GROUP ASSIGNMENT COVER SHEET

STUDENT DETAILS

Student name: Nguyễn Đức Danh Student ID number: 31221021533

Student name: Nguyễn Lâm Kỳ Duyên Student ID number: 31221026772

Student name: Nguyễn Anh Thư Student ID number: 31221022575

Student name: Nguyễn Khánh Huyền Student ID number: 31221025077

Student name: Mai Nhật Nam Student ID number: 31221027083

UNIT AND TUTORIAL DETAILS

Unit name: Principles of Economics Unit number: PE-S2-DH48ISB9

Tutorial/Lecture: Group Essay Outline Class day and time:
Lecturer or Tutor name: Dr. Dinh Cong Khai and Ms. Vu Phuong Linh
ASSIGNMENT DETAILS

Title: GROUP ESSAY OUTLINE

Length: Due date: 22/4/2023 Date submitted: 22/4/2023

DECLARATION
I hold a copy of this assignment if the original is lost or damaged.
I hereby certify that no part of this assignment or product has been copied from any other student’s work or from
any other source except where due acknowledgement is made in the assignment.
I hereby certify that no part of this assignment or product has been submitted by me in another (previous or
current) assessment, except where appropriately referenced, and with prior permission from the Lecturer /
Tutor / Unit Coordinator for this unit.
No part of the assignment/product has been written/ produced for me by any other person except where
collaboration has been authorised by the Lecturer / Tutor /Unit Coordinator concerned.
I am aware that this work may be reproduced and submitted to plagiarism detection software programs for the
purpose of detecting possible plagiarism (which may retain a copy on its database for future plagiarism
checking).

Student’s signature: Nguyễn Đức Danh

Student’s signature: Nguyễn Lâm Kỳ Duyên
Student’s signature: Nguyễn Khánh Huyền
Student’s signature: Nguyễn Anh Thư
Student’s signature: Mai Nhật Nam
Note: An examiner or lecturer / tutor has the right to not mark this assignment if the above declaration has not been
signed.
 How Doji dominate Jewelry market

I. INTRODUCTION

1.1 Market overview

The jewelry market in Vietnam has been growing steadily in recent years, driven by factors such as rising incomes,
increasing consumer demand for luxury goods, and a growing middle class. According to a report by
ResearchAndMarkets, the Vietnamese jewelry market was valued at USD 4.3 billion in 2020 and is expected to
reach USD 6.3 billion by 2025, growing at a CAGR of 7.8% during the forecast period.

Gold is a popular choice for jewelry in Vietnam, and the country is one of the world's largest consumers of gold
jewelry. In addition, diamonds and other precious stones are also popular among consumers. Traditional jewelry
designs are still highly valued, but modern designs are also gaining popularity.

There are several large players in the Vietnamese jewelry market, including PNJ, SJC, and DOJI Group (which
includes Doji Vietnam). These firms operate both online and offline stores and offer a wide range of products, from
affordable to high-end luxury items.

E-commerce is also becoming an increasingly important channel for jewelry sales in Vietnam, with firms such as
Lazada, Shopee, and Tiki offering online platforms for jewelry sales. Social media platforms such as Facebook and
Instagram are also popular channels for promoting and selling jewelry.

The Vietnamese Government has been taking steps to promote the growth of the jewelry industry, including
measures to attract foreign investment and support for the development of the country's jewelry-making skills and
techniques. However, challenges remain, such as competition from imported jewelry and the need for better
marketing and branding strategies to promote Vietnamese jewelry both domestically and internationally.

1.2 Historical background

Doji Vietnam Joint Stock Company, also known as DOJI Gold and Gems Group, is a publicly-traded company that
operates in the jewelry and gold trading industry in Vietnam. The company was founded in 1994 by Nguyen Ngoc
Que, who started as a small-scale gold trader in Hanoi.

