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[JEWELLERY INDUSTRY]

A STUDY ON THE JEWELLERY INDUSTRY

Submitted in the partial fulfilment of the requirement for the award of the Degree of Bachelor of
Business Management of Christ University, Bangalore.

SUBMITTED BY:

Shashank Baranwal (08D1061)

Vedant Mimami (08D1062)

Akansha Agarwal (08D1063)

Ankita Ranka (08D1064)

Under the guidance of

Mrs. Jasmine Simi

DEPARTMENT OF MANAGEMENT STUDIES

CHRIST UNIVERSITY, BANGALORE

2009-2010

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INDUSTRIAL
REVIEW PROJECT

JEWELLERY INDUSTRY

• EROS

• TANISHQ

• SHEETAL GROUP (KIAH)

• ROSY BLUE (ORRA)

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ACKNOWLEDGEMENT

We are extremely thankful to Mrs. Jasmine Simi for giving us the opportunity to
undertake this project in Marketing Management and for her overall support, valuable guidance,
astute judgment, constructive criticism and an eye for perfection without which this project
would not have been in its present shape.

This list will go incomplete without the special reference of the contribution and whole
hearted support of manager’s and all other staff and department, which truly reflect their deep
insight into the project and the professional touch which is their benchmark.

And last but not the least; we are thankful to all our sources that made valuable
contributions and constructive feedbacks towards the completion of this project.

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CERTIFICATE

This is to certify that Project Report title “Industrial Review Project on jewellery Industry” is a
bonafide work carried out by Roll No. 08D1061-08D1064 BBM of Christ University for
fulfillment of BBM degree. He has worked under our guidance and direction.

__________________ __________________

Mrs. Jimmy Sam Mrs. Jasmine Simi

(Class Coordinator) (Academic Coordinator)

Date Date

Place Place

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DECLARATION

We hereby declare that our report titled “Industrial review Project on Jewellery Industry” is an
original work. The list of references used has been described at the end of this report, and the
rest of the document contains our thoughts, learning’s and recommendations solely for
educational and institutional purpose. We also declare that we have not consciously attended to
plagiarize from any existing literature.

S.No NAME ROLL NO SIGNATURE


1 Shashank Baranwal 08D1061

2 Vedant Mimani 08D1062

3 Akansha Agarwal 08D1063

4 Ankita Ranka 08D1064

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TABLE OF CONTENT
CHAPTER 1-INTRODUCTION TO THE INDUSTRY 1-14

2
• EVOLUTION OF JEWELLERY INDUSTRY
3-6
• INTRODUCTION TO INDIAN JEWELLERY INDUSTRY
7-11
• SWOT ANALYSIS OF THE INDUSTRY
12-13
• CURRENT SCENARIO OF THE INDUSTRY
14
• FUTURE OUTLOOK OF THE INDUSTRY
CHAPTER 2-COMPANY PROFILE 15-106

1.EROS JEWELLERY 16-30

31-48
2.TANISHQ
49-77
3.SHEETAL GROUP-KIAH
78-107
ROSY BLUE-ORRA
108-110
CHAPTER 3-RESEARCH METHODOLOGY
• OBJECTIVE 109

110
• SCOPE
• DATA COLLECTION 110

110-111
• LIMITATIONS
112-118
CHAPTER 4-COMPARATIVE ANALYSIS

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SWOT ANALYSIS
113-114
EROS
115
TANISHQ
116-117
KIAH
118
ORRA
119-120
CHAPTER 5-CONCLUSION
121
BIBLIOGRAPHY

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CHAPTER 1

INTRODUCTION TO THE INDUSTRY

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EVOLUTION OF JEWELLERY INDUSRTY IN INDIA

The Indian subcontinent has the longest continuous legacy of jewellery making anywhere since
Ramayana and Mahabharata times. While Western traditions were heavily influenced by waxing
and waning empires, India enjoyed a continuous development of art forms for some 5000 years.
One of the first to start jewellery making were the peoples of the Indus Valley Civilization. By
1,500 BC the peoples of the Indus Valley were creating gold earrings and necklaces, bead
necklaces and metallic bangles. Before 2,100 BC, prior to the period when metals were widely
used, the largest jewellery trade in the Indus Valley region was the bead trade. Beads in the Indus
Valley were made using simple techniques. First, a bead maker would need a rough stone, which
would be bought from an eastern stone trader. The stone would then be placed into a hot oven
where it would be heated until it turned deep red, a colour highly prized by people of the Indus
Valley. The red stone would then be chipped to the right size and a hole drilled through it with
primitive drills. The beads were then polished. Some beads were also painted with designs. This
art form was often passed down through family; children of bead makers often learnt how to
work beads from a young age.

Jewellery in the Indus Valley was worn predominantly by females, who wore numerous clay or
shell bracelets on their wrists. They were often shaped like doughnuts and painted black. Over
time, clay bangles were discarded for more durable ones. In India today, bangles are made out of
metal or glass. Other pieces that women frequently wore were thin bands of gold that would be
worn on the forehead, earrings, primitive brooches, chokers and gold rings. Although women
wore jewellery the most, some men in the Indus Valley wore beads. Small beads were often
crafted to be placed in men and women’s hair. The beads were about one millimetre long.

A female skeleton (presently on display at the National Museum, New Delhi, India) wears a
carline an bangle (a bracelet) on her left hand.

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India was the first country to mine diamonds, with some mines dating back to 296 BC. India
traded the diamonds, realising their valuable qualities. This trade almost vanished 1,000 years
after Christianity grew as a religion, as Christians rejected the diamonds which were used in
Indian religious amulets. Along with Arabians from the Middle East restricting the trade, India’s
diamond jewellery trade lulled.

Today, many of the jewellery designs and traditions are still used and jewellery is commonplace
in Indian ceremonies and weddings.

INTRODUCTION TO INDIAN JEWELLERY INDUSTRY

India is a leading player in the global gems and jewellery market. The gems and jewellery
industry occupies an important position in the Indian economy. It is a leading foreign exchange
earner, as well as one of the fastest growing industries in the country.

The two major segments of the sector in India are gold jewellery and diamonds. Gold jewellery
forms around 80 per cent of the Indian jewellery market, with the balance comprising fabricated
studded jewellery that includes diamond studded as well as gemstone studded jewellery.

The Indian gems and jewellery industry is competitive in the world market due to its low cost of
production and the availability of skilled labor. In addition, the industry has set up a worldwide
distribution network, of more than 3,000 offices for the promotion and marketing of Indian
diamonds.

YESTERDAY TODAY

Unbranded Branded

Silver & Gold jewellery Gold & Diamond jewellery

Investment Investment + Fashion

Traditional design Fashionable & innovative design

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Marriage & festival is peak Wearability and gifts


season

Michael Porter’s Five Force Model for Jewellery Industry

POTENTIAL
NEW ENTRY

INDUSTRY COMPETITORS

SUPPLIER BUYERS

SUBSTITUTES

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Inter-Firm Rivalry -HIGH

• Two types of rivalry. (1) Inside India & (2) Outside India.
• Large presence of unorganized sector. 0.2 Million Gold jewelers and over 8,000 Diamond
jewelers
• International rivals Such as, China
• Threat from producing nation like S.A. & Russia.

Bargaining Power of Suppliers - Medium

• In jewellery industry the suppliers are S.A., UAE, Australia, US, Congo, Botswana,
Russia, DTC.
• Few Alternatives of cutting & polishing.
• Skilled labor
• Bargaining power of India is enhanced because India is largest consumer of gold
jewellery.

Bargaining Power of Buyers - Low

• Divided in two types 1. Domestic buyers &


2. Foreign buyers

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• As investment (Demand increase)


• Bargaining power of Indian exporter is high because Majority of the world's rough
diamond production is cut and polished in India.

Threat of Substitutes: Low

• Substitutes are Real assets, Stock market, & Bank deposits & mutual fund investment and
Other types of jewellery like imitation jewellery, bagasra jewellery, stone jewellery etc.
• Second preferred investment behind bank deposits
• Status and standard of living increase so demand is increasing at high rate.

Barriers to entry Low to Medium

• Low capital requirement


• Government subsidy
• EXIM policy & government’s rules-regulations are high
• Skilled manpower is essential
• Advanced technology required

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SWOT ANALYSIS

STRENGTHS

Availability of cheap and skilled labor


India has a large labor force and this has made the country the biggest diamond-cutting center for
small roughs. Indeed, were it not for Indian workers, many of these small diamonds would be put
to industrial use rather than jewelry. India’s strength lies in the two million highly skilled
workforces in the country in the gem & jewellery sector, out of which one million are
exclusively engaged in export production, who virtually carve exclusive fancy stones. All the
processes, right from sorting to polishing requires analytical skills, which cannot be relied upon
with machines.

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Experience
Experience plays a very important role in the success or failure of a business because of the
diversity and unique features of diamonds. It requires a lot of experience to diagnose as to what
you would obtain after polishing a diamond. It is not necessary that two diamonds looking
similar are same. They can be different too. Experience is needed to understand the following
features of rough diamonds, which are to be bought for further processing by any diamond
processing company.

They are: -
Toughness: as to how are diamonds and as to how much effort will be required to polish
them.
Shade: rough diamonds look just like stones and only experience could tell as to what would
be the shade of the diamond.
Purity: it is also important to examine the purity of the diamond.

Pricing and inventory management


The diamond industry virtually offers the entire range of products, a steady supply of raw
materials and a state of the art manufacturing facilities is something that no other center will be
able to match. India’s USP in the days to come is to achieve all round quality at low price.

Supportive government policy


Since the diamond industry is one of the key contributors to the foreign exchange of our country
the government has played a very supportive role to this sector. Incentives like Diamond Dollar
Account (DDA) and SEZ packages and lowering of import duties are some examples. The
government is always trying to provide a helping hand for the promotion of the diamond
industry.

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Low cost of production


The cost of production of diamonds in India is much less as compared to other countries. This is
due to the availability of skilled and cheap labour force in the country. The cost of production of
each piece of diamond increases with an increase in the size of the diamond. The government is
also playing and important role by providing incentives which lowers the overall cost of
production of diamonds.

WEAKNESS

Less emphasis on quality


The share of India in medium and large sized diamonds is comparatively less as when compared
with other countries is because of less emphasis on quality. It will have a huge impact on large
sized diamonds. Therefore, to remain competitive in the world market Indian businessmen will
have to improve the quality of their diamonds.

Low productivity
The labor force in India is less productive as when compared with China, Thailand, Sri Lanka.
This may be due to reasons like long hours of work, uneasy work environment and no friendly
atmosphere created. The workers therefore are not motivated to work therefore resulting in low
productivity. There will have to be an increase in productivity for the diamond sector to flourish.

No contracts
There is no legal proof of any domestic trade related to diamond transactions in India.
Everything in India works on word-of-mouth. There is no legally binding contract between the
people who do business. Though payment of a high amount is to be made by cheque many
transactions are done with cash.

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Lack of standardization
Though India is the largest exporter of diamonds in the world , the diamonds are not
standardized. A same size, colour, weight diamond may mean different things to businessmen
around the world. The Diamond Trading Company should take steps to ensure that the diamonds
are standardized so that the dealers and clients are not cheated at any point of time.

Insolvency
The rate of insolvency is very high in the diamond industry. Payments are not received from
clients even after years of expiry of the credit period. There is a gap created. The rich
businessmen are becoming richer, and the poor are becoming poorer. The newly entered
businessmen are also finding it difficult to survive in the market. One really needs to work hard
to earn a living and to survive in the market place.

OPPORTUNITIES

New markets
The leading importer of Indian diamonds is US. This is the only country that has been having a
majority share in the world market. The Indians can also explore countries like Europe and Latin
America. There is also increasing demand in South East Asian countries. Using advertising
campaigns and promotion and marketing can do this.

Colored diamonds
One of the major opportunities for the Indian diamond industry is colored diamonds. The clients
now prefer colored gemstones and diamonds instead of the regular white color. Even other
countries in the world are looking up to India for supply of colored diamonds. They are the latest
trend in the market.

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Scope in domestic market


Since diamonds are expensive they seem to be possessed by the richer section of the society. The
lower class prefers gold jewelry. They consider diamond and risky and very expensive and very
hard to handle. Therefore the other classes can be made aware of the benefits of diamonds by
advertising and promotion campaigns.
Outsourcing of diamond jewellery
The retailers worldwide have shown keen interest in sourcing diamond jewelry requirements
from India because of easy availability of diamonds. It has been over a decade and a half since
Indian jewelry manufacturers began marketing their products.

THREATS

Entry of China and Thailand in the diamond sector


The Indian diamantaire perceives a growing threat from China as a diamond processing and
cutting centre. Unless the government backs the industry up. Else, India may lose its status as the
world’s largest diamond processing centre. An increasing number of diamond processors from
Israel and Belgium, and even India, are setting up facilities in China for a variety of reasons.
The reasons range from a cheap and disciplined labour force to high economic growth in the
country resulting in a significant increase in potential consumers in the high-income segment
within China, and also to the quality of Chinese workmanship which is steadily improving.
China has all the strengths of India—cheap economic labour, infrastructure and a welcoming
government. It also offers attractive labour union terms and export-friendly policies. While it
might not affect an industry that has taken 30 years to grow, it is definitely on the cards. As the
industry gets more competitive, companies see themselves becoming increasingly efficient to
compete. Companies are finding this impossible in a milieu of strict labour laws that inhibit cost
cutting measures such as rationalization.

