Hong Kong saw its jewelry exports rise 17 percent to HK$33.8 billion (U.S.$3.4 billion) in 2007. More than 70 percent of that went to the United States, the European Union and Switzerland.

But the U.S. share of Hong Kong’s jewelry exports has plummeted since 2005 as the country slides into recession. In that year, the United States was responsible for 22 percent of Hong Kong’s jewelry exports, but in 2006 it took 7 percent, and from January through November 2007, 9 percent.

However, Hong Kong made up for the U.S. market’s slide in 2007 with booming sales to Russia (up 177 percent), the United Arab Emirates (up 39 percent), India (up 45 percent) and mainland China (up 13.5 percent), according to Charles Chan, chairman of the Hong Kong Trade Development Council’s Jewelry Advisory Committee. Sales to the ASEAN countries were also up, he said.

The Hong Kong International Jewelry Show in March welcomed 31,333 buyers and 2,306 international exhibitors, including more than 50 Israeli diamond manufacturers and exporters and an Israel Diamond Institute pavilion. Almost 20 percent of Israel’s diamond exports go to Asia.

[AFNS] HONG KONG 23 March 2008 –A service of the Antwerp Facets News Service (AFNS).