In the jewellery industry, family isn’t just part of the story — in many ways, it is the story. Across generations, family-run businesses evolve from humble beginnings into legacies.
In an industry defined by timelessness, it is the bond of family that keeps the tradition alive while embracing the inevitable changes the future will bring.
Working with family is one of the greatest privileges this industry offers. It's also one of the most complex. There’s comfort in the shared values and trust that family brings, but also a fair share of challenges.
Differing perspectives and expectations, and the weight of legacy, can create friction. In the end, it’s deeply rewarding, because you're building something far greater than a business.
My father started our business just three years after migrating to Australia in 1964. Like so many people, he arrived with little more than ambition and an uncompromising work ethic. In those early days, he would assemble thousands of watches by hand, working tirelessly to establish a foothold in the market.
Times have changed. He was once asked what the biggest change in the industry during his time has been. He joked that 35 years ago, he had memorised the telephone numbers of everyone he would need to contact. Today, he only knows one phone number – his own.
I joined the family business in 1991, and from the outset, it was clear that the industry was evolving. Today, handwritten invoices are largely a thing of the past; everything is now digital. Most days, I don’t even use a pen.
Over the years, I have watched as consumer habits shifted and trends began to influence even the most traditional jewellery stores. One of the most significant disruptions came in the late 2000s, when Pandora’s branded jewellery took the industry to a new level.
For many, it was an unexpected curveball. More importantly, it gave retailers the confidence that branding could be successful for jewellery, as it had been for watch brands.
With a background in marketing and branding, I was convinced that the same principles could be applied elsewhere and that this jewellery model was here to stay. It offered retailers a clear, cohesive product range they could sell with confidence, and consumers an identity they could connect with.
At that time, our business was still primarily focused on watches. Moving into fine jewellery was a leap; however, I’ve always believed in the strength of Australian products, and pink diamonds held a particular allure.
In 2009, I launched Pink Kimberley, a brand positioned for the mid-range market. The key challenge was convincing retailers that they could confidently sell higher-priced items in a branded format.
Fortunately, Pink Kimberley resonated quickly. Certification played a significant role in building trust, and the brand’s comprehensive collection enabled retailers to offer a cohesive product range. This affirmed my belief that the branded model was capable of more.
As that success grew, I remained curious about what was next. I developed a growing fascination with Australian sapphires — an incredibly beautiful and versatile gemstone that, for reasons I couldn’t quite understand, remained mysterious for most consumers.
I believed this gap presented a significant opportunity; however, the challenge would be greater than anything I’d faced with pink diamonds. Still, the more I learned, the more convinced I became.
During the COVID-19 pandemic and the uncertainty of lockdowns in Australia, I decided to take my next big ‘roll of the dice’ and join a rough sapphire tender hosted online.
It was a risky time to experiment. I was nervous. I’d never participated in anything like that before. The tender was held virtually, and I placed bids on everything that seemed high quality.
My initial plan was to acquire a few parcels, cut them into different colours, and experiment with designs.
Instead, I walked away with 28 lots, nearly half the entire tender, amounting to more than 440,000 carats. I had to learn how to cut and polish sapphire. The first collection I launched didn’t land the way I hoped. Unlike pink diamonds, which come largely market-ready, sapphires demanded more.
The immediate success of Pink Kimberley was a confidence booster. It seemed that Sapphire Dreams would require more creative problem-solving.
I didn’t walk away. I listened to the feedback, went back to the drawing board, and made adjustments. Slowly, the brand began to take shape. Today, it’s defined by the incredible spectrum of sapphire colours — blue, teal, green, yellow, and the uniquely Australian parti sapphire — and by its sense of homegrown identity.
These two brands represent the most significant challenges and proudest achievements of my career. They also speak to a broader truth about family businesses in the jewellery industry. Evolution doesn’t mean abandoning the past. It means building on it.
If you believe in something — truly believe in it — pursue it. That’s my advice for the next generation of the jewellery industry.
Expect resistance, even from those closest to you. It doesn’t mean they doubt you; it means they care deeply about what’s been built. When your vision proves itself, they’ll see and understand, and they’ll support it.
The same rules apply to the current generation. When you see your children passionate about something, trust them. Give them the chance to take risks and to make mistakes. That's how you learned.
This is the beauty of working in a family business — you’re never starting from scratch. You’re continuing a story.
Make sure you write your own chapter.
Name: Steve Der Bedrossian
Business: Sams Group Australia
Position: Owner
Location: Sydney, NSW
Years in the industry: 34
READ EMAG