WORLD’S MOST EXPENSIVE NECKLACE
L’Incomparable, completed in 2012 and certified as the priciest necklace in existence by Guinness World Records earlier this year, is an extravagant novelty.
But Asia, especially China, has become an important and resilient growth area for sellers of pricey jewellery, cars, boats, wine, artwork and other lavish items.
Australian miner Rio Tinto Ltd, which showed off its finest coloured diamonds in Hong Kong last month, believes the United States will remain its key market for diamonds but sees China growing fast.
Demand for diamonds in China, now the world’s second-largest market after the United States, helped boost global sales at Tiffany Co in the latest quarter, leading the US jeweller to raise its annual profit forecast.
The show in Singapore, now in its 11th year, expects some Chinese buyers but many locals and visitors from Indonesia, Malaysia, Thailand, Vietnam, Cambodia and Russia will also be there, said Kean Ng, chairman of the Singapore JewelFest.
“You have the high-end customers, but of course you have the browsers coming in and they usually end up buying something that’s within their budget,” he said.
A girl"s very best friend: $55 million necklace on sale in Singapore
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