THERE'S a bright spark in the Singapore economy: The jewellery industry. Last year, the country exported $5.7 billion worth of jewellery and precious metals - an impressive increase of nearly $2 billion from 2007, said Mr S. Iswaran, Senior Minister of State for Trade and Industry and Education.

He spoke at the opening ceremony of the fifth annual Singapore International Jewellery Show 2009 yesterday, where he exhorted retailers to look beyond the immediate challenges and identify critical strategies to prepare for the upturn in consumer sentiment.

The substantial increase in exports can be attributed to strong demand from the Middle East and India - the main countries of export last year, he said.

Mr Izik Davidov, managing director of Singapore-based diamond wholesaler Derocks Trading, has seen "an increase" in exports. His clients - jewellery shops and brokers in Indonesia, China, India and Japan - seek out "one- to two-carat diamonds of good quality".

Mr Ezekiel Chew, owner of jewellery and fashion wholesaler Cruise International, saw a 20 per cent increase in jewellery exports from 2007 to last year, albeit with a "slight drop" earlier this year.

But he added that the market is recovering, and that his clients, based in the United States and Europe, still seek out upmarket pieces. His company carries designs from South Korea which are manufactured in China and shipped to Singapore for export.

Mr Iswaran added that the jewellery export trade is set to expand, and that Singapore has to identify and tap on new growth areas in the global market.

"India and China together are projected to emerge as a market equivalent to the United States by 2015," he said. "The Middle East is yet another large market that should be considered seriously."

joyfang@sph.com.sg

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