The Georg Jensen Award was instituted by the Tuborg Foundation in 1988 as a challenge and an encouragement to talented Nordic artistic craftsmen and designers. In the light of the globalisation which has taken place within the field of design in recent years, the prize was changed in 1999 to become an international award.

The Georg Jensen Award of EURO 50,000 is awarded every second year. The winner is selected among "talented, innovative artistic craftsmen and designers as well as people who have made a particular contribution in crafts and design".