Richemont announced it audited results for the year ended 31 march 2019 

Richemont, the Swiss luxury goods group, announced its audited consolidated results for the year ended 31 March 2019.

Today

Tsunami at ZCDC, entire executive shown exit door

The Zimbabwe Consolidated Diamond Company (ZCDC) has fired seven executives, including the chief executive Morris Mpofu, who was recently arrested for recommending a blacklisted smuggling ex-convict to buy diamonds from the Minerals Marketing...

Today

Unique Arkhangelsk diamonds may be used to create quantum computers

Unique Arkhangelsk diamonds have a special feature – their crystal structure is perturbed, and this is why they can record quantum information. Such diamonds can become the basic element of a quantum computer processor.

17 may 2019

ALROSA Q1 2019 IFRS results are down on a y-o-y basis

ALROSA, the world’s leader in diamond mining, announces its IFRS financial results for Q1 2019.


17 may 2019

Lab Grown Diamond Council formed in NY

The Lab Grown Diamond Council (LGDC) was launched on 16, May 2019 in New York. The Mission of the LGDC is to develop and implement a multi-tiered, international communications program designed to increase the awareness of, knowledge about, and...

17 may 2019

DLX-jewellery will focus more on colour stone designed pieces as well as diamond jewellery sets going forward - Jack Chen, General Manager, DLX-Jewellery

25 february 2019

jack_chen_xx.pngGraduating in International Business from an Institute in Sydney, Australia, in 2015, Jack Chen returned to China to start managing his family-owned jewellery business. Besides holding a certificate in a practical diamond course at Gemological Institute of Australia, Jack Chen also completed Gemstone appreciation and marketing certificate course from the Asian Gemmological Institute and Laboratory Limited. In 2018, he also completed a course in Introduction to Rough Diamond Sorting and Planning in HRD Antwerp Education.

During his stay in Sydney, Jack Chen also worked in a local retail chain store as service manager for 3 years to gain experience in customer services and store management.

Presently, as General Manager at DLX-Jewellery, Jack Chen is totally engrossed in expanding and diversifying his family-owned business.

In an Interview with Rough & Polished, Jack Chen draws out all the company’s plans that are in place to expand and diversify his family-owned business.

Some excerpts:

Please walk us through your company, ‘DLX-Jewellery’, right from inception to the present. What kind of education and experience in jewellery manufacturing, etc., did you acquire before joining your family business? Please, give more details.

DLX-Jewellery was founded in 2008 as a family-owned business. During the years from 1996 to 2008, DLX-jewellery was called “XuHuiJewellery” and mainly focused on diamond retail. Due to the increasing number of customers, demand and also to meet the diversity of customer requirement, DLX-jewellery was officially registered and expanded from jewellery retailer to a partnership manufacturer as well.

The core passion of DLX-Jewellery is the retailing of fine jewel that includes jadeite, diamond, south sea pearl and gemstone, as well as manufacturing furniture redefined with jadeite. The mission of DLX-Jewellery is to use the finesse quality of natural material combined with innovative design and exceptional craftsmanship in order to present a one of a kind masterpiece to our exclusive customers with incomparable taste. 

excl_28012018_1.jpg 

DLX-Jewellery fully utilizes its advantage of the unique skill in manufacturing furniture and rich experience in jadeite sourcing by launching a unique production line as “jadeite furniture” “MING DYNASTY FURNITURE”.

At present, I’m working at DLX-jewellery as General Manager. Before I entered the jewellery industry I completed “Practical Diamond Course” in Gemological Institute of Australia. After I entered into the jewellery industry, I also finished “Gemstone appreciation and marketing course” in Asian Gemological Institute and laboratory. In 2018, I also finished “Introduction to Rough Diamond Sorting and Planning course” through HRD Antwerp Education.

What is the size and strength of DLX- Jewellery in terms of employees, production volume, etc.? What type of jewellery does your company manufacture?

DLX currently holds 10 employees and 1 retail store in Zhongshan. The majority business of DLX is custom-made jewellery pieces. However, DLX presents 10 to 20 jewels creations every 3 months continuously.

