Singapore Jewelry Market

Retailers of watches and jewelry reported a 60% increase in sales, for both higher and lower end products. Total revenue of luxury jewelry amounted to US$106 million in 2022 and this is expected to grow annually. Retailers shared that the rise in purchases of jewelry and other luxury items may compensate for the lack of travel opportunities during the pandemic. More are also investing in jewelry as a hedge against inflation. 

The number of marriages has led to a steady demand for engagement and wedding bands. The growing affluence of women, has led to so many opting to purchase jewelry for themselves. Another growth category is that of affluent males who appreciate jewelry, watches, and other luxury items. With the advent of social media, the showcasing of purchases, fuels the growth in the sector. 

Singapore’s jewelry market is largely fragmented. In addition to watches, this includes the mid-range, mass-market, high-end, costume, bespoke, and customized segments.  

Within the mid-range and mass consumer markets there are four key local brands that stand out “Poh Heng”, “Lee Hwa”, “Gold-heart” & “SK Jewelry”. Together, they account for approximately 57 retail store locations island wide. The higher end brands are established names such as “Cartier”, “Harry Winston”, “Bulgari”, “Tiffany” “Van Cleef & Arpels”. American jewelers do enjoy popularity, and success depends largely on the branding, design elements and price, relative to competitors from Europe. Both the European and American jewelers do well due to their rich history and popularity amongst tourists. 

A trend worth noting is the increased adoption of digitalization amongst designers, jewelers and retailers. Designs can now be refined, customized and with the advent of 3-D printing, molds can be produced before production. Personalized rings, earrings, necklaces and bracelets are gaining popularity. While traditional retail stores are still the mainstay of this jewelry market, more are pivoting to innovative, online experiences, offering consumers wider choice and borderless e-commerce options. Jewelers and designers should keep abreast of these trends and reinvent their offerings to maximize their chances of success in the Singapore and wider Southeast Asian market. 

U.S. jewelers and designers who wish to explore these opportunities or partner with Singapore entities may contact Ms. Luanne Theseira at the U.S. Commercial Service in Singapore.