After all, the recent MasterCard survey showed that Singaporeans spent US$9.8 million on fine jewellery, clocks, watches and silverware in the first month of the Great Singapore Sale alone.
The luxury market is going strong in Singapore, and local retailers will be hard pressed not to take notice of consumers growing appetite for bling.
So it is of little surprise that there are some $100 million worth of precious stones, jewellery and even fine art on display at the fourth Singapore International Jewellery Show 2008 in an expanded space of 6,000 sq feet and 30 participating retailers, manufacturers and suppliers who will exhibit their wares during the four day event, which was officially opened today by Minister of State for Trade and Industry, Mr Lee Yi Shyan.
Mr Lee highlighted during his speech that the jewellery sector can stay competitive by leveraging on design and innovation, and collaborating across industries to promote cross-pollination of ideas to cater to high net-worth customers who are increasingly travelling from emerging economies such as Russia, the Middle East, India and China and are estimated to spend up to 25% (or US $180 billion) of their total expenditure abroad.
Circle of Life diamond pendant - made with 35 diamonds, each 0.25 carat and boasting 100 facets
Some eye-openers at the event include a one-of-a-kind Circle of Life diamond pendant, designed by Kim T Fine Jewellers. Part of the Roberto Coin Cento Collection, the unique circular pendant was created using 35 colourless 100-faceted diamonds, each weighing 0.25 carat. A diamond normally has 57 facets.
The 100-facet cut is patented by Roberto Coin and took a total of three years worth of research and design to perfect.
Each diamond in the Circle of Life pendant is GIA-certified and the pendant retails at US$45,000.
Set with a 17.58 carat aquamarine and 67 diamonds, this necklace from On Cheong Jewellery's New Skyline range is priced at $1,341
Other must-sees include the range of jewellery inspired by the iconic Singapore Flyer and Singapore's first ever Formula OneTM race and created by a group of local jewellery retailers. Don't miss ranges by On Cheong Jewellery, such as its New Skyline jewellery, made with stunningly blue aquamarines and inspired by the blue skyline in Singapore, or Lee Hwa Jewellery's Riqueza, a pearl and diamond concoction set in white gold to symbolize wealth and abundance.
