AWDC Holds Seminar for Singapore Banks on Diamond Financing

The Antwerp World Diamond Centre (AWDC) held a business-to-business event to bring together the Antwerp diamond industry and Singapore banks on Wednesday. The event was part of the Belgian Princely mission to Singapore in the presence of Princess Astrid of Belgian.
Singapore is not only a growing retail market for diamonds, but also a financial hub that is home to numerous branches of international banks. However, few of those branches specialize in diamond funding, the AWDC said in a statement.
"Diamond funding is very much a niche market. Only 5 percent of all financial institutions are familiar with this specific type of financing, says Ari Epstein, CEO of the AWDC.
Singapore has traditionally acted as a link in the diamond supply chain between Antwerp and India. In recent years, however, the country has developed into a booming retail market for jewelry, the AWDC said.
"Over the next five years, Singapore's jewelry market is expected to increase an average of 3 percent each year. Diamonds could play a major part in that development. Just like Malaysians, Singaporeans are particularly fond of gold. In recent years, however, Singaporeans have developed a taste for accessorizing designer clothes with exclusive jewelry," said Epstein.
Jewelry sales in Singapore increased by nearly 5 percent in volume and 8 percent in value last year. Currently, the Singaporean jewelry market is worth approximately $3.5 billion, with 26 percent of jewelry sold containing diamonds.