Last Wednesday, the Antwerp World Diamond Center (AWDC) organized a meeting between representatives of the diamond industry in Antwerp and the banks of Singapore. The event became part of the Belgian trade and economic mission in Singapore and Malaysia with the participation of the Belgian Princess Astrid.
Singapore is not only a growing promising market for diamonds, but also the focus of many branches of leading international banks. However, only a small proportion of these offices pay attention to the precious stones market, the AWDC statement says.
"Financing the diamond market is quite a niche area for banks. Only 5% of banks are familiar with this type of financing, "- said the head AWDC Ari Epstein (Ari Epstein).
Singapore has traditionally served as a bridge in the chain of diamond supplies between Antwerp and India. But recently the demand for jewelry in the country has increased significantly, they say in AWDC.
"It is expected that the Singapore jewelry market will grow by an average of 3% per year. And diamonds can play a significant role in this growth. Like the Malaysians, the people of Singapore prefer gold jewelry. However, recently they began to buy designer clothes and wear it with exclusive jewelry, "said Epstein.
Last year, sales of jewelry in Singapore rose by almost 5% in volume and 8% in value terms. Currently, the volume of the Singapore jewelry market is about $ 3.5 billion, and 26% of jewelry sold on it contain diamonds.