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I N F O C U S
» Colour, pearls, and a polarised market
» From boom to balance
» Halls worth being in
» Watch JGW 2026 Hong Kong, Days 1-6
» The Jewellery and Gem World Hong Kong Highlights
For visitors arriving for JGW September, otherwise known as Jewellery & Gem World Hong Kong, the trade show is a familiar exercise in scale and stamina. Two exhibition centres, thousands of exhibitors and enough diamonds, colour gemstones, pearls, and finished jewellery to fill days of appointments and browsing.
Organised by Informa Markets, JGW September ran from 14–18 September at AsiaWorld-Expo (AWE) and from 16–20 September at the Hong Kong Convention and Exhibition Centre (HKCEC).
AsiaWorld-Expo handles the loose materials, while the Hong Kong Convention and Exhibition Centre takes over with finished jewellery, packaging, equipment and technology.
Around 3,000 exhibitors from 46 countries and regions occupied more than 40 pavilions, while buyers arrived from 149 countries and regions. According to organisers, the fair welcomed more than 57,000 unique buyers, up 4.5 per cent on the previous edition. Director of jewellery fairs, Celine Lau, confirmed this was a post-pandemic record.
“In the last few years, the focus was mainly on China buyers due to the strength of the market,” Lau reported.
“We are now seeing more European buyers at the show as well as the strong return of the US market.”
The fair's size and hive of activity can sometimes obscure what is happening beneath the surface.
As is so often the case, the more interesting story lies in watching how the trade is responding to a market that has changed considerably in recent years.
In Hong Kong, evidence suggests confidence is returning. Buyer numbers reached a post-pandemic record, with stronger participation from North America and Europe. The gemstone halls drew attention for exceptional colour and rarity, while high-end diamonds and collectible pieces were in demand.
At the same time, buyers negotiated harder in some categories, looked closely at value, and became more deliberate about what they put into inventory.
Once again, JGW September offered a snapshot of an international jewellery market becoming more selective in an increasingly polarised landscape.
The diamond trade has spent years negotiating uncertainty around prices, provenance and the rise of lab-created stones. In Hong Kong, signs suggest the market is settling into a new reality – although there is little indication it is returning to how things once were.
As always, there were highlights galore. Antwerp Cut, for example, brought a 3-carat pear-shaped fancy vivid orange, a 2-carat pear-shaped fancy vivid blue, a 1-carat heart-shaped purplish-pink Argyle diamond and a 4-carat radiant-cut yellowish-green.
Rachminov Diamonds 1891 showcased blue, pink and yellow diamonds cut from high-value rough in its own facilities, while New York's LJ West Diamonds built its display around a 1.44-carat internally flawless fancy intense blue radiant and a 5-carat natural chameleon green, alongside rare Argyle pinks.
For Australian buyers, such as Steve Der Bedrossian of SAMS Group Australia, pink diamonds remained a particularly interesting barometer.
“It was a strong show with noticeably improved sentiment compared to last year,” he told Jeweller.
“The coloured stone halls drew particularly robust traffic, and pink diamonds showed renewed momentum after a period of softer demand.”
The Natural Diamond Council, now operating as The Diamond Collective, was also looking beyond individual stones. It co-hosted a trade forum with the Diamond Federation of Hong Kong, bringing senior representatives together to discuss changing consumer expectations. CEO Amber Pepper said it was an important opportunity to learn more about the future positioning of natural diamonds.
“The Hong Kong Jewellery & Gem World show continues to be an important global platform for the jewellery industry, bringing together partners across the value chain and reflecting the resilience and adaptability of the market,” Pepper said.
She said the organisation saw an opportunity to reinforce the relevance of natural diamonds by emphasising their rarity, authenticity and emotional significance while continuing to respond to changing consumer needs.
Elsewhere, the lab-created diamond trade offered the other side of the story. Manufacturers such as China's Zhengzhou Carbon Technology showed rough and polished lab-created diamonds in force.
Yet in some respects, the atmosphere around the two categories seemed slightly less than you might have expected.
The price difference between natural and lab-created is becoming clearer to buyers. The latter is increasingly finding its own role, which for some involves reducing costs while allowing designers and manufacturers to experiment with more adventurous cuts and designs. For others, such as Harshil Shah of Diamonds on Call, the fair showcased the evolving dynamics of trading in Hong Kong.
“The exhibition served as the official launch platform for our new jewellery collection,” he said.
