Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

marketing strategies of jewellery new product launch


Published on

At the introduction level of jewellery in the market.

Published in: Business, Economy & Finance

marketing strategies of jewellery new product launch

  3. 3. 3 WHAT IS JEWELLERY Jewelry (or jewellry) is an adornment, usually made of precious metals and/or set with gems (whether real or fake). Some examples include necklaces, rings, bracelets, and so on. Jewelry is any personal adornment such is necklaces, bracelets, earrings, gold, silver, etc. Jewellery is any decorative object worn on your clothes or body which is usually made from valuable metals, such as gold and silver, and precious stones. They are mostly worn for decoration and have essential for value. HISTORY OF GOLD The story of gold is as rich and complex as the metal itself. In 3600 BC, the first smelting of gold was undertaken. Egyptian goldsmiths carry out the first melting or fusing of ores in order to separate the metals inside. They use blowpipes made from fire-resistant clay to heat the smelting furnace. Wars have been fought for it; love has been declared with it. Ancient Egyptian hieroglyphs portray gold as the brilliance of the sun; modern astronomers use mirrors coated with gold to capture images of the heavens. By 325 BC the Greeks had mined for gold from Gibraltar to Asia Minor. In 1300 the world's first hallmarking system, scrutinizing and guaranteeing the quality of precious metal, is established at Goldsmith's Hall in London - where London's Assay Office is still located today. In 1717 Britain moves onto a de facto pure gold standard, as the government links the currency to gold at a fixed rate (establishing a mint price of 77 shillings, ten and a half pennies per ounce of gold). In 1848 AD James Marshall found flakes of gold whilst building a sawmill near Sacramento and so triggered the gold rush in California. By 1900 all major countries other than China switch to the gold standard, linking their currencies to gold. The practice of bimetallism is abandoned. However in 1971 President Nixon of USA "closes gold window", suspending US dollar convertibility to gold. The world enters its present day system of floating exchange rates. In 2004 with the launch of Gold Shares, the market is transformed by an innovative, secure and easy way to access the gold market. Six years later SPDR® exceeds $55bn in assets under management. In the second quarter of the year 2009, central banks collectively become net purchasers of gold for the first time in two decades. This reflects a combination of slowing sales from European banks and growing purchases by emerging market countries. In 2010, gold price sustains record highs. Fiat currencies are undermined by inflation fears and successive financial crises. The London pm fix achieves 35 separate successive highs in the year to date.
  4. 4. 4 Held securely in national vaults as a reserve asset, gold has an irrefutable logic; released from the tombs of pharaohs and emperors alike, gold has an undeniable magic. Bullion coins and small bars offer private investors an attractive way of investing in relatively small amounts of gold. In many countries - including the whole of the European Union - gold purchased for investment purposes is exempt from Value Added Tax.
  5. 5. 5 INTRODUCTION Establishment of the company It is founded in the year 2001, by Shri.Bhikamchand Agarwal who is the owner of the company. he was into the business of jewellery from last 20 years. He worked with well-known brands as a manager in the manufacturing unit and also has a experience in the retail sector. As he was into the jewellery field and had agood knowledge in the field, he established his own company named Ganesh Jewellers and company. His vast idea and knowledge gives him an idea to start his own business as he knows what is the current market conditions and demand of the customer in Indian market. His head office is in Mumbai and also they have a 10 outlets in Mumbai itself. their manufacturing unit or factory is located in Mumbai are What business we are into- Ganesh jeweler are into the retail and manufacturing business of real gold and diamond jewellery. We make wide variety of jewellery in gold like antique finish, with semi -precious stones, kundan and uncut work, filigree work, hand-made jeweler etc .All the gold work are done into 22kt we do not compromise in purity. In diamond we have studded jewellery with the combination of precious stones like ruby, sapphire and emerald etc, different collections like affordable diamonds, for working women, High value sets. Diamond jewellery are studded in 18kt gold, some fashionable with white gold and diamond we also produce. We also provide the certificate of aunthencity for our diamond jewellery. Our cerifiacte are certified by GIA. We certify our jewellery befor the mounting or before the setting of diamond. VISION – To be a top Gold and Diamond jewelry brand or company in Indian retail market. To be a world- class, innovative, progressive organization and to build India’s most desirable jewelry. MISSION – To develop, produce and sell high quality jewellery and accessories to help our customer to get the maximum value for money.To create beauty for both of our customers by innovating beautiful, ethnic and traditional yet unique design jewelry based on a customer-centric approach,
  6. 6. 6 and to contribute to the community. GOALS- It is for you. Our goal is to make branded jewelry affordable to all Indian women with the surety of being 100% pure.