Over the years, Doji Vietnam expanded its operations and product offerings, including jewelry design and
manufacturing, gold trading, and gemstone trading. The company has also expanded its retail network, with over 300
stores across Vietnam as of 2021. In addition to its domestic operations, Doji Vietnam has also expanded into
international markets, with stores in the United States, Japan, and other countries.

In 2011, Doji Vietnam went public and was listed on the Ho Chi Minh City Stock Exchange (HOSE) under the ticker
symbol DOJI. The company's initial public offering (IPO) was oversubscribed by more than 20 times, indicating
strong investor interest in the company's growth prospects.

In recent years, Doji Vietnam has also been recognized for its corporate social responsibility (CSR) initiatives,
including efforts to promote sustainable development and support for disadvantaged communities. In 2019, the
company was named one of Vietnam's top 10 sustainable businesses by the Vietnam Chamber of Commerce and
Industry.

Overall, Doji Vietnam has a long history of growth and expansion in the Vietnamese jewelry and gold trading
industry, and has become one of the largest and most well-known players in the market.

1.3 Problem statement

Like any company, Doji Vietnam faces many challenges and problems in its operations. The first problem is that
Doji Vietnam operates in a oligopoly market, with a few large players selling mid to high-end products and several
small businesses offering moderately priced products. It means that the company has to compete aggressively to
attract customers and maintain market share. Beside that, another problem is about the brand reputation and the
counterfeit products. Issues such as negative publicity, customer complaints or quality issues, especially
counterfeiting where gold and counterfeit jewelry is a serious problem in Vietnam, can cause harm to customers.
company's reputation and affect its revenue and profits. Specifically, in 2020, the corporation itself has posted many
information and articles on its official website about being impersonated by many merchants (DOJI, 2020). Finally,
reliance on raw materials from a variety of suppliers, both local and international, can expose Doji to challenges in
managing supply chains and ensuring quality and authenticity of the product.

1.4 Research objective

The research will study the practices of Doji' purposes and analyze the differentiation between its subsidiaries to find
out the analytics and proven evidence for the stated issues. Additionally, this report also detailed comparisons
between Doji and its rivals in the oligopolistic market , alongside proof why Doji is losing its market share to the
other competitors. The report will carefully illustrate data and provide some illustrations to support the research
report as well.

II. OLIGOPOLY COMPETITION LITERATURE REVIEW AND APPLICATION

2.1 Definition of Oligopoly Competition

Oligopoly competition refers to a market situation in which a small number of firms dominate the industry, creating
interdependence among them. In this type of competition, each firm's actions have a significant impact on the market
and the other firms, leading to a strategic behavior of the firms. (Mankiw, 2013)

Due to the limited number of competitors, firms in an oligopoly must take into account the actions of their
competitors when making decisions about pricing, production, and marketing. The firms may engage in collusive
behavior, such as price-fixing or output restrictions, or engage in non-collusive behavior, such as product
differentiation, advertising, and aggressive pricing strategies, to gain a competitive advantage.

Oligopoly competition can lead to both benefits and drawbacks for consumers. On one hand, firms in an oligopoly
may have the resources to invest in research and development, resulting in better quality products and services. On
the other hand, the limited competition may lead to higher prices and reduced choices for consumers.

In the fiercely competitive world of jewelry, client behavior is significantly influenced by a company's reputation.
Businesses in this sector must adapt and change regularly in order to survive as well as act fast to capture
possibilities presented by rising consumer trends. Furthermore, the oligopolistic nature of the market enables firms to
engage in strategic behavior, such as price-fixing, which can limit consumer choice and raise prices. In such a market
structure, firms are incentivized to collude and limit competition to maximize their profits.

In the case of Doji Jewelry Group, the jewelry retail industry in Vietnam is considered an oligopoly due to the
presence of a few large firms that control a significant share of the market. In Vietnam's jewelry retail market, Doji
Jewelry Group is one of the largest firms alongside other major players such as PNJ and SJC. These companies
collectively control a significant share of the market, making it difficult for new entrants to compete with them
effectively. Additionally, the jewelry industry requires significant capital investment, which can be a barrier to entry
for smaller firms.

