Basel to Drop Prices by up to 30%

RAPAPORT... Baselworld will reduce booth prices by 10% to 30% at next year'sshow and move diamond dealers to a more attractive location, organizers have confirmed. Management will reopen Hall 2, which was empty at the 2019show, and place gem and pearl exhibitors in that area together with a newinnovation zone dedicated to smart watches and wearable devices. The plan asit stands would see the innovation center on the ground floor, with gems andpearls one level up. "This is still at the stage of an idea. It's possible thegems and pearls sector may be located on the ground floor, but we still have tosee what is most appropriate," Michel Loris-Melikoff, managing director ofBaselworld, said in a presentation on Tuesday, the final day of the show in theSwiss city. "What is certain is that they will be in Hall 2." Diamond companies' current location in Hall 3 has beenunpopular with many exhibitors, who felt they were too far from the high-endwatch and jewelry brands in Hall 1. The number of exhibitors in Hall 3 dropped 10% to 120at this year's show, despite a price reduction of 10% to 15%. That compareswith a 20% decline in the total number of exhibiting brands at Baselworld to520, while the visitor count dropped 22% to 81,200. Loris-Melikoff vowed to slash per-square-meter prices across the showby up to 30% next year depending on the position, as well as simplifying thepricing structure. He noted, however, that booth rental only represented about 15% of the cost of attending the show for average exhibitors. The 2020 edition will take place later than usual, fromApril 30 to May 5, so visitors can also attend the Salon International de laHaute Horlogerie in Geneva, which ends April 29, organizers of both showsannounced in December. That synchronized schedule will continue until at least2024. From next year, Baselworld plans to rebrand itself as an"experience platform" and a community for the jewelry and watchmaking industry,rather than a classic trade fair, it said. To that end, the 2020 show willfeature a retailer summit, talks by CEOs, and a virtual-reality zone. "Our strategy met with strong approval from the exhibitorsduring the presentations," Loris-Melikoff noted. "We will tackle change withvigor and passion."Image: Swiss President Ueli Maurer (left) at the 2019 Baselworld show. (Baselworld)