PENG Kwee Watches & Jewellery, a company with 20 years of history, specialises in trading second-hand Swiss and German luxury watches, including brands such as Patek Phillippe, Cartier and Audemars Piguet.
From a corner store at Peninsular Plaza, it now has eight outlets islandwide. It even has a specialist shop dedicated to Rolex watches. The company sources its collection from all over the world.
Mr Tony Lim, the chairman and chief executive officer of Peng Kwee Watches & Jewellery, followed his childhood passion in antique coins and stamp collection and built his business in vintage timepieces.
'I believe in being led by passion rather than by money,' he says. 'In business, a good, stable supply is as important as a good demand. In dealing with antiques, the supply is too rare to be consistent, so I switched to commercial luxury watches.'
For Mr Lim, dealing with second- hand luxury timepieces is a skilled profession, not unlike a doctor. He says the key to establishing a reputation in such a market depends on one's trustworthiness.
He adds: 'Putting a used watch back in the market requires technical knowledge and ethical conscience. 'I only allow a watch into a Peng Kwee collection after I have personally scrutinised the piece and am very sure it is genuine and in tip-top condition.
'Besides the brand, the condition of the watch determines its resale value.'
He says that watches generally depreciate about 10 per cent to 20 per cent of their value annually, although certain exclusive editions can appreciate two-fold or more within six months to two years of their launch or after their production has completely ceased.
Besides his business, Mr Lim is a partner and sponsor of activities at the Dover Community Centre and the Queenstown schools planning committee. He also makes social contribution a significant part of his business philosophy.
He says: 'I always remember the quote, 'Money is not yours until you give it away.' As an entrepreneur, I cannot just think about myself, or my family. The society is also my responsibility.'
This article was first published in The Straits Times on October 22, 2008.