2.2 Economic Efficiency under Oligopoly Competition

Oligopoly is a market structure characterized by a small number of firms that dominate the market. In an oligopoly
market, firms are interdependent and strategic interactions among them can significantly affect market outcomes.
The strategic interactions between DOJI, a top jewelry company in Vietnam, and its rivals in the jewelry market
demonstrate the interdependence of firms in this industry. If DOJI were to implement a new pricing strategy or
launch a new product, it could potentially have an impact on the sales and profits of its competitors. Likewise, if a
competitor were to introduce a new product or strategy, this could affect DOJI's market share and profitability. As a
result, the strategic interactions among firms in the jewelry market can significantly influence the overall market
outcomes. Moreover, DOJI's strategic interactions with other companies may not be simple. The company needs to
take into account its competitors' possible reactions when making strategic decisions. If DOJI decides to lower its
prices aggressively or launch an intense advertising campaign, this could spark a price war among its competitors,
causing a decrease in profitability for all companies involved. However, if DOJI decides to work together with its
rivals through collaborative efforts such as joint marketing or distribution agreements, it could potentially benefit all
parties by reducing costs and increasing their market reach.

Economic efficiency under oligopoly competition can be evaluated using several criteria, including allocative
efficiency, productive efficiency, and dynamic efficiency. Allocative efficiency is about maximizing social welfare
by using resources optimally, but oligopoly markets may lead to higher prices than production costs, creating
deadweight loss. However, oligopoly can lead to innovation and product differentiation. Productive efficiency is
producing goods at the lowest possible cost, while dynamic efficiency is the ability to innovate and improve products
over time. Oligopoly firms may invest in research and development, but anti-competitive practices like patent
trolling and collusion can hurt innovation. Overall, the economic efficiency under oligopoly competition depends on
the balance between market power and innovation. While market power can lead to inefficiencies, it can also
incentivize firms to invest in innovation and product differentiation, which can benefit consumers. On the other hand,
it can also lead to high-quality products, strong branding, and a stable industry that can attract foreign investment and
support economic growth.

Being a leading jewelry company in Vietnam, Doji has market power that allows it to charge prices above the
marginal cost of production. Such pricing strategy reduces social welfare and results in deadweight loss, thus
impacting allocative efficiency negatively. However, if Doji can differentiate its products and offer unique value to
customers, it may be able to charge higher prices without affecting allocative efficiency negatively. Additionally, the
level of competition in Vietnam's jewelry market and the availability of alternative products can affect Doji's
allocative efficiency, as the company may need to modify its pricing strategy to remain competitive. Doji is also
implementing various strategies to optimize its productive efficiency. The company's focus on supply chain
management, automation, and quality control can help it reduce costs and improve the consistency and speed of its
production processes. Additionally, the company's investment in its workforce through training and development,
performance management, and compensation and benefits can also help optimize labor costs. It is worth noting that
maintaining product quality is critical to Doji's success, and the company must ensure that its cost-cutting measures
do not lead to a decrease in quality. Doji is investing in research and development to improve its dynamic efficiency.
As a leading jewelry company in Vietnam, the company has the resources to introduce new products and services to
the market, such as through new technology like 3D printing. This focus on innovation and meeting the changing
needs of its customers can help Doji remain competitive in the jewelry market in Vietnam. However, the company
must avoid anti-competitive practices such as patent trolling or collusion that can hinder innovation and limit
competition in the market.

