Local jewellers lament cost, margin pressures

Singapore

LOCAL jewellers are feeling the pinch of higher precious metal prices, which is likely to put further pressure on margins that have already been hit by cautious consumer spending and reduced footfall at stores.

The Covid-19 pandemic restrictions on event sizes have forced many to scale back or postpone celebrations. Ho Nai Chuen, president of the Singapore Jewellers Association (SJA), estimates that this has caused jewellery sales to decline by 20 per cent. Border restrictions, meanwhile, have reduced the pool of customers.