Singapore's diamond market shines on luxury, investment appeal
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
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