III. THE COMPETITION OF THE JEWELRY MARKET IN VIETNAM

3.1 Current Situation of DOJI in the Vietnamese Market

The Doji Jewelry Group, a Vietnamese-based jewelry retail company, has experienced significant growth over the
past decade. In 2017, the company recorded a revenue of 51,890 billion VND and a profit of 36 billion VND, which
increased to 63,189 billion VND and 82 billion VND profit in 2018. The following year, in 2019, the company's
revenue grew by 41% to 89,000 billion VND due to the sharp increase in global and domestic gold prices. Moreover,
in 2020, Doji Jewelry Group acquired Diamond World Company, one of the top three largest jewelry retail
enterprises in Vietnam, which further expanded its market reach. Despite the complicated Covid-19 situation that
negatively impacted retail activities in 2021, the company was still ranked second among the top 10 prestigious retail
companies in Vietnam. Over the years, Doji has contributed trillions of dong to the state budget, reflecting its
significant impact on the Vietnamese economy. The group's sales increased from 11,000 billion dong in 2009 to
nearly 100,000 billion dong in 2021, an impressive growth rate of almost 10 times. Its core product lines, such as
high-end jewelry and diamonds, have maintained steady revenue growth of about 25-30% in the first nine months of
2021. Overall, Doji Jewelry Group's continuous growth and success can be attributed to its strategic acquisition,
consistent revenue growth, and effective product line management. The company's expansion and resilience in the
face of market challenges reflect its strong potential for future growth and success.

3.2 Product differentiation

The DOJI Jewelry Group continually ranked among the top 3 large private enterprises, this multi-industry economic
group is known as a national brand, as reported by the VNR500 Ranking in this nation over the previous ten years
(VNR500,2021) . This is primarily due to DOJI's effective use of its product differentiation strategies. DOJI has
two main products which are gold and jewelry, this two basic products can be found easily in any small stores across
Vietnam or buy from big brand like PNJ or SJC , but DOJI has proved to the customers that their products are unique
and have the best quality .In order to maintain its competitive advantages, DOJI jewelry is always aware that
customers' needs for product quality and design vary depending on the region. If in the past, consumers almost
framed the thought of buying 24K Gold jewelry only for guests who are middle-aged or older, with a hoarding
mentality, that mentality has been completely erased when DOJI continuously launches fashionable and modern 24K
Gold jewelry designs, 6 lines of gold jewelry that satisfy customers of all ages, meeting the needs of customers at the
same time. Product diversification is an unavoidable business trend. DOJI Jewelry is currently developing a brand
with four main product lines: Diamond House Jewelry, Gems City Colored Stone Jewelry, Wedding Land Wedding
Jewelry, and Loc Phat Tai Gold Jewelry. DOJI's high-end jewelry brands in each segment are market leaders with
significant differences from competitors.

DOJI is well-known for its diamond products. Instead of using synthetic stones like many businesses in the same
industry, DOJI Jewelry only uses natural stones from the owner to the surrounding stones for Colored Stone Jewelry.
Wedding Jewelry has won the hearts of young people by consistently creating the "hottest" collections in the market
during wedding seasons. This is evident when visiting the industry's major playgrounds, such as the annual VIJF
Fair, and the DOJI's Wedding Land jewelry booth, which is packed with couples selecting rings for their wedding
day. It is impossible to overlook the technological advances in manufacturing and design that have resulted in the
creation of dozens of gold product lines, including jewelry and gifts, under the very distinctive Loc Phat Tai brand.
On the annual God of Wealth Day, images of people queuing up to own DOJI Group's Kim Than Tai and Kim Giap
Than Tai products confirmed the appeal of these unique products (Vietnamnet, 2020) .

