By David Brough
HONG KONG – War in the Middle East prevented many buyers from the region from reaching the HKTDC Hong Kong jewellery show, dampening sentiment among gold jewellery and natural diamond exhibitors, but the footfall overall appeared steady.
The absence of Middle Eastern buyers at the show taking place in the first week of March 2026, one of the biggest jewellery trade events in the world, was a blow to Italian gold jewellery and Indian natural diamond exporters in particular.
Airports were shut across the Middle East after the U.S. and Israeli attacks on Iran, choking travel from the region to Hong Kong for the show.
Some European buyers were notified of cancelled flights that had been routed via Middle Eastern airports.
Some European visitors struggled to re-book flights home after cancellations of their return journeys via the Middle East.
Nevertheless, attendance at the show overall held up well as buyers arrived from other parts of the world, notably from mainland China and across Asia, with buoyant business seen in the pearls and gemstones halls.
The war in the Middle East compounded the impact on jewellery suppliers from U.S. tariffs, and high and volatile precious metals prices, with market analysts forecasting that gold and silver prices would remain well-supported for some time, underpinned by “safe haven” investor buying.
A key question among delegates was how long the war in the Middle East would likely last.
Suppliers of high end coloured gemstones, such as Thailand-based Gandhi Enterprises, reported continuing robust demand as the proportion of the gold price was small relative to the final price of finished gemstone-set gold jewellery.
In lower gemstone market segments, high silver prices had squeezed affordability of silver jewellery set with coloured gemstones.
Some jewellery suppliers have reduced the weight of silver and have featured more gemstones in jewellery.
Among the UK buyer delegation, Rob Walker and Vicky Leyshon of jewellery brand Little Star Jewellery, said they were visiting Hong Kong show to source sensitively priced silver jewellery for their brand.
A discussion panel in the Buyer Forum on March 6 focused on demand in Nordic retail fine jewellery markets, which remains predominantly for natural diamond jewellery, while the UK and Irish markets were more diverse, with rising offtake seen in laboratory-grown diamond jewellery.
Himanshu Shah, director of London-based diamond jewellery supplier Andre Michael, spoke of increased demand in engagement rings for larger sized laboratory-grown diamonds, noting that the laboratory-grown diamond jewellery retail prices were much more accessible than for similar sized natural diamond jewellery.
Jaimin Soni of UK wholesaler AG & Sons talked of the importance of delivering rapid and efficient turnaround times for the growing bespoke segment of the fine jewellery market.
Ulrik Hartmann of Hartmanns, who have two retail shops in Copenhagen, spoke of the need for retailers to tell the stories of the fine jewellery they were selling, noting increasing interest from customers in identifying origins of gemstones.
Buyer Forum panel, moderated by Jewellery Outlook Editor David Brough
The twin HKTDC shows staged in separate venues, organised by the Hong Kong Trade Development Council (HKTDC), featured the latest jewellery designs, as well as loose stones, machinery, accessories and packaging.
