JWA 2021 Jewellery Industry Best Practices

to attract Gen Z customers. Ultimately, all these did wonders for the brand. “According to Forbes Vietnam, the brand value of PNJ in 2020 reached US$94 million – up by 20 percent from 2019,” shares Le. MANUFACTURER OF THE YEAR – JEWELLERY To counter the looming slowdown in production and retail due to the numerous challenges brought about by COVID-19, PNJ sought to expand its distribution channels and modernise its manufacturing stronghold. “Believing that a digital transformation would breed both victory and speed, the group fortified its online selling platforms and websites,” says Le. This, according to him, helped the manufacturer to successfully reach out to foreign markets and exceed export revenue targets by 156 percent in 2020, among other gains. In the same year, PNJ grew its manufacturing capacity by opening a second production plant. It also modernised equipment, such as those used for creatingpipepull-rings, which doubled production capacity and increased its jewellery’s durability by 50 percent. The group also completed its investments for crafting Italian- inspired pieces and diamond jewellery. Hardware aside, PNJ made sure that employees in these sites are safe and protected from COVID-19. “Human resources are very important for getting back on track. Aside from ensuring that our employees adhere to strict safety protocols, we also took care of them and their families when they contracted the virus,” says Le. Overall, these manufacturing improvements helped the group not just maintain smooth and continuous operations, but also increase its production output by 20 percent. OUTSTANDING ENTERPRISE OF THE YEAR – APAC As Vietnam’s jewellery consumption contracted by more than 41 percent in 2020, many businesses had to shut down. In the midst of all these, PNJ saw an opportunity to increase its market share and begin a new phase of growth. To accomplish these, the group underwent extensive personnel training and introduced a number of cutting-edge services. It launched PNJ4H in Hanoi and Ho Chi Minh, which assures customers that their online orders will be delivered to their front doors in as little as four hours. Noticing the decline in the market’s purchasing power, the company began to offer instalment purchases, which brought in 40 percent new customers and yielded an average transaction value that was 50 percent higher than lump-sum purchases. The company likewise accepted QR Code payments, which accounted for three percent of its total retail revenues. Altogether, these measures culminated in impressive figures for PNJ, whose revenues reached almost US$762 million in 2021. Labour productivity increased by more than 21 percent for the front business group and almost 16 percent for the company as awhole. PNJ succeeded in expanding its consumer base by 37 percent from 2019 to 2021, with returning customers making up 20 to 25 percent of its current market share. “Whether in business or by giving back, PNJ has clearly demonstrated its drive as a pioneering force that contributes to growth, community development and more,” says Le. 1. CAO Fine Jewellery at PNJ’s flagship store 2. PNJ Chairperson Cao Thi Ngoc Dung 3. Style by PNJ 3 2