The company continuously invests in new technology and works to improve its existing processes. The Group's
strategy of developing and investing in a systematic mining machinery system aids in its growth into a major gem
supplier brand, with products made from Ruby stones that are regarded as being of the highest quality anywhere in
the world. DOJI is the first and only jewelry company that apply technology in selling products, customers in
Vietnam will have the opportunity to utilize 4 cutting-edge technologies with DOJI Smart for the first time:
Customers are greeted by an intelligent robot, and a 360-degree online catalog of jewelry products is available. Try
on virtual jewelry (Wonder Touch) using augmented reality; The use of VR technology makes the tour quite special.
Face ID will be used to identify customers by an AI robot developed with artificial intelligence. This robot
communicates with customers via voice or screen display, directing them to shopping areas, services, and
technological experiences. Customers will experience the E-catalogue with features such as zoom in/zoom out, view
products 360 degrees through devices with interactive screens such as tablets or phones in order to serve the search
and reference of trendy jewelry collections. Customers will be able to visually and vividly admire the large volume
of DOJI products of various types, sizes, materials... that suit their needs with this E-catalogue. Customers can
participate in entertaining games or take special tours such as visiting the DOJI Tower building with display areas for
goods, a museum of gems and treasures, discovering the story of mining and crafting gems, and other magical tours
(DOJI, 2021) .

DOJI excels at differentiating its products or services as a business strategy for gaining a competitive advantage.
DOJI's growth in scale and revenue, in particular, has surpassed the other competitor's thanks to its unique strategy.
According to the VNR500 ranking, Doji was ranked third among the 500 largest private enterprises in Vietnam in
2020. In 2021, when the Covid-19 wave is complicated and has a significant impact on retail activities, Doji Jewelry
Group is still excellently promoted to second place in the Top 10 prestigious retail companies; it is also the leading
brand in the Jewelry, Gold, Silver, and Gems industry. According to the VietNam Report, Doji Group made a mark
with outstanding growth in 2021, with revenue reaching 100,000 billion VND .

3.3Existing rivals
The jewelry market in Vietnam is a significant industry that is poised for continued growth in the coming years,
driven by rising consumer demand and government support. Therefore, not only PNJ and SJC, but also some
competition from imported jewelry managed to set up their positions as big brands and become fierce competitors of
DOJI in the market.
a. PNJ
PNJ, or Phu Nhuan Jewelry Joint Stock Company, is a publicly-traded company and one of the largest jewelry firms
in Vietnam. The company was founded in 1988 and is headquartered in Ho Chi Minh City.

PNJ operates a wide range of jewelry businesses, including design, manufacturing, retail, and wholesale. The
company offers a range of products, from affordable to high-end luxury items, and has a strong brand reputation in
the market. PNJ has a large retail network, with over 300 stores across Vietnam, as well as international stores in the
United States and other countries.

In addition to its domestic operations, PNJ has also expanded into international markets, with a focus on developing
its presence in the United States. Recently, PNJ leads the "Best Place to Work" in retail, wholesale and trade; Top 20
in the ranking of 100 best places to work in 2022; Top 50 Vietnamese enterprises with the brand "Attractive
Employer" 2022. On the market, closing on November 21, the market price of PNJ reached 102.100 VND/cp.

b. SJC

SJC, or Saigon Jewelry Company, is a leading jewelry and gold trading company in Vietnam. The company was
founded in 1988 and is headquartered in Ho Chi Minh City.

SJC operates a range of businesses in the jewelry and gold trading industries, including design, manufacturing, retail,
and wholesale. The company is known for its high-quality gold products and has a strong brand reputation in the
market. SJC has a large retail network, with over 200 stores across Vietnam, as well as international stores in
Cambodia and other countries.

In addition to its domestic operations, SJC has also expanded into international markets, with a focus on developing
its presence in the Southeast Asian region. The company has received a range of awards and recognitions, including
being named one of Vietnam's top 50 listed companies by Forbes Vietnam and one of Asia's best companies by
Forbes Asia.
3.4Strategy

a. Doji's Product Strategy

Not only focusing on expanding the distribution system, Doji's marketing strategy also heavily invests in products,
especially at the design stage to create many delicate lines. The strategy of building and investing in a methodical
mining machinery system helps the group become a major gem supplier brand, owning Ruby stone products that are
rated as top quality in the world.

b. Doji’s Pricing Strategy

Since 2012, the State Bank's tightening of gold market management has resulted in a higher concentration of gold
market share in the hands of a few significant firms such as SJC, Doji, and PNJ...

