Soo Kee Group plans to sell diamonds online
Singapore listed jeweller Soo Kee Group is planning to become the first bricks and mortar store in the city to start selling gold and diamonds online.
Soo Kee operates a network of more than 60 retail stores under the brands Soo Kee Jewellery, SK Jewellery and Love & Co in Singapore and Malaysia.
In an interview published in the Straits Times newspaper, CEO Daniel Lim said his company has already launched the first of three planned online stores, choosing its namesake brand for the online debut. He said the site was designed to improve service to local customers by showcasing its entire range online before they visit a physical store.
“Some of our customers live in Indonesia, Malaysia and Myanmar, and with this eCommerce platform, we can better target and attract them,” he told the newspaper.
Sites for the other two retail brands will follow later.
Lim acknowledged that while consumers are happily embracing online shopping in most categories, when it comes to jewellery there is a reticence to buy online due to security and the importance of trust and personal experience in selecting purchases.
The company is strategically positioning its websites as complementary to the physical retail store experience.
Earlier this year, Soo Kee Group executed an IPO, raising $31.6 million. Those funds are being used to expand the business via new store openings, development of eCommerce and developing new products.