This article first appeared in the Thailand Special 2024.

Regal Jewelry Manufacture Co Ltd is enhancing its product portfolio and manufacturing operations to sustain business momentum in a highly competitive market environment.

According to company business development manager Natthanisa Phaiboonsuntorn, the shift of consumer expenditure post-pandemic to experiences such as dining and travel as opposed to tangible luxury goods dented demand for jewellery, leaving many players in the industry with unsold inventory in 2023.

These evolving consumer preferences and continued economic uncertainties in key client markets put the brakes on the company’s growth trajectory.

Golden opportunities

The jewellery manufacturer is, however, witnessing a promising turnaround this year, with first-quarter sales meeting targets, thanks largely to its pivot to gold.

Noting a marked increase in demand for demi-fine or entry-level fine gold jewellery, Regal Jewelry expanded its gold jewellery production capabilities last year, from increasing the number of its skilled goldsmiths to building a new gold jewellery manufacturing facility.

Meanwhile, its core production of sterling silver – and increasingly, brass – jewellery has remained stable.

“Our focus on affordable luxury and demi-fine gold jewellery has served as a significant growth driver,” said Phaiboonsuntorn. “We observed a substantial increase in demand from our customers for 9-karat and 10-karat gold jewellery as well as 14-karat gold pieces, prompting us to adapt our business model to cater to this promising growth opportunity.”

When it comes to designs, tennis bracelet styles and enduringly popular micropavé stone settings are currently much favoured in the market, she continued. Jewellery pieces with designs suitable for daily wear are likewise highly sought after by the company’s clients.

Strategic measures

Apart from adjusting its product offerings to suit market demand, Regal Jewelry has expanded its customer base, offering each brand client dedicated designs that fit their unique identity.

The jewellery manufacturer is also placing sustainability at the core of its operations. Phaiboonsuntorn noted that Regal Jewelry’s responsible manufacturing practices align with growing customer demand for ethical suppliers.

“There has been an increase in client interest regarding sustainability, particularly from the US market. As a sustainable and responsible jewellery manufacturer, we always source conflict-free materials, practice the correct disposal of our wastes and emissions, and offer recycled metals certified by the Responsible Jewellery Council (RJC),” she remarked.

In addition to implementing comprehensive measures across its operations to ensure sustainability, initiatives such as the installation of solar panels, staff training, and ISO certifications for energy and environmental systems underscore its commitment to environmental stewardship.

The road ahead

With its enhanced product and operational strategies firmly in place, Regal Jewelry is optimistic of further growth this year, despite challenges such as shorter lead times for product development and the continual need for diversification in design offerings.

“Opportunities still abound as many jewellery brands are looking to diversify their supplier bases,” said Phaiboonsuntorn. “We are looking forward to improving our craftsmanship, machinery and production efficacy to provide our customers with the best full-service jewellery manufacturing service in 2024 and beyond.”

Also working in the company’s favour are the competitive advantages of Thailand as a gem and jewellery hub, she added.

“Thailand is a leading silver jewellery manufacturing centre, owing to its robust and comprehensive supply chain, favourable business relations and historically skilled craftsmen,” she explained. “The country's artisans are renowned for their unparalleled craftsmanship, with exceptional quality and aesthetic appeal. With its strategic advantages, Thailand continues to be a cornerstone of the global jewellery industry.”

Moving forward, Regal Jewelry remains steadfast in its pursuit of innovation and sustainability.

According to Phaiboonsuntorn, the company believes in investing in technology to further enhance the quality of its jewellery products, ensure greater efficiency of its production capabilities and reduce waste in its operations.

“Moreover, we are actively exploring new markets and designs, leveraging our expertise to meet evolving consumer preferences and industry demands,” she added.