According to available statistics, Doji has the highest income in the gold, silver, and jewelry business, with about
VND 52,000 billion in 2017, equivalent to USD 2.2 billion, which is more than SJC (VND 22,950 billion) and PNJ
(VND 22,950 billion) combined. It should be emphasized that this only includes data from the main business of
DOJI, not member companies.

However, gold bars remain SJC and Doji's major trading commodities. SJC and Doji remain "loyal" to the traditional
gold bar industry. As a result, the gross profit margins of these two companies are relatively low, having remained
around 1% for many years.

c. Doji's distribution strategy

Doji's Marketing Strategy, in collaboration with President Do Minh Phu, has campaigned for participation in regions
where Vietnam has natural resource capabilities from the very beginning. Doji's Marketing Strategy moved from
gold bar manufacture to jewelry business, using the existing distribution system and constructing two additional trade
centers in Hanoi and Ho Chi Minh City.

Doji Group currently has 15 member companies that operate under the parent-subsidiary company model, 5 affiliated
companies that contribute capital, 61 branches, nearly 200 centers and stores spread across the country, as well as
more than 400 agents, points of sale, etc., creating a product distribution system that covers most of Vietnam.

As part of Doji's marketing strategy when opening Ruby Plaza, besides the jewelry retail space, Mr. Do Minh Phu
also opened restaurants and spas, leased offices to increase revenue, and at the same time marketed to attract
customers to shop for jewelry.

Direct channel: DOJI has a system of nearly 100 distribution centers for gold, silver, and jewelry, typically in big
cities such as Hanoi, Ho Chi Minh City, Da Nang, etc., and nearly 500 agents in many provinces and cities across the
country.

Indirect channel: Customers can buy any products from DOJI Luxury Jewelry through the e-commerce service on the
website trangsuc.doji.vn. Furthermore, DOJI also has a wide network, such as: Facebook, Instagram, Youtube, etc.

d. Doji's promotion strategy

Doji's Marketing strategy with the belief of bringing true value to users. DOJI honor the traditional cultural element
above all, with the five basic values of Integrity - Creativity - Knowledge - Cooperation - Kindness, thereby raising
the moral element, coordinating to keep human and human resources. for the best high performance.Along with
activities to increase and optimize revenue, Doji's Marketing Strategy focuses on building brand image with
impressive communication campaigns, with the goal of becoming an icon in the jewelry industry, bringing new
media trends in the industry that are familiar with traditional marketing methods.

3.5 Entry barriers

Under oligopoly competition, established jewelry companies in Vietnam, such as PNJ, SJC, and DOJI, have strong
brand recognition and reputations, which can make it difficult for new firms to compete. They also need a significant
amount of capital, particularly for the purchase of raw materials and the leasing or purchase of retail space. They also
face the challenge that the Vietnamese government imposes a range of regulations on the import and export of gold
and other precious metals (KL, 2021), which can make it difficult for new firms to navigate the regulatory
environment and comply with the necessary requirements. Another problem that can restrict the number of entrances
is the limited expertise and skills, particularly in areas such as design and manufacturing. New firms may struggle to
attract and retain skilled workers, which can impact the quality of their products.

With almost 52,000 billion VND in sales (or 2.2 billion USD) in 2017, Doji is the firm with the highest revenue in
the gold, silver, and jewelry sector (data of the parent company Doji alone) (Minh Anh, 2018). Nonetheless, SJC and
Doji continue to focus primarily on selling gold bars. SJC and Doji are still steadfastly committed to the conventional
gold bar industry. Due to this, these two enterprises have very low gross profit margins that have remained around
1% for many years (Minh Anh, 2018). It is not unexpected that despite sales of up to "billion dollars," SJC and Doji's
net profit has been very low for many years given their low profit margin . When Doji's gold price depends on the
rest of the globe and SJC, this is its entry barrier.