Conflict diamonds
Another threat to the industry is the recent trade in Conflict Diamonds also called ‘Blood
Diamonds’ which have become the thriving industry’s Achilles’ heel. Conflict diamonds are

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those mined and the income from their sale help finance arms buying and funding activities of
terrorist groups. The three named areas have been Angola, Sierra Leoneand Congo. A great fear
in the industry is that due to a mere 4 per cent of illegitimate trade, the rest might feel immense
ramifications. While there is definitely a moral issue to be resolved immediately, there are also
other ramifications for an industry that thrives much on consumer perception. This could very
well happen to the diamond trade.

Use of child labor


Small boys, sometimes as young as 10 years old, work in hot sheds chiseling roughs which
eventually get sold in the fancy shops. Their nimble fingers and sharp eyes enable them to cut
these diamonds in remarkable shapes, but while they earn well for these skills many of them find
their eyesight getting progressively weaker as they grow older.
India processes small diamonds, using traditional labour-intensive methods. About 1.5 million
people are employed in the diamond industry, mostly in the unorganized sector.

Anti social activities and threat of terrorism


Antis social activities are on the rise especially in places like Mumbai. Security has become one
of the major concerns for the diamond industry. A loss of a packet of diamonds can cause of a lot
of money from your pockets. In recent times there are a lot of robberies happening in broad day
light without even anyone noticing it. Therefore there should be an increase in security facilities.

CURRENT SCENARIO THE DIAMOND INDUSTRY

Today, India is the leader in importing, processing and exporting of diamonds. India has a
virtually complete dominance in small sized diamonds. India now accounts for nearly 55 percent
of world net exports of cut & polished diamonds in value terms, 90 per cent in terms of pieces
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and 80 per cent by caratage. No other export segment of the country has such a significant share
in the world market. India accounts for over 70% of the world exports of cut and polished
diamonds in caratage. In other words, roughly 7 out of every 10 diamonds set in jewellery
worldwide are from India.

In the current scenario, apprehensions have been expressed in some quarters that a number of the
small producers would find it difficult to sustain operations on current margins, which would
lead to some turmoil. Industry analysts believe that as the industry matures and takes its next step
forward, many of the smaller independent producers may find themselves being absorbed by the

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larger players. The number of firms may reduce in the process, but not the size of the industry,
nor even the levels of activity.

Much has been said about the rising bank debt of the Indian industry and there were a couple of
disturbing cases of bankruptcy. Yet overall the industry has ridden out the threat and as analysts
point out, with manufacturing on the rise and the number of banks providing finance to the trade
on the upswing, it is only natural that debt figures will show an increase as well. What is
significant however and a sign of the maturity of the players is the process of self-regulation
adopted by the industry, in the form of a pact on trading norms. Signed by all major trade bodies
in the country, these will be implemented through a consensus in the trade and interaction with
the banks to encourage them to accept these as well has also got underway.

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FUTURE OUTLOOK OF THE DIAMOND INDUSTRY

Way back in the mid 1990s, when the Indian diamond industry first claimed its rightful status as
the world’s largest manufacturer of polished stones, there were more than a fair share of skeptics,
who refused to accept what the numbers were saying. Not any more. In fact industry analysts are
now voicing their opinion that many of the Israeli sight holders have actually been
manufacturing their goods outside the country over the past two years and that Israel was being
used only as a transit point in the supply chain.

The entire diamond world knows that India has a virtually complete dominance in smalls, and
that the country has for long been the world’s leading manufacturer of cut and polished
diamonds. But behind the scenes, the India centre has been moving confidently to take over a
sizeable chunk of the manufacturing of medium and larger stones from other competing centers,
particularly Israel.

Some manufacturers took a step forward in the mid-‘90s and entered jewellery manufacturing.
India has a definite cost advantage and our strength is diamonds today. Profit margins are also
higher in the competitive retail business. Selling cut and polished diamonds yields margins of
just 5 per cent to 10 per cent but selling finished diamond jewelery pieces to wholesaler’s
overseas yields margins of between 20 per cent to 40 per cent. And retailing overseas offers
margins of between 40 per cent and 60 per cent depending on the value of the diamonds.

But there are challenges ahead. One is the lack of skilled manpower and technology to create and
produce designs for the international markets. The council is hoping to tackle his by setting up a
training institute. Indian firms will have to tightly control costs and prices.

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CHAPTER 2

COMPANY PROFILE

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EROS JEWELERY

SHASHANK BARANWAL

08D1061

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ABOUT EROS JEWELLERY

Jewelry is a decorative art & what matters are not the words that can be coined from
it, but whether or not it gives pleasure to the wearer and more-so to the spectator.
There is a new trend towards branded jewelry, which overrides regional variations.
Over and above its design strengths, it is also a quality assurance to buyers, part of
the increasing standardization and hallmarking coming into the industry. But in the
end, it is the design and innovation that will differentiate in a competitive
environment.

Jewelry is a shrewd monitor, reflecting the ups and downs not only of money and
fashion, but also political, social & cultural changes. These days in India, there is a
great tendency towards expressionism in jewelry. People prefer design-oriented
jewelry with a degree of chicness.

Eros Gems has been in this industry since 1986. The company has gradually evolved
as one of the leading manufacturer of colored stones having a prominent client base
in the USA, to name a few – Cartier, Tiffany, Movado and a couple of other leading
designers of USA. It has a modern manufacturing facility to cut and polish the
gemstones with precision as per the requirements of the clients. Throughout its
history, the company has emphasized on its competitive cost structure, high-quality
& fine craftsmanship, its distinctive styles, and most importantly, its top-rated
service to the company's valuable customers. After a substantial experience in the
industry Eros Gems decided to make a foray into jewelry manufacturing and then
came into existence its subsidiary “Eros Jewelry”.

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Eros Jewelry has a strong team of more than 50 proficient designers who add
hundreds of unique designs every month. There work is bold, vibrant, intriguing &
wearable. It represents the total commitment of a vital and exuberant artist. Some of
the jewelry is simple too. But of course, simplicity does not preclude
expressiveness.

MICRO FACTS

Parent Company: Eros Gems

Head Quarters: Jaipur

No. of Outlets: 125 to 200 stores country wide and 15 outlets in UAE.

No. of Designers: 50

Founder and Chairman: Abhay Godha

Managing Director: Kapil Bagga

Gifted with creative powers, designers transcend abstraction through forms, colors,
and shapes, to metamorphose a rock into a piece worthy of a name, which will
survive eternally. Exotic flowers & whimsical objects come alive in the fancy
jewels that we have created. We have skillfully wrought our jewelry with a
profusion of colored stones, encased in cascade of various motifs.

The inner vibrancy of these stones comes from a formation underground that takes
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over 500 million years. Their goal is to unleash this brilliance & to bring it to the
surface with the appropriate cut and setting.

The jewelry is manufactured under strict quality control at a state of the art
manufacturing facility. The gemstones used in the jewelry are cut and polished in
house as per the design specifications of the ornaments.

There is probably nothing more representative of the twenty first century culture
than design. For it stands between art and industry, between esthetic aspiration and
commercial concern, and is one of the major driving forces in that process of
simplification of form and search for elementary beauty that has proved to be one of
the outstanding conquests of the contemporary age. We have tried to make jewelry
for you under the aegis of absolute beauty. ‘Absolute’ because such beauty is
universal and timeless. It is everywhere, for everyone, in every color.

Eros Jewelry has used some of these fascinating, colorful and brilliant rocks to
create set jewelry for the woman of today. We have used various different types of
gemstones that make our jewelry mesmerizing and dazzling. Some of them are
Diamonds, Tourmalines, Sapphires, Garnets, Topaz, Opals, Quartz, Cat’s-eye, etc.
All the stones are studded in 18 karat gold and the quality of the stones used is
among the finest in the international market.

Gone are the days when a piece of jewelry only exchanged hands for investment
cash. No longer is jewelry hoarded in ugly gray chests to meet the requirement on a
rainy day! With the advent of wearable jewelry into the world of fashion, there
comes a need to have designs that are truly remarkable. These designs require to be
trendy and extremely wearer friendly. Eros intends to look
after the needs of the segment that truly loves indulging in innovative type of
jewelry. A national brand with international standards, that focuses on exquisite

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colored stones studded jewelry with designs that employ exceptional quality of
colored stones to spell sophistication.

The Eros collection is the result of many an inquiry into the lifestyle and needs of
today’s woman. Eros has an exclusive range of pendant earring set a choice so
stunning , you'll have a tough time selecting your Eros collection because of its
absolute timeless elegance, cosmic, sublime and Zen like qualities.

Enriching the aspirations of today’s generation, Eros Jewelry has been created for
discerning clientele looking for sophisticated contemporary jewelry. Jewelry that is
trendy, yet without losing sight of classic styling and attempting to attain the
ultimate in jewelry.

JEWELLERY IS not only a pointer to the lifestyle of an individual but also stands testimony to
the social, political and cultural changes of a particular era. Today, the concept of wearable
jewellery has pushed many big business houses to venture into this field . So, it is only natural
that Eros Gems, which has been in the coloured stones business for the past 17 years, has also
plunged into manufacturing trendy jewellery through its subsidiary, Eros Jewelry.

Within six months of launching in the U.S.A., the Jaipur-based company, which boasts of clients
like Cartier, Tiffany and Movado, launches its jewellery in India too "because Indians have a
high purchasing power and they love jewellery," says Kapil Bagga, M.D., speaking for Abhay
Godha, founder chairman of Eros Gems. One more feather in Eros' cap is its tie-up with NIFT
where "we tried to custom-make the jewellery as per the creations designed by the students."

Eros Jewelry has a strong team of more than 50 proficient designers who add hundreds of
unique designs every month. There work is bold, vibrant, intriguing & wearable. It represents
the total commitment of a vital and exuberant artist. Some of the jewelry is simple too. But of
course, simplicity does not preclude expressiveness.

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The inner vibrancy of these stones comes from a formation underground that takes over 500
million years. Our goal is to unleash this brilliance & to bring it to the surface with the
appropriate cut and setting.

Eros currently is having over 125 dealers spread all over the world with 50 designers displaying
more than 20,000 dazzling designs.

QUALITY CONTROL

The jewelry is manufactured under strict quality control at a state of the art manufacturing
facility. The gemstones used in the jewelry are cut and polished in house as per the design
specifications of the ornaments. The company guarantees its customers high-quality, timeless
designs, and exceptional customer service, backed by its unblemished reputation in the
gemstone and jewelry industries.

Slowly but surely, jewelry is evolving from its earlier concepts, from an investment and a
language of symbols to a statement of its wearer’s needs and her personal style. Those needs
come from the demand of everyday life: functional jewelry that can be worn at the work place
or is more appropriate for the western-style garments that she is likely to wear. It is part of her
own perceptions about herself and her aspirations rather than an external social identifier of her
roles as wife and mother.

Eros Jewelry has used some of these fascinating, colorful and brilliant rocks to create set
jewelry for the woman of today. The company uses various different types of gemstones that
mak jewelry mesmerizing and dazzling. Some of them are Tourmalines, Sapphires, Garnets,
Topaz, Opals, Quartz, Cat’s-eye, etc. All the stones are studded in 18 karat gold with Diamonds
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(VVS, VS Quality) and the quality of the stones used is among the finest in the international
market.

SEGMENTATION AND TARGETING

Eros has designed their jewelry keeping in mind the ‘Woman of Substance’. The Woman, who
knows her responsibilities and her various roles in the society, and performs them with grace
and immense strength. These colorful stones worn by such women will reflect not only their
modern state of mind and classy taste but also their inner beauty and magnificent splendor.
Clearly, adorning such elegant jewelry is celebrating womanhood.

“We got the first-mover advantage,” says Eros Stones managing director Abhay Godha, who
introduced the Eros line of branded coloured stone jewellery five years ago. “It was an idea
much before its time,” he says, “but I believed in my product and so I took the plunge. I
decided to start manufacturing branded coloured gemstone jewellery when I saw on a trip
overseas, my gemstones set in beautifully crafted branded jewellery. I thought to myself –
‘Why can’t I try making such jewellery for Indian buyers?’ I felt that branded jewellery would
go down well with the youth segment. I could make jewellery to flaunt and not for storage in a
vault.”

Boasting of 15 outlets in most of the UAE’s prestigious malls and shopping centres, the Dubai-
based jewellery company Liali Jewellery becomes Eros Jewellery’s first retailer to be appointed
outside India, and will market its large range of exclusive natural gemstone jewellery.

