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Profile: Simon Zhu
Jan 19, 2014 6:51 AM
By Rapaport News
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RAPAPORT... Queen's Brilliant Treasures (QBT) Diamonds is a professional high-end diamond brand based in Antwerp, Belgium. QBT Diamonds entered the Chinese market in March 2009.
 Name: Simon Zhu
From: China
Company: QBT Diamonds – Managing Director
Rapaport News: What prompted you to pursue a career in the diamond and jewelry industry?
SZ: I joined Temix as an advertisement promoter in 2005. From there, I gradually entered into the diamond industry.
Rapaport News: Do you have a business philosophy that guides you in your work?
SZ: Our brand philosophy is "trust, professionalism, and quality." We want our customers to see QBT Diamonds as a trustworthy brand that is cost-effective and guarantees top diamond quality. Whether your so-called ‘quality products’ have true quality or not, and whether the price is truly competitive on the global market, consumers will judge for themselves. Many customers continue to return to us for their purchases, even over international competitors, because they trust our brand.
Rapaport News: What have been the most notable changes in the industry over the course of your career?
SZ: A large amount of foreign suppliers flooded into the Chinese market because they saw the opportunities that China can offer the global diamond industry. But, I think the biggest change in the Chinese market is that consumers have learned more about diamonds over the past few years and they have begun to accept diamonds as jewelry for everyday wear.
Consumption has reached great heights these past two years, and demand is switching from gold to diamonds. This is the most revolutionary change.
Rapaport News: What is the toughest professional challenge that you have faced?
SZ: You can create a new brand in the Chinese clothing market and within five years it could be famous, but it’s much more difficult to achieve the same feat in the jewelry industry. The market certainly exists, but the brands customers are familiar with are limited to Tiffany, Cartier, Chow Tai Fook, Chow Sang Sang, and Lao Feng Xiang. The affluent middle class wants to have a brand which has taste, high cost performance and good design. The Chinese market lacks a high-end diamond jewelry brand like that. This is the void we want to fill, to establish QBT Diamonds as a high-end brand in China, but it's really tough. We have spent five years working on this, but it seems that we’ll need another five years to accomplish our goals.
Rapaport News: What do you consider to be your greatest professional accomplishment?
SZ: We have gradually established a reputation within the industry. More consumers and suppliers know about our diamond goods. We have gradually formed our own brand. This can be regarded as a small achievement.
Rapaport News: What concerns you most about the diamond and jewelry industry currently?
SZ: The waning influence of De Beers, China’s mining assets in Africa and the report of ALROSA’s huge reserves of diamond mines could make consumers question the value of diamonds. The media should have a more positive voice and help strengthen consumer confidence in diamonds. If the global diamond market is stable, the potential of the Chinese consumer market is enormous. The influence of market information abroad on the domestic market is substantial.
Rapaport News: What differentiates QBT Diamonds from other diamond companies?
SZ: We want to create a joint platform. Mainland market demand is large, but the process would be quite slow if we remained on our own. We hope to integrate with strong retail players and become their brand suppliers. For consumers, QBT is a fair priced, high-end brand.
Rapaport News: Compared with other markets, what are the advantages and disadvantages of the Chinese market?
SZ: The Chinese market is currently in a quiet period, but it is growing and will become a huge market. With the growth of the next generation, the demand for diamond jewelry is expanding, so it is a good step for Rio Tinto to be developing the fashion diamond jewelry market here.
The advantage of the Chinese market is the population dividend. We believe that the situation will only improve. While the Chinese market is currently chaotic, it will eventually be integrated and standardized for the benefit of the market.
Rapaport News: What advice would you give to someone starting out in the diamond and jewelry sector?
SZ: This is not an industry in which you can make money quickly or easily. You can make money in this industry, but you won’t receive immediate returns. You have to spend five years learning about the industry before deciding whether or not to stay in the business.
Rapaport News: How do you envision your business 10 years from now?
SZ: We really hope to become the number one fairly priced, high-end diamond brand in five years. This is our goal and we are working toward it.
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