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The HKTDC Hong Kong International Jewellery Fair, held last week, attracted many buyers from emerging markets
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When Mario Assuero Barbagli’s Europe-based clients told him that they could no longer afford to purchase the same silver jewellery they had bought in years’ past, the Hong Kong-based designer and Managing Director of Itna knew he needed to make some changes to his product lines.
In previous years, Itna’s silver collections had suited his clientele well. But with Europe’s economic crisis, Mr Barbagli’s customers were now asking him to maintain his high-quality silver collection, while cutting costs.
Mr Barbagli, who has spent more than 25 years working in Asia’s jewellery and watch business, said that his upcoming collection, which he debuted at last week’s HKTDC Hong Kong International Jewellery Show, is completely different from what he was producing four years ago.
“In this economic situation, everyone has to find new ways,” Mr Barbagli said. “Some people never change, and with the ways things are in the economy at the moment, I’m not sure that is the best strategy.”
Creative Solutions
Lightness was a key factor in the new designs. For example, Mr Barbagli was conscious about designing smaller-sized earrings or reducing the size of a silver pendant. A pendant that might have previously weighed six grams now weighs four.
Kenny Au, Director of Hong Kong-based Amka Design Ltd, said that his firm has also had to adapt its products to suit the shifting landscape.
“Because of the economic crisis, many of my customers from Europe have cut down on their orders,” said Mr Au, who founded his firm in 2005. “I have changed my product line, for example, from gold to silver; most of my customers have been asking for it.”
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Some of the latest jewellery pieces
from Hong Kong company Amka Design Ltd |
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Mr Au added that his customers are now mainly from the Chinese mainland and, as a result, he has made some adjustments to suit that market, including making some products in nine-carat gold rather than 18-carat gold.
Both Mr Au and Mr Barbagli agreed that there were many ways to adapt to their clients’ changing needs. Creativity – for example the addition of coloured gemstones or working with antiquing effects – is one solution, and the type of jewellery is also an important decision.
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Mario Assuero Barbagli, Managing Director of Hong Kong-based jewellery company Itna
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“Out of necklaces, bracelets, rings and earrings, I think bracelets will be the most important as it’s what we tend to wear the most,” Mr Barbagli said. “Earrings are only small. I didn’t make any rings for this collection.”
Emerging Markets
At this year’s show, Mr Barbagli was on the lookout for new opportunities from emerging markets. In previous years, 80 per cent of Itna’s customers came from Europe, mainly Italy, Greece and Spain, with the remaining 20 percent from North America. But Mr Barbagli expects his clientele mix to change in the coming year.
“We are definitely focused on emerging markets, and I think that the balance will change to maybe 30 per cent American, 40 per cent European and 30 per cent from emerging markets,” Mr Barbagli said. “At last year’s jewellery shows in Hong Kong, I saw customers from Turkey, Russia, Morocco, Tunisia and many from South American countries.”
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Itna Jewellery creations
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Ling & Irving Jewellery Managing Director Hui Sui-kwong said his customer base has also become more mainland-focused. “We’re getting more mainland Chinese customers rather than customers coming from Europe. But our product lines haven’t changed as they are suitable for the Asian market. We’ll continue to follow the same approach.”
For many of the exhibitors at last week’s show, the Jewellery Fair was an opportunity to gain insights into new markets and adapt to new design changes.
“I have noticed customers coming from Russia,” Mr Au said. “I have not had to change my designs as I have found that they like what I am producing. In mainland China, however, I find [my customers] like the current stock, but they also want me to create a new central line for them.”
Mr Barbagli agreed that the global market has led to a narrowing of differences among various markets. “First, I need to make what my current clients buy. But I am certain that if my Italian clients buy the products, then there will be some interest from the emerging markets as well.”
Related Links
Amka Design
Itna
Ling & Irving