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Uphill For Coloured Gemstones. For Eros Stones the transition was seamless, since the
company traded and manufactured coloured gemstones (70 per cent of the company’s business
constitutes exporting polished coloured stones) and had easy access to them. But launching a
branded jewellery line wasn’t easy. Godha says, “The launch was a struggle. Consumers don’t
mind paying a premium for diamonds or gold, but mentally they are still unprepared to pay a
mark-up for coloured gemstones. Also, there was a huge lack of public knowledge about many
coloured gemstones.”

PRICING

Eros jewellery is also being exported to the Middle East, the US, the UK, and Japan. The
product sells in the Rs.10,000 ($253) to Rs.600,000 ($15,222) range, with price points up to
Rs.60,000 ($1,522) being the most popular. Priced in the range of Rs. 20,000 to 50,000, Eros
jewellery caters to today's woman of substance in the age group of 18-40 years. "We are trying
to give women things which she can wear with both traditional Indian outfits and also western
outfits” says Bagga. The 50 designers exclusively work with the company to create 200 new
designs each month, lend an Indo-western/ fusion touch to the jewellery and also ensure that
exclusivity in designs is maintained.

MARKETING STRATEGY

Godha and his team launched an advertising campaign a year later to publicly introduce their
brand. The campaign featured film star and youth and glamour icon Karisma Kapoor as brand
ambassador and targeted the specific consumer group the brand was after. According to Godha,
“Eros celebrates colourful moods and moments and our intention is to make jewellery which
can be used to accessorize outfits.” Today Eros has a national footprint with over 125 dealers
all over the country. Set with a variety of stones like tourmaline, blue and white topaz, smoky

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quartz, amethyst, blue and black onyx, citrine, corals, pearls, and diamonds, the brand’s 50
designers bring out 20,000 designs a year to cater to an India-wide selection of consumer tastes.

Eros also provides a booklet educating the consumers about the variety of stones, their origin
and various processes like heat treatment that might have been used.
Eros even have buyback schemes. Eros offers 70 per cent of the purchase price no matter how
long ago the product was bought and will pay hard cash if the customer wants. “We get only two
per cent of our products back,” says Godha.

Godha feels the choice of colours is important. According to him, Indians like rhodolites,
garnets, blue topaz, citrine, multi-coloured tourmalines, turquoise, corals, rubies, emeralds and
pearls. “We offer a variety of colours by studying the market. Currently, the fascination is for
jewellery with good quality diamonds along with coloured stones.” So the company has
introduced an element of diamonds in their coloured stone jewellery. Although that has
increased the cost of jewellery, people don’t mind paying the extra cost. But the company does
have competition in the local market from smaller manufacturers who make and sell jewellery
at a lower cost and those who make copycat designs claims Godha.

Another striking aspect of the accessorisation of jewellery is the promotion and marketing of
these aspirational brands. Unlike the traditional market where the drivers existed in socio-
economic mores, fashion accessories need an extra push to consolidate their position. In a
conventional market, occasions like engagements or festivals by themselves draw customers
towards the jeweller. However instead of opting for generic campaigns, the players in the ‘non-
traditional’ segment need to formulate and fine-tune their unique promotion strategies. The
prospective buyer for them hails from the young and upwardly mobile working class in metros
and mini-metros, which, some have discovered, can be tapped through aggressive advertising
and event promotions.

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BRAND AMBASSADOR

“We will advertise in a few of the up-market women’s and in-flight magazines and promote the
brand through events that attract influential and powerful women.” Abhay Godha of Eros
Jewellery agrees, “Our idea of having a celebrity (Karisma Kapoor) endorse our brand, has
given a face to our collection. We advertise in all leading lifestyle magazines and newspapers
and our celebrity endorsement has built up such a high brand recognition that consumers just
see the advertisement and know it is Eros without even reading the copy.

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Colour your life

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Today, amethyst, agate, opal, tanzanite (one of the most expensive semi-precious stones) and
topaz, and people not only recognise the names instantly but also talk about the colour, cut and
finish of each stone and what goes well as its base. The growing awareness about coloured stones
made the company ensure that they sell the same high-end export quality stuff in the domestic
market as well. The company feels that why should they deprive Indians of good quality
products when they have the ability to spend and a taste for good things in life.

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FUTURE PLANNING

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The company's future plans include dealer networking (wherein they are planning tie-ups with
various dealers) and also shop-in-shops in lifestyle stores. After Delhi and Mumbai, Hyderabad
gets the highest attention and focus, as it is a bigger metro than Kolkata. With its inherent culture
of precious jewels and pearls dating back to many centuries, Hyderabad is definitely a potential
market. Besides, Hyderabadis love beaded jewellery and also colours.

COMMITTMENTS

Universal and unique designs are the company's forte which makes its jewellery appealing to
women the world over. They have ensured that their jewellery is affordable to a large extent (to a
large segment of the society) by avoiding many middlemen in the intermediary stages. And, it is
Eros all the way - right from sourcing the stones from the mines to cutting and polishing, and
finally crafting them into beautiful pieces.

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Each beautifully crafted piece of jewellery, inspired by nature, its myriad colours and themes, is
aesthetically packaged in an imported wooden box and comes with a certificate, a silk cloth with
exquisite embroidery. "So, what you get ultimately is quality stuff and value for money," vouches
Bagga. The jewellery is likely to be available at major lifestyle stores shortly.

COLLABORATIONS

Liali Jewellery is appointed as UAE’s retailer for reputed Indian brand, Eros Jewellery

Liali Jewellery, leading local retailers of branded and customised jewellery, has been appointed
as the first UAE retailer for Eros, one of India’s top brands of natural gemstone jewellery.

The announcement was made by Liali Jewellery, in the presence of Bollywood actress and Brand
Ambassador for Eros Jewellery, Karisma Kapoor at The Bride Show Dubai 2006, the Middle
East’s largest wedding industry event being held at the Dubai International Exhibition Centre.

Praising the brand, Karisma Kapoor said: “What I like most about the Eros Jewellery collection
is that it does not limit itself to gold or diamonds but ventures into designing pieces with a wide
variety of quality gemstones that are appropriate for any occasion or mood. The appeal of the
Eros Jewellery brand lies in its combination of Indian and Western design and in its universal
and timeless beauty, which makes it popular among the young and the old.”

Anuraag Sinha, Managing Director, Al Liali Jewellery said: “We are honoured at being chosen
by Eros Jewellery to retail its collection in the UAE. This will further strengthen our jewellery
collection and widen our client base among the Arabic and Asian community.”

Liali Jewellery retails premium jewellery brands including Vivien Westwood, Green G, Miluna,
Tirisi, Umi Pearls and Liali Memories. It also retails customized gold, diamond and pearl

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jewellery and designer timepieces that are popular for all occasions.

Bahrain based Devji recently announced that they would be showcasing two new jewellery
brands under the umbrella of Devji Jewellery and Watches - 'Shobha Asar' and 'Eros Jewellery' in
Jewellery Arabia 2006.

PRINT ADS

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TANISHQ

VEDANT MIMANI

08D1062

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Executive Summary

An Indian Brand, which can make big in the global market, is Tanishq from Tata Group of
Industries. Tanishq is India's largest, most desirable and fastest growing jewellery brand in India.
Tanishq today is India's most aspirational fine jewellery brand with an exquisite range of gold
jewellery studded with diamonds or colored gems and a wide range of equally spectacular
jewellery in 22Kt pure gold. Exquisite platinum jewellery and designer silverware is also part of
the product range.

Though they faced with many difficulty in the early stages they for about six years they then
came with up with good strategies The Tanishq strategy for the coming couple of years relies on
two things —increasing penetration in the domestic markets and going abroad in order to
diversify its revenue portfolio.

To push penetration in other markets, Tanishq will use the ‘shop-in-shop’ concept that it already
does in 50 stores across different West Asian markets. “This reduces distribution costs. Also, for
the consumer it remains a Tanishq store and helps us get a foot into the market.

Their main core competency is in designing a wide range of products. They were the first to
come up with the idea of karat meter, which proves the quality of the gold, to win the trust of
the customer.

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The Gems & Jewellery industry

The Gems and Jewellery (G&J) market essentially comprises of sourcing, processing,
manufacturing and selling of precious metals and gemstones, such as, Gold, Platinum, Silver,
Diamond, Ruby, and Sapphire etc. The G&J market is a significant contributor to the Indian
economy, based on the size of the domestic market and through its contribution to the country’s
exports. India is the largest consumer of gold (around 20 percent of global consumption) and also
the largest diamond processor (around 90 percent by pieces and 55 percent by value of the global
market.

India’s G&J industry is highly unorganized and fragmented with 96 percent of the total players
being family owned businesses. The gold processing industry has around 15,000 players, with
only 80 having revenues over USD 5 million. India is also home to around 450,000 goldsmiths,
100,000 gold jewelers along with 6,000 diamond processing players and 8,000 diamond
jewelers.

The value chain of the industry starts from sourcing and mining of the metals and extends to
jewellery retail. While India is not a major miner of previous metals and stones, the country’s
inexpensive and well skilled workforce makes it a world leader in processing of diamonds. The
country’s jewellery retail sector is also expected to evolve with a shift among consumers towards
branded jewellery, driven by greater quality consciousness.

There are a few major players in the G&J segment, with Rajesh Exports being the most dominant
name. Other key players in the field include Gitanjali Gems, Suhashish Diamonds, Su-Raj
Diamonds, Vaibhav Diamonds and Tanishq. Many of these players are focused on developing
strong brands, large retail operations, strengthening their core manufacturing operations and
building a strong international presence.

India’s large population and rapid economic growth offer significant opportunities for growth of
the industry. The emergence of jewellery retail chains provide customers with convenience and
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assurance of quality. The entry of foreign players is also likely to increase competition and
provide consumers with greater choice. Apart from the above, there are other factors that
contribute to a favorable outlook for the industry.

Evolution of Tanishq
Titan came into existence in July 1984, when the Tata Group joined hands with the Tamil Nadu
Industrial Development Corporation (TIDCO) to make a foray into the watch industry.

Titan started manufacturing jewellery watches and jewellery in 1994. It set up its fully integrated
Rs. 400 million-jewellery plant in Hosur. The plant had the capacity to manufacture four tonnes
of gold in a year. Titan launched these products under the brand name of Tanishq, in 1995. The
name Tanishq, a blend of two words, 'tan' (body) and 'ishq' (love), was coined by Xerxes Desai,
the Vice-Chairman and Managing Director of Titan.

To change its image from a watch manufacturer to a fashion accessories manufacturer, Titan was
renamed Titan Industries Ltd. in 1995. Titan scaled the capacity of its Hosur plant to 4.18 million
units in 1996 to meet the domestic and international demand. From the late 1990s, Titan's
commitment to the jewellery business increased.

When Titan launched Tanishq in 1995, the jewellery industry in India valued at Rs 40,000 crore
was mostly unorganized, with around 3.5 lakh players. Before 1992, only the Metal and Mineral
Trading Corporation and the State Bank of India were allowed to import gold. In 1992, as part of
economic liberalization, the government abolished the Gold Control Act of 1962, allowing free
import of gold. In 1993, private companies were allowed to enter the hitherto restricted gold and
diamond mining industry. Foreign investors were allowed to hold up to 50% equity in mining
ventures.

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Growth of Tanishq

Revenue in million Rupees

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Competitors

• Carbon

In early 1991, the Bangalore based Peakok Jewellery Pvt. Ltd., (Peakok) was incorporated and
Mahesh Rao (Rao) was appointed director. Peakok realized that the Indian consumer's
relationship with gold jewellery would grow beyond an investment need towards a lifestyle and
personality statement.

In 1996, within the Peakok fold a new brand of 18-carat gold-based jewellery called Carbon was
launched. In 2000-‘01 Carbon's focus had always been to move jewellery from the vault to the
dressing table and bring the selling of jewellery out of heavily guarded jewellery stores. This was
achieved by persuading a few lifestyle stores to add branded jewellery to their vast array of
products. Besides selling from lifestyle stores, Carbon also sold its products as gift items over the
internet. Like Tanishq, Carbon laid emphasis on design.

Most of its designs were contributed by students at the National Institute of Fashion Technology
(NIFT) through the diploma programme which the company sponsored. In addition, Peakok's
team of six designers, (headed by Rajeswari Iyer, an alumnus of a German design school who
had worked in the U.K., Germany and India) turned out around 180 to 200 styles in a year, with
75 designs per style.

At any point in time, there are around 600 designs of Carbon on sale. The creation, manufacture
and marketing of Carbon was different from the making and selling of traditional jewellery.
It is made available at `shop-in-shop' outlets in large lifestyle stores (such as Shoppers Stop,
Ebony, Globus, The Bombay Store, Lifestyle and Taj Khazana) and some premium boutiques
(such as the Helvetica in Chennai).

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Carbon products were priced between Rs. 2,750 and Rs. 20,000 per piece. While the cost of
traditional jewellery was negotiable, the cost of Carbon items was fixed and nationally
uniform.The brand is available at 50 outlets in 23 cities.

