After two relatively strong years of growth for the gem and jewelry industry, the market is entering a phase where rising costs of consumer staples as well as growing concern that the war in the Ukraine may expand in scope, consumer spending on nonessenials is expected to taper.
The global gem trade experienced unprecedented challenges in 2020 and 2021. Mining, manufacturing and distribution sectors were all severely impacted by coronavirus shutdowns. As a result, many gems went up in markets with supplies so limited. There are still many unknown questions regarding the trends for the year ahead. The team at Gemworld has been tracking prices
The August JCK Las Vegas show provides the first opportunity since the 2020 Tucson GemFair for buyers and exhibitors to come together for a major jewelry trade event in the U.S. At press time JCK, Couture, AGTA and the Antique shows were set to go ahead in late August as scheduled.
As summer approaches here in the United States, the colored stone trade continues to experience some degree of COVID-19 related disruption. Issues are occurring at varying degrees along the entire length of the supply chain.
No Tucson show does not mean no business. Market is currently benefitting from little competition from outside our sector. The appetite for gemstones is expected to continue to flourish throughout the year. Competition may return next year. The real story in color is outside the big-3.