Michael Youssoufian fondly recalls a recent trip to Alexandria, Egypt where he retraced his family’s storied past as jewellers to the imperial family and other influential personalities. What he found were treasures on their own: Invoices and other documents dating back to the 18th century.

The documents chronicle the enterprise’s dazzling journey as one of the most celebrated jewellers around the world. According to Michael – a fifth-generation Youssoufian jeweller – the Youssoufians who originated from Armenia, established the business in the 1800s. Among their clients were the society’s elite and powerful including King Farouk of Alexandria.

Today, Michael’s ties with the families of his ancestors’ clients remain strong. In fact, he sources most of his vintage jewellery – a big part of the business – from long-time customers and friends. His namesake business, Michael Youssoufian Ltd, was founded in Hong Kong in 1997 with the family’s solid jewellery lineage among its pillars. Michael’s daughters – the future of the Youssoufian legacy – are now part of the business.

JNA: What has the company been doing in the last five years?

Michael Youssoufian: We have had two years of Covid-19 but we have been preparing for the business to reopen. We are planning to return to Dubai, which was once among our strongest markets. We are currently focused on Asia, but we are keen on moving back to the Middle East, which for us is the future.

JNA: What kind of jewellery sells in Asia? How about in the Middle East?

Youssoufian: Out of superstition, ladies in the Middle East prefer newly manufactured jewellery because they do not want to wear something that somebody else has worn. In Asia, where we have been doing business for over 30 years, we have noticed that Chinese buyers are gradually transitioning into high-quality vintage jewellery. That is why we offer both vintage and newly manufactured collections. In terms of design, Middle Eastern buyers prefer ostentatious pieces that come in sets. They want to have the entire set of necklace, bracelets and earrings – the whole parure. In Asia, buyers would go for one or two matching items.

We mostly work with China now but are eagerly waiting for the borders to reopen so we can expand to other destinations. We still maintain contacts with our clients in Indonesia, Malaysia and Singapore.

JNA: Which gemstones are popular now?

Youssoufian: As long as the gems are rare and have an investment value, such as rubies, sapphires and emeralds, they will be in demand. Rare pieces are worth investing in because prices go up fast and at a steady pace. We buy cautiously because when we recommend an item to clients, we also assure them of a good return. Buying is more difficult than selling because you must know how to buy correctly to sell it easily. Our expertise lies in knowing how to buy. Our objective is to make our clients, who have become family friends, happy. We keep in contact with them from generation to generation. As they grow, we grow as well.

JNA: How will your children – a new generation of jewellers – make an impact on the company?

Youssoufian: In any field of business, you must have knowledge and appreciation of your past before knowing where you stand. A company’s history is important because it will guide your future. While it helps to know your past, new and modern ideologies are also vital to thriving and succeeding. Our children are part of a family of jewellers – they have seen us work and how the business functions. They have also had today’s education. They know all the new technologies and they can use these tools to grow the business to new heights.

JNA: Is the jewellery industry on the road to recovery?

Youssoufian: From the ancient times, jewellery has always existed. As long as women exist, jewellery will exist. The business will have its ups and downs, just like any economy. But there will always be a market for beautiful, meaningful jewellery pieces. At the jewellery show in Hong Kong last year, we saw a lot of ladies coming in, trying out pieces and just having a good time. This highlights the need to continuously expand and open new markets.