SME Community - Planters Development Bank

that came along the way. For example, they first learned about
TechnoMarine when they saw a famous friend sporting the watch.
They also encountered it in jewelry and watch shows abroad. It
looked like a good business opportunity and they did not let it
slip.
Credibility and trustworthiness are also vital. “Customers
should feel they are getting a fair deal,” explains Renato. “Part of that
is developing patience. As one of the old jewelers told me early on
in the game, “Look more at establishing relationships rather than
making a fast buck.’”
Renato, who served as president of the Guild of Philippine
Jewelers for three years, also puts a premium on transparency.
When dealing with people, he says, there should be no major or
even minor surprises. “At the end of the day, what matters is, ‘Do you
still want to do business with me again and vice versa.’ Hopefully
the answer is ‘yes’ both ways.”
Success also entails paying the bills on time, as much as
possible. “It pays to have a good credit rating,” he adds.
Projections for 2007
Given the economic situation, Mia says the lower-income
clientele may be less able to afford jewelry this year. This is one
of the reasons why they offer mid-priced jewelry in My Diamond
and Moissanite. She says that patrons of high-end products,
however, are expected to continue making purchases since
they will not be too affected by financial difficulties. Mia is also
currently serving as vice-president of the Guild of Philippine
Jewelers.
Recomira-Ray Corp. plans to continue its expansion in
2007. Renato says, “We hope to have two more stores in Cebu
before the end of the year.” They also plan to start franchising
Moissanite to other stores in July, and eventually find an export
market, particularly in the United States., which still has the
biggest demand for jewelry.
This year, they will also launch T. Florencio, Tomy’s own
line of jewelry. Among the Florencio children, it is he who has
truly inherited his grandfather Benigno Matheu’s qualities in
the design and crafting of jewelry pieces. A perfectionist like
his grandfather, Tomy holds the distinction of being the first
Filipino to graduate from GIA with a Graduate Jewelry Business
Management diploma.
“In the Philippines, people recognize the jewelry shop
instead of the item. There is no branding,” says Tomy. “We want
to establish our brand to be known as jewelry of high quality.
When it comes to jewelry, the materials used might be the same.
The difference lies in the quality of labor and the design.”
The T. Florencio line is distinguished from other brands by
a piece of ruby and a strip of rose gold incorporated into the
jewellery piece.
Asked about the challenges they encounter, Renato has this
to say: “The most interesting is how to work together as a family
and hopefully stay united and maximize each others’ strong
points. We can be very strong if we continue to work together.”
And, indeed, as a family, they have managed to grow—as
Mia puts it, “from one shop and from being a no-name to slowly
establishing ourselves as a credible and reputable jeweler”.
cover story
Gems of Business Wisdom
• Find your passion. Find the product or service that you
can feel passionate about. “That means having to work
even during the holidays,” according to Mia Florencio.
• Learn how to work with your people. Filipino goldsmiths
are very talented; they have an instinct for the craft.
Unlike other goldsmiths, they can create the design
based on a rough drawing or a description. But managing
them is a challenge since many of them have an artist’s
temperament.
• Educate yourself about what you’re getting into.
• Be willing to gamble. The willingness to try new things
that you could use in the business is a key factor,
according to Rafael Florencio.
• Credibility and trustworthiness are vital. “When customers
do business with you, they should feel they are getting a
fair deal,” says Renato Florencio.
• Like the craft of making jewelry, building a business
requires endless patience.
• Building relationships comes first over making a fast
buck. Establish a good brand to promote trust with your
customers, according to Tomy Florencio.
vol. 2 issue 1 2007 /