• Gili

Gili launched a collection of traditional Indian ornaments made of 18-carat gold. In 1999, the
Gili Gold range was introduced. This range included rings, pendants, earrings, necklaces and
bangles made of 24-carat gold. All Gili products came with a guarantee of diamond and gold
quality.

Gili distributed its jewellery priced between Rs. 500 and Rs. 40,000 through lifestyle and
department stores across the country to increase accessibility among its target segment, the 15 to
30 age group. Gili distributed its jewellery priced between Rs. 500 and Rs. 40,000 through
lifestyle and department stores across the country to increase accessibility among its target
segment, the 15 to 30 age group.

The collection was promoted at college campuses with banners, pamphlets and a few
advertisements targeted at teens. Gili soon realized that just pushing its product was not enough;
it also had to customize its products for special occasions. Following this, it launched a Diamond
Heart Collection specially designed for Valentine's Day. This collection consisting of tiny, heart-
shaped diamond jewellery was well received by teens. Special packaging, catchy advertising and
extensive press coverage contributed to the success of the collection. Gili also made special
promotional offers during festive seasons like Christmas and Diwali. Having captured the low
price point market of Rs.2000 to Rs.10, 000, the company is focused on penetrating the premium
market of customized jewellery. For this Gitanjali jewels opened a jewellery salon, Gianti, to
provide customized jewellery to clients in India.

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4 P’s of Marketing

PRODUCT

• PRODUCT VARIETY
Tanishq today is India's most aspirational fine jewellery brand with an exquisite range of gold
jewellery studded with diamonds or colored gems and a wide range of equally spectacular
jewellery in 22Kt pure gold. Exquisite platinum jewellery and designer silverware is also part of
the product range.

Tanishq designs and manufactures jewellery that is breath- taking, contemporary and yet has a
tint of tradition. It produces 22 karat pure gold earrings that come in various shapes, sizes and
designs. Some earrings are embedded with precious stones or colour gemstones. These jewellery
sets are overwhelming and could prove to be apt for occasions such as marriage, festivities etc.
Furthermore, they also make bangles, chains, nose pins, pendants, finger rings, Mangal Sutras
etc. They also produce products made from silver such as deity idols etc. Recently, Tanishq has
started producing diamond jewellery that are affordable and stunning. The diamond jewellery
include collections such as: All Day Diamonds, Aria, Dewdrops, Tanishq Solo, Dancing
Diamonds etc. These collections come with a certificate of authenticity that states the karatage,
color and clarity of the diamond.

• QUALITY
Consistency in delivering on their promise - Tanishq promises superior quality jewellery with
purity in gold. It is the first and only jeweller that guarantees the purity of its gold jewellery and
certifies the quality of the precious/semi-precious stones in writing.

They claim and deliver the exact carats and weight that they promise. Impurity in gold and not
delivering what was promised is one of the main problems the consumers face when going for
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gold purchase. They eliminated this and have built its brand in trust. Tanishq now stands for
quality and purity. They even have gold meters where one can check the purity of gold. Thus it
has established itself as a highly ethical player in a market that was rated as having the highest
incidence of under karatage (Bureau of Indian Standards).It maintains its quality standards in all
its products wherever they are sold. This shows that they have a resolute core purpose. This is
what they will have to maintain even when they global. They have the right range of products for
the different markets across the globe. Only they have to remember their differentiating factor.
The differentiating factor for Tanishq will be the experience and quality they will be giving the
consumers when they come to the store.

• DESIGN
Widely acknowledged as a design leader, Tanishq is known for its ability to develop specialized
design collections.

Each piece of jewellery is designed by a team of award winning designers. In fact, Tanishq is the
only jeweler to have a full- fledged design studio with one of the largest design teams in the
country. Every product at Tanishq is painstakingly crafted to perfection. Diligent care and quality
processes ensure that the Tanishq finish is unmatched by any other jeweller in the country.

Tanishq was recently adjudged the Most Admired Jewellery brand (for the third consecutive
time) in India at the Images Fashion awards 2004. It has also been judged as the Images Retailer
of Year in the fashion category. Positioned as ‘9-to-5 jewellery’, the collection is stylish and
modern and is designed to suit all forms of attire, western and Indian, casual and formal.

• BRAND NAME

"Jewellery is one of the last great commodity frontiers in India; it has remained so because
this market is very fragmented, very unorganized. Tanishq has successfully taken on the
challenge of transforming this frontier into a reliable consumer space by bringing to it all the
virtues and benefits that branding offers".

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Harish Bhat, CEO, Tanishq.

Tanishq was established in 1995 and within ten years it has become the largest and most
desirable brand in the jewellery segment in India. They have constantly introduced new offering
to their consumers and have come up with new innovative ideas. The surveys showed that
awareness of the brand was quite high. The company believes that young urban women, with
independent incomes, are looking at branded national jewellers. The brand believes that
accretion to this segment is clearly in its favour due to the modern contemporary image among
women.

• SERVICES
One of the company’s most important initiatives was customer service enhancement. Tanishq
launched a direct consumer contact program and conducted surveys to monitor store walk-ins
and footfalls and percentage of repeat customers. The company also kept the entry-level price as
low as Rs 600 (for a pendant) and offered a range, which far exceeded that offered by any other
jeweler. All Tanishq outlets gave a 100% return guarantee on its brand of jewellery and also
exchanged other jewellery after deductions depending on purity. A customer satisfaction
measurement program was started with the help of Customer Satisfaction Measurement
Management (CSMM), an associate of IMRB. CSMM tracked customer satisfaction parameters
for Tanishq on a quarterly basis.

This gave the company the benefit of benchmarking against local and international players and
also aided in improving repeat purchases. As a result, it was able to directly link the
remuneration of franchisees with customer satisfaction.

Since they have many stores across the country they give guarantee on their jewellery and also
offer to repair it free of cost anywhere across the country. They have excellent after sales service
and they have been committed in providing good and honest service.

They welcomes you to exchange your old gold jewellery for new designs. To ensure you get the
right valuation for your old jewellery, use scientific, reliable and transparent processes including
testing it with the Karat meter.

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PROMOTION

The Tata Group has promoted Tanishq as a jewellery store brand, which competes with close to
three lakh traditional jewellers who dominate the domestic market. It has launched new
collections at a quicker rate than its competitors, and conducted marketing promotions and
fashion shows to enhance the shopping experience of consumers. Given the diverse nature of
Indian ethnicity, Titan made the designs more ethnic to satisfy the tastes of all regions. Titan
transposed designs by stocking Bengali designs in Delhi, Keralite designs in Tamil Nadu and
typical designs from Tamil Nadu in Bombay in order to appeal to a variety of people.

‘Concept’ stores, the first of which, costing Rs 10 crore, opened in Kolkata . The idea of such a
store was to harmonize the tradition of the past with the modernity of the present.

In 1998, it launched the corporate gold gift scheme - 'When you want to say thank you, say it in
gold'. In 1999, Tanishq delivered gold coins worth Rs. 20 crores to Maruti Udyog Ltd., to be
given away as gifts to Maruti car owners. By 2001, the scheme accounted for almost 5% of the
turnover and over 30 corporate clients like Coca-Cola, the UB Group, Whirlpool, TVS Group,
Ceat and Liberty shoes. In early 2000, it made miniature gold cars for Hyundai Motors to be
given to select dealers.

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Tanishq has also endeavored to be part of every occasion in an Indian woman’s life through
festive promotions, customer contact programmes as well as through Anuttara, Tanishq’s
exclusive consumer reward programme etc. Tanishq provides Gift vouchers in various
denominations for gifting your friends and family.

Tanishq, to set off competition, launched Jodhaa Akbar collection and managed to get lot of
marketing hype. The collection is very pricey and suggested retail price is between Rs 25,000 to
Rs 15 Lakhs.

One of the company’s most important initiatives was customer service enhancement. Tanishq
launched a direct consumer contact programme and conducted surveys to monitor store walk-ins
and footfalls and percentage of repeat customers. The company also kept the entry-level price as
low as Rs 600 (for a pendant) and offered a range, which far exceeded that offered by any other
jeweller. A customer satisfaction measurement program was started with the help of Customer
Satisfaction Measurement Management (CSMM), an associate of IMRB. CSMM tracked
customer satisfaction parameters for Tanishq on a quarterly basis.

In 1999-2000 the communication and promotion budget was increased from Rs. 65 million to Rs
100 million in 2000-01. A majority of this was spent towards advertising, while a portion was
also earmarked for promotions tailored to match regional preferences. For instance, in New
Delhi, which was Tanishq’s single largest market, substantial promotions were carried out. The
Rs 100 million was split into four parts, comprising national-level spends (both electronic and
print media), regional budgets, direct mail and research. For the first time, Tanishq initiated a

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long-term media plan, aiming to give the brand a round-the-year presence and enhance
awareness.

A customer survey revealed that despite its high-blitz ad campaign, many didn't know what
Tanishq was about, others found it too expensive and some felt that the product was not for
people like them .So, Kurian and his team then decided to launch the fifth anniversary
celebrations of Tanishq that would offer discounts to customers and induce them to come to the
store. The ploy worked and they had customers waiting for the store to open.

Ad campaigns also started to list out the products that Tanishq had. Bracelets, rings, chains,
pendants were explicitly mentioned in each ad. A range starting at Rs 399 was launched.The aim
was to bring down the price barrier significantly. Collections for the working women and a new
set of contemporary designs were brought into the stores.

Aria, for seven stone diamond jewellery, Hoopla, focused on diamond studded hoops and
Collection-G for lower priced gold jewellery with an interesting twist are just a few lines that
have come out of the Tanishq’s stable in the last three years.

One of Tanishq’s more innovative ideas is to offer special schemes during various festivals.
Tanishq has also initiated a loyalty program called the Golden Harvest Savings Scheme, which
offers buyers the benefit of getting more jewellery than what they have paid for. The scheme
allows consumers to plan future purchases in advance and pay for them in easy installments.

Exchange offer - change impure gold for pure 22 kt gold - attracted more people to the stores. It
is estimated that roughly 2.85 lakh customers bought from - and close to a million people went
through - 53 Tanishq stores across 41 cities. Since the European designs in 18-carat gold did not
find any takers in 1997, Tanishq introduced 22-carat ornaments. After hitting six countries in the
last four years, Tanishq entered the $57-billion US jewellery market with two exclusive stores,
one in Chicago and the other in New Jersey, in the first quarter of 2007-08.

PLACE

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Tanishq jewellery is crafted in one of the world's most modern factories. The factory complies
with all labour and environmental standards. Located at Hosur, Tamil Nadu, the 135,000 sq. ft.
factory is equipped with the latest and most modern machinery and equipment.

Tanishq reached the century mark as it unveiled its 100th store in Patna at Hathwa Market.
Having embarked on the retail journey a decade ago, Tanishq today is the largest jewellery
retailer in India. With a strong presence in 70 cities across India, unmatched collections and
assured purity, Tanishq has quickly become the first choice of discerning customers.

Tanishq opened 30 retail stores during FY08, taking the tally to 130 stores. Currently, the
average store-size for Tanishq is 1,000-1,500 sq ft. The stores operate on the franchise model.

Tanishq has undertaken several unique retail initiatives keeping in mind the customer demand for
a world class shopping experience. As such Tanishq retail identity has evolved over the years to
offer large format and concept stores that reflect the brand’s philosophy of being “Revitaliser of
Tradition”.

Design and retail innovation have been the hallmark of Tanishq all these years. Tanishq has
constantly formulated an innovative product strategy in this journey in line with the evolving
consumer tastes.

Modern retail values and principles in the selling of branded jewellery in India are almost
completely the handiwork of Tanishq. The brand has broken fresh ground in retailing by creating
exclusive outlets with hitherto unknown in-store ambience and hospitality touchstones.

Following more than 40% percent growth in operations last year, Tanishq will invest extensively
during 2008 in marketing and retail initiatives to further develop the market. In addition, Tanishq
will build new logistics centres and upgrade existing ones, laying a solid foundation to meet
future competition.

Besides catering to Indian consumers, Tanishq has successfully entered key export markets such
as the US, the UK, the Middle East, Singapore and Australia. This is testimony to the brand's
ability to craft products that meet the requirements of varied cultures and sensibilities.

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Tanishq’s retail boutiques are temples for the brand and are used as a platform for celebration, be
it the launch of a new collection, a new marketing promotion or a festival. This gives Tanishq
outlets a unique appeal and consumers an opportunity to heighten their shopping experience.

Tanishq gave complete freedom to the retail outlets to pick up designs, which they thought would
sell in their stores. Almost all the outlets stocked the 'best selling' range of designs, which did
well across the country.

In fact, industry experts recall a period when plain gold gained space in Tanishq stores at the cost
of studded jewellery. "It was perhaps an offshoot of its expansion into mini-metros and other
towns where the company thought plain gold will be in more demand. It was not a well-
researched move,'' says an industry expert.

