This article first appeared in the JNA March/April 2024 issue.

When Jonathan Cheng and Terence Lee first joined the family business, they had been living the dream and thriving in their respective careers – Jonathan as a financial specialist at Credit Suisse Prime Services and Terence as a medical doctor practising in New York. Nowadays, these two bright individuals are the shining stars of Rio Pearl. As company directors, they successfully turned the business that their fathers had built into one of today’s most innovative and dynamic pearl companies globally. They count stronger output, business expansion and production of higher-quality pearls among their manifold achievements at Rio Pearl.

Shared legacy

Both 37 years old, Jonathan and Terence were childhood friends whose fathers, Johnny Cheng and George Lee, established the company’s pearl farm in the Mergui Archipelagos of Myanmar in 2010.

Rio Pearl, however, traces its roots to 1983 when it was founded by Johnny as a wholesale business, supplying freshwater and Akoya pearls. Over the years, the company has transitioned into South Sea pearl production.

Meanwhile, Jonathan and Terence’s relationship grew organically, influenced and, in many ways, inspired by their fathers’ decades-long friendship.

“Our families have always been close. Our fathers were born the same year, and their birthdays are a month apart. They have been friends for over 30 years. I believe it was destiny that brought Terence and me together,” Jonathan said.

Jonathan joined Rio Pearl in 2013, leaving behind a career in finance that he loved in order to fulfil his duty to the family. Terence, for his part, was working at Richmond University Medical Center in New York when he decided to become a part of Rio Pearl in 2018. “My strongest passion is now dedicated to the art of pearl cultivation,” revealed Terence.

Based in Hong Kong, Jonathan oversees the sales and business aspect of Rio Pearl, while Terence manages the pearl farm in Myanmar, his medical expertise proving instrumental in navigating the science behind pearl cultivation. With them at the helm, Rio Pearl has since grown its production more than tenfold and expanded to three different pearl cultivation sites in Myanmar. The quality of the harvest has also improved. According to Jonathan, initial harvests were mainly light gold, champagne or yellow pearls as opposed to the coveted dark gold pearls that Rio Pearl is now known for. The company produces medium and light gold pearls as well.

“We also launched Rainbow Gold in August 2023 and Myanmar’s first white South Sea pearls in January 2024,” he added. At present, Rio Pearl considers Rainbow Gold as its “highest level of golden South Sea pearl,” as it bears dark and medium gold colours with vibrant green, red and pink undertones never before seen in the industry.

The company also created a global sales platform with the launch of the Rio Pearl Auction in 2014 aimed at catering to a diverse set of buyers.

Young and promising

According to Terence, a company’s success hinges upon the well-being of employees; hence, a good leader prioritises effective communication. “Attentively listening to my team’s opinions, especially in the demanding field of pearl cultivation, with its physical challenges and unpredictable nature, is crucial,” noted Terence. “I actively participate in farm activities, engage with my team daily and work towards fostering a joyful and thriving workplace.”

Jonathan, meanwhile, believes in promoting a stronger sense of work-life balance among employees. “I have a list of goals that I want the company to achieve, and I ask our staff to create collective goals and aspirations,” he remarked. “I do not ask them to do anything that I would not do myself. I like to be hands-on. We all work together to complete our targets.”

Bright future

Jonathan and Terence are aiming to further build and strengthen their families’ legacy in the pearling industry. As second-generation pearl specialists, they aim to continuously challenge the norm and offer innovative products to the market. Rio Pearl is eyeing to produce both golden and white South Sea pearls of very high quality while bolstering production of whites to match that of golds. In this way, the company can build its expertise in producing both colours, unlike most producers that only focus on one main product.

“We will continue to work on improving the quality of our pearls, embrace technology and further advance genetic and oceanic research to strengthen the progression of Rio Pearl’s pearl cultivation,” Jonathan and Terence said.

 

Top challenge facing the pearl trade 

Consistently producing high-quality pearls with as little low-grade production as possible. There is an abundance of lower-quality pearls in the market, especially from smaller producers who may not have the time or resources to invest in new cultivation techniques. Low-quality pearls can be difficult to sell, resulting in greater inefficiencies and environmental waste. 

Proposed solutions 

Responsible producers need to commit to enhancing the quality of their pearls. Investing in production will yield higher-quality, sustainable gems.

 

This story is part of a series of ‘New Era of Leaders’ profiles in JNA March-April 2024. Click here to view the other profiles.