A 2017 article penned in the DailyFT puts the number, albeit conservative, at 150,000 when it comes to those who are employed across the entire value chain – think miners, dealers, lapidarists, jewellers, goldsmiths, retailers etc. – in the gem and jewellery industry. Moreover, it must be stated that the local gem and jewellery industry provides US $350 million worth of foreign exchange on an annual basis. In concise terms, this is the seventh largest in terms of export contribution, and has consistently been within the Top 3 Earners for the last 3 decades.
In terms of value addition, there is no brand name that showcases the infusion of value into this industry than Tiesh. Bauhaus-like is how I would describe most jewelery brands and what they churn out, yet Tiesh has maintained its unique sense of originality. Like any business worth its salt, the current market forces and economic environment should be taken into consideration along with changing demographics; one should always ensure that the brand evolves into something that adds value and becomes highly desirable.
Tiesh is a very compelling story; and, in my opinion, is the best jewellery store when it comes to offering premium sapphires that are truly Sri Lankan. This particular jewellery brand has embraced the whole concept of transparency in trade, and the information they share with their clients is such that they can make an educated decision. Having known Ayesh for quite some time now, it is the company’s ethos when it comes to premium customer relationship that has ensured that they will always be return customers.
As he stated over lunch one day, “Our sapphires are sourced locally; we only trade with the best Sri Lankan sapphire gem mines, and all these precious gem stones are selected personally where it will pass through my hands or my father’s before it hits the showroom floor. It’s a lot of hardwork, but it’s the best way to make sure each client will get a Sri Lankan sapphire that has passed the selection criteria.”
An interesting back-and-forth will follow; however, let me state this – The task of running Tiesh is indubitably Sisyphean with so many aspects that need to be looked into. Yet having achieved so much of success thus far, it needs to be stated that the expansive potential of Tiesh has not yet been tapped completely. The majority of us have been made aware of Tiesh, and its expertise in the gem and jewellery industry; however, with this particular article we decided to go down a more business-oriented route when it comes to this up-and-coming jewellery store in Sri Lanka.
1. How has Tiesh grown throughout the years, and how has it contributed to the relevant industries?
We started as a small business which is the brainchild of my parents Lasantha and Bryony De Fonseka almost 30 years ago in the 1980s. With beginnings that were very humble, we initially only focused on the export market. It goes without saying that we worked extremely hard to ensure that the business flourished up to the standard it is today. A new chapter was created in 2008, when my sister and I returned from Australia to take an active role in the business and to differentiate Tiesh by means of innovation. Having initiated a market study many years ago, we both took an active role in the company, and decided to open our local arm of Tiesh in Colombo during the early part of 2014.
2. How does Tiesh want to be remembered? What is your value proposition?
What is business without ambition? The fact that my sister and I took over the business in terms of running it shows that we are geared to push the envelope when it comes to this particular industry in Sri Lanka. I would state that as a stakeholder, Tiesh wants to remembered as the best gem and jewellery company in Sri Lanka, and amongst the best in the world. I can state with confidence that as a company, which is based on transparency and trust, we maintain a thorough and strict quality standard to ensure that all international standards are met.
3. What is the demographic split when it comes to your customer base?
The Tiesh head office in Kandy is the largest gem and jewellery emporium in Sri Lanka and caters exclusively to a foreign clientele where almost 95% of the business in Kandy is driven by tourism. Colombo however is a 50-50 split between locals and foreigners alike.
4. What value addition do you offer?
I will say it succinctly: Tiesh is the home of the Ceylon sapphire. We specialise in custom made or bespoke creations, where our customers have a hand in designing their own individual masterpieces.
We also believe in offering a superlative customer service that is par excellence. We believe that we have achieved and have created exemplary customer service as a benchmark; I will go further and state that the relationship we have with our clientele is almost familial with trust playing a huge role.
Let me further express the importance of stating that as a company we invest greatly in our staff where innovation and technology are absolutely key in redefining a product thereby making it industry standard in the eyes of the world. Our staff are imbued with a hunger for excellence with the company taking an invested role in offering more knowledge via gemology courses, new methods of manufacturing including new testing methods.
5. What are your forecasts for the economy as a whole?
As Panglossian as it may seem, I frankly do believe in the resilience of Sri Lankans as a whole and also that of the entire economy. If history provides any indication, we have always bounced back with a sense of alacrity and positivity. Having said that we like all other companies across the board have had a rough time since attacks in April; the enthusiasm and hopefully changes in policy will ensure that Sri Lanka gets back on its feet. Multiple publications are reporting that tourist numbers are increasing steadily.
6. Who buys jewellery in general locally?
Jewellery is still bought for special occasions most of the time; think birthdays, anniversaries, and weddings et cetera. Yet a recent interesting trend is that a lot of clients buy gems and jewellery as a security option.
7. What current and future trends in your industry can assist Sri Lanka attract more tourists? One of the main cornerstones of being Sri Lankan is the concept of hospitality, and how as a nation irrespective of caste, creed and ethnic origin, we’re all very hospitable. For such a small nation we have a lot of natural resources, and we also offer a great many wonderful things that has ensured Sri Lanka been named as the top destination for many occasions. I believe a current publication has named Sri Lanka as the ‘World’s Best Island’ at the influential Travel + Leisure magazine’s annual awards scheme judged by readers’ survey. I only see the situation improving.
Written by Rohitha Perera