SPOTLIGHT 22 | Thailand Special 2023 Flexibility and innovation are critical to staying afloat and attaining growth in a highly challenging and competitive environment, according to Natthanisa Phaiboonsuntorn, business development manager of Thailand-based Regal Jewelry Manufacture Co Ltd. The company mainly produces high-quality silver jewellery but it also offers gold and brass jewellery. According to Phaiboonsuntorn, Thailand’s silver jewellery manufacturing and exports sector grew steadily in the beginning of 2022, but demand dipped by the second half mainly due to economic challenges like high inflation. Sustained spikes in inflation translated to lower endconsumer demand for affordable luxury jewellery, which also had a direct impact on jewellery manufacturing at the beginning of this year. Regal Jewelry however is more upbeat about prospects in the second half of 2023, owing to improving market fundamentals, revealed Phaiboonsuntorn. The company counts chains as among its major growth drivers, especially over the past year, primarily driven by trendy chain necklaces and bracelets. “We also saw an increased demand for recycled silver and gold jewellery as more sustainable options for our customers,” she continued. Flexible strategies Phaiboonsuntorn said Regal Jewelry had to tweak some elements of its business strategies to combat challenges like high raw material prices. Communication is key to understanding changes in customer preferences. Depending on what a client needs, Regal Jewelry can manufacture simpler design options, reduce metal weight, or find more affordable substitutes for expensive gemstones. “The overall goal is to find a balance between design and price that will be most satisfying for customers. By being flexible and adaptable, we continue to meet customer needs and succeed in a challenging business environment,” noted Phaiboonsuntorn. Regal Jewelry values creating sustainable products, using ethically and responsibly sourced materials and providing fair remuneration to employees while regularly undergoing audits. The manufacturer is also implementing measures to minimise its environmental impact by installing additional waste management systems. Moving forward, the company is envisioning a sustainable future for the jewellery business. Regal Jewelry is upgrading its facilities to become more energy efficient and using more eco-friendly materials such as recycled packaging. It is also investing heavily in new and advanced jewellery manufacturing tools and machinery. "Over the next two years, we are planning to increase our gold product designs on top of the four collections that we release annually. With the pandemic behind us, we also Shifting business strategies to achieve growth Regal Jewelry: 调整业务策略达至增长 REGAL JEWELRY: Constantly adjusting and upgrading its business approach during challenging times is a critical element of Regal Jewelry’s longevity. 在充满挑战的时期，Regal Jewelry不断调整及 提升业务方针，促进长远成就。
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