JANY Gets Off to Slow Start
March 10, 08Perhaps it was the change to daylight savings time that took place the night before, perhaps it was the change in schedule or perhaps it was simply a reaction to the worry surrounding the economy, but the JA Winter Show opened very softly.
Traditionally the first show to take place in the U.S. after the rush of Christmas is over, the JA’s usual January setting offers a first glimpse at how the New Year is going to play out. This year, owing to a scheduling conflict, the show was moved to the beginning of March, an action not met with universal approval.
Many of the big names who usually exhibit at the show were nowhere to be seen. Most likely they were gearing up for Baselworld, and with the two shows falling within such a short time period of each other, they had decided that they could not exhibit in both locations. Others were in the Far East at the
During the first few hours of opening, the show floor was extremely quiet. The booths at the front of the hall received the most visitors while those located in the far reaches of the Javits Center could do little but wait until the first line of attendees made it their way through.
By noon, however, traffic had picked up. The gemstone area was buzzing with buyers seeking out the best deals on strings of semi-precious beads and precious stones. Jimmy Ferraguto of Azar’s said that buyers were showing interest in 1.00 carat and 3.00+, SI1/ F-H diamonds,. He wasn’t noticeably perturbed about the low foot traffic in the hall, as he said that it was about on par with last year.
Sumeet Sethi of Manak Jewels, a San Francisco-based company that specializes in natural fancy color diamonds, said traffic had been “non-stop” since midday. “We have sold both melees and bigger stones, of above four carats,” he said. “People are definitely asking about the bigger diamonds. It’s hard to know what to sell these goods for. We are selling at cost but the replacement cost will be much higher. We’re traders and we have to sell.” Color-wise, Sethi said that black, brown and pink diamonds were hot and that he had already sold a few one and two carat yellow stones.
Over at Stuller, Michael Clarke, VP of finished jewelry, was upbeat. “There are a lot of positive things to talk about,” he said. “I’ve been delighted with the questions coming from the people who have come up to the booth. There’s a real sense of realism about what’s going on at the moment and our clients are coming and asking about ways to do their business differently and how they can get through these times. This year at
With regard to the outlook for the rest of the year, Clarke said that he was “not naively confident” but rather “cautiously optimistic.” It remains to be seen if the rest of the trade follows suit.