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Singapore - Major chunk of population in Singapore is middle-class which is also the driving force when it comes to gems and jewellery.
By: Diamond World News Service
Apr 29 2016 4:59PM
Reference: 12964  

The gems and jewellery industry of the country is moving upwards. Kunjal Karaniya explores this market for you.

The population of Singapore is diverse and so is the jewellery market. The demand for gems and jewellery is high in Singapore, as by and large the middle-class population, which is high in numbers, prefer buying medium range jewellery from the offline stores as well as online, although online space is still nascent. These consumers are very much inclined towards buying jewellery as an investment and hence we can see lot of potential for expansion for this market.

Market and Industry:

According to Singapore Gem and Jewellery Fair, Singapore is rated no.1 in the world by World Bank for ease of doing business in the world. It is the most politically stable country in Asia. It has the best intellectual property protection in Asia. According to Forbes magazine, Singapore is regarded as the third wealthiest nation in the world based on Gross Domestic Product (GDP) at purchasing power parity per capita. Zero customs and import duties. Singaporean jewellery is worth approximately US$3.5 billion, with 26per cent of jewellery sole containing diamonds. "Over the next five years, Singapore's jewellery market is expected to increase by an average of 3per cent each year", quoted Ari Epstein, CEO of Antwerp World of Diamond Centre. Approximately 184,000 carats of polished diamonds were exported from Antwerp to Singapore in the last six years, valued at US$315 million. There are 107,000 HNWI in Singapore with total wealth of US$543 billion. It has the highest per capita GDP in Southeast Asia.

According to International Colored Gemstone Association, Singapore competes with Hong Kong for the high-end gemstone and jewellery market. Most luxury brands move their exhibitions to Singapore. It also becomes a leading place for high-stake auctions. Influence is strong with the close-by Indonesia and Malaysia use Singapore as their neutrally main financial platform. Indonesia and Malaysia lack the reputable gems and jewellery shows at this stage, but may have one in the future.

According to Euromonitor, jewellery witnessed slower current value growth in 2015 than in 2014 in Singapore. Soft economic conditions globally and in Singapore reduced consumers’ confidence to spend, thus impeding value growth in jewellery. Young and fashion conscious consumers were also less willing to spend on expensive jewellery, as they constantly move on to new pieces every season to be trendy, and just want multiple pieces to match their different outfits.

Soo Kee Jewellery Pte Ltd saw a decline in value share to 4per cent in 2014, though it retained its leadership in jewellery. The company’s established presence in real jewellery, coupled with regular promotions, helped it to attract consumer interest in 2014. However, fiercer competition from luxury jewellery brands affected its value share.

Jewellery is expected to see positive constant value growth over the forecast period, with a pick-up in pace from 2015. Projected improvements in global and Singaporean economic conditions will raise local consumers’ disposable incomes and increase their willingness to spend on jewellery. Sophisticated and mid to high income consumers will continue to trade up to luxury jewellery pieces that can reflect their status, especially those statement and classic designs that can be easily recognised.

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