Exhibitors and buyers alike are currently eyeing up a golden opportunity for a high return at the Hong Kong Jewellery Fair which will conclude on Tuesday. Dealers say the European jewellery market is falling rapidly behind Asia.

Hong Kong Jewellery and Gem Fair [People's Daily]

From golden diamond earrings, necklaces, to bangles and rings - this is the place where you can find the most dazzling gems and exclusive pieces of jewellery.

The September Hong Kong Jewellery and Gem Fair is the largest event of its kind in the world. Gemstones, diamonds, pearls and all manner of fine jewellery are exhibited at the event at the Hong Kong Convention and Exhibition Centre.

Some of the jewellery costs more than a million U.S. dollars. But this doesn't stop buyers from purchasing.

For Alex Lau, a Hong Kong based jewellery dealer, it's important to be aligned with the needs of customers. "There are still buyers and people willing to spend money on jewellery. But the fact is, they now have a higher demand on quality than before. Because, perhaps, their spending power is not so great. They tend to demand a higher-end product," Lau said.

In view of the global economic crisis, it's no wonder some buyers from abroad are alarmed by the price tags.

"The biggest difference is, for Asians, they have a much higher demand on quality products and craftsmanship. For American customers, instead, they are more concerned about the price."

The fair attracts a number of first-time exhibitors from Europe keen to enter the Asian market. Among them is Simona Pacifici from Italy.

"Some of our customers around the world, they are starting to tell us that Italy is the third world. And also Europe is becoming the third world," Pacifici said. "We understand what is going on. I mean, we really think that in the next 10, 20 years, most of the financial power will come from this part (Asia) of the world."

While the jewellery market in Asia is maturing, the designs remain creative, which is one of the reasons many foreign buyers come to find out the next hottest trend.

"We really love the different designs. In Australia we can't get designs like we can in Hong Kong. So we make the trips specially to get some different ideas and jewellery for our clients," buyer Elizabeth Greav said.

This year, 3,633 exhibitors from 48 countries and regions are participating. The five-day fair is expected to attract more than 52,000 visitors from around the world.

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