Covid-related disruptions have spurred industry stakeholders to adopt fresh strategies to maintain business momentum amid challenging economic conditions.

Partners of the Jewellery World Awards (JWA), which upholds innovation, excellence and best practices, are demonstrating tremendous agility in weathering the challenges of the Covid-19 pandemic by quickly pivoting to respond to changing customer needs and turning crisis into opportunity.

Chow Tai Fook Jewellery Group, one of the Headline Partners of JWA 2021, attributes its positive performance in mainland China to its proactive approach towards identifying growth opportunities. It is reaping the benefits from the resurgence of China’s consumer market as well as the group’s steadfast expansion into lower-tier cities, which hold great potential for growth.

The group's annual revenue in fiscal year 2021 increased by 23.6 per cent to HK$70.16 billion (around US$9 billion). To sustain these gains in 2022, it is implementing its customer-centric Dual-Force Strategy in mainland China that expands its retail footprint while pushing smart retail through digital empowerment to create long-term brand differentiation and loyalty.

Chow Tai Fook Jewellery Group Managing Director, Corporate and HK, Macau & Overseas Kent Wong said, “We truly appreciate JWA’s growing prominence in the industry as it provides a platform for all of us who share the same values and mission in raising industry standards together and upholding best business practices for the betterment of the jewellery industry.”

Shanghai Diamond Exchange (SDE), also a JWA 2021 Headline Partner, likewise achieved impressive results in the first half of the year.

Diamond transactions at SDE from January to June 2021 reached US$3.82 billion, an 86.4 per cent increase over the same period in 2019. Net polished imports stood at US$1.57 billion, breaching 2020 figures and rising 49.24 per cent from the first half of 2019. Annual diamond imports in 2021 are on track to significantly outperform 2019 and are highly likely to surpass the previous record of US$2.78 billion in 2018.

The bourse has entered into a cooperation agreement with the government of Shenzhen’s Luohu District to further cement legal processes and compliance in diamond transactions. In May, SDE established an extended delivery platform in Shenzhen in order to provide better warehouse and logistical support for its partners in the area.

SDE President and Managing Director Lin Qiang remarked, “A global and grand event, JWA is highly professional, diversified and internationally influential. It inspires the global trade by setting up an ideal stage for outstanding jewellery enterprises and entrepreneurs to demonstrate their brilliance, tireless pursuit of excellence and innovations, and unwavering perseverance.”

Timely platform

JWA Honoured Partners also attest to the awards programme’s commitment to the overall advancement of the gem and jewellery industry.

KGK Group Vice Chairman Sanjay Kothari said, “We are pleased to be associated with JWA, which tirelessly promotes best practices across the international jewellery community. It is a benchmark of brilliance and innovation — one that celebrates the achievements of exceptional innovators who relentlessly use their resources to uplift the industry regardless of their scale of operations.”

Guangdong GD Land Group Ltd added, “JWA is the only international business award for the jewellery industry dedicated to honouring trailblazers and leaders. By joining forces with JWA, we hope to promote sustainable development for the jewellery industry, as we continue to build world-class platforms and information centres to showcase diamonds, among others.”

JWA 2021 culminates later this year with the JWA Awards Ceremony and Gala Dinner, which will be held in a hybrid format.