Me & My Money: Appreciating the shine of jewels after working in the gem industry for 40 years

SINGAPORE – Rather than putting her investments in a vault, Ms Esther Ho prefers to wear them – in the form of jewellery.

Indeed, she considers gems to be part of her DNA after having worked in the industry for nearly four decades. Apart from loving their shine and sparkle, she also appreciates them as long-term, tangible investments.

Ms Ho, 59, started out as an apprentice gem selector before doing marketing and retail operations for various jewellery brands, including TSL Jewellery Factory and Lotus Arts de Vivre.

In 2005, after gaining experience in and know-how about the industry, she started Zenith Affair, a jewellery consultancy business. The company also helps to introduce gem brands to the Asian market, which includes Malaysia, Indonesia, Vietnam, Hong Kong and China.

In 2019, she opened a retail boutique at Raffles Hotel called MUS.za, selling “museum-grade gemstones”, according to its website, as well as to help customers source for their ideal gems.

Ms Ho also offers customisation services through the brand’s jewellery design service.

“I hope Singapore will one day be recognised as the jewellery hub of Asia, and I hope to help Singapore attain that status,” she said.

Ms Ho has also passed down this love of jewellery to her daughter – Zoie, her only child – who now operates a jewellery boutique called Carat 55, which sells a large selection of wedding pieces.

Q: What do you invest in and why?

These days, whenever I have extra funds, I invest in gemstones and, more recently, gold. In a weak market, people are more cautious with their investments – cash is king. Gemstones often outperform many other investments and can also be worn.

I suggest buying large gemstones in various colours that resonate with you, knowing the demand, mine sources and certifications.

One of my favourite pieces is a brooch set with 12.22 carats of rubellite. It turned out to be a good investment – the price has increased six times over the last 10 years, and it is now valued at $5,000 per carat. 

Q: What was your first investment? 

My first investment was in CSM (Chartered Semiconductor), which was worth $3.40 to $3.80 a share before it dropped to $0.10, and I lost my money because of that. This happened in the 1990s.

Q: What has been your biggest financial mistake?

I started investing in stocks when many of my peers were making money, but I lost money because I didn’t know how to keep an eye on them. I see this as a little setback but a valuable lesson.

Q: What has been your best financial decision to date?

My best financial decision was not to continue trading in stocks as I am unfamiliar with them, but to follow my heart and do what I do best – which is how I got into trading gems.

I started my journey as a casual investor with a passion for gems and have since become a serious investor. I focus on assets valued below their current market price. This requires me to actively monitor mine sources, quality and demand within the jewellery sector.

Q: Where’s home for you?

I reside in a condominium in Orchard Road, just a quick 10-minute drive from work, which adds to the convenience of my daily routine.

Living in a condominium is more my style, rather than living in a landed property. It is simpler to upkeep, and my apartment is always neat and cosy, ready for me to come home to and unwind whenever I need to. After a long day, I love unwinding with a glass of wine, whisky or brandy, allowing me to fully embrace the comforts of home.

Q: What do you drive?

A BMW 520 Luxury Line.

Q: Money-wise, what were your growing-up years like? How did these experiences shape your outlook on personal finance/investing?

I grew up in a family with a humble background. We were comfortable. My parents didn’t trade in shares – they were conservative people who were prudent in their spending and saved what they could. In a way, that was what I had learnt from them.

Q: As a child, what did you save up for?

I didn’t have extra money to save, but I remember that at school, we were given a card and were encouraged to buy stamps. By collecting stamps, we could save money in the bank. Although I didn’t have much to spare, I always managed to get one or two stamps each week. 

Q: What was your childhood dream? 

I had so many dreams! My first dream was to fight for justice as a swordswoman. My next desire was to work as an air stewardess and travel for free while looking beautiful. Last but not least, I wanted to be a painter or an artist. These were all just fantasies.

Q: Did you collect anything when you were younger?

I used to like musical boxes with moving dolls inside. I still have some of them to this day.

Q: What was your first job? 

I was fortunate to have worked as an apprentice at a jewellery factory assisting one of the owners. I learnt a lot from him and his family during my time there. Through their influence, I’ve come to understand and appreciate jewellery, and now I truly enjoy it. It is no longer in business.

Q: What was your most memorable encounter with money? 

When my marriage fell apart, I was left without a home or money. That made me understand just how important money is.

If money were not an issue, I would like to buy a building to provide shelter for those who can’t afford a decent meal. The building will have a resting area and a reading space, and provide simple meals for those in need. It will be a place where anyone can find comfort.

Q: What does work-life balance mean to you?

It means being able to put my all into my business while also taking the time to enjoy the company of my loved ones.

I truly enjoy my work. While there are times when I feel overworked, the sense of fulfilment and commitment to my business and my team make me happy.

I have many friends, but often lack the time to spend with them. However, when I do, I feel relaxed and at ease with them.

My favourite time is spent with my two granddaughters – Victoria, 11, and Amelia, seven. I wish I can have more time with them, and I hope they will continue to make more time for me too, amid their many activities and arrangements for their needs.

Q: What would your perfect day look like?

A perfect day is when the sky is beautiful, sometimes with a little rain. I enjoy relaxing at home on my rest day, sitting on the couch, listening to music and having a drink or two.

Money Matters:

Q: What would you do if you suddenly had a windfall of millions?

If we have a windfall, we should invest rather than splurge. I would invest in my own business to generate more income.

Q: If you suddenly had only $100 to your name, what would you do with it?

Save it, and start over again! I believe that if I work hard, I will achieve once again the same success that I’d achieved previously.