The JCK show, recognised as one of the world’s most renowned industry trade events, has consistently provided a significant platform for uniting industry professionals for over three decades. This year, Damien Cody, managing director of Cody Opal and president of the International Colored Gemstones Association, attended the event, offering valuable insights into the current state of the industry and the trends shaping it.
Highlights from JCK 2024
Reflecting on the 2024 edition of JCK, Cody noted a familiar landscape, “The 2024 edition of the JCK show appeared to have similar exhibitor numbers as previous years, whilst visitor numbers were reported to be down slightly.” Despite the slight decline in visitors, Cody emphasised that the focus remains on the spending power of buyers rather than sheer numbers. “It seemed that demand was a little subdued for most jewellery and gem items on account of the global financial markets, the upcoming US election and the persisting and troubling conflicts,” he remarked. However, he highlighted a positive trend amidst these challenges, “There was fairly strong demand for opals, including requests from major fashion houses and important designers.” This indicates a resilient interest in opals, suggesting a niche yet robust market segment.
Innovations and Trends
Cody observed notable innovations and trends at the show, particularly in the context of the opal industry. “It was very nice to see the AGTA Spectrum award-winning black opal ring by Omi Privé and many other beautiful jewellery designs by top designers which featured opal as the centre stone and incorporated paves of complementary coloured stones,” he shared. This showcases a growing appreciation for opal in high-end jewellery design, suggesting a bright future for this unique gemstone. The presence of opals in award-winning pieces and the creative incorporation of complementary coloured stones indicate a trend towards more intricate and innovative designs, which could spur further interest and demand in the opal market.
Networking and Collaborations
The networking opportunities at JCK are unparalleled, according to Cody. He described the event as “one of the largest jewellery and gem shows in the world,” emphasising its unique focus as a jewellery delivery show for US retailers. The event’s networking potential was clearly impactful for Cody and his team. “The networking with many captains of industry was amazing. We had some very fruitful meetings with important brands and also a number of designers working on large matching suites for very important design projects,” he recounted. These interactions emphasise the event’s importance as a critical platform for building significant industry connections and collaborations that can result in major projects and business opportunities.
The Opal Market and Industry Challenges
Discussing the current state of the opal market, Cody observed a steady demand for opals despite broader economic challenges. “Demand for opal has been steady despite a recent decline in demand for gems, jewellery and luxury goods in the last two quarters,” he noted.
However, the opal industry is not without its challenges. Cody highlighted several significant issues facing the sector: “The opal industry is facing some difficult times with a NSW Government Review into Small-Scale Opal Mining, the recent decision by the Queensland Government to turn large areas of opal bearing land into National Parks, the ever-increasing complexity with native title issues and issues surrounding access for opal miners on Agricultural lands.”
These regulatory and bureaucratic challenges have led to a reduction in production, prompting Cody to call for governmental support to sustain the industry. He emphasised the need for the industry to “fight back and demand that governments both state and federal provide support and assistance for the Australian opal industry so that it can rightfully retain its position as one of the world’s most sought-after gemstones.”
Future of the JCK Show
Looking ahead, Cody shared his thoughts on the future of the JCK show. He acknowledged the high costs associated with participating in such a prestigious event: “The JCK show is one of the most expensive trade shows for an exhibitor.” With sales volumes falling, Cody predicted a potential decline in participation, similar to trends observed at other global trade shows. However, he emphasised the enduring importance of face-to-face interactions in the industry, despite the financial challenges.
“Face-to-face dealings will always remain an important step in the supply chain, but the reality of costs versus returns might see a shift in emphasis for some companies towards other sales channels,” he concluded. This insight reflects a broader trend in the industry where companies may increasingly turn to digital and alternative sales channels to offset the high costs of traditional trade shows.
Damien Cody’s reflections on JCK 2024 provide a comprehensive overview of the current trends, challenges, and future directions for the jewellery and opal industries. His insights underscore the importance of innovation, networking, and strategic adaptation in navigating the evolving landscape of the global gem market. As the industry faces economic uncertainties and regulatory challenges, the resilience and creativity of its professionals, as exemplified by Cody, will be crucial in driving its future success.
See Damien Cody on stage at the Jewellery Industry Fair Sydney – August 17th & 18th – Register Here.
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