  8. 8. 8 Changing scenario in Indian market- Previously gold is the most preferable metal people buy for investing and for giving in the marriage of their daughter. Gold was only metal what is in demand all the craft man ship with the use of pure gold only. But today, the scenario has been changed by the modern way or by the adopting the modern practice now people are more educated and more aware of diamonds with the help of various search engine through the use of internet and from the help of government to some extent. They are buying diamond as an investment today people are buying diamond jewellery as they are more valuable and even more precious in nature. Choice has been changes due to the change in taste and preference of the people. Diamond are more preferred, also India is hub for polishing and cutting of diamond. In ancient time jewellwery are purchased for investment purpose and for giving in the marriage, people buy gold for investment so that in their future it help them to liquidate in money when they are in need of money, gold been a precious metal have a value for money. Gold bars were purchased so that they can be used like a good investment. Today due to changing scenario people are buying gold and diamond jewellery as a fashionable accessory or as a trendy ornaments. As in ancient times there are kings who wear the jewellery which is more of kundan and hand made, most of the design are very traditional type with heavy weight of gold. Today people preferred to wear light and modern jewllery with more of fashionable design, as heavy weight cannot be wear in day to day life. In ancient time jeweler only have a sale in their store at the time of special occasions and at a festival season only as it was the time people tend to buy/consume more ornaments. As this is the peak season were the consumption of gold increases this some were also hits the selling part in the retail industry, but due to today’s changing world and due to the wide variety of jewellery are offered by the jewelers to their clients more and more ornaments sells out people started wearing gold in their day to day life due to modern design which is more fashionable and light in weight, small ear-rings and finger-rings are preferred to give as a birthday gift, due to this there is continuous demand of gold occurs and also sells are in a moving positions for the jewellers.
  9. 9. 9 Types of jewelry we make- We make gold and diamond jewelry. In gold jewelry we make antique finish jewelry, bridal jewelry, custom jewelry, filigree work jewelry, kundan and Un-cut jewelery in gold. In diamond we have a wide variety of collections like light weight jewelry, different kind of design, studded jewellery with attractive design and setting etc.
  10. 10. 10 Marketing mix – Product- A place where people will get any kind of jewellery like gold, studded jewellery, diamond jewellery with stones in it like ruby, emerald, sapphire etc. Also this helps in creating awareness to the customer about the jewellery, about the karatage and purity in it, different styles and modern design availability. Product variety- To be a finest jewellery brand in the market, we offer a wide range of gold jewellery studded with diamond or colored stone and a wide range of pure 22karat gold jewellery. Design are best and unique with the growing market and awareness we have a design which is contemporary as well as wide range of traditional design available . We produce or make 22kt gold ear-rings which have a various shapes, sizes and design. Design would be with the antic finish, small stud ear-rings for children, traditional design ear-rings, with some colour stone in it etc. Also, we make bangles, chains, gold sets, necklace, pendent-set, finger-rings so that customer can have a good range available with them an can buy according to their requirements, so that ,they can wear in some occasssions like marriage function, festivals etc. About diamond’s jewellery, we have a wide collection for almost all the age group from children to the middle age group.some of the collections we have to our clients are affordable diamonds, a luxury and high value products of diamond which includes bridal necklace andear-ring, bangles etc, and also light weight jewellery for working women who always tends to wear some jewellery at her office place but due to heavy weight they do not wear it, this light and fashionable jewellery will help the women to wear the jewllery on their work place which can be wear on each attire, also we have started our new collection of solitarie starting range from 60k, with 30 cents approx. size. All these collection comes with the certificate of aunthencity that states the colour, cut, clarity, cents of the diamond, also our gold jewellwery are totally hallmarked so that customer are totally in trust with us and they are not cheated in the quality of the gold and brand loyalty remains standard in the eye of the consumers or clients.
