SINGAPORE – It is not an everyday event to see a 31.82-carat Colombian emerald. But this rare gem – priced at US$1.5 million (S$2.01 million) – is among the many treasures waiting to be discovered at the Singapore International Jewelry Expo 2023.
The event, which is on till Sunday and is now in its 18th edition, is showcasing its largest number of exhibitors and exhibits to date.
More than 280 jewelers, designers, manufacturers and exporters from 28 countries are taking part in the show, bringing with them rare and collectible baubles worth more than US$200 million. They include the Colombian emerald, certified and described by GemResearch Swisslab as an important cushion-cut emerald, a rare distinction for gems worldwide.
There will be 61 Singapore brands on display.
Among the prestigious line-up is Simone Jewels, a renowned home-grown jeweler to the stars. Its creations have been spotted on many big names, such as British actress Emily Blunt and American pop icon Taylor Swift. The singer is rumored to be a fan of its Rockstar Synth Unisex Ring (from $788) from its Jouer collection.
Local bespoke jewelery house Ivy Masterpiece is showcasing its vivid red spinel and diamond necklace that is set with 116.75 carats of Burmese spinels, which are painstakingly matched in color, shape and size.
A report by market research company Mordor Intelligence has shown that Singapore’s luxury goods market is poised for a dazzling future, with a projected compound annual growth rate of 4.64 per cent from 2022 to 2027.
Mr. Ronald Low, a gemologist at Ivy Masterpiece, believes that the upcoming increase of goods and services tax to 9 per cent in 2024 will motivate consumers to expedite their purchases, but will do little to curb the growth of luxury spending.
“Most investment pieces yield a higher return than a 1 per cent hike in price. Also, consumers understand they are paying for quality,” he says.
With so many exquisite pieces on offer, it may be difficult for buyers to spot a gem worth splurging on.
Ms Simone Ng, founder and executive creative director of Simone Jewels, says it is important to understand the quality and craftsmanship of their selected jewelery.
“While price is only one indicator of value, rarity and desirability determine the potential future value,” she added. “Long-term investment potential is determined by historical price performance and market demand.”