THROUGH thick and thin, the jewelry business is among the very few that can withstand the test of time. Unlike many whose profitability and stability depend on the economic situation, this line of trade continues to strive, especially during crisis.
One good example is Mayet Dela Rosa Fine Jewelry, which is like a diamond in the rough that only becomes a precious stone with constant cuts and polishing. Incepted in 2006 by spouses Mayumi and Richard Dela Rosa, it has turned into a flourishing enterprise, engraving its reputation as among the best and trusted local jewelry brands.
The former has ever since developed a penchant for such wearable adornments. In a roundtable discussion, she recalled: “Before, I didn’t have the means to buy, so I just contented myself looking at them when I worked in my brother’s pawnshop. Since I couldn’t afford back then, I just bought a fancy one.”
Witnessing how her sibling’s life has prospered, she dreamt of owning one, saying “I also wanted to get rich.” Eventually, it manifested—thanks to her supportive husband.
From vision to realization
SOMETIMES it takes a life’s moment for a dream to become true. In the couple’s case, when Mayumi went home one day, she told Richard that’s she felt frustrated because they waited in vain for so long in a pawnshop and yet the owner did not trade any piece of jewelry that they could resell the next day.
The latter, who was a university professor, then, thought of himself as a source of jewelry for her better half. While unfamiliar at first with the pawnshop industry, he studied the ins and outs of the business.
With an initial capital of P200,000, he opened the first Dela Rosa Pawnshop in May 2001 at Zapote in Las Piñas City, where it still stands up to this day.
“That started it all, and the rest is history,” he said of their diversification into a jewelry enterprise named after the nickname of her partner, “Mayet,”with the opening of the first shop in Sta. Cruz, Manila after five years that eventually laid the foundation for the Dela Rosa Group of Companies.
According to him, one of their secrets to success is the variety of their offers, including jewelry, gold, platinum, diamonds, precious stones, crystals, watches, and sterling silver. They are known for their custom-made pieces, mostly “engagement and wedding rings,” apart from friendship and promise rings, jewelry sets, pendants, and necklaces.
Besides their buying and selling models, the enterprise also provides comprehensive jewelry repair services, including engraving, ring resizing, real gold plating, jewelry cleaning, gold chain fixing, clasp repair/replacement, and gemstone resetting. The business, likewise, gains a big following for its affordability.
“We live up to the expectation of our customers. Our slogan is ‘Affordable luxury.’ So even below or minimum wage-earners can have their own jewelry from us,” said Mr. Dela Rosa, who serves as the president of Mayet Dela Rosa Fine Jewelry.
‘Crisis-proof’
AMID the closure of many enterprises during the Covid-19 crisis, the gold and jewelry business like theirs was resilient enough to remain operational even during the lockdown periods. With their innovativeness, the Dela Rosas still managed to sell online.
“In the Philippines now, what is really good about our jewelry industry is that Filipinos treat jewelry and gold as part of their family like an investment,” he pointed out, while citing that their brisk business continued even at the height of the pandemic as many would buy from them to have an asset that they could keep and sell in case of another crisis happen.
For instance, gold has become more in-demand when it comes to the material of jewelry that they would purchase since its value could appreciate over time and it could easily be converted into cash when the need arises, per Mayet.
“So the jewelry industry has even strengthened during the pandemic,” said the company’s vice president.
Future endeavors
AT present, Mayet Dela Rosa Fine Jewelry’s business remains robust. Across its 19 outlets in Metro Manila and nearby provinces of Antipolo, Batangas, Cavite and Laguna, the best-selling items are rings, earrings, necklace and bracelets that appeal to a broad market segment and age group from 20 to 60 years old, including the Millennials and Gen Zs.
While the industry is considered as the “red ocean” with many competing players, what separate their trade from the rest are the “convenience and innovation” they offer to customers. Post-pandemic, they can still buy jewelry anytime, anywhere online (www.mayetdelarosa.com) that can be delivered here and abroad as far as the United States and Europe.
Mayet Dela Rosa Fine Jewelry boasts of pioneering the physical-digital or “phygital” store concept in the jewelry business in the country, with the soft launch of two branches located at the Megaworld’s Eastwood in Libis, Quezon City and Venice Grand Canal Mall along McKinley Hill in Bonifacio Global City, Taguig.
Bringing the business to the next level, Richard bared their plan to offer it for franchise in the “first or second quarter of 2024,” with the hope of opening their first branch in Mindanao and pioneering outlet in Visayas.
“We can scale as many as we can, and we are envisioning that Mayet will be like 7-11 of jewelry. With the help of those people or investors, we can make it even internationally,” he said, adding their target to also launch new collections monthly and having their wedding and engagement rings licensed to protect the copyright of their designs.