Singapore, the Eastern city-state well-known the world over for its orderly, disciplined public life, is a gems centre too - not a destination for this thriving trade, but a reputed transit point like Dubai. Over the years it has been consolidating its position and today it is recognized in the precious world as a noted supplier from where diamond supplies are routed to Malaysia, Indonesia, Thailand and even Hong Kong. As Indian operators have reached almost all precious trading centres in the world, Singapore too has a sprinkling of these globe- girdlers. Nearly 2 dozen Indian gemsmen have their Gaddis (business offices) in Singapore. Fifteen among them are more active while the rest remain marking time. As far as business facilities are concerned, Singapore can boast of safe and efficient banking, reliable supply network, etc., so vital for trading.

Diamond Chief Suresh Reports Steady Progress:

While on a recent visit to Singapore, I interviewed {{Suresh Hathiramani}}, a gems man of Indian origin, who is the President of the {{Singapore Diamond Exchange}}. He updated me about the progress of Singapore in the gems and jewellery sector. He disclosed that Singapore's diamond intake is mainly from India. 10 point down goods are currently moving while 50 point up are rather slow.%% In 50 points, certified goods are moving, Fancy shapes are not selling, because Singapore is not manufacturing jewellery. Jewellers of Singapore purchase casings from Hong Kong and mainland China. Gemstones are then set in Singapore for sale as finished jewellery.

Business Upswing:

He recalled that precious business has been booming since 1999 and Singapore had succeeded in achieving at least 10 per cent annual growth ever since in terms of volume. Jewellery sales are mostly undertaken by chain stores. I asked Suresh Hathiramani, the chain-stores of Singapore are very popular. How many chains are thriving here?

Jewelley Chains:

He replied that we have about six well-established jewellery chains that operate 80 to 90 retail stores. However, we feel that for a market as small as Singapore, half a dozen jewellery chains are more than sufficient.%% Discussing diamonds in depth and detail, he recalled that previously VS and VS1+ enjoyed good demand but nowadays VS2 and S1 are also moving. Overall caratwise and volumewise, diamond sales have been increasing. The total market is estimated at US$ 200 million per annum.

Sales to Tourists:

Since Singapore is a globally popular tourist centre, I asked him, what about sales to tourists ?%% "These sales are estimated at US$ 70 to 80 million per year. Total import export turnover amounts to about US$ 600-700 million. Besides good sales to tourists, the per capita consumption of jewellery in Singapore is quite high as nearly 4 million of the local population is fond of trendy modern jewellery. He pointed out that although {{De Beers}} do not advertise in Singapore, Branded jewellery from Italy, USA and local brands are being promoted regularly. I think advertising expenditure has gone up more than 50% over the last 5 years. Some elite stores, say 8 to 10, are retailing high-end jewellery from world famous houses like {{Tiffany, Cartier, Bulgari, Van Cleef}} and {{Carrera}}, etc.%% "What is the position of Indian jewellery?," I asked. "Well we are not selling it. We have to learn marketing Indian jewellery. However the Indian firms trading here at least half of them are retailing Indian jewellery."

Designs Dominate:

"What is the preference of choice in the younger generation here ?," I quizzed him. %% {{He opined that local young buyers do not patronize jewellery as an investment. Their priority is design. If your designs are up-to-date, you win, otherwise not. }}