Some 3,060 exhibitors from 44 countries will be taking part in the Hong Kong Jewellery and Gem Fair, far surpassing the 2,700 in the latest JCK Las Vegas jewelry show held from May 30 to June 2.

Jime Essink, president and CEO of event organizers United Business Media Asia, described the upcoming fair as "the biggest ever."

The 27th edition of the fair will be held from Monday to Friday at the AsiaWorld Expo near the airport and from September 23 to 27 at the Hong Kong Convention and Exhibition Centre in Wan Chai.

The most expensive item to be showcased has a price tag of US$50 million (HK$390 million), according to UBM's director of jewelry fairs Celine Lau Siu- man.

Of the exhibitors, more than 42 percent or 1,292 are local, followed by Thailand (301), the mainland (219), Italy (171) and the United States (150).

International buyers include both private collectors and renowned jewel retailers and designers who wish to source a variety of jewels of different grades.

The exhibitors at AsiaWorld-Expo will showcase raw, unworked diamonds, pearls, gemstones and packaging, while finished items will be displayed at the Wan Chai venue.

Essink was tight-lipped about details of security measures for the show.

Hong Kong jewelry fairs have always attracted international jewel thieves, notably the 2003 fair when four thefts were reported, including that of 200 diamonds worth HK$7.8 million.

Essink did not disclose the total value of the jewels on show this time.

He expects the fair to attract buyers from the mainland as he believes China and India will become the biggest jewel markets in the near future, overtaking the shrinking US market.

The event is also a key indicator of the recovery of the jewel market that would help traders determine their business strategies for next year.

"The September event is to prepare for the seasonal peaks of Christmas and the Lunar New Year."

Essink believes Hong Kong remains a "perfect" venue to hold an international jewelry fair as the city is well-known for being safe and its free trade policy makes it a business-friendly place to hold exhibitions.

He said mainland cities would need time to create the same free market environment before they can upstage Hong Kong.

But the city's major limitation is lack of space and high cost, especially rental and hotels, Essink pointed out.

The organizers have also sponsored about 800 buyers from 30 countries to attend the fair - double the figures for the past years.

Lau said sponsorship is necessary as the market has not fully recovered yet.