It plans to open two pilot stores at Chicago and New Jersey with a retail format of 1,800-2,000 sq
ft. Meanwhile, it plans to tap small cities by opening 15 Gold Plus outlets, its jewellery store
brand for semi-urban markets. Launched two years ago, Gold Plus clocked Rs 200 crore
revenues during FY08. Tanishq has entered the US markets. This is an amazing achievement for
Titan Industries,” said V Govindraj, Vice President, Tanishq. “Retail is a capital-intensive
business. In America, having 1,000 stores is not unusual. Even for niche retailing, 200-300 stores
are needed. But in India, although there are several small scale unorganized jewellery markets,
Tanishq is the first and only jewellery brand to have organized mass jewellery retail chains
across the country. As our company expands, more and more people will be able to share our
mindset. Tanishq’s retail strength goes beyond its innovative identity and extensive reach.
Tanishq has undertaken several unique retail and marketing initiatives like creating purchase
triggers like Doctors Day / Professional Day etc that were unexplored avenues in the industry.
Following more than 40% percent growth in operations last year, Tanishq will invest extensively
during 2008 in marketing and retail initiatives to further develop the market. In addition, Tanishq
will build new logistics centres and upgrade existing ones, laying a solid foundation to meet
future competition.

Add the world to this. After hitting six countries in the last four years, Tanishq is entering the
$57-billion US jewellery market with two exclusive stores, one in Chicago and the other in New

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Jersey, by the first quarter of 2007-08. S. Ravi Kant, COO (international business division),
Titan, says: “We are not looking at the NRI market only. We want to understand the American
consumer.” He claims that Tanishq’s market research team is figuring out the market and a
designer who can create new products for it.

Traditional jewellers have been rebranding themselves and are expanding in smaller towns to
widen reach. "The emphasis for Tanishq will be on special collections, diamond jewellery and
bigger stores of about 4,500 sq ft," Venkataraman said.

Tanishq's team of in-house designers came out with about 3,500 designs based on current trends
and the feedback from stores. At least 10% of these designs were changed every quarter and
fresh ones were added to the stock.

PRICING

We have very large collections of pendants, earrings and fingerings in this price range Rs 2000-
5000. Tanishq range of products start at an accessible low of Rs. 600 and the range - Solo, Aria,
Diva, Hoopla, Lightweights, Bandhan and the most recent, Colours - comprises wearable
everyday jewellery which has been designed for the urban working woman.

The Tanishq Valentine’s Day collection includes pendants, earrings and finger rings starting from
Rs. 2,000 onwards. Daytime’s collection of all day diamonds, which starts at an affordable Rs.
1,960. The collection combines traditional motifs in sleek contemporary lines with slight touches
of black rhodium. The 'up to 25 per cent' off offer by Tanishq is a unique opportunity. This
attractive offer has been introduced to benefit the customers and provide them with the best price
and product options. Affordably priced from Rs 2,500/- onwards the Tanishq range of diamond
jewellery is the ideal accessory for the customers.This collection is crafted using a special
process called electro-forming. The jewellery is targeted at customers who are looking for
international designs, wearability and value for money. The new collection starts from a
price range of Rs6,000 onwards and available at all Tanishq boutiques across the
country.
Tanishq offers gold and gem-set jewellery in over 6000 traditional, western and

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fusion designs. The Tanishq retail chain currently includes 112 exclusive boutiques in
75 cities, making it India's first and largest jewellery retail chain.

Ansoff’s Model

• Market Penetration (Present product-present market)

1. Currently Market Share of Tanishq is 2.9%.So Tanishq has a scope for increasing its
market share.

2. Provide EMI by tying up with banks.

3. Find new applications to current users: Increasing the versatility of the product in terms
of usage. For example, provision for using pendant as ear-rings, finger rings and vice
versa.

• Market Development (Present Product- New Market)

1. Expand geographically: Opening new outlets in new cities and increasing the number of
outlets in the existing cities.

• Diversification (New Product- New market)

1. Related: Gold and diamond studded buckles in belts and footwear.

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BRAND POSITION

Tanishq has been projected as an impeachable mark of trust by raising the awareness of the
people about unethical practices in the jewellery business and then measuring the gold purity by
caratmeter.

Tanishq also has been positioned as a branded jewellery of luxury rather than commodity. It
moves jewellery beyond investment to the fashion and adornment sector.

SEGMENTATION

• Niche Marketing
After its inception in 1995 focus on exports, Tanishq's designs had been conceptualized
for the Western markets and were introduced in India without any alterations. Tanishq
positioned itself as an international brand for the Indian elite. The brand was targeted at a
niche market (However they later on started targeting the mass marketing since
1997).

• Psychographic Segmentation
Life Style: Tanishq has found that 40% of the Indian women are working and they
targeted this segment wth a specific group of products called collection-G, a 9-to-5
jewellery for the working women.

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• Geographical Segmentation
Titan realized that, given the diverse nature of Indian ethnicity, it would have to satisfy the
tastes of all regions. So, the designs became more ethnic. Titan also decided to transpose
designs by stocking Bengali designs in Delhi, Keralite designs in Tamil Nadu and typical
designs from Tamil Nadu in Bombay in order to appeal to a variety of people.

SHEETAL GROUP OF COMPANIES

KIAH

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AKANSHA AGARWAL

08D1063

Family background

Decades of hard work by the founder Mr. govind l. kakadia and two brothers Mr.vallabh kakadia
and mr. ravji kakadia led to the foundation of sheetal group which today, stands tall as one of the
world’s leading manufactures of polished diamonds .a family owned business managed by the
kakadia family, sheetal group also employs well qualified professional talent with international
exposure.

The Sheetal Group, founded by Govindbhai Kakadia, is now headed by his son, Ajay Kakadia,
managing director. This company, formed in 1985, has won several awards for outstanding
export performance for cut and polished diamonds in the DTC category, by the Gems and Jewels
Export Council and the Ministry of Commerce, India. They have also been graded as Star
Trading House by the GJEPC since 2004.

A computer science degree from the US gives Ajay Kakadia, scion of the Sheetal Group, a
different bent of mind - one that has worked in his favour. Heading the jewellery section he has
been instrumental in making 'Kiah' a premium jewellery brand in the country. He has other
successes too in the management of the company, but, the Young Turk is disinclined to take the
full credit - "I would say that the blueprint was laid down by my father. What I have done is

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implemented and executed his vision. It has been a progressive change, and each and every
person in the company has contributed to it."

Sheetal group, a DTC sightholder, has come a long way since it started as a small set-up with a
couple of diamond polishing machines. Today, it is one of the world's largest volume
manufacturers of polished diamonds, thanks to the efforts of the founder - Govindbhai Kakadia.
Besides the domestic branded jewellery segment, Ajay is also actively involved in research and
product development.
On the management style in his company Ajay iterates that the group has always believed in
participative leadership. "We have been recruiting a professionally qualified workforce for all
our departments viz. production, strategising jobs in marketing, sales, administration and human
resources. As we move forward I see more people becoming a part of the team. I am totally in
agreement that management professionals, whether from outside or inside of the family, do play
an important role."

Ajay is vocal about the problems that face the industry, "I am sure all the industry people will
agree with me when I say that as of today, what the industry lacks is a proper organised retail
side. India is the leading diamond polisher and a pro in diamond jewellery manufacturing, but
with the advent of retail and mushrooming of malls, it's high time that the domestic jewellery
industry gets organised."

MANAGEMENT MANTRA
Remain open to learning and from everybody

INTRODUCTION

Established 1985, Rio Tinto diamonds customer since 2005.

Sheetal Group, with more than 35 years in business, is one of the leading manufacturers of
polished diamonds in the world. With a global presence, the company has firmly established

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itself in important jewellery markets, specializing across the value chain from mines to market.
Sheetal is one of the world's leading manufacturers of polished diamonds. With a skilled
workforce in our production facilities in Surat the Group has been able to acquire and sustain a
set of loyal customers. Having won several awards from the Indian Government, a greater
reward is the trust and confidence instilled in our customers. It has its global presence in
important jewellery markets .the group specialises across the entire diamond pipeline offering
end to end solutions from cutting and polishing of diamonds to the design and manufacture of
diamond jewellery.

Sheetal's association with major diamond mining companies like De Beers, Rio Tinto, Alrosa and
others enables it to source and distribute consistently in volume and variety. It procures
diamonds from mining companies in Canada, Russia, Africa and Australia. Along with a robust
employee base, the company has developed state-of-the-art factories equipped with the latest
technological skills. Over the years, it has achieved a reputation of unique end-to-end supply
capability and being the brown diamond specialist. It has commanded market leadership position
in the brown diamonds segment for more than 11 years in a row now.

Sheetal Group has always been at the forefront to help its community during natural disasters
like the Asian Tsunami, Bhuj Earthquake, Surat Floods, etc by providing manpower, food
packets, medical assistance and other necessities. In addition Sheetal Group is always
committed to working with its community in various social activities.

PRODUCT PROFILE

Sheetal manufacturing of polished diamonds in all colours and clarities including rounds, tapers
and princess cuts.

Sheetal jewellery specialises in manufacturing and exporting a range of diamond studded


jewellery across prime international diamond jewellery markets.

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Sheetal creations pvt.ltd. manufactures exquisite diamond jewellery for the company’s diamond
consumer brands , KIAH , and retails it through an integrated network of outlets across india.

Generic polished goods:

• Coloured

• Brown; Naats; Whites,

• Round

• Tapered

SPECIAL SERVICES

• Just in time delivery

• Assorting,matching and bagging

• Consistent and customised assortments

• Customised jewellery design

• Forward product planning as per customer requirement

• Training material

• Technical support

• Co-opt trade advertising

• Design support for advertising campaigns

• Co-opt sales and brand promotion

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ADDITIONAL SERVICES

Providing tailored assortments and customer support initiatives such as project consulting for
jewellery and co-operative support; customised jewellery designing and manufacturing for B2B
and B2C customers.

BRANDS

FLAGSHIP BRAND: KIAH

ANOTHER BRAND: BULAIRE

BULAIRE:

The Champagne collection. The diamonds are naturally brown in colour and look very unusual.
They are rare diamonds and not as expensive as white diamonds. These diamonds are procured
from the international giant, De Beers. They are cut, manufactured and designed at their Mumbai
factories. The Bulaire collection has rings, earrings, pendants and cufflinks, set in white and
yellow gold. White gold is a little more expensive, as it has an ingredient belonging to the
platinum family. These diamonds, set in 18K gold, and certified by IGI, are priced between Rs
2,800 and Rs 20,000.

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KIAH

The KIAH collection is designed as lightweight, striking and stylish pieces. KIAH means beauty.
Their brand ambassador is the beauteous former Miss Universe, Sushmita Sen. These diamonds
are white, round and brilliant cut, VVS1 and VS1 variety. The flawless diamonds have been set
in a classy collection of nosepins, rings, earrings, pendants and cufflinks.

They also have a dazzling range of bangles, chokers, necklaces, bracelets and mini-necklets, set
in white and yellow 18K gold. The nosepins start at Rs 1,800. Necklaces cost a maximum of
Rs12 lakh.

KIAH, an Australian aboriginal word means 'coming from a beautiful place'.

KIAH endorses the desire of women to celebrate themselves. It offers a vast array of diamond
jewellery that can inspire any woman to assert her self-worth. Built around the brand essence
"You are the occasion", KIAH celebrates life and the essence of feminism. Former Miss
Universe and today's leading film actor Sushmita Sen lends her panache and style to KIAH as
the brand ambassador.

With a strong network of 11 exclusive showrooms across major cities in India and Dubai, KIAH
today is one of the leading brands in the diamond jewellery market in India.

MARKETING PROMOTIONS

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‘KIAH co sponsored Ponds Femina Miss India 2005. Crowns made of real diamonds were
given away to the three winners.’

Kiah lifestyle pvt. Ltd, a diamond jewellery company located at M.i.D.C(Mumbai) is an offshoot
of sheetal manufacturing company, the world’s largest volume manufacturer of polished
diamonds with an annual turnover of 1.5 million carats.

Sheetal manufacturing co. (incorporated since 1985) with a huge workforce of skilled diamond
articians continues to expand its vast diamond empire following in the footsteps of the pioneer-
Mr.govind l.kakadia....

Having won international acclaim based on export performance & national felicitation by the
Indian prime minister , mr. g.l. kakadia did not stop to rest on his laurels.

Sensing the growing demand for affordable diamond jewellery in the Indian market, catering
especially to the taste of the Indian women his drive to excel resulted in a new state of the art
setup which marked the birth of KIAH!

MARKETING INITIATIVES
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A strong in-house marketing team supports the different businesses within the Group for B2B as
well as B2C marketing activities through corporate marketing and communication, brand
promotions and advertising. Sheetal Group has two brands for the domestic B2C market: Kiah
and Bulaire. Endorsed by former Miss Universe, Sushmita Sen, Kiah is present through a strong
network of exclusive showrooms in metropolitan cities across India and the Middle East. Bulaire
(champagne diamond jewellery) is yet another brand from the Group and is the first mover in
this category in India.

