| issuance time：2009-7-30 visited：418 source：
Xinhua
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The Singapore International Jewelry Show 2009, which gathered some 160 exhibitors from 35 countries and regions, kicked off in Singapore on Thursday.
Singapore's Senior Minister of State for Trade and Industry and Education S. Iswaran opened the show. He said that the economic downturn has dampened consumer sentiments worldwide and the retail trade has not been spared, shoppers are staying away from big-ticket purchases including jewelry items.
He called on Singapore jewelry retailers to look beyond the immediate challenges and identify critical strategies to prepare for the upturn in consumer sentiment.
Identifying the new growth areas in the global market, he said "India and China together are projected to emerge as a market equivalent to the United States by 2015. The Middle East is yet another large market to consider."
He also noted that according to the World Wealth Report 2009, high net-worth individuals are investing 22 percent of their wealth in jewelry, and that this consumption resides mainly in Asia and the Middle East.
He revealed that last year, 5.7 billion Singapore dollars (3.99 billion U.S. dollars) worth of jewelry and precious metals were exported here, an increase of nearly 2 billion Singapore dollars (1.4 billion U.S. dollars) from 2007.
He attributed this increase to strong demand from the United Arab Emirates and India that were the main countries of export last year.
Now in its fifth year, the four-day show is expected to attract 13,000 visitors this year.
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