KUALA LUMPUR: Habib Jewels Sdn Bhd, a name synonymous with heritage and luxury, is on a mission to put Malaysia on the stronger global stage to ensure that each jewellery creation is worthy of any international standards.
The homegrown jeweller, established 66 years ago in Malaysia, aims to instil a sense of national pride among Malaysians while appealing to a global audience.
Habib Group executive chairman Datuk Sri Meer Sadik Habib said the company is also shifting the stereotype of homegrown products and promoting Malaysian identity globally.
“We have a strong Malaysian element in everything we do because we are proud to be a Malaysian brand.
“We want to be a brand that Malaysians will be proud of first, and then we want to put Malaysia on the map of the world with our culture and tradition weaved into our products. We are working on this,” Meer Sadik told The Exchange Asia in an exclusive interview.
In differentiating its approach, Habib Jewels prioritise several key elements, namely, quality and creativity, and ensures that every aspect of its products and designs reflects the pinnacle of global standards.
“One of our milestones was initiating the production of designs unique to the world.
“In terms of differentiation, our focus on diamonds as an investment stands out, particularly with certified diamonds that retain substantial value, providing customers with a viable asset,” Meer Sadik said.
Touching on the local perception of Malaysian-made products, Meer Sadik said the challenge is to change people’s mindsets about local products.
“People think Malaysian brands are not good enough. It’s the mindset set. They believe international brands are better and local brands are below average.
“What we are doing now is changing that mindset. We want to be a brand that Malaysians can be proud of and accept worldwide,” he said.
Habib Jewels has achieved international acclaim, earning the trust of esteemed brands that have selected the brand as their exclusive distributor or collaborator.
These notable partnerships encompass Pandora, recognised for its customisable charm jewellery from Denmark, Stephen Webster, a prominent London-based jewellery brand, and Ice-Watch, an affordable luxury watch brand from Belgium.
In addition to the jewellery business, Habib Group is involved in various other businesses, such as Islamic pawn-broking Ar-Rahnu and Chantique, which provide customers with well-maintained antique and pre-owned jewellery.
The group has also invested in real estate, hospitality, and food and beverage businesses.
Moving on, Meer Sadik expects the gold price to be strong throughout this year.
“For the last few years, most countries have created a lot of debt, which has created inflation. And the best hedge against inflation is gold, so people buy gold.
“The gold price has not increased significantly in the past few years due to high interest rates in the United States; however, there are talks of impending interest rate reductions, which may prompt an increase in gold prices,” Meer Sadik said.
He said Habib Group anticipates a potential increase in gold prices as rates decrease, depending primarily on the movement of interest rates in the US.
“Additionally, fluctuations in the ringgit’s value, which may strengthen if US interest rates decline, could further influence the balance of gold pricing,” he said.
Meer Sadik also calls on the government not to impose a luxury tax on jewellery, as many Malaysians, including those in the B40 and M40 income brackets, opt to purchase gold as a means of savings.
He said a significant portion of the population also does not have bank accounts, and they buy gold and gold jewellery as a form of investment when they have surplus funds.
“I sincerely hope there won’t be any tax implementations on jewellery,” Meer Sadik said
He said that a few years ago, when the option to withdraw funds from the EPF was announced, there was a noticeable surge in gold purchases, particularly among the B40 and M40 groups.
“While I fully endorse the government’s consideration of imposing taxes for the T20 group, ensuring minimal impact on the B40, our observations reveal a substantial number of B40 individuals, including those in the M40 category, engaging in jewellery purchases, notably gold.
“So, whether or not taxes are implemented will determine what happens next. Without taxes, people will probably buy jewellery, especially gold,” Meer Sadik said.
Habib Jewels will continue to be present at strategic places and are looking to open a few branches this year.
Meer Sadik said an outlet in Tun Razak Exchange (TRX) was recently opened, and the company plans to open another outlet in Menara 118.
“We are also assessing our expansion plans, focusing on broader international growth this year. We are venturing beyond Malaysia into various regional destinations within Southeast Asia.
“We are looking at Singapore and Indonesia initially, and potentially the Philippines later on,” Meer Sadik said.
He said Habib Jewels is not just about profit and loss.
“That is the last thing that we look at. We want to make a significant difference in the lives of people.
“We are in this business started by my late father. It is because of what he wanted—to be in the business of ‘happiness’. So that is something that we strive for,” Meer Sadik said.