  11. 11. 11 Quality- We promise to give quality of jewellery with the 22kt purity of gold, as there are end number of competitor’s entered into the market with new technologies like karat meter like Tanishq. Previously customer faces many problems while purchasing the gold jewellery i.e, impurities, less karatage, no certification of authenticity etc, Design- We have a karigar who are into jewelery making from their ancient times, also we have a professional and trained designer who design our jewellery. All the design are made with special care and some design are also done with the help of new software so work go faster and less time consumed for the manufacture unit to make it. Features- Product features would be according to their design, it would be convient to wear and designed as per the concept, the feature would be such that it suit the personality of the person when they wear the jewellery. Packaging and sizes- Packaging of the product would be such that it provide better appearance and convenient to use. We should not use plastic bag ainstead of that paper bags or jute bag should be in use. It should be standard in shape, size, and lengthy. All the packaging material should be according to the product what cutomers purchases. Packaging would be of plastic or velvet cloth so that the jewellery is safe in it, good quality of velvet is used so that the safety also remains in keep the product. Packaging must be different for different jewellery items, like there should be separate box for bangles. Round box or boxes with cushion in it should be there , small and long boxes or sets should be there, chain boxes etc. packaging material should be very handy and should be rough in carrying it like velvet pouches should be smooth and should have a zip or button on it for closing the mouth of pouches. Packaging must have a logo of the company which increase the brand name and image.
  12. 12. 12 Services- Services would be regarding the customer’s jewllery repair and after sales. After sales As jewellery is not a cheap thing/ item to purchase, after buying the jewellery we provide the customer a facility of after sales. In after sales any damage happened to the jewelery like break down, need polishing, solidering, fixing of stone, polishing of uncut demand, posting and re- thearding would be taken care by the manufacture itself, as customer are always seeks for after sales service. After sales is very necessary as it build the customer relationship for long time, any queries related to products can be re-solved. Repairing of the jewller are done by the in-house karigar who are well trained in it. Customer service- As customer comes in store, we have them with good service like offering tea, coffee or water so that they feel home friendly. Customer are happy with small-small such things, this also helps an organization to earn a better from customer pocket, understanding customer requirement and fulfilling the requirement is also one of the method of customer service , more we understand the customer need better we have a changes to grow and more busuiness are expected from them. Also we celebrate our customer birthday in store which is the unique way to sustain our customer so that they do not get diversified to other competitors. Celebrating customer birthday in stores and sending them birthday wishes card makes them remind their of us. Returns- Many of the old jewelers cheat their own clients when they come back to sell their old when they are in need of money, they cut the impurity charges, making charges of the product. Due to the better repo with the customer we give the full price of gold and diamond at the prevailing price so that there is full transparencywith the customer when they buy from our stores. Our return policy are same for our all the products like gold coin, gold jewellery and diamond jewllery. Customer should get the benefits as they are buying gold.
