Singapore's diamond market shines on luxury, investment appeal
- Rahul Gandhi fasts with agitating students at Hyd university, BJP calls it 'cheap politics'
- Classic politics of vulturisation: BJP on Rahul's visit to Hyd University
- Month before budget, Raghuram Rajan cautions: Don’t overspend to spur growth
- Solar scam: Kerala HC grants Chandy some relief as Saritha targets his son
- Centre justifies President’s rule in Arunachal: ‘Threat from China, war-like situation’
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 $11 million to $15 million, would normally have been showcased in more established diamond markets such as Geneva, New York and London, said Vihari Sheth, managing director of Vihari Jewels and a third-generation diamond trader.
But Sheth 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, Sheth, who also crafts jewellery, told Reuters in a recent interview.
There's always going to be demand for something which is this high-end and exclusive, she said of the yellow diamond. The person has to find the diamond, the diamond doesn't find the person.
Sheth said 5-to 20-carat diamonds, valued anywhere from $500,000 to $6 million, are selling quickly. Most of her clients, who tend to be from their 40s to early 50s, are permanent residents of Singapore such as Indonesians, Indians and Chinese.
Her move is part of a broader trend of luxury product promoters shifting focus to Singapore and Asia from the West - and for good reason.
Singapore has about 1,305 people classed as ultra high net worth (UHNW) population, with estimated total wealth of $155 billion, said intelligence provider Wealth-X. This compares with nearly 43,000 ultra-rich individuals with combined wealth of close to $6.3 trillion in Asia as a whole.
- Equality before law must be accompanied by equality in social practices
- Indian policymakers underestimate problems emanating from emerging economies
- The Council of Islamic Ideology symbolises a contagion of pious madness
- India cannot continue to fight a 21st century battle with 19th century institutions
- Odd-even policy took on pollution. Now address congestion.
- Does Masood's 'protective custody' reflect Pak army's new policy?