JubileE Enterprise confident of keeping its shine

Jubilee Enterprise , the country's leading diamond retailer, is optimistic it will achieve revenue growth of 15 per cent this year despite the threat to consumer spending from financial and political uncertainty.

"More people turn to buy diamonds as the alternative investment because diamond prices keep increasing and do not fluctuate like gold prices," said chief financial officer Unyarat Pornprakit.

Total value of the domestic diamond market is Bt35 billion, according to the company's survey. Around 60 per cent of the market is found in diamond shops, 20 per cent is shared by counter sales, and the rest comes from gold shops selling diamonds.

The company has a 10 per cent market share in the counter sales sector, she said. So far, it has four shops and 54 counter sales at department stores nationwide.

Unyarat said Jubilee planned to open two more branches this year with a minimum budget of Bt10 million. One will be at Central Department Store at Chaengwattana and the other in Choomporn province.

Meanwhile, the company plans to list on the Market for Alternative Investment (MAI) next year in order to mobilize funds for its expansion plans and enhance its operating system.

"We plan to open 10 more branches, including shops and counters, next year. We expect our aggressive expansion to boost market share from 10 per cent to 14 per cent in the 2009," she added.

To boost its sales in the last two months, Jubilee has spent Bt10 million on three new promotions.