2 August 2024 12:19 am Views - 122
Blue Diamonds Jewellery Worldwide PLC (BDJ), a Sri Lanka-based company that manufactures specialised floating diamond jewellery, shared its plans to transition to a just-in-time (JIT) business model.
The new strategic direction is explored to reduce inventory costs, improve responsiveness to market demands, and maintain a lean operational team, as it has faced challenges in generating sufficient revenue and achieving business growth, primarily due to traditional manufacturing inefficiencies and increased competition.
“This shift will streamline operations, enhance efficiency, and better align production with customer orders,” said BDJ Executive Chairman and Acting CEO Andrew Lee in a disclosure to the Colombo Stock Exchange (CSE).
Accordingly, BDJ is set to appoint a senior team to drive production, marketing, technology development, and online sales.
“The Board is also considering various strategies to raise the necessary capital to meet its financial obligations and fund the next phase of growth,” said Lee.
BDJ will expand its design team, leveraging advanced technology to create unique, customisable jewellery. It said that by focusing on innovation and personalisation, BDJ aims to position itself as a leader in the jewellery market.
Plans and efforts are underway to strengthen global partnerships, particularly in China, Malaysia, and Vietnam, as they will enable BDJ to access new design trends, broaden its customer base, and expand market reach.
The renovated Design Innovation Centre will serve as a hub for collaboration and creativity, fostering innovation, and supporting BDJ’s strategic goals.