Singapore diamond market shines on luxury, investment appeal
SINGAPORE (REUTERS) - The recent showing of a massive diamond in Singapore may herald a surge in the market for gems in the wealthy city state - or so hopes the diamond trader who brought it in, betting on rising demand both for luxury and investment potential.
The 110-carat "Yellow Dragon" diamond, valued at US$11 million (S$13.4 million) to US$15 million, would normally have been showcased in more established diamond markets such as Geneva, New York and London, said Ms Vihari Sheth, managing director of Vihari Jewels and a third-generation diamond trader.
Ms Sheth, however, decided to bring the stone to Singapore first due to growing interest for precious stones in the city-state, which she said has the potential to be on par with more developed gem markets within a decade.
"There's a lot more growth because it's such a small market in Singapore, and people who are coming in are becoming more aware of what's going on. It's only going to double," Ms Sheth, who also crafts jewellery, told Reuters in a recent interview.