Habib sees glittering year with boost from Facets

KUALA LUMPUR: Investors are concerned over certain commodity schemes such as gold where they put in an amount of money for an agreed quantity of the said product inclusive of its delivery, said Habib Jewels Sdn Bhd managing director Datuk Meer Sadik Habib.

Source from (The Star Online): http://biz.thestar.com.my/news/story.asp?file=/2013/4/2/business/12915673&sec=business
Published: April 02, 2013

Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/habibb/Article/
Published: April 02, 2013


Gem fest Habib Jewels Sdn Bhd MD Datuk Meer Sadik Habib (left) 
and master diamond cutter Brian Mchardy at the launch of Habib 
Diamond Fest 2013 in Kuala Lumpur yesterday.

He said there was no big concern on product authenticity but noted that there was a tendency now for people to patronise more well-known jewellery stores following the increase in the monitoring of such schemes by the authorities.

“I think the product authenticity is not really the big issue, but I think the way these (investment) schemes are being done in such a way that some people have complained that payment is made but the products are delivered later on.

“So, during the interim period should they be shut down, they will not be able to deliver the goods. Other things such as the promises (being made) by them and if they are shut down, then you cannot fulfill the promises. Even the guarantee to buy back (may not happen) as the company has to be there,” he added.

Meer added that there had been an increase in the number of people who sought gold and other precious metals such as diamonds from jewellers, notably the more reputable ones of late due to these issues.

“A number of people have realised the good old way of buying (physically) and selling thereafter should the price go up or when they need cash. Secondly, some of these people want to adorn themselves with jewelleries as well,” he explained.

At the launch of the company's Diamond Fest 2013 here yesterday, Meer, who had inherited the business from his father Datuk Habib Mohamed Abdul Latif, also ruled out a possible re-listing of Habib Jewels in the near future.

“We really need to see whether there is a need for the funds or not. But we don't need the funds (now) as we just grow the company organically,” he said.

The company has 30 retail outlets throughout the country and may expand to include more “out of town areas” this year.