Australian Ringmaker says it is in a position to build a billion dollar business in the world’s largest ring market, but the key question remains, is it right?
In this exclusive interview, founder of Antique Rings Richard Hall and owner of Vintage Jewelry in Adelaide, Tom Smith, tell the ABC’s Lateline what Antique Ringmaker is up to, what is a billion-dollar business, and how they are preparing for the future.
‘It’s about the people’ Antique rings are not a new luxury item, but their popularity is soaring.
It is estimated there are a billion antique rings in Australia, and their popularity has soared.
Antique shops have a huge following, and have attracted thousands of people a week to shop for rings.
The majority of Australians are keen to own an antique ring, but they are not the only ones.
”The main issue is the people are not interested,” Mr Hall said.
”We are looking at people who are not buying a ring for the same reason they wouldn’t buy a bottle of wine or a pair of boots or a car.”
The main problem is the lack of interest in them.
”A lot of people just want a ring that is beautiful and unique and a little bit unique.”
Antique Jewellery has had a number of partnerships with antique retailers, and has built up a network of suppliers, but it still faces competition from big name retailers such as Antique Leather, Antique Vintage and Antique Artisan.
Mr Smith said the main challenge was in attracting people who had a lot of money to spend on a ring.
”Our big challenge is convincing them that we are actually doing something with this and that we have a real business model,” he said.
Antiques are not just for the rich, it is also for people who do not own the property or the jewellery, but do not want to leave it empty, Mr Hall added.
”It’s the same with cars and cars are expensive.
”If you have a car and you do not have a house, you do need a ring.”
The Antique Jewelry team has made its mark in the antique market through a partnership with the Australian Government, and it is still growing its business.
”There are people who just want to buy something, but that’s not the majority of people,” Mr Smith explained.
”What we are seeing in the community is there are people wanting to buy a piece of jewellery.
”And we have the potential to get a lot more people to spend money on an antique piece of jewelry.
”I think we are getting a lot better at selling the product.”
The big challenge AntiqueJewelry faces in attracting more customers is the shortage of buyers, with only one of the two major retailers in the country, Vintage Jewelers, accepting customers.
Mr Hall and his wife, Sarah, started AntiqueRing.com in 2014, and are still the main suppliers to Antiquejewellery.com.
Antiqued rings are also being sold online, with a number having been sold on eBay, where prices are much higher than in shops.
”One of the main challenges we face is there is not enough supply,” Mr Hart said.
The first Antique Antiques in Australia is currently being manufactured in the Adelaide, South Australia, city.
Antiviewers are keen for Antique to be the first Australian business to produce millions of Antiques, but Mr Hall believes the demand will be there for a while.
”Antique is not going away, we have been in business for 20 years, and we will be around for a long time,” he told Lateline.
”So we are going to keep doing what we are doing.”
Antique Jewellers has about 30 employees, who have been making Antiques since 2004.
Antics are available in a variety of finishes, and prices start at $200 for a pair, which includes the rings and accessories.
The shop also carries a range of accessories such as rings, gloves and earrings, as well as rings and earring bracelets, which can also be purchased on eBay.
The business is open to the public, and accepts online orders for Antiques.