  13. 13. 13 Promotion- Promotion is done so that it creates the brand awareness among the people. Promotion also create brand image. Different kind of promotion activity are adopted so that awareness increases and also we can touch the area were we are not into existence. Certain budget is created for promotion so that it should remain in the periodic cycle. Advertising- Advertising touches the emotional part of customer that’s why customer prefer to see advertising, advertising can be done through various means like television, radio, newspaper, internet, magazines and fashion magazines, hoardings and so on. Today almost each house-hold has television at their home. Advertising through television is done so that it touches the emotional part of the consumer. It impacts the customer in such a way that it also increases the customer need to try the product once in its life. Due to such a vastrange of fast capturing of market television is most effective way to promote the product in the mind of the people. We also participate on local fashion shows so that our brand image is created and customer get aware of us. Advertising speaks about the company image and profile in the form of media. Sales promotion.– To increase the sales and to attract more customer, our compay keep some sales promotion activity during the peak season and during special occasion like festivals, marriage season, teachers day, mother days, doctor day, etc. On special occasions like festivals we have discount offer for the customer so that they can buy gold. At the time of festival we do paper inserting regarding the sales promotion, about the discount on the special products and also at the time of Deepawali we keep Zero making charges offer, as on Diwali and laxmi pujan people buy more coins and jewellery as it is know that buying gold ornaments at the time of Akshay Trithiya and laxmi punjan is very good for the prosperity and growth in Indian traditions. Even on marriage sason we keep discount on diamond jewellery like upto 10% on the total value or flat 12% discount on purchase of diamond jewellery
  14. 14. 14 worh Rs. 2 lacsand above. Providing free gifts on festival season and various occasions like birthday of customers or marriage. Public Relations- We believe in creating the public awareness through various medum like practicing in public fairs and into the exhibitions, we try to provide reason to women to buy our jewellery by keeping some campaign in-store or by advertising in T.V, through our Ad’s. Also we have in-store public relations officer who make a word with the customer and try to understand their demand and also suggest them in their purchasing decisions. Direct marketing- Direct marketing is done to achieve the objective of the company. Direct marketing is done in store so that we can attract the foot- falls in store. Giving guidelines to existing clients etc. Pricing- We have a wide variety of collection like pendants, ear-rings, pendants, in the range of Rs.5500 onwards, with light weight and with colour stones for the woman having low income or for the urban working women. Also we have collection which are affordable diamonds for them who cannot afford previously to buy diamonds, it has ear-rings, finger-rings and pendants ranging from 20-25k. some special collection in 14kt like valentine gift or for college going girls with fancy design and with the rodium finish so it gives more of diamond look in it. Upto 15% off on special products also provides opportunity to the customers to buy ornaments. This all provide our customer to select wide range of product with a good quality. Also we have a collection starting with Rs.3000 which is made a process of elecro- forming with a copper base in it. It’s a fancy and more of modern jewellery collection made for the customer who is looking for international design, wearability and value for money. Western and fusion designs are also available in the stores. Pricing will be low as to capture the market more, with lots of affordable collection we will decide the price. Pricing Strategies-
  15. 15. 15 Competitive pricing- If our product is sold at the lowest price regarding all our competitors, we are practicing competitive pricing. Sometimes competitive pricing is essential. For instance, when the products are basically the same, this strategy will usually succeed. The success of the competitive price depends upon the achieving high volume and low costs. Cost-plus-profit- It means that if we add the profit we need to our cost. The authority we have access to the costing data and should like to check if the profit added to the cost is not too high. Value pricing- It means we base our prices on the value we deliver to our customers. We can charge high price when there is new product launched in the market. Pricing can be done as per the need of the customers, proper marker research should be done before the pricing is fixed,, pricing price is not a easy job for any organization proper survey is needed. Cost method- Activity based costing – Activity based costing is the method of deciding cost to product and service. It is a tool for planning and controlling. It helps in value chain analyzing. Activity based costing helps in providing the benefits like- It help in knowing the most and least profitable customer products and channels. Easily identify the root causes for poor financial performance. Facilitate with better marketing mix. Enhance the better bargaining power with the customers. Achieve better positioning of products in the market. Place- We sell directly to customer as we have our in house production in Mumbai. Selling to the customer- we sell directly to our customer as a retailer, we employed a well trained and experienced staff who deals with the front and the final customers in store of our different outlets.
  16. 16. 16 Our aim is to expand the business with new areas in new place which is outside Mumbai in different cities. So that we can reach more and more people and also try to give more wide range of products to our outside customers. We are located at Mumbai, and have a 10 outlets in Mumbai itself. Our location is such that it is convenient for a customer to buy the jewellery from any store outlets. Also we are planning to capture foreign market so that we can become a prominent brand globally and also have a link with the international brand.
