The event, showcasing finished fine jewellery and precious gemstones, is meant to attract high net worth individuals, regional trade buyers and international exhibitors. In a statement, event organiser UBM Asia Trade Fairs said it chose Singapore not only because it is strategically located in Asia but more because it presents "tremendous business opportunities for jewellers to showcase their products and capture the consumer demand in the city-state."

Singapore is home to some 91,200 HNW individuals and remains to be one of the top cities of choice for the world's wealthy. By itself, the ASEAN reports a combined wealth of at least $1.24 trillion.

"We observe that wealthy Asians have moved away from traditional investments toward 'passion investments' such as jewellery," said Paul Wan, managing director for UBM Asia.

UBM Asia is better known for organising the highly successful September Hong Kong Jewellery & Gem Fair, which attracts over 51,000 buyers and 3,500 exhibitors from all over the world. The event is supported by the Singapore Jewellers Association and the Diamond Exchange of Singapore.