The third edition of the Jewellery, Gem & Technology (JGT) Dubai show confirmed the city’s status as a propitious location for diamantaires — and its potential to take over Hong Kong as the fall trade-fair destination.
JGT Dubai, which took place last week, was a success for certified and loose diamond dealers, according to Ashish Garg, business head of KGK Diamonds in the United Arab Emirates city and a board member of the Dubai Gold and Jewellery Group.
“There was more diamond trading than [there were] customers from the retail and jewelry side,” he reported, adding that dealers from Israel, Belgium and India had been particularly busy on the show’s first two days.
The November 12 to 14 event overlapped with the Jewellery & Watch Show (JWS) in Abu Dhabi on November 13 to 17, which might explain the low foot traffic from jewelry buyers. Companies selling gold, diamonds, colored gemstones, and finished and semi-finished jewelry exhibited alongside packaging and jewelry-technology providers. Synthetic-diamond companies were present, but attendees remarked on the low traffic for this segment as well.
KGK was one of the first companies to move from Antwerp to Dubai in the past five years, followed by 30 to 40 other companies, Garg said. He sees the United Arab Emirates city as a strong contender to replace the Hong Kong September fair in diamond dealers’ itineraries.
“Hong Kong has not been doing so well for the last two to three years in their diamond trade,” he explained. “Dubai is more convenient. There is no visa hassle, you have a great infrastructure, great hotels and good nightlife. It’s very comfortable for people to come in.”
This year, the event hosted over 350 exhibitors from 25 countries. China, Hong Kong, India, Italy, Singapore, Sri Lanka, Thailand, Turkey and the US had dedicated pavilions. Among the diamond companies with booths were Choron, Hari Krishna Exports, Pace Gems, Shree Ramkrishna Exports (SRK), and Stargems.
A spokesperson for diamond manufacturer Venus Jewel also expects JGT Dubai to become as large as the Hong Kong fair, pointing to the increased number of exhibitors in this third installment of the show. Buyers inquired about lower-clarity, upgradeable goods with Gemological Institute of America (GIA) and HRD Antwerp certification, the spokesperson said, and fancy shapes attracted attention in bigger sizes.
Opinions on gold goods were divided. Some said the combination of higher prices and the decrease in visitors from Russia and China had brought down demand, while others saw sales of gold still going strong.
Arpan Mehta, managing director at Dubai-based Aurostar Diamonds, said the increase in gold prices had actually improved demand. “People like when things are going up, because they want to consume something that gives a positive return on investment,” he explained, contrasting this with the decreased appetite for diamonds after price drops.
Most exhibitors agreed that Dubai had become the leading trading center for rough and polished goods. Aurostar has offices in the US and Hong Kong as well as a factory in Botswana, and Mehta pointed to a general increase in manufactured goods from Africa transiting through Dubai.
Italy-based colored-stone manufacturer Noi Gems was exhibiting for the first time at JGT Dubai. “Considering the worldwide situation in the market, we are very pleased with the show,” stated owner Harsh Khandelwal. Although he was satisfied with new customers and relations, he noticed that buyers were being cautious. Keeping up fruitful relationships with customers in central Asia and the Emirates could be challenging for European companies, he added.
Noi Gems will not be exhibiting at the 2025 edition of JGT Dubai, according to Khandelwal. However, KGK booked for the next two years, showing confidence in the show’s trading power for the diamond industry.
Image: Exhibitors and attendees at the JGT Dubai show. (Jewellery, Gem & Technology Dubai)
Join Rapaport’s exclusive WhatsApp channel for real-time news, analysis, and insights.
