Jubilee Enterprise, a Thai jewelry vendor, plans to expand its business by targeting a lower segment of the Thai diamond jewelry market which caters to working women and begin selling diamond jewelry for men, the Bangkok Post reports.
Managing director Kongdej Oranrati reportedly said that Jubilee Diamond was already a well-established jewelry brand among well-to-do, middle-aged women. About 80% of its customers are housewives aged between 28 and 40 years, and the rest are working women aged below 28 years old.
Next year, the company plans to increase the portion of customers among working women to 30%, Kongdej reportedly said, adding the company would try to make potential customers more aware of the quality of its diamonds.
“Since Jubilee is using high-quality stones, our cost is 5-10% more than other brands of fashionable diamond jewelry for young people,” he reportedly said.
He said he is confident that consumers will be prepared to pay more to purchase Jubilee jewelry. At the same time, the company plans to penetrate a new market segment of high-income men.
It will launch diamond jewelry collections for men next year, targeting those at the management level, and in three years, it plans to introduce a new jewelry brand exclusively for men.
Jubilee Enterprise, founded in 1937, will be one of the sponsors of the Miss Thailand World 2003 pageant contest, providing a 800,000-baht ($20,000) diamond crown for the winner.