“While the event generated strong brand visibility and higher engagement than previous years, it highlighted a profound shift in Asian market dynamics. The traditional model of on-the-spot transactional buying is transitioning toward a prolonged, relationship-first sales cycle.”
| "What has emerged is a clear market polarisation. There’s demand at both ends of the spectrum – the budget-conscious segment and the high-end precious market. However, the middle market is losing its relevance." | "The coloured stone halls drew particularly robust traffic, and pink diamonds showed renewed momentum after a period of softer demand." | "I felt the fair was particularly busy this year, with a strong presence of international buyers. There was a great energy throughout the show, and it was encouraging to see so much activity across industry.”" | "It was a fantastic opportunity to connect with our key suppliers and preview exciting new-season products that we look forward to launching in the Australian market over the coming months." |
 John Glajz
Glajz |  Steve Der Bedrossian
SAMS Group Australia |  Erica Miller
Ikecho |  Phil Edwards
Duraflex Group Australia |
If diamonds provided one measure of the market's changing mood, colour gemstones supplied another. The gemstone halls remained among the busiest parts of the fair.
Stunning examples of Paraiba tourmaline continued to attract attention, while spinel was gaining ground as a versatile colour alternative, particularly with newly discovered neon red and pink material. A 251.31-carat tanzanite from Shrey International became one of those inevitable crowd-gatherers - the kind of stone that makes even experienced buyers stop for another look.
Damien Cody, president of the International Coloured Gemstone Association (ICA), said buying activity remained modest despite rising interest in colour gemstone jewellery across a broad range of markets.
"The ICA Pavilion at AWE attracted stronger visitor traffic than in the previous year, reflecting continued interest in the coloured gemstone sector," he said.
"However, buying activity remained relatively subdued, particularly among mainland Chinese buyers.”
Cody continued: "There was also a clear indication that some buyers had already committed a significant proportion of their purchasing budgets at the Bangkok show the previous week, which may have contributed to the more cautious buying environment at AWE."
Pearls told a somewhat different story. The market was softer, with exhibitors reporting heavy price negotiation following recent cycles. As always, the value of established relationships was particularly evident, as explained by Erica Miller of Ikecho.
“The Hong Kong Jewellery Fair was a very positive show for us this year,” she said.
“We were able to source our South Sea and Tahitian loose pearls particularly well, and having worked with the same trusted suppliers for many years makes the sourcing process much easier and more efficient. They understand the quality and specifications we are looking for, which allows us to focus on selecting the best pearls for our collections.”
That combination – selective buying supported by longstanding relationships – was one of the recurring themes of the week. Unsurprisingly, metal prices also influenced product decisions, with exhibitors reporting a move towards lighter gold pieces.
At the other end of the scale, John Glajz of Glajz said that rare and beautiful stones, one-off pieces, and collectible jewellery more broadly continued to attract serious attention.
“The Hong Kong show was noticeably more vibrant than last year, particularly in precious gems, large diamonds, and exceptional one-off pieces,” he said.
“The antique, estate and collectible pavilion was equally impressive and remained a hive of activity and commerce.”
But Glajz also identified a divide that was visible across the show.
“What has emerged is a clear market polarisation. There's steady demand at both ends of the spectrum – the affordable, budget-conscious segment and the rare, high-end precious market. However, the middle market segment is losing its relevance,” he added.
Hong Kong's importance to the jewellery trade has always rested on more than the merchandise's glamour. As a free port, the city offers no value-added tax or sales tax and, with some exceptions, no customs duties. Its role as a gateway to mainland China also helped propel the trade through years of growth.
That relationship is now more nuanced, and China's jewellery market appears to be correcting itself following its boom years. Mainland buyers and exhibitors showed varied inventory strategies, while delegations remained strong and engagement across the fair stayed robust.
The way jewellery is sold is changing, too. Livestreaming has become a major retail channel in China, particularly for lower-value and more flexible categories rather than strict luxury. Organisers increasingly regard livestreamers as online retailers who are not simply selling today's merchandise but also helping to build tomorrow's consumers.
That sense of looking beyond the traditional transaction was reflected throughout the wider programme. The GEM+ Conference, NextGen Coloured Gem Excellence Awards and Gender-Fluid Coloured Gem Jewellery Design Challenge, sponsored by the ICA, all pointed towards an industry taking steps to engage with the next generation.
