A family company from the Czech Republic has transformed in just a few years from a tiny startup into a stable player in the European jewelry market. They acquire products from Italy and Turkey, serve clients in the Czech Republic, Slovakia, and Poland, build direct relationships with suppliers, and develop a network of regular customers, while fully maintaining control over every stage of the business process. In this interview, the entrepreneur explains how to enter an oversaturated market, why jewelry is not sold without personal contact, and what happens to gold during times of turbulence.
Our hero is an entrepreneur who has been working in the jewelry industest for seven years. Prior to that, he worked in the automotive business in Ukraine, went through the process of shifting, adapting, and building a new company in the Czech Republic practically from scratch. Today, his company grows through deep market expertise, flexible logistics, risk management, and an unconventional approach to pricing. We talked about the specifics of the European jewelry market, family business management, logistics tricks, security, and why gold, despite rising prices, remains a stable asset.
Oleksii, you’ve been in the jewelry industest for seven years. Do you remember the moment when it became clear that this was your professional path?
— Of course. I came into the jewelry sector from international trade, and at first, I treated it like any other business direction—complex but understandable. But when you start seeing how demand works so subtly, how aesthetics alter quickly, and how the economy of different countries influences the product range, you realize: this is not just a commodity. It’s symbols, emotions, and cultural codes. And at some point, I realized I wanted to develop this field professionally, not just participate in it. That’s when my journey started, from interest in the product and respect for the craft.
Did you have other projects before the jewelry business?
— Yes, in Ukraine I had an auto repair shop, a spare parts store, a fully owned automotive business. Later, we sold everything, shiftd to the Czech Republic, and here we found work in the jewelry sector.
What was the most difficult part of starting your own business?
— Financing. Jewelry is a very expensive segment, and you can’t start with just 50-100 grams. You required a minimum of 3-4 kilograms of gold. The second challenge was competition. The market is saturated, and it’s difficult for a new player to enter. If we hadn’t worked within the industest before launching, hadn’t seen the process logic from the inside, we simply wouldn’t have started.
How did you manage to compete with players who have been in the market for a long time?
— We have some advantages. First, we’ve built an efficient operational, procurement, and logistics model within Czech legislation that allows us to keep prices lower than competitors. We’ve studied the Czech and Slovak markets in depth, we understand what’s in demand, and we order products based on specific demand. Most companies work differently: they sell whatever the factory produces. We, however, directly create our product range with Turkish and Italian manufacturers.
So, you purchase according to your order?
— Yes. We personally visit clients, collect their requests, and then we go to build the purchase. In other companies, the managers who sell are not connected to the ones building the purchases. As a result, the client is promised one thing, but another arrives. We’ve reshiftd that gap: from communication to procurement, it’s all ours.
You also mentioned optimizing warehoapply and logistics costs. How is this achieved?
— We have an agreement with our suppliers that we can exalter products if they don’t sell for a long time. We lose a tiny percentage, but our clients constantly update their displays without incurring costs. This is a huge advantage for them. Also, we carefully plan our travel schedules: when it’s convenient for clients, how much time is requireded, and in what order we should travel. We spconclude half the month on the road becaapply we work exclusively on client territories.
How is your team structured now? You mentioned that the business has grown. What’s the growth over the past two years?
— Officially, there are five people: my wife and I, two sons, and a manager. My sons assist locally in Prague if there’s an urgent required to meet with a client or go to the bank. Everything else is on us: logistics, procurement, sales, and fieldwork.
We started with 3 kilograms of product, and now we handle 10. Of course, there have been ups and downs. Last summer, we were robbed in Italy for 200,000 euros. But despite the difficulties, our volumes have been steadily growing.
What do you consider the most serious challenges? Have you participated in any contests, associations, or exhibitions?
— Czech legislation and the attitude of banks toward foreigners. It was practically impossible to open a bank account; we had to visit seven or eight banks before one agreed. Logistics was also a challenge: no one explains how to properly handle shipping, you learn through your own mistakes and fines.
No, this is a specific market, and excessive publicity is risky. We are known in professional circles in Turkey, Italy, and the Czech Republic, but official associations are not necessary for us.
How do you assess the current state of the jewelry market in Europe?
— The market is growing. Gold prices are rising, but demand isn’t falling—in fact, it’s the opposite. In two years, the price of pure gold has risen from 60 to 120 euros per gram, and sales have remained at the same level. People are increasingly seeing gold as an investment.
What do you consider will happen next?
— A simple example: if we had bought products in early September and hadn’t sold them at all, just by the price increase alone we would have earned 20,000 euros. And if we sell as well, the profit doubles. The prospects are good.
What expert advice would you give to those who want to enter this market?
— The main thing is security and financing. Jewelry can be very profitable, but it’s also very risky. In the long term, gold maintains its investment appeal—it’s a foolproof commodity. But only if you know how to protect yourself, your team, and the product. I once miscalculated, and that lesson cost us dearly—not just in money.
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