MANUFACTURING

The manufacturing facilities are managed by technical experts in accordance with domestic as
well as international standards and are equipped state-of-art technology. The stipulation of proper
working conditions , including the health, safety and well being of workers is given paramount
importance. The vertical integration of the organisation serves to reduce production cycle time
and thus increase cost effectiveness

DIAMOND MANUFACTURING

For over 35 years, Sheetal Group has kept pace with the latest technological developments in the
industry. To strengthen its product offering Sheetal has continously improved quality of its
manufacturing operations around the world. All this is done with a single purpose: to create the
finest quality diamonds.

MANUFACTURING PLANTS

Sheetal Group's world-class manufacturing set-ups in Surat, India, are amongst the most
technologically advanced in the industry. Spread over 310,000 sq. ft. its work environment,
production efficiency and quality has set the standard for the whole Group and has raised the bar

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among its peers. The group employs over 5000 of the most skilled and experienced craftspeople
dedicated to the finest makes.

Sheetal Avenue L.G.House (Katargam) Sheetal Building(Poddar)

TECHNOLOGY

Technologically, Sheetal Group is constantly striving to achieve the best balance between value,
yield and make. At every stage of production - from abstract planning down to the last exacting
facet - it teams Sarin and OGI machines with the expertise of artisans to ensure the highest yields
while rigorously maintaining quality. This systematic approach forms the basis of Sheetal
Group's strict and persistently pursued quality control. The use of lasers both for sawing and
bruting has increased productivity and reduced diamond weight-loss.

MANUFACTURING SYSTEMS

At the heart of the group's manufacturing process is the Entrerprise Resource Planning IT
system, developed in house, to control, monitor and integrate the production facility. This allows
constant monitoring and controlling of the entire manufacturing process, right from planning and
manufacturing to payrolls. This gives Sheetal Group a firmer grip over quality, better flexibility,
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and increased scheduling and forecasting capacity. In addition it permits the flexibility needed to
push through specific batches and prioritise stones based on specific requirements to cut. All this
provides an edge in the chase to keep up with the ever-changing market trends and demands.

CLIENT PROFILE

CONSUMER/ MARKET

The majority supply of our polished diamonds reaches the end market through jewellery
manufactures based in asia pacific, USA, asia Arabia ,japan and Europe.

Its diamond jewellery pipeline is strong in asia Arabia, USA, asia pacific and Australia. while we
are a preferred supplier in the B2B segment, our in house diamond jewellery brand KIAH, in asia
Arabic(india and gulf) is catering to the rising retail demand in asia.

Our global offices in the USA , Belgium and hong kong better our understanding of the trade and
global trends.

HEAD OFFICE

Sheetal Manufacturing Company

1001, Prasad Chambers, Opera House,

Mumbai - 400 004,

India.

DISTRIBUTION OFFICE

Sheetal Europe B.V.B.A

Hoveniersstraat 30, Office 154,

Box 135, 2018 Antwerp, Belgium.


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Directorate

Directorate

Govind Kakadia
Sheetal Group.

Vallabh Kakadia
Sheetal Manufacturing
Company, Surat.

Hirabhai Kakadia

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Sheetal
ManufacturingCompany,
Surat.

Ravji Kakadia
Sheetal Manufacturing Company, Surat.

Job Description

Kiah Life Style Pvt. Ltd. is a leading Diamond Jewellery Manufacturing and Retailing Company
with strong Brand Presence of K I A H. To meet our ambitious growth plans, we need talented
professionals with excellent track record in Retail segment and a culture of commitment. We are
looking for Showroom Manager who can head our showroom in Bangalore (Commercial
Street, Kamraj Road) & will be responsible for the entire retail showroom as a profit centre
head, including people management.

Desired Profile – Showroom Manager

The Applicant should be target driven & result oriented person between 30 to 35 years of age
with high integrity and dedication, having a sound professional background in Retail Segment
of Diamond Jewellery Industry and must have served in the capacity of Showroom Manager

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for at least 3 - 5 years. The compensation for the position will commensurate with expertise and
will not in any way be a constraint for the Right candidate.

Education & Skills:

Any Graduate (Graduation is Must)

Creative, Innovative and self motivated person

Responsible for Stocks & Maintenance of Stocks Reports

Strong Customer Orientation & ability to exhibit high conversion ratio

Ability to meet & exceed the sales target

Well versed with Microsoft Applications

Strong Teaming & Interpersonal Skills

Excellent Communication skills & should be able to quickly establish rapport

Good looking with pleasing personality

VALUES AND CULTURE

• At Sheetal, we constantly thrive to exceed the expectations of all our stakeholders. But
above all, we value integrity, honesty of purpose and commitment to the interest of the
organization.

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• To Sheetal, business is not merely earning profits, but a way through which people can
access one of nature's most beautiful creations, and a symbol of eternal love - Diamonds.

• "Customer Service" is the key activity in our operations. This is reflected in our
promptness and caring attitude towards our customers. A positive and personalized
approach to our customer's needs is what we have always strived to attain.

• We adopt a "Learning by Doing" philosophy which encourages decision making as well


as learning from the process of doing. This philosophy demands feedback and a tolerance
of constructive criticism.

• People are our most important resource. It is our intimate concern to continuously
develop them.

• We appreciate good inter-personal relationship and supportive leadership, coupled with


strong teamwork both within and between departments.

• We believe in smooth and effective communication to ensure the better flow of


information and understanding amongst employees at all levels. Every employee can
meet any executive for airing personal grievances, giving suggestions or putting forth any
creative idea. This open door policy has resulted in a very open and informal culture.

• For over 35 years, we have built our business on integrity and trust. The cornerstone of
our success is our assurance to our retail partners and diamond buying public that our

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diamonds are not only authentic and natural, but also sourced from legitimate, "conflict-
free" mines around the world.

• DeBeers' Diamond Trading Company, one of our major rough diamond suppliers -
demands our full compliance with global Diamond Best Practice Principles, the highest
standards in the industry.

• The Best Practice Principles require that any treatments applied to the finished diamond
must be fully disclosed, and that synthetics are not traded as natural diamonds.
Furthermore, they establish business practice standards to ensure that diamonds supplied
by those committed to the Principles are "conflict free."

• Diamonds are the natural symbol of love. It is our job to make sure our diamond products
reflect positive values and integrity, and therefore public trust. We take this responsibility
very seriously.By protecting you, our retailers and suppliers, we look forward to the
development of our own business.

FINANCIAL ANALYSIS

REVENUE- Sheetal Manufacturing Company Maharashtra 7492.4

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SMC is a sight holder with Diamond Trading Company (DTC) and has the status of being the
world’s largest volume manufacturer of polished diamonds with an annual turnover of 1.5-
million carats, ie the company produces almost three carats each minute.

The company recently has bagged the outstanding export performance award in the DTC
category and has also become a star trading house, a recognition awarded to them by India
Government. (UNI)

POSITONING

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KIAH Diamond Jewellery is all about celebrating womanhood. It is a world created to celebrate
life and the essence of feminity.

EXPORT ANALYSIS

SMC is in engaged in the manufacturing of cut and polished diamonds (dominated by under-0.5
carat size range). SMC has established itself as one of the leading exporters of CPDs from India
and has been recognised by DTC as among the world’s largest volume manufacturers of
diamonds in the DTC Sightholder category. SMC exports diamonds primarily to Hong Kong,
United Arab Emirates, United States, and Belgium. The Company’s manufacturing facilities are
located at Surat (Gujarat). SMC’s sales and distribution network is spread across major diamond
centres of the world such as Hong Kong and Europe.

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Our People - Our Assets

"We are proud of our people who put life into diamonds. Without them, the glitter and the
sparkle would never appear to be the same. In fact, they are our real diamonds.

Every employee in the organization is rewarded based on his Work, Contribution and Expertise
from time to time

Health Benefits

At Sheetal, we have set up an Occupational Health Centre [OHC] with all infrastructure facilities
and medical equipments. The OHC is run by the Govt. approved Industrial Health Physician
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[Part time] A separate Ambulance with first aid equipments and life support system is also kept
for 24 hours to meet any emergency help.

Besides all this, great care has been taken to maintain healthy environment at the work place
with …

Centrally Air Conditioned factory premises

Proper lighting and ventilation

Neat, clean and adequate sanitary facilities

Pure and healthy drinking water from RO Plant

Water coolers at the work places for cold water

Canteen facilities and spacious Dining Hall

Health and safety committee for implementing Health and safety policy

Training programs for workers for health awareness.

Safety and Hazard Prevention Measures

• Building Management System [BMS] for automatic power control and water
management system.

• Fully c overed Fire Hydrant System with automatic fire alarm system.

• Smoke and Heat Detectors.

• Adequate number of Fire Extinguishers.

• Well trained personnel for fire and safety.

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• CCTV Systems.

• Adequate and properly designated two emergency exits.

• ISO certified usage of Personal Protective Equipments [PPE] for the better safety of
employees.

• Proper training by the experts with regards to Personal Protective Equipments [PPE].

• Adequate number of safety posters.

• Social Security Schemes

Apart from the above benefits, we provide social security benefits like:

• Employee Provident Fund [EPF] / Family pension schemes.

• Employees State Insurance Corporation scheme (ESIC Benefits).

• Annual Bonus.

Grievance Redressal System

Working with Sheetal Group is a positive experience. However, to resolve any dispute the
following steps have been taken -

Open grievance reporting system which enables every one to redress any dispute freely.

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A regular workers' committee meeting resolves the problems, disputes with regard to Health,
Safety, Production etc.

To report any confidential matters and suggestions adequate number of suggestion boxes have
been placed.

Equal Opportunities Environment –H.R Policy

Sheetal Group has implemented a progressive HR Policy. There is no discrimination towards


employees on the basis of race, caste, creed, nationality, gender, religion and disability.
Employee rights are given supreme importance. The management continously strives to improve
employee skills and knowledge through training and constructive feedback.

Vision and strategy

The establish an effective presence across the globe by delivering value through quality products
and services to our business associates and customers. With existing competencies in cutting and
polishing looks forward to strengthening their jewellery manufacturing base.

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COMMUNITY INITIATIVES

CARING AND SHARING

From health and education to welfare of women and children, from disadvantaged villages in the
rural outback of Gujarat to devastated Tsunami victims and flood-affected people in Surat - the
community work undertaken by Sheetal Group touches a multitude of people across the land.
Beyond social work, this support extends to individuals and institutions pursuing art and sports
also.
Sheetal Group's involvement in actvities linked to corporate social responsibility, - inclusive of
working for the benefit of the communities in which they operate, of building the country's
capabilities in science and technology, of supporting art and sport, springs from an ingrained
sense of responsibility and pride in giving back to the society. "This is a matter of principle for
us, it is in our bloodstream," says Vallabh Kakadia, Partner, Sheetal Group, "and it isn't
something we like to shout about. Some people consider social responsibility as an additional
cost; we don't. We see it as an essential part of our business, as much as land, power, raw
materials and employees."

EDUCATION

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Education has been a primary focus area in Sheetal's community developmental plans. A number
of initiatives from building classrooms and libraries to providing scholarships and grants have
been undertaken to promote formal education in the community. Several non-profit organizations
such as the Sardar Patel Seva Trust, aimed at development of new schools in Gujarat for the
underpriviledged, are supported by Sheetal. Several schools have been given computers to
promote IT education among children. The response to all these initiatives has been
overwhelming and the Group is now taking up more initiatives to address the education problem
in India.

In order to provide accessible and affordable education to students of all ages the following
initiatives have been undertaken:

Schools

•Sardar Patel Educational Institute, Bhavnagar.

• L. G. Kakadia Higher Secondary School, Bhavnagar.

•Manas Primary School, Valabhipur.

•Lok Vidayalaya Valukad, Bhavnagar.

•Saraswati High school, Kumbhan, Bhavnagar.

•Ratan Vav Primary School.

•Omkar Educational Institute.

Colleges

•Sardar Vallabhbhai Patel Ladies College, Botad, India.

•Gajera Womens' College, Amreli, India.

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•L. L. Kakadia B.Ed. College, Bhavnagar, India.

•V. M. Sakaria Girls' College, Botad, India.

Libraries

•Indian Administrative Service (I.A.S.) Training Centre, Ahmedabad, India.

•L. G. Kakadia Library, India.

HEALTH

We have extended our support in the field of health as well. The major contributions that we have
made in this field are:

•Kakadia Hospital, Ahmedabad.


•E. M. Charitable Trust, Surat.
•Hanumanth Hospital, Mahuva.
•Prannath Medical Charitable Trust.
•B. D Mehta Heart Institute, Surat.

ENVIRONMENT

DAMS

The Saurashtra Jaldhara Trust which is one of the major Non Governmental Organisations
(NGO) has been developed to work for water resources and dam erection in Gujarat, India.

OTHER INITIATIVES

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• Tsunami Relief Cricket Match

The Tsunami Relief Cricket Match sponsored by Sheetal helped raise about US $ 2 Million for
the support of Tsunami victims.

• Vile Parle Kelavani Mandal, Mumbai

In addition to community initiatives, Sheetal has been working with various NGOs on multiple
social programs across India. It aids the Vile Parle Kelavani Mandal, a Mumbai based
organisation focused on support of women's rights and empowerment of underprivileged women.

