The Westpac Business Excellence Awards (BEAs), which take place all around the country in conjunction with local Chambers of Commerce, give all businesses the opportunity to benchmark their success against other local businesses, including those outside of their own industries.

Jewellery company Naveya & Sloane won the best emerging business category at the awards and took fourth spot in the Deloitte Fast 50 index of fastest growing companies.

Based in Auckland, Naveya & Sloane, which was founded by former Huffer womenswear designer and Shortland Street fashion worker, Rachel Sloane, has brought to the fore a new type of retail around the engagement ring.

With business partner Alex Bunnett, its Original Setting solution assists men in the painstaking task of offering their brides an acceptable and affordable engagement ring.

The Original Setting comprises a platinum or gold ingot containing a stone that are both made into a ring. The retail model includes no manufacturing or design costs, which sees customers only paying for the metal and diamond.