Recent trade fairs in Asia confirm growth in one market and decline in another, with tariffs putting the brakes on all sales to the US.
Sales values and attendance were both up at the 72nd Bangkok Gems & Jewelry Fair (BGJF), which took place on September 9 to 13 at Queen Sirikit National Convention Center. The event generated “THB 4.7 billion [$146.3 million] in trade value, a 26% increase from the previous edition, with over 46,000 trade visitors from around the globe,” revealed the Department of International Trade Promotion (DITP) and the Gem and Jewelry Institute of Thailand (GIT), which organize the fair. Additionally, the show welcomed 15% more visitors — totaling 46,129 — and saw a total exhibitor figure of 1,106; colored gemstones alone accounted for more than one third of total trade value.
In Hong Kong, the total number of exhibitors to the 2025 Jewellery & Gem World Hong Kong show, which ran from September 15 to 21, dropped by nearly 300. Attendance figures were not yet available at press time, but the 50,000 visitors from last year’s fair are comparable to this year’s Bangkok fair’s traffic. Sales among exhibiting dealers were slow due to the ongoing real-estate crisis in China.
Traffic looked about the same as last year, but sales were lower, according to George Kakuda of Kakuda Pearl Corporation.
“The purchase volume to China is getting smaller,” he said. “And I haven’t made any invoices for United States buyers for the last two days.”
Business in Bangkok
Thailand’s growth stems from it serving as a hub for the entire colored-gemstone industry and as a manufacturing center for skilled jewelry making.
The entire gem and jewelry sector in Thailand accounts for 800,000 jobs from 30,000 businesses. India is the largest market for Thai gem and jewelry exports, while the US is the fourth-largest destination. Overall, gems and jewelry account for 5% of total global Thai exports.
In a press conference, Surinthorn Sunthornsanan, deputy director-general of the DITP, shared plans to expand the fair’s international section to the upper floor of the exhibition space.
“We feel that there is more room for expansion,” he explained. To wit, next year, the fair will “welcome maybe 200 more [exhibitors] compared to this time.”
At press time, show organizers confirmed they anticipated 250 more exhibitors to the enhanced international section.
“This area will welcome not only jewelry designers, as we aim to offer a broader variety of products to our visitors,” added Sunthornsanan.
Asked about US tariffs on Thai imports — which are 19% — Sunthornsanan was matter of fact.
“[The rate] is pretty good considering other colleagues could have higher rates,” he said. “First, we were talking about 36% — that would be an endgame for our exports to the US.”
Several American gem dealers were spotted on the show floor, with one telling a staffer “that if Bangkok would make the fair tax-free, it would immediately become more attractive than the Hong Kong show.”
Hong Kong sales
Buyers from the US and China didn’t have the presence they once did at the Hong Kong fair. In cultured pearls, several dealers stated that shoppers were in the market for more mid-range and commercial goods and small white South Seas in the 8 – to 9-millimeter range. Strand sales were also slow.
“Everybody is really just sitting tight and don’t want to spend now,” observed Samira Hutterli of Mira South Sea Pearls.
Chinese buyers were also noticeably absent at diamond and colored-gemstone dealers’ booths. Ajay Maheshwari of Kunming International sells natural colored diamonds and said that fancy-color is moving well, but most of his goods went to Europe and Japan.
“China is still slow, and business in America is less,” he added.
In gemstones, demand exists for top-end color. Several US-based dealers who exhibited revealed shoppers were looking for nicer stones.
“There’s consistent demand for no-heat stones,” reported Justin Zaroovabeli of The Rare Gem. “That’s what I noticed for sapphires and Alexandrite, and I think there’s a sweet spot around 2- to 3-carat stones.”
Still, sticker shock occurs because the cost of better goods continues to rise.
“Sometimes the purchase price is far from what the sellers are expecting,” he continued.
Regarding US tariffs, American buyers are holding off as long as they can before pulling the overseas-purchasing trigger.
“We’re just waiting, selling our inventory — what we own,” commented Ruben Bindra of B&B Fine Gems. “We have not imported much since the tariffs went into effect.”
Image: The exhibition hall of the Jewellery & Gem World Hong Kong show. (Jewellery & Gem World Hong Kong)
