JWA 2021 Jewellery Industry Best Practices

automation. These brought down labour and material costs by 70 to 80 percent, and increased individual productivity by 15 percent. Powered by its more modern online and offline capabilities, the company introduced the second and third generations of its widely successful and patented “Smile Diamond” line, resulting in the completion of 600,000 pieces. Similarly, Xingguangda launched its Super-In Platinum products, which grew the volume of orders by 50 percent and accounted for 20 percent of the year’s total sales. As a result, revenues and profits went up by 0.8 percent and 3.69 percent, respectively. The positive trend continued in 2021, wherein Xingguangda reported a staggering revenue growth of 44.15 percent for the first quarter. On top of these, the company also ended 2020 with an eight-percent increase in the number of intellectual properties and a 15-percent increase in quality standard ratings. OUTSTANDING ESG PERFORMANCE OF THE YEAR Making Xingguangda’s success more profound is its track record as a sustainable, eco- friendly and socially responsible company. “We believe that safeguarding the environment, ensuring sustainability and adhering to sound governance (ESG) are important. After all, consumers these days have grown concerned about a manufacturer’s environmental footprint, contributions to society and business practices,” shares Lin. Should its target market look into Xingguangda’s operations, they would find that the company retained all its employees and paid them in full, even as the pandemic closed down many businesses in 2020. “We also organised free vaccination drives for our employees and provided them with living allowances that exceeded government recommendations,” says Lin, whose company also pushes for gender equality and skills development, among other advocacies. In recent years, Xingguangda implemented effective waste-sorting measures in its headquarters, manufacturing bases, canteens and employee dormitories. It installed an Industrial Wastewater Treatment and Recycling System, which not only lowered water consumption by 23.7 percent in 2020, but also promoted the importance of water recycling among its staff. ThisdoubleHonoureeattheJWA also established the Shenzhen Gold Jewelry Industrial Design and Research Institute in 2020, jointly created a research and development programme with Jiangsu Baoqing Jewelry in 2021, and entered into partnerships with companies, universities and institutions to promote the industry’s sustained growth. Altogether, these contribute to Xingguangda’s rise, both as a business and as a responsible member of the jewellery and gemstone trade. “As we move forward to the post-pandemic era, we understand how equally important digital transformation and sound ESG practices are to manufacturing enterprises. We will always use these as inspiration in building a truly sustainable business,” says Lin. 1. A framed calligraphy print describing Shenzhen Xingguangda Jewelry Industrial Co Ltd as the ‘Top jewellery setting manufacturer in China’ 2. One of Xingguangda’s award-winning jewellery pieces 3. Xingguangda Chairman Changwei Lin 4. Guoxing Li, Chief Craftsman of Xingguangda 4 3