Follow Singapore Investment Immigration and Life in Singapore: Influenced by the broader environment of environmentalists calling for a reduction in shark fin consumption, shark fin consumption in Singapore has fallen significantly over the past year, leading to a sharp drop in wholesale prices for shark fins.
The local English newspaper, The Straits Times, cited industry insiders reporting that shark fin consumption in hotels and restaurants in Singapore in 2012 is estimated to have fallen by one-third compared to the previous year, dropping to 5,000 kilograms. Wholesale prices for shark fins have also decreased by 30% to 50% over the past year or so.
Local industry insiders state that some hotels have stopped purchasing shark fins. Currently, at least 14 internationally renowned high-end hotels have pledged not to sell shark fins, with three of them having ceased sales last year.
