Players in jewellery industry expect sparkling growth
Upticks in economy have led to rise in retail sales over the past few months, says Indranee
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The jewellery industry has remained strong through the pandemic and is expected to grow further this year, said industry players at the Singapore International Jewellery Expo.
Upticks in the economy have led to an increase in retail sales over the past few months, said guest of honour and Minister in the Prime Minister's Office Indranee Rajah.
She opened the 17th edition of the jewellery show at the Sands Expo and Convention Centre at integrated resort Marina Bay Sands yesterday.
Among the highlights of the expo, which is on till Sunday, is a $1.25 million necklace made up of more than 34 carats of natural unheated pigeon blood Burma ruby and more than 20 carats of diamonds.
"Just recently, in May 2022, retailers of watches and jewellery recorded higher sales of more than 60 per cent year on year," said Ms Indranee.
"The jewellery sector can continue to see improved business performance as economic recovery is expected to continue, and as we head towards the year-end festive season," she added.
The growth has been seen across the spectrum for both high-and lower-end pieces, said retailers The Straits Times spoke to.
Russian mining giant Alrosa PJSC supplies about a third of the world's raw gems, and sanctions by the United States against the company have put a squeeze on the world's diamond supply.
Mr Ronald Low, gemologist from home-grown and family-run bespoke jeweller Ivy Masterpiece, said there has been a surge of people buying jewellery during Covid-19, as they had a lot more disposable income to spend and one avenue to do so was in luxury goods.
"As the markets did open up when travel curbs eased, the demand is still really high, but there is still a supply bottleneck because of Covid-19 and the Russia-Ukraine war," he added.
He said this has caused the price of diamonds the company buys from suppliers to go up by about 20 per cent.
Singapore Jewellers Association president Ho Nai Chuen noted that growth in retail sales, which rose 17.8 per cent year on year in May, was primarily led by higher spending in goods such as watches and jewellery.
The expo was organised by Conference and Exhibition Management Services, alongside the Singapore Jewellers Association, and features 200 brands from Singapore and around the world.
