APL Diamond - the oldest and largest diamond-cutting company in Yakutia – is actively expanding the geography of its business activity both in Russia and abroad, making famous the beauty of genuine Yakut diamonds. In 2006 the company took an important decision and established its own jewelry brand setting up a retail network of jewelry boutiques, “Diamond House. The House of Yakut Diamonds.” Since 1997 APL Diamond is doing business at the Israel Diamond Exchange. Since 2005 - at the Shanghai Diamond Exchange. Since 2006 the company runs a trading office in the United States. From 2007 APL Diamond started manufacturing polished diamonds in China. APL Diamond has jewelry factories in Yakutsk and Hong Kong. Helen Sun, the company’s Deputy General Representative in China, answers the questions of Rough&Polished.
APL Diamond is trading at the Shanghai Diamond Exchange. Are there any specific features in its work? Has it any difference compared to other diamond exchanges?
In 2002 APL Diamond became a full member of the Shanghai Diamond Exchange (SDE), and at present we are the only Russian enterprise taking part in SDE. Membership in a diamond exchange gives great advantage for cooperation and development of business since there are many companies having wide experience in the field of diamond industry among those registered at the exchange.
Who is buying Yakut jewelry in China? What is the difference in selling jewelry in Asia and in particular in China? In what way Beijing customers are distinguished from those of Shanghai?
In China many people like wearing jewelry. EPL Diamond took part in the exhibitions held in Beijing and Harbin, and now it is possible to say with confidence that both Chinese and Russian buyers are equally strongly attracted by our products.
A plenty of Russian consumers are already familiar with Yakut jewelry and highly appreciate it taking into account its price-quality ratio. In its turn, Chinese buyers are attracted by EPL Diamond’s products for their picturesqueness and unique Russian specificity since Russia becomes a more and more popular place to visit for Chinese tourists and businessmen seeking to buy diamond or pink gold jewelry.
It is possible to say that in Asia and particularly in China, jewelry sales will depend on several factors. For instance, demand for diamonds surges during the wedding seasons. In China it is also popular to give diamond jewelry as gifts for anniversaries or special occasions. In daily life demand for diamonds is still not so great.
Certainly, due to the wonton rise of China’s economy the Chinese people’s well-being is going up as well and consequently consumer demand for such luxury goods as jewelry, cars, etc., is also growing. Some foreign experts predict that China will become a global center of diamond trade and diamond processing within 10 years.
At present both in Beijing and in Shanghai there are industrial and trading enterprises dealing with diamonds and cooperation between them is increasing. In Shanghai there is a diamond exchange, and in Beijing there is a quality certification center. Thus, despite the difference in consumer habits we are looking forward to closer cooperation and development of relations between China’s capital and its economic center.
In what way does you company build its brand, “Diamond House. The House of Yakut Diamonds?”
As is known, brand-building is a long and labour-consuming process. In Russia we open new stores actually every month, but this work more depends on local consumer habits. In Russia the EPL Diamond brand is becoming ever more recognized and our buyers appreciate high quality of Yakut diamonds.
In China our brand still needs some time to become recognized among Chinese consumers. We hope that through expansion of our trade network, participation in exhibitions, presentations, shows and other advertising events many Chinese buyers will very soon learn about and become fond of our Diamond House.
What is the difference between your factories in Yakutia and China?
Our production facilities in Yakutia are divided into those recovering diamonds and those engaged in jewelry manufacturing. Among the 3000 jewelry enterprises of Yakutia we are the only one which can produce 3EX-cut diamonds and it is noteworthy that there are only some tens of experts in this technology all over the world.
In China jewelry manufacturers pay greater attention to incrusting as here the equipment used for processing has obvious advantages. Right now the well-developed infrastructure and advanced equipment at jewelry factories here give grounds to assume that in several years China will become a global jewelry processing center.
Yekaterina Davydova, Rough&Polished Asian Bureau Editor in Beijing
