JNA September/October 2023 | 11 FOCUS 焦点 We figure prominently in luxury jewellery circles because our products are distinctive, thanks to Thai culture and workmanship. Those have always been the hallmark of Beauty Gems. – Hitesh Dhruvakumar Chhaya, business analyst at Beauty Gems Ruby and diamond necklace by Beauty Gems Beauty Gems的彩色宝石 配钻石耳环 Asia-based luxury jewellers continuously count on critical pillars of the business to sustain growth and stay afloat even in the face of adversity. JNA sits down with two of the biggest names in Asia’s high-end jewellery sector who talked about the importance of agility and resiliency, product exceptionality and a sturdy corporate structure to retain their global edge. Business of luxury Opportunities abound for the luxury segment of the international jewellery trade. According to French conglomerate Kering, the luxury market is witnessing a “premiumisation” trend in supply and demand as confirmed by solid first-half results posted by luxury jewellers. “This trend seems to be temporary, largely related to the economic situation, with high inflation and falling real incomes affecting the most aspirational customer segments but leaving customers with the highest income or wealth levels relatively unaffected,” explained Kering in its first-half earnings report. Timeless and high-end products are also regarded as “safe-haven assets” during uncertain times. Kering owns Boucheron, Pomellato and Qeelin. Meanwhile, luxury group LVMH Moët Hennessy Louis Vuitton, which controls Tiffany & Co, Bulgari and Chaumet, said strong creative momentum of premium brands contributes to their desirability. Industry players explained that affluent markets continue to invest in luxury items regardless of the macroeconomic situation since there will always be life occasions and milestones to be celebrated and of course, dispensable income to be spent. Case in point was the Covid-19 pandemic, which proved disastrous for most companies, but provided luxury enterprises with newfound expansion and business opportunities, and alternative income streams. Heritage is king Culture-inspired designs are at the heart of Thai luxury jeweller Beauty Gems. According to Hitesh Dhruvakumar Chhaya, business analyst at Beauty Gems, exceptionality sets high-end jewellers apart from the competition. “Our craftsmanship and design, which shine the spotlight on Thai culture and aesthetic influence, make us stand out,” he shared. “The way we source our highquality gemstones and how those are meticulously set in our jewellery are also unique features that keep us ahead of other local or regional brands.” The company, which has more than 40 years of luxury jewellery manufacturing expertise, mainly sells to the domestic market but it also has exclusive, affluent clients across Southeast Asia, the Middle East and Europe. Beauty Gems has two core businesses – its highend Beauty Gems brand and its OEM arm, which manufactures products for other brands. The Beauty Gems brand offers top-quality jewellery pieces adorned with diamonds, rubies, sapphires and a wider range of coloured gemstones. While prevailing economic conditions, combined with the residual effects of the pandemic on the market’s purchasing power and consumption habits, have made it challenging to do business, Chhaya said Beauty Gems’ collections remain extremely favoured by discerning buyers.
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