In late 2019, the first COVID-19 case was discovered in China, and later on the virus quickly spread to regions all around the world, causing many countries to close their borders, to enforce lockdown, and to implement work from home measures in order to slow down such spread of the virus. The pandemic not only greatly affects on the daily lives of individuals but also has a heavy impact on industries. Business owners seek emergency measures to ensure the survival of their businesses. This study examines the case of Jewelry Company C using an extended version of the BCG matrix (the family portfolio matrix) and analyzes changes in the company before and after the start of the COVID-19 pandemic. Associated responses included liquidating assets, decreasing expenditures, maintaining R D, and investing in online channels, which helped Company C survive through the pandemic.