Headlines

Jeweler with Net Worth of $16 Billion Has Died

Published

7 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.

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”