The Embassy of Peru Award was first presented in 2006. It is presented to the most outstanding degree graduate at the Nanyang Academy of Fine Arts. The award recognises the all-round achievements of the recipient who possesses strong academic performance, good attributes including discipline, diligence and leadership qualities, as well as contributions towards the class, Academy and arts community.

The award is a Tumi from Peru. It is made of solid silver. The Tumi is one of the symbols of Peru. It has its origin in one of the main cultures in ancient Peru between 1050 – 1476 AD, known as the Chimú Culture. One of the important accomplishments of the Chimú was the establishment of the goldsmith workshops. Among the most famous pieces made were the great ceremonial knives called the Tumi. During the ancient times in Peru, it was used as a knife in ceremonies and surgeries. Later on, it evolved into an art object.

Peru is a country where gold, silver and other metals with artistic character are in abundance and so the Tumi is symbolic of the art and culture of Peru. In Peru, hanging a Tumi on a wall brings good luck.