SME Community - Planters Development Bank

Passing the torch
Benigno Matheu, a well-known goldsmith from the late 1950s
to the 1960s, and his wife, Balbina, ran a successful jewelry business
in their family home in Sta. Cruz, Manila. But it seemed none of their
three daughters would get into the same line, until the youngest,
Corazon, moved part of the business to Marikina in 1988. She began
in the basement of their house with two plateros or goldsmiths.
“My only advice was for her not to lose too much money,”
says Renato Florencio, Corazon’s husband, who convinced her to
continue the Matheus’ legacy. It would have been a waste if no one
took up the business her parents worked so hard to establish.
“Initially, she sold to former classmates, co-parents in Ateneo
and my own personal network,” adds Renato, who was president
and general manager of Connell Bros. Co. Pilipinas, Inc at the time.
It didn’t take long before it became evident that the Florencio
children had inherited the love for the craft. Teresa (Mia), Rafael
and Thomas Ray (Tomy) all attended the Gemological Institute of
America (GIA) after receiving their respective degrees at the Ateneo
de Manila University. As graduate gemologists, the Florencio
children were the first in the family to receive formal schooling in
jewelry. Combined with the years of knowledge and experience
inherited from first- and second-generation jewelers, the credentials
enabled the Florencio siblings to push the business forward.
The time was ripe to take it to the next level.
Opening the first shop
Rafael, whom his father describes as most entrepreneurminded,
first came up with the idea of opening a store. The elder
Florencio talked to the Shangri-La Plaza mall president.
The jewels passed standards and the first Rafael Jewellery
shop opened its doors in 1995, the same year Recomira-Ray Corp.
(an acronym derived from the first names of the Florencios) was
registered with the SEC.
“Our first space in Shangri-la mall wasn’t a prime location,”
shares Renato. “But after six or seven years, we were able to establish
ourselves and gain recognition so were given a corner store, which
has more visibility and foot traffic.” Indication enough that business
is doing well.
Mia worked as an account manager in McCann-Erickson
Philippines before joining the family business in 1996. She is able to
apply her knowledge, experience and contacts in the advertising
industry in promoting Rafael Jewellery and the other businesses
that came after.
Growing the business
“We now have 15 stores in Metro Manila and one in Davao,” says
Renato, who ended his 15-year stint at Connell Bros. Co. to devote
himself to the family business in 1996. The shops are distributed in
prime locations.
Rafael Jewellery opened their second branch in Makati
Shangri-La Hotel in 2002, two years after the company became one
of four jewelers in the Philippines selected by De Beers Diamond
Promotion Services to create a jewelry line for the Philippine
Centennial Celebration.
“The shop sells diamonds, colored stones and pearls,” says Mia.
“It caters to the older and upscale market.”
cover story
The company also opened the first My Diamond Jewelry Store
in 1999, which features smaller items with a younger look. “It caters
to yuppies and teens—the 20s to 30s market,” Mia explains.
The objective is to make jewelry affordable to those who want
to invest in valuable pieces, depending on their budget. She says
they can offer lower-priced items because the stones are smaller
compared to those at Rafael but the craftsmanship continues to
be exquisite.
“The initial idea for My Diamond was a kiosk since Filipinos find
it intimidating to enter a shop selling diamonds,” Mia shares.
They opened a kiosk at Glorietta 4 and although it was able to
sell, people did not think it featured serious jewelry. They learned
that when it comes to selling diamonds (even smaller-priced items)
people want to feel that they are making a special purchase. So the
Florencios switched from the jewelry kiosk to a free-standing shop.
Now, My Diamond has four branches.
vol. 2 issue 1 2007 /