Using Myanmar’s stunning natural resources such as rubies, jade and sapphire, as well as the world’s finest gold and diamonds and turning them into timeless, breath-taking jewellery is synonymous with the Golden Palace Gold and Jewellery brand. United GP Holding Co., Ltd. is composed of Golden Palace Gold and Jewellery, Forever Gems by Golden Palace Gold and Jewellery, Jewel Collection Manufacturing Co., Ltd and United GP Development Co., Ltd.
With his passion for jewellery, commitment and innovative approach, Chairman Dr. Aung Kyaw Win has built Myanmar’s most famous jewellery brands, Golden Palace and Forever Gems, from scratch. His journey started in 1994 with the First Golden Palace Jewellery Store at Yangon China Town, when well established players were dominating the market and competition was intense. Nevertheless, his continuous enthusiasm and energy, along with his dedication to customers’ satisfaction and his differentiation strategy, enabled him to become the market leader by 2000, when Second Golden Palace Store is opened. Steering the expansion of his empire with innovation and enthusiasm, Dr. Aung Kyaw Win remains dedicated to keeping up with current trends, delighting customers’ desires and building trust.
Reflecting on the humble beginnings which led to a consortium with an annual turnover between US$75 million and US$100 million, Dr. Aung Kyaw Winsays, “The evolution of our jewellery business and manufacturing started with a small jewellery shop in 1994. The goldsmiths produced for us and we have begun selling, little by little. Our income rose, and soon we realised that our business is heading in the right direction. We also diversified and established jewellery manufacturing factory in 2005, Jewel Collection Manufacturing Co., Ltd to fulfil the requirements of our valuable customers which change over the time. There are two types of manufacturing: traditional method and the mechanised method. In 2007, we established a retail arm in Singapore called Victorious Gems. We were facing new challenges in the international market: high operative costs and incredibly intense competition, which made us work harder and stay focused on achieving our goals.”
Today the holding operates five outlet stores with 800 employees and additional 1.000 outsourced workers. The stunning success of becoming a market leader in six short years is attributed to the company’s strategy of securing prime locations for their businesses, their product differentiation in selling gems and diamonds as well as gold and their pricing policy. The turnover of the whole Golden Palace Group is always maintained below 10% because of a well-designed reward system and career development opportunities, following Dr. Aung Kyaw Win’s philosophy that employees should be empowered and encouraged to grow together.
“The gold market is very competitive and dynamic because people in Myanmar like gold as jewellery but also as an investment in times of inflation. Our own manufacturing company gives us the advantage of being able to react to the changing market. We started as retailers, then wholesalers, and now manufacturers who cover 30% of the market share”, the Chairman explains.
The Jewel Collection Manufacturing Company now employs more than 600 workers, making it the biggest manufacturer in the country, with all the ISO standards acquired. It won the ASEAN Business Innovation Award in 2016, in recognition of using the world’s latest 3D Computer Aided Design and Computer Aided Manufacturing Technology, securing the production of highest quality jewellery.
The company’s development plans in the gold, gems and jewellery business are to produce for high-end international brands. “One of our aims is to bring the Louis Vuitton brand to Myanmar, so we are doing the market research and preparing all necessary steps to achieve this. We want to be a socially responsible business. We engaged a renowned consultant from Paris to upgrade the corporate social responsibility aspect of our company. We need to have the highest ethical and business standards to serve as a trusted partner to the most renowned international companies”, Dr. Aung Kyaw Winsays.
United GP Development Company’s “68 Residence” an icon of international success
The development of an iconic condominium and world class serviced residence is the prestigious project of United GP Development, located along the Kabaraye Pagoda Road, the main access road from Yangon Airport to the Yangon City Area. The property construction investment project, which started in 2016, is valued at US$230 million, and its opening is scheduled for July 2018.
The 26-storey development is nestled amongst the prime Golden Valley Residential District, Shwedagon Pagoda and Inya Lake. Situated in the most desirable location in Yangon, it bears the name “68 Residence”. Surrounded by the Wonder of World’s Oldest Buddhist Pagoda, which projects longevity, health and spiritual calmness, “68 Residence” will provide unmatched quality of living, featuring swimming pools, fitness facilities, meeting rooms, concierge services, home automation and smart security systems.
The banks of Inya Lake offer unparalleled recreational opportunities, while the rare central city location provides the convenience, dynamism and the pure enjoyment Yangon has to offer. “With international standard water filtration and purification systems and power supplies with backup generators “68 Residence” condominiums will guarantee that its cherished residents have nothing to care for in everyday life, except for the happiness and prosperity of themselves and their families”, Dr. Aung Kyaw Winasserts.
Although he entered the market without prior knowledge about the industry, Dr. Aung Kyaw Win teamed up with international experts and enthusiastically pushed United GP Holding to become the most successful and well-known developer in the industry. His innovation, commitment and consistency, paired with his enthusiasm and energy, significantly contribute to the expansion and success of the company.
Caring for the future of the country
Dr. Aung Kyaw Win is the Vice Chairman of the Yangon branch of Myanmar’s Gems and Jewellery Entrepreneurs Association. In the two decades of work, the Association has been focusing on the upstream industry. Dr. Aung Kyaw Win and his associates want to change this. “The challenge for our country is to put emphasis on the value-added industry. Last year we submitted an Action Plan to the Government on how to encourage the midstream and downstream sectors of the value-added industry in our country. I think the government policies on imports and exports will become flexible very soon”, he explains.
United GP Holding showed its commitment to community through building schools in rural areas of Myanmar and contributing to the health care system. The company provides family friendly programs for its employees, as well as career development programmes, encouraging them to study while working.
“Our country is opening to the world; we keep learning therefore changing and trying our best to implement the highest international standards. I invite international players to invest and create job opportunities together and give Myanmar a chance to be a player in the global market“, Dr. Aung Kyaw Win concludes.
Golden Palace Gold and Jewellery
No. 743, Corner of Mahabandoola and Lanmadaw Streets, Latha Township, Yangon
No. 701/703, Corner of Mahabandoola & Sin-O-Dan Street Latha Township, Yangon
Tel.: +959 229409 / +959210572 / +959227212
Tel.: +959 228751 / +959226 977 /+959211728
Forever Gems by Golden Palace Gold and Jewellery
Jewel Collection Manufacturing Co., Ltd /
No. 27, U Kyaw Hla street, Mayangone Township, Yangon
Tel.: +951 656623, +951 656624