The biggest of the jewelry shows have decided to cancel the event amid Covid-19 crisis. World over exhibitions are getting cancelled, or postponed. While JCK gets cancelled for the year, Baselworld's top exhibitors, namely, Rolex, Chanel, Chopard, Patek Phillipe and Tudor have opted out of Baselworld 2021.
What is unique about these two separate events? Well, they are very different reasons. While the US has been the biggest victim of the Coronavirus pandemic so far, it is very obvious that the Vegas show had to be cancelled and seems like a unanimous decision keeping in mind what is beneficial to all stakeholders. The cancellation will give the jewelry businesses some much needed time to recuperate, figure out next year's strategy and make an attempt to come back strongly.
However, the story of Baselworld is different. Apparently, Baselworld 2020 was postponed to January 2021 without consulting the participants, which also gave a rise to refund friction between the organisers and the exhibitors. What is pertinent to note that the 5 iconic brands have decided to create a new luxury and watch event to be held in April 2021.
Now, Baselworld is an iconic European event that gives a platform for grand product reveals for even the smaller luxury, jewelry and watch brands and independent designers. They are considered to be the protectors of the Swiss tradition. With the exit of these five larger brands, and the future of Baselworld bleak, it is a matter of concern for the European leadership to work to protect the industry in trying times like these.
But, with each threat is an opportunity waiting to be exploited.