  17. 17. 17 Product Mix- Product mix is also known as product assortment, it refers to the total number of products lines that company to its customers. Product mix help the customer as well the company. Product line- Selling ofGold and diamond jewellery- Gold- From the traditional design, mangalsutras, thalis to the more fashionable earrings, chains, bracletes, rings, sets and pendant sets and many more to choose. In India gold has always seems to security and is the most valuable form of investment. However it has been seen that the customer are cheated with low karatage and under valuation of the gold when sold and unfair buy- back policies due to lack of awareness about this issues. We assure consumer the purity and selling practice of our gold and diamonds. Our design of gold are made in pure 22kt and even our design are unique and wearable buy the customer, each piece is crafted with special attention and the under the supervision of the well trained and experienced staff and employees with the help of expert karigars. We try to much or cater with each occasion, our collection in gold rangaing from wedding collection, light weight jewellery, filigree work and with enamel work, kundan polka sets. We assure or try to have something for each one like for baby, for working women, high fashionable, for college going teenagers and regional specific design like traditional design etc. Diamond- Sparkle of diamond always attracts a human eye. To find the perfect piece of diamond jewellery is a unique experience, while buying the diamonds one must take educated decision. Our diamond comes with the certificate of authencity, which mention the cut,clarity, colour and cents of the product purchased by the customers, this give more transparency in the mind of the customer while buying the diamond jewellery, it enables the customer to know what exactly they are paying for. Diamond is such a precious gemstone which touches the emotion part of every womens. Each piece is crafted with special care and technologies by our skilled labour. We have a large collection available for customer to choice and to offer them. Wedding collection-
  18. 18. 18 Our product mix consists of length and depth of the jewellery item. Length would bein the gold and diamond items or ornaments. Our company in the gold and diamond articles Length – Our length would include the products like earrings, bangles, pendant, finger rings, sets, pendant sets etc of gold and diamonds also with the precious and semi- precious stones. Depth- Earring- Earring would be of different size, shape and variety. We have earring with rodium finish, with filigree work, traditional design, with antique finish etc. we produce earring for babies, for the age group of 25 could be working women, and for the age around 35 which prefer traditional design. Earrings with low quality of diamond ate launched so that the demand also increases and more fancy items can be wear in daily basis. Earrings are most and highly saleable product which covers the major chuck of sale for any business of jewellery brand. Jeweler concentrate more on such small such items so that they can offer more products with different variety to people. Bangles- Bangles we keep in different size as the most standard size starts from 2.2 to 2.5. as bangle is most running item we have with different deisgn like with rodium finish, hand made and machine made bangles. Machine made are cheap in price as it does not include much labour, machice made bangles are prefer to wear on dialy basis as have a less changes to get dend, compare to hand made jewelers, hand made are more of deligate workand with filigree work which are done with thin wire of gold. Sets- Sets are made with the combination of colour stones and with the uncut diamond and finished diamond. Sets are made with entnic design, and traditional design , special bridal collection are their for the people as due to modern and changing world, people are tending their buying behavouir more towards finished form of diamond and as well on towards un-cut diamonds.Sets are made in
  19. 19. 19 between the weight from minimum 15 grams to 70 grams, mostly this is the grammage in what gold and diamond are made. Pendent set- They are wearable more on the salwar suits as it more preferable by young girls and more of women aged nearly 30 years. Pendent set are made more with the combination of colour stone and polkis so that it looks heavy to wear and also stylish. Finger-ring- Finger rings are generally purchased for gifting purpose, finger ring are more now-a-days are in demand of diamond as it can come from the starting range of 15K, as special collection like affordable are launched which are more attractive for special occasion, and also it is more targetable to working women of middle income group or rural working women.
  20. 20. 20 Target audience – To target our customer and to find out their taste and preference we have to know our target audience. All we have to do is to much the taste and trend with the target audience prefrenences. Target audience- Demographic Pschographic Target audience can be classified under two parts psychographic and demographic. Demographic audience includes age, income, education and sex. Age- We produce our jewellery for the age group of 18-40years, as they are the people who are large consumer of the jewelry in Indian market. We have a collection available for the age group of18 to 25 years in diamond which is light in weight and affordable to buy even it can give as an gift to the same age group. For the working women we have separate collection which they can wear on their work place which is more light in weight and with the modernized look and design in it, it is different in it as hs given an oxidize finishing in it and this collection is made in both 14kt and 18kt gold which is also affordable for the women who are working in the medial income group. It is also available in plain gold and also in diamond with very elegant and fancy design with give a very attractive appearance. 14kt plain gold collection will attract more age group below 25 years as it will be so high in range to hit their pocket, they can buy the product easily due to its affordable or low price. Household Income- One of the important factor is also the income group of the customers. Income will differ from customer to customer as higher education is done will have high group of income earned, were the people having low education would come into middle or lower income group or segment. People with higher income group would consume more gold and diamond jewellery as they have higher income bracket, their household income would be above 7-8 lacs per annum, as they will prefer to but high end and luxury jewelleries as it should much their status symbol, they tend to buy more of exclusive products like diamonds jewellery which would more of diamonds in it, like high value sets contains of solitarie and with precious stones etc.
