Nagaworld Gem Fair Offers Diamonds to a Rough Market

At an event with more than twice as many stalls as last year, many dealers hoped to expand trade from other Southeast Asian countries

A crowd of well-heeled men and precipitously-heeled women packed into a showroom at Naga­world Entertainment Com­plex in Phnom Penh on Thurs­day and Fri­day to glimpse or may­be even purchase some of the glittering goods on display at the second annual Cambodia Gems and Jew­elry Fair.

Hungry eyes surveyed jeweled bangles offered by companies from Hong Kong, China, Israel, Thailand, Vietnam and Singapore as well as stones, including blue zircon and sapphire, offered by domestic dealers.

According to the Chief of the Com­merce Ministry’s Trade Exhibition Bureau Kep Vutha, this year’s show featured 54 booths—29 more than last year—and dealers from six new countries. For the opportunity to show­case their wares to wealthy Cam­bodians, Mr Vutha said, international companies paid as much as $2,700 dollars while domestic dealers paid as little as $500.

“We wanted to see if there really is [a] market here,” said Idan Hadad, a salesman for the Hong Kong-based Vision diamond company, who admitted that his company had brought stones with less clarity and color in an effort to cater to more modestly spending consumers in Cambodia.

Mr Hadad said the fair was roughly a hundredth of the size of similar fairs he had recently attended in Singapore and Vietnam.

“The organizer told us that we should take a chance,” said Pra­kash Italia, director of the Thai-based Manee Diam diamond ma­nu­facturers. “We want to expand from Bangkok because the Red Shirts have made business very slow, but I don’t think I can rely on this small market.”

Mr Italia had yet to sell any of his diamonds by late Thursday.

Dealers more familiar with the Cambodian market were less discouraged.

Linda Ung of Hong Kong Jew­elry said her company was enthusiastic to return to Cambo­dia after a successful show last year.

“We sell mostly to the government workers and occasionally to the business people,” said Ms Ung, holding a $17,869 dollar diamond encrusted chain—one of the more understated necklaces in her company’s display case.

On Thursday, Commerce Min­ister Cham Prasidh’s wife Tep Bopha—herself laden with diamonds—opened the fair with a speech trumpeting the importance of an “initiative to create a trade strategy to promote the production of jewelry to meet the domestic demands, as well for export to the regional and the world markets.”

Commerce Ministry Secretary of State Mao Thora, who attended the fair on Thursday, said that Cambodians eagerness to purchase fancy jewelry was confounding to him.

“It is not important for me to have these things,” he said. “I would choose money rather than gems and gold.”

   (Additional reporting by Hul Reaksmey)

 

Related Stories

Latest News

The Weekly DispatchA weekly newsletter from The Cambodia Daily delivering news, analysis and opinion to your inbox. Published every Friday at 11:30am. Sign up today.