again, thank you and hope to see you at our next exhibit.
