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In Singapore, we commonly spot luxury watches and jewellery whenever we step out. However, beyond simply purchasing these high-end items, there’s an opportunity to invest in the companies that sell them. The Singapore Exchange (SGX) features several prominent players in the luxury watches and jewellery market, including Cortina Holdings (SGX: C41), The Hour Glass Ltd (SGX: AGS), Aspial Lifestyle (SGX: 5UF), and Taka Jewellery Holdings (SGX: 42L). But how do these “glittering” companies measure up for investors, particularly in terms of dividend sustainability and growth potential? Let’s examine whether these firms truly shine where it matters most. Cortina Holdings is a leading retailer and distributor of Asian luxury watches, representing many prestigious brands, including Blancpain, Omega, and Tudor. It has become a key player in the region’s luxury watch market. In addition to Singapore, Cortina has a presence in Malaysia, Thailand, Indonesia, Hong Kong, Taiwan, and Australia. Cortina has been a consistent dividend payer over the years, with a policy that reflects a commitment to returning value to shareholders. The company’s payout ratio has remained healthy, typically between 25% and 40%, allowing for both reinvestment in the business and attractive shareholder returns. From FY2020 (financial year ended 31 March 2020) to FY2024, Cortina’s total dividends have grown from 6.5 Singapore cents per share to 16 Singapore cents per share, increasing at a commendable annualised rate of 25%. This is due to its profit after tax increasing from S$41.7 million to S$67.3 million during the same time frame. The conservative dividend payout ratio and growing dividends could attract income investors. Cortina said the global economy is expected to maintain its current growth rate in 2024. The International Monetary Fund predicts slow but consistent growth worldwide, with the US driving global output despite ongoing challenges like high inflation, weak demand in China and Europe, and persistent geopolitical tensions. However, Cortina’s strong financial position, including a healthy balance sheet with a net cash position, prepares it well for future challenges. Its focus on prudent capital management also allows it to remain financially flexible and seize strategic growth opportunities as they arise. The Hour Glass is another heavyweight in the luxury watch retail market, with a strong presence across 13 key cities in Asia Pacific. Established in 1979, the company is known for its exclusive distribution rights for some of the world’s most sought-after luxury watch brands, including Girard-Perregaux. Similar to Cortina, The Hour Glass has a strong track record of dividend payments. The company’s prudent financial management and conservative payout policy have allowed it to maintain a steady dividend flow, even during challenging market conditions. Over the past five financial years, dividends at The Hour Glass have grown from 2.0 Singapore cents per share in FY2020 (the financial year ended 31 March 2020) to 8.0 Singapore cents in FY2024. This translates to a conservative dividend payout ratio of 18% to 55%. Similar to Cortina, The Hour Glass’ profit after tax has also consistently stepped up, again leading to consistent dividend payouts. As for its outlook, The Hour Glass said the following in its latest earnings release: While not as prominent in the watch market as Cortina and The Hour Glass, Aspial Lifestyle has carved out a niche in the pawnbroking and jewellery segment with retail brands such as Maxi-Cash, Lee Hwa Jewellery, and Goldheart Jewelry. Aspial Lifestyle was  . In FY2022 (the financial year ended 31 December 2022), Aspial Lifestyle paid a total dividend of 1.05 Singapore cents per share, while in FY2023, it paid 0.78 Singapore cents per share in dividend. The company’s growth prospects are tied closely to consumer spending on jewellery, which is the largest portion of its revenue. While it warned about a challenging year due to high interest rates, rising costs and geopolitical tensions, it said that the retail and trading of jewellery and branded merchandise business is set to continue its momentum as Aspial Lifestyle “continues to refine back-end operations and achieve greater harmony between the business units”. Taka Jewellery is a well-known name in Singapore’s jewellery market, catering to both the mass market and high-end segments. On top of owning the eponymous Taka Jewellery brand, it also owns Top Cash, a pawnbroking business involved in the trading and retailing of used gold and pre-owned jewellery. The following shows a snapshot of Taka’s financials over the past couple of years: Taka Jewellery’s net profit has increased from S$3.5 million in FY2019 (financial year ended 30 June 2019) to S$8.9 million in FY2023, although it lost in FY2020. The strong showing in FY2023 was due to the recovery of international travel and improving consumer sentiment. Taka Jewellery doesn’t pay a dividend. Looking ahead, Taka Jewellery sounded a similar warning to its peers about inflation and ongoing geopolitical conflicts. Specifically to its company, it added: While all four companies—Cortina, The Hour Glass, Aspial Lifestyle, and Taka Jewellery—operate in the alluring realm of luxury watches and jewellery, their investment profiles are significantly different. Cortina and The Hour Glass stand out as established dividend payers with consistent growth trajectories supported by strong financial positions. On the other hand, Aspial Lifestyle and Taka Jewellery are still finding their footing in terms of paying out consistent dividends. Before making investment decisions, potential investors should conduct thorough due diligence on each company to determine their alignment with individual investment goals and risk tolerance. is not a recommendation from us to buy or sell any of these stocks. For investors who are keen to find out more, you should continue researching about them before making your investment decisions. With over 25,000 subscribers, has expanded since 2020 to bring you more than just market insights, updates on sector and stock performances, plus all the happenings in Singapore's securities market, tailored for individual investors like you.