More than 2300 exhibitors from 46 countries and regions are taking part in the 26th annual Hong Kong International Jewelry Fair. The fair kicked off Wednesday at the Hong Kong Convention and Exhibition Center.

Organized by the Hong Kong Trade Development Council, the five-day fair continues through March 8th. It wraps up with a Jewelry Design Excellence Award presentation gala.

Although traditional markets for jewelry in America and Europe have been hit hard by the financial hurricane, the emergence of some new markets is a promising prospect at the fair.

An increasing number of exhibitors are coming from these markets such as China, India, Sri Lanka and Thailand.

Hong Kong is among the world's largest jewelry exporters. Exports totaled 37 billion HK dollars in 2008, 10 percent up from 2007. However, the world economic downturn is taking a toll on the industry. Exports are reported to have declined in the first quarter of 2009. Jewelry companies in Hong Kong are now working to explore new markets around the world.