RAPAPORT… This year’s JCK Las Vegas show and Couture both showed double-digit increases in attendance, offering proof that the industry has turned a corner. Not only were more retailers and exhibitors at the shows, but, for the first time in a long time, buyers loosened their purse strings.
JCK Las Vegas
The selling floors at JCK Las Vegas, held June 4 to 7, were quite heavily trafficked, with Friday and Sunday especially busy. According to organizers, attendance was up by 20 percent over last year, despite the show being one day shorter than in 2009. While the main exhibition area — with the Plumb Club, Hall of Time, Diamond Plaza and designer sections — was hopping, the lower level — with international pavilions and volume-priced, cash-and-carry items — was positively frenetic. Although the show is generally geared toward fall/holiday, many retailers were buying for immediate delivery.
To no one’s surprise, price remained an overriding concern and most retailers were armed with planned shopping lists. Exhibitors reported buyers were opting for safer, rather than more design-forward, goods. And while they were willing to look at new ideas, they were not quite ready to commit to more unusual and innovative products.
Most in demand were categories using less or lighter-weight gold, smaller stones, pearls and beads, colored diamonds, silver and alternative metals and lesser-known gemstones. In tune with the price-conscious times, many designers and manufacturers either introduced or augmented their lower-priced lines.
For diamonds, leading trends included bridal rings in every form and the combination of colored diamonds with white diamonds, often set in contrasting shades of gold. Diamond engagement and wedding rings continued to be a pivotal category for many firms. Best-selling looks included round brilliant or princess-cut center stones in sizes of 0.25 carats to 2 carats, embellished with micropavé or some sort of side interest. White gold and platinum remained metals of choice for bridal but, in fashion styles, rose gold continued to be very popular.
In fashion jewelry, diamonds set in sterling silver or steel were aimed at a younger, sportier audience, while combinations of champagne, brown and black diamonds with whites gave a contemporary boost to otherwise classic designs. In the loose diamond market, many dealers said they were pleasantly surprised by stronger sales, while others groused that their customers — other dealers and retailers — were “looking for bargains.”
Couture
Like the neighboring JCK show, Couture, held from June 3 to 7 at the Wynn Las Vegas Hotel, picked up the pace this year. Celebrating its fifteenth anniversary, the show, which saw an 11 percent increase in buyer attendance over last year, showcased the products of more than 170 designers and manufacturers, including a newly inaugurated by-appointment-only watch section. All accredited buyers were allowed entrance without a fee.
While no one is claiming the recession is over, retailers were once again browsing the aisles, many filling inventories after having curtailed or sharply cut their spending over the past year. Although buyers were price-conscious, exhibitors said most were willing to take a chance on a specific item or category if they thought it had the right level of uniqueness and eye appeal. Maintaining relationships is more crucial than ever, say suppliers, and retailers have grown to expect help and support from their key brands. Most of the latter offer a full menu of support and services, such as advertising dollars, trunk shows, special orders, display and packaging materials.
Among the hot trends at Couture were exotic gemstones in a rainbow of colors, rare pearls, imaginative combinations of colored gold, often accented with diamonds, and very high-end, one-of-a-kind designs. In fact, many couture designers said it was their limited-edition signature pieces that were the first to sell.
Color continued to be a strong trend, with buyers opting for jewelry set with exotic and vivid gemstones, such as fire opals, tanzanite, Paraiba tourmaline, rubellite and colored sapphires, including padparadscha. American designers Paula Crevoshay and Jean-François Albert reported strong sales for one-of-a-kind designs featuring large gemstones. Thai-based Sofragem also noted a strong reaction to its colored gemstone collection, although there are differences in American and European taste. American customers prefer clear, light colors, such as a garnet, amethyst and pink sapphire ring in pink gold, where Europeans like blackened gold that provides a higher contrast with the color of the stones.
Artist-designers Yael Sonia and Raffaella Mannelli noted the improved quality of the buyers at this year’s show. Both had their stands moved to higher-trafficked areas this year and saw the number of visitors and sales pick up accordingly.
“Buyers are buying again,” concluded Steven Lagos, owner of his eponymous Philadelphia company. “They have adjusted to cost structures and have cleaned up their business.” Lagos, whose collection has always been based on a silver-and-gold combination, said he has benefited from the high price of gold, because his collection remains a good value and affordable.
New Attitudes Permeating
In an interesting shift of focus at the JCK Las Vegas show, several segments of the jewelry industry voiced concern about ethics, environmental issues and fair trade practices, promoting increased transparency in product sourcing, marketing and distribution.
The Responsible Jewellery Council (RJC), founded in 2005 by members of the diamond and gold jewelry business, is an international not-for-profit organization whose stated mission is “to advance responsible ethical, social and environmental practices, which respect human rights, throughout the diamond and gold jewelry supply chain, from mine to retail.” The RJC announced the hiring of its first accredited auditing firm, which will certify the business practices of its 230 members, composed of trade associations, manufacturers and retailers.
A press breakfast by the Diamond Empowerment Fund (DEF), established in 2007 by producer and entrepreneur Russell Simmons, announced its growing support and success rate in the secondary education of deserving African students. Through fund-raising efforts and grants from major companies, diamond mines and individuals, the DEF has sponsored hundreds of students in the CIDA City Campus and African Leadership Academy (ALA) in Johannesburg. Among the organization’s newest initiatives is the creation and sale of special jewelry items whose profits benefit the schools.
New for Next Year
Next year’s edition of the JCK Las Vegas show is slated to move down the strip to the Mandalay Bay complex. Although the move was causing some concern among exhibitors and retailers about booth location and hotel accommodations, respectively, JCK Events spokesmen say the 2011 show is completely sold out and hotel bookings in the Mandalay Bay and neighboring hotels are filling rapidly.
Many Couture exhibitors and retailers also expressed consternation about the logistics of navigating between the two shows. As a result, Couture’s organizers pledged to provide transportation between the Wynn and the Mandalay Bay complex. The group also promised to host 1,000 retailers each year from 2011 to 2013.
