Headlines

Jeweler with Net Worth of $16 Billion Has Died

Published

8 years ago

October 2, 2016

He passed away peacefully, surrounded by family.

Cheng Yu-tung, whose Chow Tai Fook jewelry chain operates more than 1,800 stores in China, has died at age 91.

Cheng’s fortune of well over $16 billion made him the third-richest individual in Hong Kong, the Wall Street Journal reports. In addition to the jewelry chain, he also had other business interests, including vast property holdings.

According to the Journal, he “pioneered the sale of 24-karat gold jewelry,” which remains popular in Asia.

Cheng, founder of the conglomerate New World Development Co., got his start in Macau in the 1940s, working for the original Chow Tai Fook jewelry shop, the newspaper notes. He married the daughter of the store owner and eventually opened a Chow Tai Fook location in Hong Kong.

Cheng is reported to have “died peacefully” surrounded by family.

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”