Best practices

For over 35 years, we have built our business on integrity and trust. The cornerstone of our
success is our assurance to our retail partners and diamond buying public that our diamonds are
not only authentic and natural, but also sourced from legitimate, "conflict-free" mines around the
world.
DeBeers' Diamond Trading Company, one of our major rough diamond suppliers - demands our
full compliance with global Diamond Best Practice Principles, the highest standards in the
industry.

The Best Practice Principles require that any treatments applied to the finished diamond must be
fully disclosed, and that synthetics are not traded as natural diamonds. Furthermore, they
establish business practice standards to ensure that diamonds supplied by those committed to the
Principles are "conflict free."

Diamonds are the natural symbol of love. It is our job to make sure our diamond products reflect
positive values and integrity, and therefore public trust. We take this responsibility very seriously.

By protecting you, our retailers and suppliers, we look forward to the development of our own
business.

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The Responsible Jewellery Council is an international not-for-profit organisation


representing over 130 member companies across the gold and diamond jewellery supply
chain.

RJC Members are committed to promoting responsible ethical, human rights, social and
environmental practices in a transparent and accountable manner throughout the industry from
mine to retail. Their commitment aims to reinforce consumer and stakeholder confidence in
diamond and gold jewellery products.

The Council has developed the RJC System, a certification system – which will apply to all
Members’ businesses that contribute to the diamond and gold jewellery supply chain. Under the
RJC system, all Commercial Members of the RJC will be required to be audited by accredited,
third party auditors to verify their conformance with the RJC’s Code of Practices. The Council
plans to begin operating its system in late 2009.

NEWS

The Responsible Jewellery Council has been officially registered as Participant to the United
Nations Global Compact on January 15th, 2009. RJC makes a commitment to set in motion
changes to business operations so that the Global Compact and its ten principles become part of
strategy, culture and day-to-day operations; to publicly advocate the Global Compact and its
principles via available communications channels; and to communicate annually and publicly
on progress made in implementing the Global Compact principles.

August 24, 2009

ICRA revises the bank line ratings of Sheetal Manufacturing Company Private Limited
(erstwhile Sheetal Manufacturing Co.)

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ICRA has revised the rating assigned to the Rs.33 million term loans of Sheetal Manufacturing
Company Private Limited (―SMC‖ or ―the Company‖, erstwhile Sheetal Manufacturing Co.)
from LBBB (pronounced L triple B) to LBBB- (pronounced L triple B minus), indicating
moderate-credit-quality†. ICRA has also revised the rating assigned to the Rs.5,700 million fund
based limits of SMC from A3+ (pronounced A three plus) to A3 (pronounced A three), indicating
moderate-credit-quality in the short term†. The rating revision reflects the change in SMC’s
capital structure following conversion of a significant part of

the partners’ capital (of the erstwhile partnership firm, Sheetal Manufacturing Co.) into
preference share capital (redeemable not earlier than nine years) and unsecured loans, subsequent
to corporatisation of the entity. ICRA, however, derives comfort that the aforesaid debt
(preference shares and unsecured loans, with a moratorium on interest/ dividend payments for
the three fiscals ending 2011-12) is from the promoters and is backed by an undertaking towards
being retained in the business over the tenure of ICRA’s rating on SMC. The ratings also
recognise the vast experience of SMC’s promoters and the Company’s established market
position in the diamond business; and SMC’s strong sourcing arrangements on the back of its
long-standing relationship with the diamond mining major companies, De Beers, [as DTC
(Diamond Trading Company) Sightholder since 1998] and Rio Tinto. The ratings remain
constrained by SMC’s relatively low profitability and cash accruals. The drop in demand
following the overall weak global economic environment has resulted in a contraction of SMC’s
revenues in 2008-09 (since September 2008) with its polished diamond revenues declining by
26% during this period compared with the previous year. The Company’s raw material (rough
diamonds) procurement and manufacturing activities were operational even in the downturn,
albeit at scaled down levels, so as to benefit from rough diamonds purchases available at lower
prices in distressed sales climate, and to safeguard employee interests. Although, sluggish
demand conditions amid continuing production has resulted in finished inventory build-up. Even
as the potential price loss on inventory in the near term is likely to be mitigated to an extent by
lower input costs and the Company’s gradual diversification into relatively highervalue
diamonds, the margins/ cash flows remain vulnerable to high volatility in diamond prices and

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foreign exchange movements. The ratings also take into account the intensifying competitive
pressures in the fragmented cut and polished diamonds (CPDs) industry.

Sheetal launches jewellery range

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Actress Sushmita Sen at the launch of the `Kiah' brand of diamond jewellery from Sheetal
Manufacturing Co, in Mumbai. — Shashi Ashiwal

Mumbai , Oct. 15

THE Mumbai-based Sheetal Manufacturing Co has launched its Kiah brand of diamond
jewellery. Actress Sushmita Sen is the brand ambassador.

Speaking to newspersons, Mr Govindbhai Kakadia, Chairman of the Sheetal group of


companies, said that the Kiah range would lay thrust on innovative designs and consistent price
range.

The company will be investing Rs 150 crore during the next two years to set up a retail chain for
marketing the products across the country.

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The Kiah range includes rings, pendants and necklaces which range from Rs 4,000 a piece for
the dailywear collection to Rs 10 lakh apiece for the bridalwear collection.

The company is banking on its designs, which would be the USP for the new brand.

"The brand essence of Kiah denotes that a woman does not need a reason to celebrate. Our punch
line is - You are the occasion.

"It is all about celebrating womanhood. It is a world where one need not wait for birthdays,
anniversaries, engagements or weddings to feel adored," Mr Kakadia said.

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ROSYBLUE – 0RRA

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ANKITA RANKA

08D1064

A STERLING LEGACY…THE FINEST DIAMONDS; EXCLUSIVECREATIONS…


That’s ORRA – The Diamond Destination!

HISTORY- FOUNDERS

The Rosy Blue Group was founded in 1960 by Arunkumar Mehta and Bhanuchandra

Bhansali . The company started as a small Mumbai workshop, but soon became a network of
specialist businesses, each able to successfully fulfill client needs. This ueventually formed the
platform for a global company which provides employment to over 10,000 people

About ORRA

ORRA – The Diamond Destination is


India’s largest and only exclusive
diamond jewellery retail chain. A
legacy that has spanned centuries,
overwhelming the world with its
brilliance can be summed up in one
word, ORRA. Launched in 2004,
ORRA has been at the forefront of design leadership and product innovation. ORRA is renowned
for its exquisitely crafted Belgian Solitaires. Rocks are crafted into beautiful diamonds by
descendants of the legendary 14th century Belgian inventors of diamond sculpting. ORRA is a
part of the world’s largest diamond manufacturing company with a presence across 15 countries

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headquartered in Antwerp, Belgium. Set in an international format. ORRA has spread its glow
across the length and breadth of India with 31 exclusive high street boutiques in 21 cities. These
boutiques have become the ultimate destination for the choicest diamonds in the country. In
2007, it earned the prestigious distinction of being voted as the “BEST JEWELLERY RETAIL
CHAIN OF THE YEAR” and in 2008 its design was chosen as “THE MOST INNOVATIVE
DESIGN OF THE YEAR” From adorning the likes of Julianne Moore at Oscars 2008 and Nicole
Kidman and Joan Rivers in the past to providing exquisite jewellery for Mallika Sherawat at
Cannes film festival, ORRA has been associated with the crème la de crème of society. It also
created a stunning Million Dollar Bustier in honour of Prince and Princess of Belgium.
ORRA has always been the exclusive choice for creating the most stunning pieces of jewellery
and works of art. Define a diamond's size, shape or colour and ORRA will make your dream
come true

Product Profile- ORRA

Name a size, define a shape, state the color and ORRA will have a diamond to make your dream
come true. We can proudly claim that 1 in every 25 diamonds is a Rosy Blue diamond.

The company has come a long way from sculpting diamonds to crafting the finest diamond
jewelry. A legacy that has spanned centuries, overwhelming the world with its brilliance can be
summed up as ORRA. A word that epitomizes the person it was created for - her spirit, her grace
and the invisible glow that surrounds her. At ORRA, diamonds are sculpted to be as special as
the person who buys it.

Set in the international store format, ORRA has 33 exclusive diamond boutiques across India.
The ORRA color logo draws strengths from our foundation.

. The ORRA color logo draws strengths from their foundation.

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A sterling legacy; Superior diamonds; unique product offerings

With the launch of ORRA, the focus on building inheritance revolved around our international
lineage and centuries of presence. These were made relevant to the consumer by stressing on
their ramification in terms of product focus. We have attempted to differentiate our product
offerings and create new product concepts. Whilst the overall positioning is of a serious diamond
player, the aim is to entice consumers through product offerings tailor-made to their
requirements.

Examples of these innovative and differentiated products:

• Bridal Collection
• Solitaire Collection
• Platinum Couples Collection
• Mughal Collection
• Spiritual Collection
• Career Carats

ORRA DIAMOND COLLECTIONS

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BANKING ON THE RICH DIAMOND HERITAGE ORRA


OFFERS THE FINEST DIAMONDS set in artistically inspired designs. Be it a perfectly
sculpted solitaire or a classic handcrafted neckpiece, at ORRA, there is a diamond for every
occasion. Define a diamond's size, shape or colour and ORRA will make your dream come true!
ORRA diamonds are etched out by artisans who have inherited the 700-year-old legacy of the
Belgian Master Craftsmen, the inventors of diamond sculpting. Discover the luminous drops of
mystique all the way from Belgium.

Apart from the finest quality of diamonds, ORRA also brings to


the forefront, a design skill that has consistently wowed the world. With its design centers spread
across the globe in New York, Antwerp, Hong Kong, Tokyo and Mumbai, ORRA's designers
have won several prestigious awards like the De Beers International Award. ORRA has presented
its collections alongside celebrated international designers like Pierre Gauthier and Ann
Demeulemeester from Belgium and Gavin Rajah from South Africa

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MILESTONES IN ORRA COMPANY

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B. Arunkumar & Co. founded and established by


1960:
Bhanuchandra Bhansali and Arunkumar Mehta.

1969: B. Arunkumar & Co. becomes a DTC Sightholder.

Rosy Blue established in Antwerp. Start international


1973:
expansion.

1975: Rosy Blue becomes a DTC Sightholder.

1988: InterGold Seepz Jewellery unit established.

Successful $100m receivables securitization with


rating P-1 (Moody’s) / F-1 (Fitch).
1999:
Rosy Blue Group turnover exceeds $1bn.
Rosy Blue becomes core client of BHP.

Successful $100m stock securitization with rating A2


2001:
(Moody’s) / A (Fitch).

Rough buying and polished contracting arrangements


in Russia.
2002:
Increased receivables securitization to $150m with
same ratings.

Orra brand launched.


2004: Renewal of $150m receivables securitization with
same ratings.

RB South Africa becomes DTC Sightholder.


2005: Successful increase of stock securitization with rating
A2/A from $100m to $150m.

Renewal of DTC Sightholder contract.


2007:
Appointment as a Rio Tinto Select Diamantaire.

2008: Renewal of DTC Sightholder contract.

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We are a key player in the diamond business with a global client base. Our reputation in the
industry is unparalleled in terms of both quantity and quality. We would like to emphasize that
our primary focus is in manufacturing. The polished and rough dealing activities are there to
create efficiency and scale in our manufacturing operations, thus enabling us to provide
consistent supply to our polished and jewellery clients.
We have established core centres of excellence in dia-mond manufacturing around the world.
Our state-of the-art factories are both efficient and innovative, constantly upgrading to meet the
highest technical skills. Our pro-duction range includes rounds (from 0.005pts to 10cts+) to
calibrated princess diamonds (from 0.03pts to 10cts+) and a wide variety of fancy shapes.

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CUT - CUT OUT FOR THE BEST

Every diamond has a unique cut. It's the only aspect of a diamond that is
determined by man. A diamonds' quality is in its ability to reflect light. Diamonds
are usually cut with 58 facets, or separate, flat surfaces to maximize the amount of
light reflected by the diamond.

COLOUR - THE BEST COLOUR IS NO COLOUR

Diamonds reflect light in a rainbow of colour. The dispersion of light or colour flash
has no effect on the technical grading of colour. The finest colorless stone carries a
D rating, descending through each letter of the alphabet to Z.

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CLARITY - ALWAYS SEEKING CLARITY

The birthmark of a diamond is called an inclusion. The clarity of a diamond can be


viewed under 10-power magnification. An irregular surface on a diamond is called a
blemish. The inclusions and blemishes increases in value with an increase in
clarity.together determine clarity. A diamond

CARAT - WORTH ITS WEIGHT IN CARATS The weight of a diamond is expressed in


carats. One carat is divided into 100 points. A diamond one quarter of a carat can
also be described as weighing 25 points or 0.25 carats.

Through our global network of offices we are able to place a large spectrum of goods - rough &
polished - from small full cuts to large stones. Our large distribution in all consumption centres
including clients from Place Vendome in Paris and major watch brands in Switzerland to Wal-
Mart in Bentonville. We are in a privileged position to have a 5% market share of local polished

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sales in all major trading centers. Our sales & marketing teams further enhance this global reach
with co-branded and private label marketing programs in tandem with retailers.

