The Singapore jewellery market is as mixed as the population in the country. A multi-culture cosmopolitan environment with four major ethnic groups of Chinese, Malays, Indians, and Eurasians.The result is the melting pot culture that influences the jewellery market in Singapore.
All shopaholics should agree that talking about Singapore equals an amazing destination for jewellery and watches: variety, quality and good prices.
All the famous international jewellery and watches brands are present in Singapore in shopping mall such as The Shoppes at Marina bay, ION Orchard, Takayashima, Paragon. Little India is the destination to find distinctive Indian jewellery and Chinatown for ethnical Chinese jewellery.
In the next five years, Singaporean jewellery market is expected to increase by 3% annually. With the 0% custom and import duty, the country’s jewellery market has grown rapidly in the past decade. The market is worth approximately $3.5 billion, with 26% of the jewellery sold containing diamonds. The country has also become a leading place for high-stake auctions in recent times. Though the Singapore gem and jewelry market abounds in challenges, the opportunities available are many more for businesses to grow and thrive.