SPOTLIGHT 24 | Thailand Special 2023 Every predicament presents an opportunity. This is the principle that guides MKS Jewelry Chairman Majid Algouneh in running his decades-old jewellery manufacturing enterprise. The company endured a confluence of multiple challenges since 2019 and is aiming to improve its operations through digitalisation and product innovation. “When markets change, strategic positioning and business models must be revisited and adjusted accordingly,” shared Algouneh. “We recognised our top three challenges – supply chain disruptions, shifts in consumer purchasing behaviour and shortage in skilled artisans. We addressed these head-on." MKS has over 50 years of jewellery manufacturing expertise, offering OEM and ODM services. It currently has a workforce of more than 500 at its production facility in Thailand. Over the years, it has also strengthened its supply chain traceability and transparency initiatives. MKS is ISO 9001 certified and a member of the Responsible Jewellery Council. Game changer MKS recorded a 60 per cent growth in sales in 2022 compared with 2020 when the Covid crisis was at its peak. Algouneh attributed the company’s sustained recovery to steady demand from the US, Europe, the Middle East and Japan. Among its most sought-after products are gold and platinum bridal jewellery, alongside other CNC and precision-engineered products. Having its factory in Thailand – a premier gemstone and jewellery manufacturing centre in Asia – is likewise a gleaming advantage. “Thailand is poised to emerge as the first choice of customers looking for quality production and reliable service,” the company official said. New measures, fresh initiatives MKS readjusted its entire value chain and established a two-pronged strategy – to create more value for its customers and to reduce costs. Among the new measures that it implemented were automation and digitalisation as well as enhancement of creative solutions. Changes were also made to speed up product delivery and improve efficiency. Adopting IoT (Internet of Things) initiatives, big data and artificial intelligence meanwhile provided actionable insights and enabled the company to make more informed business decisions, revealed Algouneh. MKS is aiming to further expand its operations over the next three years despite a potentially challenging 2023. Algouneh explained, “Our exceptional growth will be fuelled Resilience amid adversity MKS Jewelry: 逆境中自强 MKS JEWELRY: MKS Jewelry's ingenuity and fortitude lead to glittering new prospects and fresh insights into a post-crisis scenario. MKS Jewelry凭借非凡才能与坚毅力量，于后危机时代发挥透彻的 洞察力，迈向光明前路。 Ring; diamond-studded necklace; diamond and coloured gemstone pendant 戒指作品；钻石项链及钻石彩宝吊坠
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