  21. 21. 21 Middle income group- They are the people whose income will be in between 2-3 lacs. Middle income are the people who consume maximum of the gold, as they are the people who buys the jewellery from the range of around 25k approx. for this income group jeweler keeps a wide range of variety as they target most of them to increase their sells. Lower income- Lower income group of people are those who education and income as also low, due to their lower education the consumption limit is also low, they usually buy from the local jeweler . they also tend to consume gold upto certain limit. Sex- Usually in India, the gold consumption are taken place by women and men itself. The ratio to buy jewllery compare with men is more for women. Women age from 18 to 35 will be the major group people.
  22. 22. 22 Psychographic segmentation Lifestyle- Ganesh jewellery and company founded that around 40% of the Indian women are working and they targeted this segment with a specific group of products called collection-G, which are basically for the women who works in the office time from 9am to 5 pm. The speciality of these product is it is light in weight and more of hand and easy to wear in day to day life. This type of jewellery gives very nice lookm on the working women as it has a special finish known as oxide finish which gives very modern and internatrional look to the women, it is design in keeping in mind the attire of the women working in the office, though it is modern in look it can be preferably wore in any attire like formals, Salwar suits and dresses. Value- Value should be value for money, people buy the jewellery so that they can see them in future it is worth. Todays many jeweler has invented many promotional scheme for the buyer like for eg- tanishq jeweler they have their scheme known as golden harvest and swarn niddhi. Which is creating a value of gold and diamond in customer mind they said that to plan their jewllery they can first plan it by easy installment and even it works like11+1 scheme , in that customer have to install for 11 month on monthly basis and 1 or last installment is contributed from company itself. today such scheme is creating value in the mind of people. Attitude- Attitude could differ from person to person, attitude is not same for all the customer some will have positive and some will have negative attitude towards the products. Attitude cannot be judeged it should be created in the consumer mind regarding our product specilaity and the features of the product.
  23. 23. 23 SWOT ANANLYSIS STRENGTH Purity Distribution network and retail stores available Competitive price Diversity in jewellery gold/diamond / colour stones with gold base. WAEKNESS Rising price gold leads to lower margin OPPORTUNITIES Low cost jewellery Expand the retail stores in different regions and states Try to capture global market Customized design jewellery are made as per the customer demand. THREATS Competiton with other branded jeweler Lack of skilled workers Gold not seen as a source of investment. ( luxury is needed) Change in trend or fashion, Strength- Purity of the jewellery with hall mark and certification is giving as compare to home or traditional jewelers. Distribution network and retailing store are in the place for the company. Diversity in jewellery gold, diamond and precious stones enhances the product range of the company. We also have a competitors price for some range compare to the competitors in the market. Weakness-
  24. 24. 24 Less market share as compare to other and indian market. Escalate or rising price of gold can leads to low margins, difficult to push sales as much as possible. Opportumities- Global market should to be looked at. Low cost and easy to wear jewelry should be promoted. Customized jewellery should be made as per the customer wants and taste. Concentrate on new generation by providing the fancy ornaments. Expand the retail stores in India so that we can reach more and more and expand our networking. Threats- Competition from local jewelers all over the India. Lack of skilled worker’s in jewellery industry. Gold is no longer seen as a source of investment. People are more concerned about the design and luxury. Due to the modern environment and world fashion of jewellery keeps on changing. It is becoming more of style icon, people needs new and light weight with funky and fancy design with should be different from others,due to this changing in the pattern and changing demand we have keep on working and producing different types of ornaments.
