''It's more than an honour. It's quite a responsibility, really, because it means you're a role model for the country. That's quite a big call, so you have to try your very best.''
In keeping with his belief that New Zealand is a classless society - ''I like to think of us all as one'' - Sir Michael (72) says he does not expect people to kowtow to him.
''No. I would be embarrassed. I wouldn't want to dwell on it as something that's insisted. It's probably all right if you're in the UK or olden times but things have moved on a bit really. It's a formality but it's an enormous honour.''
He and wife of 45 years - now Christine, Lady Hill - do not take their titles ''lightly'', but life will go on, albeit with trademark diligence.
''One just carries on doing what you do,'' he said, before taking a more familiar tack.
''Persistence is something we lack a little bit in this country for the simple reason that there's such a bounty of everything. We're blessed with great weather compared to a lot of other places and we can catch our own fish.
You can do 101 things; you can become quite self-sufficient really.
''Because of that we're inclined to pull the handbrake on and actually not think we've arrived, so we become comfortable, which is an uneasy state to be in. I really can't emphasise enough that it's best to just keep pushing.
"If you do that then it opens up a new world, which a lot of people unfortunately never discover and so they never reach their full potential.''
However, he does concede the title could be useful in bolstering his philanthropic pursuits.
He agrees the knighthood will probably open doors as he tries to get the winner of the upcoming 10th annual Michael Hill International Violin Competition to Chicago's Harris Theatre.
The theatre's agents have expressed interest and will be travelling to Queenstown in June to size up the young global field.
''They're of such a high standard, it's quite freaky really. I want to get the winner to play in that theatre, which would be a huge coup.''
The accolade comes 31 years after his Whangarei house burnt down; a stretch that coincides neatly with his philosophy of long-term goals as outlined in his bestseller Think Bigger.
''The biggest break was when the house burnt down. I saw everything clearly - before that I didn't.''
After that ''break'', and the personal re-evaluation which followed, Sir Michael set his first goal - to buy his uncle's jewellery store.
His uncle refused, so on May 13, 1979, he opened the first Michael Hill Jeweller in Whangarei.
The franchise has since grown to more than 250 stores across New Zealand, Australia, the US and Canada, with plans for 1000 stores globally by 2022.
Sir Michael is also a trustee of the Queenstown Lakes District Cultural Trust and was instrumental in raising the profile of the New Zealand golf open by staging the tournament at his private golf course, The Hills, in Arrowtown, from 2007 to 2010.
He is also a major donor to Cure Kids, a charity that helps fund research into incurable diseases.
''I am truly humbled and honoured and almost speechless for the first time in years. I am blessed to live in one of the greatest places on earth and very proud to be a New Zealander.''
