Hong Kong jewellery exports up 17% in 2007

Despite gloomy market conditions in the US, 2007 concluded as a fruitful year for Hong Kong jewellery manufacturers as total jewellery exports hit HK$33.8 billion (around US$4.3 billion), up 17 percent from 2006.

The US and UK still top the list of major export markets for Hong Kong, while emerging markets, including Russia, South Africa, India, Greece and United Arab Emirates, have a contributed a lot to the satisfactory exports growth, said Charles Chan, chairman of Hong Kong Trade Development Council's (TDC) Jewellery Advisory Committee and Hong Kong Jewellery & Jade Manufacturers Association at a press conference yesterday.

"Exports to Russia and South Africa, for example, have seen 177-percent and 61-percent increases respectively. But although the new markets are very rewarding, we face new challenges ahead such as rising production costs in mainland China, the fluctuating economy in the US and the arrival of new competitors," said Mr Chan.

Addy Wong, chairman of Hong Kong Jewelry Manufacturers' Association, told Jewellery News Asia that there are challenges for Hong Kong jewellers to overcome before they can make a profit in the emerging markets. "Tariff and tax policies in Russia, for instance, are among the problems we need to face. It is important that Hong Kong manufacturers place their focus on various markets to ensure steady sales growth," he said.

Mr Wong nonetheless has an optimistic outlook for 2008. He expects to see single-digit growth in total exports by yearend. "In fast-growing markets, however, we expect the double-digit growth to continue," he noted.

At the press conference, the TDC announced that over 2,300 exhibitors from 46 countries and regions will take part in the Hong Kong International Jewellery Show slated for March 4 to 8.