Will Singapore Become a Hub for High-End Diamond Market
Since the recent showcase of the huge 110-carat “Yellow Dragon” diamond in Singapore, the country has seen an increase in the market for gems. Diamonds like this are usually showcased in places like, Geneva, New York and London where the diamond market is more established. This striking yellow diamond weighs a huge 110-carats and is valued at $11 million to $15 million. Due to growing interest for precious gem stones in Singapore, the yellow diamond was first displayed in the city-stat. There is a developing demand in Singapore for high-end, luxurious, exclusive diamond and gem-set jewellery. One jeweller said diamond jewels between 5 to 20 carats are selling quickly to customer in their 40s to 50s. Singapore is a wealthy city-state and has an estimated total wealth of $155 billion, according to intelligence provider Wealth-X. Diamonds in Singapore are not just a status symbol of a person’s wealth, people also see them as an investment. Mykolas Rambus, the CEO of Singapore-based Wealth said that ‘three-carat diamonds have surged by 238 percent, while the figure for one-carat diamonds has risen by 88.9 percent since 2001’. Eliad Cohen, managing director of diamond manufacturing and trading company Novel Collection Asia said the general 7% value-added tax may create an obstacle for Singapore becoming a high-end diamond market, which will apply loose diamonds and jewellery. So will Singapore take its high place in the diamond market, with increased diamond sales and become hosts of premier diamond shows, drawing in some the biggest names in the industry?