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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
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Apr 29 2016 4:59PM
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Reference: 12964  

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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.

Gems and Jewellery:

According to Focus Singapore, the gems and jewellery industry in Singapore exhibits the illustrious world of precious jewels and ornaments portraying remarkable tapestry and craftsmanship catering to the latest style and fashion. The brilliance of color, miniature of detail and the creativity with which the gems and jewellery are crafted by the skilful Singapore artisans has been eulogized worldwide. The gems and jewellery industry has a bright future due to the application of new resources and technology and the growing demand in the international market Gems and jewellery industry contributes more than $1.1 billion to Singapore's economy.

So if you cherish a desire to travel to the treasure island of Singapore then make sure to glam up yourself with some of the exquisite glitteratis showcased in the various gems and jewellery showrooms of Singapore.

The glittering gold wares include exotic pieces of necklaces and pendants of multitudes of shapes and patterns. There are unique Singapore gold chains, anchor chains, herring bone chains, wheat chains, stylish Lariat necklaces and galore of other designs.

Ninety percent of the knitwear produced by this apparel industry is exported to USA and other foreign countries. Sing Lun Holdings also specializes in knitwear that has great demand on the Chinese, Vietnamese, Malaysian and Sri Lankan markets. Unistar Goo-Way is a Taiwanese based apparel manufacturing company in Singapore that specializes in apparel and garment produces.

The semi-precious stone stud pendant sets have gemstones, sapphires, rubies, emeralds, pearls embed on them. With designs in gold, silver & white gold the earrings come in an impressive array of designs like the drop earrings, star earrings and beaded earrings. A Diamond is indeed a girl's best friend. Wearing diamond jewellery makes a girl glamorous, elegant and supremely versatile. The gems and jewellery industry in Singapore houses an exhaustive collection of diamond jewellery from dazzling necklaces, diamond chokers to diamond earrings and diamond studded bangles.

Stunning engagement rings set in gold diamonds and gemstones combine timeless style. Visit the various diamond jewellery showrooms in Singapore and explore the rarest of a finesse to suit your persona.

Players:

According to PRNewsWire, total sales revenue from the top jewellery retail chains in Singapore (Taka Jewellery, Asial-Lee Hwa, Citigems, Goldheart, SK Jewellery, Soo Kee Jewellery, Tiffany & Co.) amount to over S$350 mn. This constitutes 24per cent of the total jewellery sector, which suggests the market may be fragmented with a number of small retail players, alongside major retail chains. Local brands (e.g. Aspial-Lee Hwa, Soo Kee Jewellery) proliferate the mid-range jewellery segment, whereas international brands (e.g. Tiffany & Co.) still dominate the high-end segment. The mass market is constituted by brands such as Taka Jewellery, D'Meyson Jewellery etc.

Wedding norms for Chinese couples include key wedding components are the engagement ring, wedding band, bridal studio package, and hotel banquet package. Of these, hotel banquet and bridal studio packages form the bulk of the wedding cost. Primo could consider potential tie-ups with these players (e.g. product bundling or special discounts with purchase of bridal jewellery), so as to increase customer purchase preference.

Growing trend of 'premium' diamonds are prevalence of 'premium' diamond brands launched by local jewellers, which are premised on better diamond cut (such as 'ideal cut' or 'hearts & arrows') and the quality assurance of international diamond certifications (such as AGS or GIA).

There is an upward shift in product price range. Pricing of 'premium' diamond products are typically 30 to 80per cent higher than that of other house brands (due to smaller discount value). Some of these brands (e.g. Destinée diamond by Aspial-Lee Hwa) may be priced comparatively to the likes of Tiffany & Co., for the same diamond carat.

Proliferation of jewellery retail outlets is seen. Aggressive retail expansion by local jewellers, with outlets concentrated around the south-central and east areas of Singapore. Store outlets of different retail brands under the same parent company are also clustered together, which suggests little sales cannibalization between stores (as such, customer groups between brands are likely to be clearly segmented.

Exhibitions:

Singapore’s two major jewellery fairs are becoming progressively more well-liked with the global jewellery industry, which are the Singapore International Jewellery Expo (SIJE) and Singapore Jewellery & Gem Fair (SJGF). SIJE is Singapore's chief international jewellery show, where there is prospect for entering into Asia's rapidly developing jewellery market. SJGF is the major fine jewellery show in Singapore, where jewellers meet to source for a stunning collection of superb jewellery and gemstones.

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