TDC expects growth in 2005 for Hong Kong jewelry industry

Hong Kong jewelry exports and domestic sales are expected to grow in 2005, Hong Kong Trade Development Council Member Christopher Cheng reportedly said Tuesday at the opening ceremony of the 22nd Hong Kong International Jewelry Show.

Cheng said Hong Kong’s reputation for style, quality, and craftsmanship, as well as strong interest from Mainland consumers will fuel the industry’s growth, the Chinese publication, People’s Daily Online, reports.

“Hong Kong is particularly strong in producing fashionable pieces set with small gemstones,” Cheng reportedly said. We are on par with the best in Europe when it comes to design capabilities and gem-setting skills.”

Hong Kong is the world’s third largest exporter of precious jewelry, after Italy and the U.S. In 2004, total jewelry exports grew by 19% to $2.58 billion, the publication reports. Exports to Hong Kong’s largest market, the United States, increased by 10% to $1.3 billion.

Domestic sales saw a robust growth fueled by an increase in Mainland tourists after the relaxation of visa requirements for Mainland residents to visit Hong Kong.

Also speaking at the opening ceremony, Chairman of TDC’s Jewelry Advisory Committee Charles Chan said the fair had expanded to meet demands of exhibitors and buyers.

The four-day fair, held at the Hong Kong Convention and Exhibition Center, will host 1,546 exhibitors from 40 countries and regions.

The fair is jointly organized by TDC and four major jewelry associations in Hong Kong.