  25. 25. 25 Competitors- Competitors could be family business jewelers and big brands like Tanishq, Orra, Nakshatra, TBZ etc. As they are very known and are in the market from past so many years. History of the Some Branded Jewller- Tanishq- tanishq is the jewellery business based in Bangalore launched by titan industries limited. Tanishq is the most desirable brand and fast growing brand in india. With the innovation of karat meter they have build a trust and invented new non- destructive elements which checks the purity of gold in 30 seconds. They provide best and collections jewellery which is needed in the Indian market. With its entry in the market as an professional jewelerand with the trust of TATA they had almost become leading brand of India, Gilli- Gilli launched a collection of traditional ornaments made of 18 carat gold. In 1991, the gilli gold range was introduce. This range includes rings, pendants, earrings, necklace, sets etc. They have product ranging from RS.500 to RS. 40000 through lifestyle and department stores across the country to increase the accessibility among its target segment, the age group of 15 to 30 age group. They also design some collection pieces like heart design for valentine day.
  26. 26. 26 Indian Diamond Industry Indian Diamond Industry has developed to great extent in the recent years and has emerged as the forerunner in the Gem and Jewellery industry. Indian Diamond Industry is mainly involved with cutting, polishing and exporting diamonds. Diamonds cut and polished in India are universally prized, and India has emerged as the largest diamond-cutting centre in the world. Although India pioneered in the cutting of small diamonds yet today, its craftsmen are equally skilled at cutting all shapes and sizes of stones, and even at faceting coloured diamonds. Mumbai, Surat, Ahmedabad,Bhavnagar and many small towns in Gujarat are the main polishing centres of the country. The industry employs one million people, accounting for 95 per cent of the workforce of the world`s diamond industry. India is precursor in the gem industry and a world leader in the manufacturing of cut and refined diamonds. The Indian diamond industry today is a result of perseverance and hard work. After India became independent in 1947, for several years, the nation`s economy was in the depression. Several views for business and commerce opened up as new policies came into place, journey towards progress and development also began for the diamond industry. The Indian diamond industry was a scattered cottage industry only three decades ago. Now the industry has gradually evolved into a modern, mechanised, large-scale operation. Today, with state of the art laser machines, lathes and diamond-impregnated scaives, most of the medium and large sized diamond factories are well operational. In the world of jewellery industry, this structured and rapid growth of the Indian diamond industry has a long-lasting impact. The Indian exports of diamonds increased and in turn it reflected greater than before in the export of designed jewellery. There is an evident fact that the Indian jewellery designs have, for centuries; spell bounded everyone, from the Indian Maharajas to the monarchs of faraway lands. Indian jewellery was made scrupulously by hand and was traditionally crafted by family jewellers skilled in a particular style. Large exports directed to the establishment of factories, which prepared with the latest modern machinery and technology. State-of-the-art techniques and recently developed methods in the manufacturing process were employed. India`s artisans along with their traditional skills dominated contemporary techniques to provide the world with jewellery that conformed to international standards. There is a new generation of young designers dominating the world market, apart from a host of established houses that design the
  27. 27. 27 fashion jewellery. Today across India there are several jewellery design institutes, encouraging fresh ideas and talent. The Gem and Jewellery Export Promotion Council (GJEPC) is the zenith body of this dazzling and growing industry. In 1966, the council was set up under the patronage of the Ministry of Commerce and has helped to form a better understanding between the diamond industry and the Government. The chief function of the council is to develop and promote the export of gems and jewellery from India and to contribute towards establishing a code of ethics to ensure that fair trade practices are followed in the jewellery arena. The Indian diamond industry is again at the doorstep of expansion. In order to enable diamonds to be brought into the country to be sold, the Government has legitimated the setting up of bonded warehouses. The unsold diamonds can then be exported without any duty or tax. The Government is also constantly slackening its policies. Creating the Export Promotion Zones (EPZ) and Special Economic Zones (SEZ) in order to help and promote the export of gems and jewellery from the country is undoubtedly a new step for the betterment of the industry.
  28. 28. 28 References- Webliography-