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Gems & Jewellery Trade: Singapore is a thriving trading centre for gems and jewellery. It imports a wide variety of precious goods from many countries and besides sizeable local,sales, including sales to tourists, re-exports a part thereof to many countries.
The Island State imports diamonds, colored stones,
pearls, jewellery and synthetics from India, U.S.A., U.K., Belgium, Japan, Hong
Kong, Israel, Brazil, China, Netherlands, Austria, etc. Diamond is the main item
Currently, Singapore sells diamonds to the Malaysian and Indonesian markets as well as Thailand, Japan and the Philippines. Steady performance of Singapore's economy had also given a boost to diamond trading. After the economic depression of the late nineties it was also hit by S+ARS epidemic in 2002-03, but has recovered and is back on the track of development.
Import - Export : There are no restrictions on imports and precious goods are allowed duty free entry. Singapore imports cut and polished diamonds from Israel and India. On the other hand, the country also exports diamonds. About one third of total exports go to Belgium. A private Australian Opal Centre is also functioning in Singapore.
Singapore is the largest market for Paua Shell, the rainbow
tinted treasure from the sea, produced by a mollusk found only in New Zealand.
In Europe, it is called the Sea Opal. It is used in making fine colorful jewellery
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