JWA 2021 Jewellery Industry Best Practices

96 | Jewellery World Awards 2021 VN Diamonds CATEGORY: When push came to shove due to the pandemic, VN Diamonds – a well-respected source of custom-made jewellery in Hong Kong – retraced its footsteps so that it could bounce back and emerge stronger than ever. “Challenges come with big opportunities. This is why risk- takers are often rewarded with significant gains,” says CEO Vipul Maheshwari, whose business was affected by the lockdowns and the economic downturn that followed in the first half of 2020. “Money was going out faster than it came in, especially since the company had to pay suppliers on time even when customers started delaying payments,” Maheshwari adds. However, he points out that silver linings do exist. Diamonds became increasingly attractive acquisitions. Potential clients who were stuck at home and unable to travel were snapping up luxury goods, including jewellery. These new realities prompted Maheshwari to take a stroll down memory lane. “I recalled how I began this business by borrowing goods and selling them for a profit back in the day, without having to spend much on capital outlay. It was time to repeat history but with a twist,” he reveals. BUSINESS INNOVATION To make the business more liquid, the company started to charge buyers upfront. VN Diamonds also approached an investor who purchased diamonds for the company while prices were reasonably priced. “From our end, we offered our business partner and customers our expertise in sourcing top-quality GIA- certified diamonds,” explains Maheshwari. This resulted in what is now known as the company’s GIA Diamonds Programme. Outstanding Small Enterprise of the Year (50 full-time employees and below) COUNTRY / REGION: HONG KONG 1