Jewellers rally wıth confıdence over rebound on ınterest ın jewellery at the openıng of SIJE 2021
The Singapore International Jewelry Expo (SIJE) 2021 opened its doors to the public this morning which marked the return of the region’s most important jewellery show after a long and difficult pause of two years due to the COVID-19 pandemic. The four-day show was officially opened this afternoon by Guest of Honour Low Yen Ling, Minister of State, Ministry of Trade and Industry & Ministry of Culture, Community and Youth; Chairperson of Mayors’ Committee & Mayor, South West District. Also present to witness the official opening ceremony was H.E. Suryo Pratomo, Ambassador, Embassy of the Republic of Indonesia, Singapore.
A market research finding by Euromonitor International in May 20211 indicated that the jewellery sector was one of the worst-affected markets in terms of retail sales in 2020 in Asia Pacific when the pandemic hit. Imposed measures to contain the spread of the pandemic such as retail closures and lockdowns had hit sales directly.
While the buying of jewellery is aided by certification, it is also largely dependent on visual inspection of the gemstones. Buyers may do their initial search online and many will eventually head down to the jeweller to make the final purchase.
With the return of SIJE 2021 today, jewellers at the most established jewellery show in Singapore and the region are expressing confidence that the market has shown signs of a rebound as the past eight months have indicated increased sales for investment pieces and branded jewellery. This observation is also supported by the Rapaport Price List or Diamond Report which showed that prices of diamond have picked up in the past eight months after it fell during the pandemic. Prices are expected to rise further as the world market and Singapore market work towards the endemic stage. With Christmas, New Year and Chinese New Year around the corner, this momentum is set to vastly improve as the market is preparing to embrace the endemic stage.
In light of the above, it is timely that SIJE 2021 is an opportunity for collectors to purchase investment pieces before prices rise even higher. The show organiser, Conference & Exhibitions Management Services (CEMS) has expressed confidence that jewellers who are exhibiting at SIJE 2021 will see a resurgence of interests and opportunities. The show is also a significant platform for the industry to reach out to its important buyers after a pause of almost 24 months. The glittery 4-day show is a visual feast for buyers and jewellery enthusiasts over a splendid collection of gemstones and jewels in excess of SGD100 million across more than 100 brands from Singapore, Indonesia, Italy, Hong Kong, and the US. Indonesia is the show’s country partner and is showcasing its gemstones and designs from across the archipelago under a dedicated pavilion. Singapore’s finest jewellers along with purveyors of fine gemstones and precious pieces from around the world are also showing their collections under the Singapore pavilion. Under the Oro D’Italia umbrella, there are collections representing seven brands from Italy being displayed at the show.
On display at SIJE 2021 are several magnificent pieces by renowned jewellers. The pieces which are being showcased are rare and exclusive, and are not readily available outside the show. Local jeweller IVY Masterpiece is presenting a remarkable USD 2 million necklace made up of 35 pieces of 2 to 5 carats cushion cut diamonds each, total weight of 88.81 carats, GIA-certified; along with an arresting USD 1.99 million ring – 16.08 carat round brilliant cut diamond, type IIA internally flawless and colourless, GIA-certified. Simone Jewels which is making a notable presence in the local and international jewellery scene is displaying a breathtaking SGD 280,000 necklace made up of over eight types of precious gemstones, metals and pearls. These showcasing of these significant pieces at the show underline the importance of SIJE as a platform to springboard the jewellery industry into the next phase. SIJE 2021 is organised by Conference & Exhibition Management Services (CEMS) and hosted by the Singapore Jewellers Association (SJA).