Businessmen Upbeat about World Jewelry Trade but Cautious about US

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Last updated at: (Beijing Time) Saturday, March 08, 2003

Businessmen Upbeat about World Jewelry Trade but Cautious about US

An independent survey has revealed that businessmen are "upbeat" about the industry's prospects despite a looming war in the Middle East.

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An independent survey has revealed that businessmen are "upbeat" about the industry's prospects despite a looming war in the Middle East.

The study, commissioned by Hong Kong's Trade Development Council (TDC), was conducted at the just-concluded Hong Kong International Jewelry Show. It also found that traders were "cautious" about the US market.

Nearly three quarters of those interviewed by Oracle Market Research said they expected the world jewelry industry in 2003 to perform better than or similar to it did in 2002.

But the respondents were more optimistic about the EU market than the American one.

TDC Jewelry Advisory Committee Chairman Leung Sik Wag said, "should uncertainties -- caused by a possible US-Iraq war -- be removed early, the outlook of the global jewelry market would even be better. "

Oracle interviewed 449 exhibitors and 738 buyers who were from many parts of the world.

The Chinese mainland market was seen to offer the best trading opportunities. But some respondents said they had difficulty developing their business there.

This was because they were not familiar with Chinese laws and regulations, because China "lacked competent managers and executives" and the value added tax and some other taxes were too high.

It was revealed that Hong Kong's jewelry industry had been moving up the value-added ladder, helped by its quality design.

There are currently about five in-house designers in every Hong Kong jewelry factory on an average, compared to about two in 2002.Hong Kong manufacturers expect the number to rise to about six designers per factory in three years' time.

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