Diamonds retained their crown as the jewelry industry’s most coveted stone at this year’s Hong Kong trade shows, but the broader market narrative that emerged from the events was one of measured confidence rather than exuberance — a reflection of an industry navigating uncertain global economic currents.

The Hong Kong Trade Development Council, which organizes the Hong Kong International Jewellery Show and the companion Diamond, Gem & Pearl Show, surveyed 1,509 exhibitors and buyers across the two events, held March 4–8. The results, released Sunday, offer a useful barometer of where the trade believes demand is heading.

Diamonds led all gemstones in popularity at 29%, with rubies second at 25% and pearls third at 20% — a ranking that broadly tracks with the premium end of the market, where heritage and scarcity continue to command premiums. Yet the more telling signal may lie in what category exhibitors expect to drive growth: trendy fashion jewelry, cited by 57% of respondents as having the strongest near-term potential, outpaced precious jewelry at 35% and designer jewelry at 21% by a considerable margin.

That gap matters. Fashion jewelry — typically lower price points, faster turnover, more accessible to younger consumers — suggests the industry is hedging, cultivating a broader customer base even as it maintains its traditional focus on high-value stones and metals. Yellow gold reinforced that theme, cited by 40% as the most popular precious metal, benefiting in part from sustained investor and consumer interest in gold as both adornment and store of value.

The Hong Kong government’s budget, released earlier this year, may lend additional support. Authorities outlined plans to strengthen the city’s position as an international gold-trading hub — a policy signal the HKTDC noted could add momentum to the local jewelry market at a time when the city is working to reassert its role as a premier commercial gateway.

On the demand side, respondents identified Korea, ASEAN countries, mainland China, Taiwan and Australia as markets with meaningful growth potential over the next two years — a geographic spread that underscores Asia’s continued centrality to the global jewelry trade even as Western luxury demand has shown signs of softening.

The mood among survey participants was cautious rather than buoyant. Nearly half — 49% — expected overall industry sales to hold steady, while 44% anticipated improvement over the next one to two years. That combination speaks to an industry that has absorbed recent shocks but is not yet prepared to declare a clear recovery. With roughly 80,000 buyers attending the two shows in total, the events themselves suggest the trade remains active and engaged, even if dealmakers are keeping their expectations grounded.