3.6 Doji success in VietNam

DOJI contributed VND 75 billion to the national budget in 2008 with its VND 5,000 billion in revenue. In Particular,
total revenue in the first six months of 2009 exceeded the annual objective of more than VND 6,000 billion, with
jewelry and gemstone import and export turnover of USD 207 million.

The income of the DOJI Group has surpassed VND 100,000 billion in 2020. When the COVID-19 tsunami affects
the retail industry and the entire Vietnamese economy in particular in 2021, DOJI Jewelry Group will still hold its
position as the country's top commercial brand. In the first nine months of 2021, DOJI Group's core product
categories, such as fine jewelry and diamonds, continued to experience revenue growth of roughly 25–30%.

With more than 25 years of development under its belt, DOJI has steadily grown and expanded to become a top
company both locally and regionally in the real estate, investment, commerce, and services sectors, as well as the
gold, silver, and gems, jewelry, and industries. Currently, the majority of Vietnam is covered by DOJI's distribution
system, which includes 61 branches, over 200 centers and stores nationally, more than 400 agents, and outlets.

3.5 Latest movement

DOJI did community campaign by supporting the "Fund for the Poor," "For the Kind Heart" program in Yen Bai
province, and providing financial assistance to needy families in response to the Vietnam Fatherland Front's appeal
for help for flood victims in central Vietnam despite the fact that they have never been DOJI customers.

More than VND 500 million was provided by the DOJI in 2009 for social development initiatives. Additionally,
DOJI partnered with Diana Company to sponsor the "Vietnamese Schoolgirl" Award and "Vietnamese Women"
Award, and it served as the official sponsor of the "Beautiful and Successful Lady" competition in 2009. With a
financing commitment of VND10 billion, these two awards were the largest in the previous decade and were
intended to honor women from all walks of life.

IV. THEORY APPLICATION AND RECOMMENDATIONS FOR DOJI

4.1 Theory application

Doji is part of an oligopoly, being one of a few large firms dominating the market for gold and jewelry and
competing with PNJ and SCJ. In such a competitive market, Doji differentiates itself by expanding the distribution
system and investing heavily in products, especially at the design stage to create many delicate lines.

4.2 Recommendations for DOJI

Despite facing some challenges from the market, Doji still manages to have an actual position in the Vietnam jewelry
chain with tremendous growth and high brand awareness. However, there are some suggestions for Doji to take into
consideration:

1. Due to the complexity of the supply chain, the jewelry industry may not always be aware of the precise stones it is
purchasing. However, a skilled jeweler can typically spot procedures like filling. Doji can provide forensic services
for its customers and use its experience and strong relationships to minimize the trading of low-quality stones. This
not only allows Doji Vietnam to provide high-quality products to its customers but also demonstrates its commitment
to ethical practices and social responsibility. In addition to adopting technological solutions and providing forensic
services, it is also essential for Doji Vietnam to establish relationships with reliable suppliers and conduct regular
audits of its supply chain to ensure that they comply with ethical and sustainable practices.

2. To address potential challenges in managing its supply chain, Doji Vietnam may consider adopting blockchain
technology to enhance the transparency and traceability of its products. This would allow the company to track its
products from origin to final delivery, ensuring that they meet quality standards and comply with ethical practices.
Incorporating blockchain technology into the supply chain management process could also potentially increase
customer trust and loyalty by providing them with transparent information on the products they are purchasing. In
today's highly competitive market, staying ahead of the curve is essential for any business to succeed.

3. E-commerce is an emerging platform for selling jewelry, where it is common to receive rumors and a bad
reputation. The crisis management plan should include clear communication channels, well-defined responsibilities
for key stakeholders, a quick response time to address any issues or concerns that arise, as well as a strategy for
rebuilding trust and restoring the company's image if necessary. (Social Media Crisis Management 101 - Juicer
Social, n.d) This will allow Doji Vietnam to identify any potential issues early and address them before they escalate.

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