Prestige Jewellery Mfr Ltd of Hong Kong is showing no signs of slowing down despite a more challenging business environment.
According to Jennifer Cheng of Prestige Jewellery, the company relies on close to four decades of jewellery manufacturing expertise, premium-quality products and loyal customers to sustain its growth over the coming years.
Known for its classic jewellery pieces with an Italian flair, the manufacturer specialises in gemstone-embellished gold and platinum jewellery.
Prestige Jewellery is also bent on further expanding its product offerings to cater to a more diversified market, added Cheng.
Commitment to excellence
Established 37 years ago by the Cheng family, the company offers a highly varied product portfolio, which mainly includes diamond and coloured gemstone jewellery. The company also manufactures pearl and coral jewellery.
Cheng noted that Prestige Jewellery uses a great deal of amethysts, citrines and tourmalines in its jewellery collections in response to a growing demand for coloured gemstones. All its jewellery pieces are in 18-karat gold and platinum.
Prestige Jewellery operates manufacturing facilities in China and Hong Kong. Its Hong Kong office has about 50 employees while around 100 staff members are working in China.
“Our products come in enduring, timeless styles. When you look at our pieces, they remind you of well-loved Italian jewellery designs,” noted Cheng. “If buyers are looking for classic fine jewellery, they come to us.”
The jeweller’s latest collections are again reminiscent of Italian craftsmanship. The pieces, which are a combination of yellow and rose gold with diamonds, can be used every day to complement a smart-casual attire but may also be worn during a dinner party or other formal occasions.
According to the company official, the Middle East market fuels the majority of Prestige Jewellery’s fine jewellery business.
“The US used to be our biggest market but since the economy has not fully recovered, we are setting our sights on the Middle East, hence the heavier, chunkier look of our latest collections. Middle Eastern buyers go for more statement pieces,” remarked Cheng, adding that Prestige Jewellery has built a solid customer base in Dubai, Abu Dhabi, Bahrain and Doha, Qatar.
The European market remains in the doldrums, she added. “Europe is still down and we don’t have a significant presence in Asia. Our strongest markets at the moment are the Middle East, followed by the US,” stated Cheng.
The company also underscored the importance of attending international jewellery shows to boost its business and find potential clients.
Prestige Jewellery attends 10 major exhibitions annually in the US, the Middle East and Hong Kong.
Continued uncertainties in the global economy, however, are still weighing down on already price-conscious consumers.
“Jewellery is an item of luxury; it’s something that consumers can live without, or that has to take a backseat when buyers are being cautious. They would rather spend money on necessities but we have to be innovative and come up with ways to provide affordable jewellery without sacrificing the quality,” said Cheng.
Standing out from the competition is of paramount importance in the jewellery business, and this becomes even more pronounced because of the current global situation, according to the company executive.
“One way to further diversify our product offering is to design and manufacture an entirely new line of jewellery targeted at the younger generation. Our more expensive lines are not moving at the moment so we have to make adjustments,” she noted.
In terms of designs, the pieces will carry the same classic look that Prestige Jewellery has been known for but will be competitively priced.
Younger buyers are on the lookout for simple designs such as solitaire diamond rings and are not very keen on buying an expensive jewellery set, added Cheng.
“Our company takes pride in top-quality workmanship, which is evident in the finishing of each and every product,” she added. “It’s also a family business, which means it is run by the same group of people who established the business almost four decades ago. Over the years, we have built lasting relationships with our customers founded on trust.”
The company name itself is like a signature or a symbol of trust and quality, remarked Cheng.
“My parents founded the company so we are now dealing with second-generation members of our clients. Since the business operates on trust, it takes time to build such a reputation,” she added.
Prestige Jewellery is also planning to expand its presence in Asia, particularly China. “We are looking at China but nothing is concrete. From our observation, Chinese buyers seem to like coral jewellery,” noted Cheng. “China is a new market for us so it will take time to learn the ropes. There is vast opportunity in China mainly due to the high spending power of consumers. We are still building this market so we only have a few clients there.”
The company remains hopeful that with gradual developments in major markets, the overall business atmosphere will also start to improve this year.
“The past three years have been challenging for the jewellery industry. We don’t expect much this year but we remain hopeful, especially since there’s a new US administration. Hopefully, with new economic policies in place, the US market will be able to pick up,” she added.
She said Prestige Jewellery is launching new jewellery collections during upcoming international jewellery shows.
“It’s a tough year so we try to cut down on expenses by attending only major shows. We can’t adjust our prices because we want to maintain the quality of our products. Since we offer the same top-quality products, our clients always come back to us. This is our signature and we want to keep it that way. If they’re looking for high-end pieces, they think of Prestige Jewellery,” noted Cheng. JNA