By Jennifer Heebner, Editor in Chief
Exhibiting dealers whom AGTA spoke to about the spring edition of GemGenève, held May 9–12 at the Geneva Palexpo, reported largely slower sales against the backdrop of continued wars.
“It was not as strong as anticipated, but some dealers did business,” says Benny Hakimi of Colorline, Inc. “We’ve been spoiled by the COVID years.”,
The eighth edition of the fair, created and run by dealers and cofounders Ronny Totah of Horovitz & Totah SA and Thomas Faerber of Faerber Collection, saw 10% more visitors over the November 2023 edition but fewer attendees when compared with the May 2023 event. This figure was lower “mainly due to May 9 being a public holiday and the market being a little less buoyant,” according to a press release issued today by show management. Fair figures also reveal that there were 34 more exhibitors in May 2024 versus the previous year.
Of the big jewelry brands and European buyers who showed up, moods were tempered and budgets modest.
“Europeans were looking for small goods,” remarks Ashok Sancheti of Pioneer Gems, LLC. “The situation in the world now is that few want to spend money now.”
Crown Color US, LLC‘s Lucas Amelung says that ongoing high prices and sourcing difficulties on Big Three goods—Ruby, Emerald, and Sapphire—drove some buyers to purchase gems considered less valuable (think Spinel, among others). “My impression is that the lower prices of semiprecious gems were more appealing,” he says.
Overall, the fair turned out to be a solid sales event for dealer-to-dealer transactions. “It was more like a B2B show,” confirms Sancheti.
One bright spot for him, however, was in buyers from India who came sourcing massive Emeralds for wedding season. “Indians were looking for Emeralds between 70–100 carats in size for necklaces,” he says. “They have big demand in India now for Emeralds.”
Despite reports of mediocre sales, some special gems did sell. Among them were a 15.00 ct. no-heat Sapphire at Colorline, a large no-heat oval Ruby from Burma at 100% Natural, and 5–8 ct. no-heat pink Sapphires at Crown Color. A couple of other exceptional stones debuted but didn’t sell at the show, but you’ll be able to see them in person at JCK Las Vegas. These treasures include a 12.55 ct. unheated Asscher-cut blue Sapphire from Madagascar from Colorline and a Grandidierite from Madagascar weighing more than 6 carats from House of Gems New York, Inc.
The next edition of GemGenève will not take place until spring 2025. Exhibitors voted to cancel the November edition as it was too close to the Jewellery & Gem WORLD Hong Kong shows taking place September 16–22, 2024.
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