Jewelry business banks on Cebu’s affluent buyers

CEBU’s growing rich population is attracting jewelers.

Cebuana gemologist Debbie Ann Rivera-Riveral has seen the potential of Cebu’s high-end market, spurred by the city’s improving economic state.

“We are catering to Cebu’s premium market,” Riveral told SunStar Cebu at the opening of Crown Jewels, a luxury jewelry shop located at Streetscape Mall in Paseo Saturnino, Banilad in Cebu City.

The luxury shop is located to where most of the rich Cebuanos reside, attracting the demand for fine and expensive gems.

Cebu’s A market includes businessmen and wealthy families.

“The A and royalty market in Cebu is there,” she said, citing the buying capacity of the rich and their demand for these wearable investments.

Riveral said the jewelry business in Cebu has a promising market, thanks to its affluent buyers.

Crown Jewels’ fine jewelry is imported from abroad such as Hong Kong, Israel and key European countries.

“We are all buying our jewelry straight from the manufacturers abroad,” said Riveral, a graduate of Gemologist Institute of America in New York.

Jewelry is cited as generally a good wearable investment, as they are easy to liquidate.

Cebu City’s favorable economic conditions have raised demand for luxury consumer products, including jewelry, cars, condos and gadgets. (CSL)