Local jewellers lament cost, margin pressures
They face tough times due to higher precious metal prices; near-term outlook continues to be unpromising
Add BT as a preferred source
Uma Devi
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.
TRENDING NOW
Singapore property portal Ohmyhome sells real estate business for US$1 on mounting debt, losses
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
China’s capital crackdown: Why Hong Kong will still keep its edge over Singapore, others
Singapore to introduce new corporate structure for insurance, speed up approval of new fund types: DPM Gan
