After nine years in business Australian fine jewellery manufacturer Integral Design & Manufacture has closed its doors due to poor sales.
Integral’s sales and marketing director, Tony Bone, said that “over the last 18 months or so” the company had found it increasingly difficult to generate the sales necessary to make a profit.
“The GFC and the subsequent high price of gold had a dramatic effect on the business as our whole business was built around providing ‘Australian-made high quality jewellery’.”
He said that in December he and the company’s three other directors (Victor, Alex and David Mazziol) decided to give themselves a “few months” to see how things would pan out.
In the time since “the Melbourne and Brisbane fairs were poorly patronised, gold remained stable but high, and the price of diamonds seemed to skyrocket”.
“Business was simply not good enough and it seemed the appropriate action was to take some fairly dramatic steps,” said Bone.
“Our actions were designed to maximise the position of our trade creditors and we are hopeful of paying them in full.
“My fellow directors and I have put all our savings and more (in fact all our resources) into the business and we do not expect a return.”
Integral, which commenced trading in July 2003, manufactured a wide range of 9 carat and 18 carat jewellery specialising in enhancers/pendants as well as hinged bolt ring bangles and diamond-set omega cables.
Bone said the company’s demise would “leave a gap in the industry as there are so few Australian-based manufacturers” and on a personal level, he would now need to find employment.
“I have a genuine passion for jewellery and the jewellery industry. I believe I still have a lot to offer the industry and an employer.”