From raw material sourcing, designing to manufacturing DLX strictly follows the rules and regulations set by DLX director Mr YONG GUI CHEN, which is to seek after the best quality and fashionable jewels for our customers. DLX focuses on manufacturing jewellery pieces with materials of jadeite, diamond, south sea pearl and gemstone.

Since 2012 DLX had innovated a new combination of Chinese jadeite and redwood to create Chinese style types of furniture such as screens, chair and table.     

Does your company cater to only the local market or is it into exports as well? Are you into e-commerce and have a presence on the online platform too? Do you think it's the future of jewellery retail? What's your opinion?

DLX-jewellery has been focusing on catering to the local customers only for over 2 decades. Because of the nature of the company, e-commerce market has not been fully developed yet. But as the company grows, we intend to present more product information via e-commerce in the near future. As of now, DLX is using local social media such as WECHAT in order to communicate with local and foreign customers. 

excl_28012018_2.png 

What is the current demand situation in China for diamond and colour stone studded jewellery in comparison to gold jewellery? Is gold jewellery looked upon more as an investment even now as in the past? Comments?

Color Stone and Diamond is versatile when it comes to jewellery designing. Thus, it is definitely higher in demand compared to gold jewellery in China. That is why DLX-jewellery will focus more on colour stone designed pieces as well as diamond jewellery sets going forward.

But gold jewellery will always have a special place in Chinese culture since it represents wealth and prosperity in the marriage ceremony.

In investment perspective, Chinese consumers are definitely more familiar with the idea of investing in gold since it is more efficiently converted into cash in the financial sector such as the bank.

Does your company manufacture coloured diamond jewellery? What’s the demand situation in China on the diamond jewellery per se and coloured diamond jewellery in particular?

DLX-jewellery only emphasizes the white diamond and gemstone jewellery pieces for now. But DLX will outsource coloured diamond jewellery with partnership company which specialize in coloured diamond manufacturing.

The demand for coloured diamond jewellery is increasing and will become more popular in the Chinese market. According to third-quarter sales index from DLX-jewellery, the percentage of the coloured diamond product had dramatically increased. Therefore, DLX-jewellery has plans to shift the percentage of diamond design product from white diamond to coloured diamond.

Are luxury products/experiences like fancy overseas travel, high-end cars, artwork, etc., are of more interest to Chinese millennials? Has this trend hit demand/sales of gold, diamond and colour stones jewellery sales in the country? Your thoughts...

The demand for luxury products/experiences is definitely high with the Chinese millennials. Since the economic growth in China, especially the real-estate boom, the millennials are willing to spend their money on the worldwide luxury brand in all aspects. This only has helped worldwide luxury brands, but as a local jewellery retailer like DLX, it is harder to attract these millennials as customers. They rather spend more money on purchasing a branded design, rather than focusing on the quality and value of the jewels itself. 

excl_28012018_3.png 

What’s your opinion about De Beers’ lab-grown diamond fashion jewellery company ‘Lightbox Jewelry’. Do you think it will hit the ’natural diamond’ jewellery demand when it’s launched in China? Your thoughts?

Since De Beers announce their new product line of lab-grown diamond, there is much voice of the influence between lab-grown and natural diamond. In my personal perspective, I think the lab-grown diamond is going to be a new trend in the jewellery industry. Because of more affordable prices, consumers are more likely to purchase more jewellery pieces with the much friendlier price range.

However, although lab-grown diamond has its own advantage in price, it will still take time for Chinese customers to get to know the technology behind lab-grown diamonds. But in the mindset of Chinese customers, the natural diamond will be irreplaceable in value since each diamond is unique and precious due to the process of how they are formed.

What’s your opinion on the current diamond and jewellery industry globally? How do you think the trade-war between US & China affect the jewellery industry in China? Your opinion?

In the current situation, the global diamond and jewellery industry will suffer a lot of pressures due to the global economic recession. In addition, the trade-war between US and China has created a significant impact on diamond buyer from China. Unstable exchange rate and weak purchasing power are the two main factors slowing down the diamond and jewellery industry directly.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished