SINGAPORE, Jan 5 — Gold retailers in Singapore are refreshing designs and promoting trade‑ins as they try to revive demand, after one of the weakest years for jewellery sales amid soaring prices.
Data from the World Gold Council showed jewellery sales by volume in Singapore fell 8 per cent year‑on‑year in the third quarter of 2025.
CNA reported that the decline was offset by a sharp rise in investment purchases, with demand for gold bars and coins jumping 47 per cent over the same period.
Singapore Jewellers Association president Ho Nai Chuen said investment‑grade gold bars qualify as Investment Precious Metals, which are exempt from Goods and Services Tax (GST).
“That prompted some of the consumers to pick gold bars rather than buying gold jewellery, so that they can preserve the value of the currency,” he told CNA.
Gold prices surged more than 60 per cent last year, driven by strong investment demand and global uncertainty. Spot prices are expected to remain elevated, leaving retailers to balance affordability with appeal as gold is increasingly seen as an investment rather than adornment.
Festive demand has also softened, with consumers becoming more price‑sensitive. Some buyers, particularly retirees and the elderly, are opting for lighter pieces or have been priced out of new purchases altogether.
At the same time, more customers are selling or trading in old jewellery to capitalise on higher prices, retailers noted.
