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Hong Kong International Jewelry Manufacturer’s Show 2011 was held from 11/24 to 11/27 for 4days. This time, not only Greece but also PIGS (Portugal, Ireland, Greece, and Spain) brought recession to Eurozone. Also in the US, solution for economic comeback could not been found. These nations had been competitively depreciating their currencies to increase export. And only Japan had been left behind and suffered from strong yen at the rate of 75 yen against the U.S. dollar. Then the exhibition began under such circumstances. Chinese market, our main business target, seemed to be in the bad mood arising from the fall in real estate price by 20% and also from the weak stock market caused by the crisis of real estate, then this mood brought weak buying power of the end-consumer. As we saw an interest rate fell, an economy burst seemed to begin at this very moment.
In addition, Chinese government did set a limit on people’s cash flow as 10,000 U.S. dollar to be taken out from China per person and 50,000 U.S. dollar per year for overseas remittance. This condition made Chinese buyers into difficult situation, and we have heard them say “we can’t purchase like we did before.” Considering the situation in China and the size of this exhibition, the smallest exhibition of all, we believed to see fewer buyers than before but this speculation was wrong and had a lot of buyers just after the opening at our booth. Same as what has been happening in Japan, under this kind of economic condition, buyers looked for something different, item which is easy to sell, not to risk.
Surprisingly we saw variety of buyers from around the globe at this fair, unlike the other fairs which had Chinese buyers mainly. From the second day, the show was opened until 19:30. It attracted end-consumers to come and they seemed to enjoy selecting their own. This show was calm and composed, we felt being at real jewelry show since the others were like wholesalers’ show.
Until now, the whole industry was#moved by a Chinese buyer’s initiative, but we had an impression that it is important to understand trend of global market including China of our main market and decide how we manage, as the market is moving slowly toward to recession. We will try our best to generate all kind of information and present new jewelry for you, and are waiting for your visit at the next exhibition. Thanks again for your visit at this show in spite of bad market condition.
