Year 2008 has been a difficult year both internationally and domestically. The repercussions from the subprime crisis in the United States have led to a softer U.S. economy and subsequently the global markets. Since the beginning of 2008 our trade has tackled issues of bad debts, Chapter 11s, returned sales, and tightening of credit. In light of a challenging year ahead, we continue to diversify our portfolios in exploring new export markets and remain very cautious and selective in our business transactions. During this down cycle being on the careful lookout would be good strategy such as to formulate a strong and solid base to fully prepare ourselves when the economy turns around.
The Hong Kong Jewellery & Jade Manufacturers Association (HKJJA) aims at safeguarding members’ interests. We have been extending the reach of our services to building up a wider business network overseas for our members to support a more diversified global distribution network. For instance, the debut launch of the Hilton New York show in January this year was held in the spirit of upholding our members’ competitive positions in the US market. I would like to extend my wholehearted gratitude to all members and exhibitors for their continuous and generous support to the Association.
As exploring new opportunities remains an utmost importance to our trade, according to our surveys, Russia, Central and South America, and Mainland China rank the top three most wanted new export markets. HKJJA has plans to reach potential buyers in the above markets by leading business delegations and organizing trade fairs to those locations. In May, we led a trial delegation to Shanghai visiting the jewellery show. The referential report can serve as strong reference tool for those who are interested in the market. In addition to tapping new markets, we also employed several new initiatives to better equip ourselves for the challenging future. These initiatives include the Quality Assurance Program (QAP) aiming to increase customers’ confidence in our members, and the Skills Upgrading Scheme (SUS) and the Specification of Competency Standards (SCS) in setting higher qualification and standards for our directors.
Not only is providing for our trade and industry a top priority, HKJJA has also been giving back to the community through generous support to poverty alleviation programs such as Adopt-A-School (AAS) project. We hope that by extending a helping hand not only do we embrace our community but also provide the opportunity to nurture the next generation and unravel potential talents out there.
2008 is a year of general election for HKJJA. While expecting new directors on board, I assure you of an effective execution of beneficial projects such as training, opening up trading platforms, and creating business opportunities in the future. Again, I would like to express my thanks to all successive directors for their concerted efforts, and their continuous support. It is this team work that has allowed the many milestones that HKJJA has achieved over the years.
I wish you a prosperous year, strong business and a good health.
Charles CHAN, JP
President