Even navigating the fair was changing! An artificial intelligence-powered Exhibitor Finder was introduced to help buyers navigate the vast exhibition.
| "While the event generated higher engagement than previous years, it also highlighted a profound shift in Asian market dynamics. The traditional on-the-spot transactional buying is transitioning toward a prolonged relationship-first sales cycle." | "The HKCEC jewellery fair appeared to be busy and doing better business. So it looks like things are picking up. People seem more confident now." | "Demand for Australian opal continues to strengthen, driven by its growing popularity. Solid sales volumes and sustained interest was prevalent across several international markets, with particularly strong demand from the Middle East and Europe." | "Beyond business meetings, the show created a space for exchanging ideas, identifying new opportunities. For me, Hong Kong was not simply a trade show; it was an important source of inspiration, connections and strategic direction for the months and years ahead." |
 Harshil Shah
Diamonds on Call |  Ted Hamilton
Fortune Gems |  William Cody
Cody Opal Australia |  Zahir Qureshi
Badeco Switzerland |
Every corner of the trade show was not equally busy – it never is. As Ted Hamilton of Fortune Gems explained, there was cause for broader optimism.
“The gemstone show at the airport was slow, but we did better than last year,” he said.
“The HKCEC jewellery fair, on the other hand, appeared to be busy and doing better business. So it looks like things are picking up. People seem more confident now.”
Elsewhere, William Cody of Cody Opal Australia reported solid sales volumes and sustained interest across several international markets, with particularly strong demand from the Middle East and Europe.
"Demand for Australian opal continues to strengthen, driven by its growing popularity," Cody explained.
"This momentum has been reinforced by prominent jewellery designers and leading brands incorporating Australian opal into their collections and product ranges."
For many of the show's veterans, such as Fazil Ozen of Harmony Gems & Academy, the value of being in Hong Kong extended beyond the immediate sales figures.
“The Hong Kong show had great energy, strong international participation and very useful seminars,” he said.
“It was also wonderful to meet old friends from almost every corner of the world. It is something I especially appreciate after a lifetime in the international gemstone business.”
Interestingly, Miller noticed the same atmosphere.
“I also felt the fair was particularly busy this year, with a strong presence of international buyers,” she said.
“There was a great energy throughout the show, and it was encouraging to see so much activity across the international jewellery industry.”
Zahir Qureshi of BADECO in Switzerland said that the transparent nature of conversations held at events such as JGW September played a critical role in forward planning.
"Beyond business meetings, the show created a space for exchanging ideas, identifying new opportunities and giving shape to projects that are already taking form for the fourth quarter of 2026 and throughout 2027," he said.
"The experience also gave me a truly comprehensive view of the entire jewellery and watchmaking ecosystem, from manufacturers, distributors and designers to goldsmiths, artisans, engravers and diamond setters, as well as media, influencers, content creators and the show organisers themselves.
"Being exposed to so many different perspectives in one place gives me a much broader understanding of where the industry is heading."
He added: "It strengthens my ability to plan ahead, identify opportunities and turn conversations and ideas into concrete actions throughout the year. For me, Hong Kong was not simply a trade show; it was an important source of inspiration, connections and strategic direction for the months and years ahead.”
Likewise, for many Australian businesses, such as Duraflex Group Australia, those international connections remain central to the appeal of JGW September.
“We were delighted to attend the recent Hong Kong show, which was exceptionally well organised, busy, and well attended,” Phil Edwards said.
"It was a fantastic opportunity to connect with our key suppliers and preview exciting new-season products that we look forward to launching in the Australian market over the coming months”.
Rising attendance will make the headlines, and rightly so; however, the more revealing developments were found in the spaces between the numbers. Walking between the two venues, the change was not always obvious. Hong Kong still looks, sounds and feels like one of the world's great jewellery marketplaces: busy aisles, new connections, familiar faces, and the occasional piece so extraordinary that everyone nearby pauses to look at least once.
But beneath the familiar spectacle, the market is being recalibrated. Hong Kong in September offered what international trade has been looking for. It’s not a return to the old normal, but evidence of a new, more balanced marketplace taking shape.
JGW holds two editions each year. JGW June will be held from June 17 – 20 June 2027, and JGW September returns to AsiaWorld-Expo and the Hong Kong Convention and Exhibition Centre from 14 – 20 September 2027.
• Editor's Note: The author attended the JGW Hong Kong September courtesy of the event organiser.
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