Through our ever-active team of global buyers and manufacturing centers, we are able to procure
goods from the markets worldwide, in large quantities/qualities and fulfill our customers’
demands in a consistent and timely manner. With a $1.8bn business, our economies of scale
allow us to offer unparalleled value.

Inter Gold is our jewelry manufacturing arm. As one of India's largest diamond jewelry company,
We supply quality jewelry to a variety of segments and businesses.
Our marketing and distribution network spreads through-out the globe with special expertise in
the United States, Europe, Japan, and Asia Pacific; each backed by a local service desk.

ORRA - The Diamond Destination - is India’s largest and exclusive specialty diamond jewelry
retail chain. Set in an international format, ORRA retails through 35 exclusive high street
boutiques in 23 cities across India. Within 2 years of launch, ORRA was counted among the top
5 jewelry brands in the country.

• Financial strength and stability

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• ‘Stable’ rough supplies


• Understanding of market dynamics
• Pipeline integrity guarantee
• Strategic downstream partnerships
• Huge quality and size range from in-house production
• Global track record in branded and “special cut” programs

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Today, it is present in 14 countries and employ over 10.000 people

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In the US, we are involved in jewelry from mass market through to Rosy Blue Fine,
the group's high-end division established in New York in 2003 . Rosy Blue Fine
manages both Rosiblu, our flagship jewelry brand.

Rosy Blue retail chain ORRA, leading diamond jewelry retailer in India, has tie-ups
with 3 leading jewelry organizations: DTC (De Beers), PGI (Platinum Guild India) &
WGC (World Gold Council).

It has design centers in New York, Antwerp, Hong Kong, Tokyo and Mumbai.
Currently ORRA has over 32 stores across 23 cities in India and plans to expand the
number of its stores yearly.
ORRA collaborates with major retail chains and independent jewelers worldwide with
integrated services:

• Product design and development


• Raw material procurement
• Production and quality control
• Sales and distribution

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• Marketing and advertising


• After sales service
• Financial and development support

NEWS AND EVENTS


Orra Diamond to be associated with cricketWednesday,
March 26, 2008 (India)
Given the commendable record of 600 test wickets achieved by Anil Kumble, the
BCCI has decided to commemorate Anil Kumble. . The trophy comprises of a
beautifully handcrafted hand holding a diamond and ruby studded ball. It took
several weeks of the finest craftsmen to create this piece.

A record like this deserves something special and to create a memorabilia keeping
in view the magnitude of his achievements, BCCI appointed ORRA to create a
trophy.

ORRA has been the exclusive choice for


creating the most stunning pieces of jewellery
and works of art. From adorning the likes of
Nicole Kidman and Joan Rivers at the Oscars to
providing exquisite jewellery for Mallika
Sherawat at Cannes film festival to creating a
Million Dollar Bustier in honour of Prince and
Princess of Belgium and a beautiful diamond
bracelet for Hollywood actress Juliana Moore at
the recent Oscars in 2008, ORRA- The Diamond
Destination has done it all.

In fact recently it also collaborated with


renowned artist Anjoli Ela Menon and replicated
her painting into a beautiful pendant for a
charity auction.

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Mr. Vijay Jain, CEO, ORRA says, “The challenge for our design team was to create
something unique but at the same time something that would be symbolic of his
achievement. The finest craftsmen were used to create this memorabilia comprising
of the finest Belgian diamonds and rubies set in gold.

The ORRA design team led by Mona Mehta used its designers based out of 5
countries across the globe, some of who are extremely passionate about cricket.“

IPL trophy designed by Orra to be awarded on 1 June


While DLF IPL added glitz to the game of cricket, the
trophy of IPL designed by Orra added on to the sparkle of
IPL.

The Indian Premier League (IPL) winners’ trophy has been sculpted by the craftsmen at Orra
led by Mona Mehta, creative director, Orra. The logo of IPL is handcrafted in wood with a
batsman in gold holding a diamond bat. The gold weight of the statue is 691.15gms.

The trophy comprises of a wooden backdrop engraved with logos of

all the teams, signifying the unity and sportsmanship of all participating teams.

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A total 4,500 pieces of yellow and blue sapphires are used to fill the map of India denoting
passion for IPL, while 8 rubies in the map highlight the eight franchises and cities in which the
matches are being played.

Border of the Indian map and the league is highlighted by 2,554 pieces of round and baguette
diamonds weighing 68.77cts indicating the glitter that IPL added to cricket.

“We are truly proud to be associated with the DLF IPL because unlike in recent events where the
trophy has been sponsored and has little originality, we have been commissioned by the DLF
IPL to create the trophy,” said CEO of Orra, Vijay Jain.

“We commissioned Orra for creating a truly distinct and exquisite work of art as it befits the
stature and success of DLF IPL,” said chairman and commissioner of IPL, Lalit Modi.

ORRA designs 'The Diamond Destination' trophy November 21, 2008 (India)
Sachin Tendulkar, the master blaster beats them all and the BCCI commemorates him for his
feat of achieving 12000 runs, with a stunning trophy designed by ORRA- The Diamond
Destination.

The trophy designed is in the shape of a bat and ball with Sachins’s initials engraved in the bat
and ball with 316 Belgian diamonds weighing 27 carats set in 70grams of gold.

ORRA and BCCI’s association goes a long way with ORRA having designed the IPL Winners
Trophy and a trophy for Anil Kumble’s achievement of 600 test wickets. ORRA is known for its
finest craftsmanship and design innovation.

Mr. Vijay Jain, CEO, ORRA says, “The challenge for our design team was to create a
memorabilia that is so much like Sachin himself, Simple but Striking in every way. The finest

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craftsmen at ORRA were used to create the trophy comprising of the best quality Belgian
diamonds set in gold. ORRA is part of a centuries old Belgian legacy and this reflects in each of
their creations.

ORRA of Rosyblue presents fashion show IIFA 2006

Exclusive diamond retail chain ORRA, a division of Rosyblue, the world’s largest diamond
manufacturing company presented a celebrity Special fashion Show in Dubai on June 15, 2006
as a part of IIFA Weekend for the IIFA Charity Foundation Trust.

ORRA has a long and a successful association with the Hollywood and Bollywood Royalty.

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Many Indian celebrities adorned with some exquisite jewelry supplied by ORRA attended the
recently concluded IIFA 2006.

The star studded event had Rosyblue showcasing an exquisite collection of handcrafted
masterpieces

FUTURE STRATEGIES

Rosy Blue to set up 40 Orra diamond jewellery showrooms

THE Rosy Blue Group, is planning to invest Rs 90 crore in setting up 40 exclusive Orra diamond
jewellery showrooms in India over the next three years.

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Apart from its presence in India being marked by two separate ventures, the group also runs one
of its five global design centres from the country, the Chief Executive Officer of Orra,

"Rosy Blue is into diamond polishing, exports and retail in India. While the polishing business is
a separate company, the remaining two businesses fall under Intergold,"

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ORGANISATION STRUCTURE

Group Associates

The Group Associates are responsible for the Group’s long term development and strategy as
well as controlling and evaluating the company’s operations. They also provide the CEO with
guidelines and instructions for the daily management of the Group. During the year, the Group
Associates review the business plans and strategies for the various businesses in the Rosy Blue
Group. The Group Associates also review the financial positions of the different entities on a

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regular basis and act in order to ascertain that there are efficient systems to follow up and control
the business and financial position of the Rosy Blue Group.

The Group Associates currently consist of:

• Baron Dilip Mehta / Dipu Mehta / Vishal Mehta


• Arunkumar Mehta / Russell Mehta
• Harshad Mehta / Rihen Mehta
• Amit Bhansali / Ravi Bhansali

CEO

The CEO is in charge of the Group’s daily management through the Group executive
management and regularly reports to and interacts with the following bodies: the Group
Associates, Family Council and CSR Advisory Board.

The CEO of the Rosy Blue Group is Baron Dilip Mehta

Audit Committee

The mission of the Audit Committee is to assist the Group Associates in the following areas:

• financial information;
• internal control and risk management;
• internal audit;
• external audit.

The audit committee oversees the accounting and financial reporting processes and the audit of
the financial statements of the Group. It is responsible for the quality of the company’s financial
reporting through reviewing the interim reports and the annual report. In addition it has the task
of evaluating all auditors’ work as well as to provide the CEO and the Group Associates with the
results of this evaluation. External auditors are appointed locally.

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AML & Anti-Corruption Committee

The Group Associates have appointed this committee to report globally to the Group Associates
on the relevant areas within the framework of anti-money laundering, anti-bribery and anti-
corruption compliance standards. There is a Global AML Compliance Manager and Local CSR-
AML compliance officers who report according to the standards.

The main responsibilities of the committee are to :

• streamline and integrate policies and procedures, implement internal controls reasonably
designed to assure compliance by verifying customer identification, file reports, detect
suspicious activities, create and retain records, and respond to law enforcement requests;
• provide for an independent review to monitor and maintain this compliance program;
• co ordinate with the Global AML compliance Manager on making sound
recommendations on improving processes and procedures to combat money laundering
and corruption.

MEMBERS:

• Nayan Pansare
• Bart Duhamel
• Pranay Narvekar
• B.S. Vadivelu
• Maulik R Shah

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Corporate Affairs Committee

The committee's role is to expand Rosy Blue Group’s social responsibility and sustainable
development activities.The responsibilities of the Corporate Affairs and sustainability Committee
include the following:

• Review, discuss and monitor the Group’s Corporate Social Responsibility work,
including all compliance standards (Rosy Blue compliance model, BPP, UNGC, RJC et
al).
• Monitor the Group’s progress on compliance against strategic objectives and KPI targets.
• Review and discuss the Group’s CSR initiatives and goals in light of the Group’s overall
business strategy, including impact of the initiatives on business objectives.
• Review and discuss the Group’s CSR strategy, including discussion of applicable social,
economic and environmental trends.
• Ensure alignment between the Group Executive Management and the Group Associates
and all the employees on the implementation of the Group’s CSR goals.

MEMBERS:

• Iris Van der Veken


• Francis Lappen
• Keshav Tahilramani
• Palitha Jayaseekera
• Francis Abraham

CSR Advisory Board

The Group Associates established a distinguished CSR Advisory Board; a diverse group of
external industry leaders with a shared commitment to our mission of building a sustainable
corporate environment. We thank our CSR Advisory Board members for their steadfast support
of giving their feedback, constructive thoughts and continued guidance, strength and

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encouragement to further develop our standards within the diamond industry.


MEMBERS

• Mr. Thomas Leysen Chairman, Umicore Chairman of the Federation of Enterprises in


Belgium
• Baron Luc Bertrand Chief Executive Officer, Ackermans & van Haaren
• Mr. Sonjoy Chatterjee Director, ICICI Bank
• Mr. Tony Phillips Former Chief Executive Officer, Barloworld

Family Council

The Rosy Blue Family Council is an acknowledgment that; participation, open communication,
information sharing and constructive debate are needed in today's complex family and business
environment.

FUNCTIONING:

• to represent all family interest;


• to establish a unified and consistent approach to the Group’s business strategy;
• to oversee that the business decisions that are made are in line and underwrite the ethical
core values of the family;
• to inform all member on critical business and family issues;
• to promote a dialogue on important business issues;
• to make the right decisions through the interaction of family and the business by
participating in discussions and advising on the strategic planning of the business.

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STP ANALYSIS FOR ORRA DIAMONDS

• Segmentation
– Wedding Segment
– Non Bridal Segment
– Elite Segment
– Corporate Accessory
• Targeting
– Teenage and youth
– Employees of big firms
– Addressing Newly Wed
– Single & post Marital Acquisition
• Positioning
– Modern
– Special
– Young
– Ultimate Gift of Love
– And Lots of else

The Challenges faced by ORRA

• Traditionally in India, women did not wear diamond jeweler often, apart from special
occasions such as marriages and festivals.

• Diamond jewellery was not meant for everyone but only a privileged few who could meet
the expense of it.

• To possess a diamond was a real privilege.

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• Indians were only aware of 22karat jewellery in the market. The notion of 18karat
jewellery was completely unheard of.

PRICING OF ORRA

• The Orra range has been priced at Rs 5,000 at the entry level and up to Rs 10 lakhs for
the high-end jewellery.
• Orra had a scheme to sell gold at a fixed price.
• Segmentation: due to its premiere pricing it generally aims the elite group.
• Targeting: traditionally like all jewellery brands orra also targeted the female population
but above de age group of 20.
• Positioning: exclusive diamond outlet.

PROMOTION OF ORRA

• Used commercial ads to recapture the brand's heritage since Orra has been around for 116
years and it was essential to portray its rich tradition.
• Retail strategy- Positioned as an ‘Only Diamonds Store,’ it aims at bringing to the
consumers the finest diamond jewellery in a world-class retail setting.
• Rosy blue was associated with IIFA 2006.
• ORRA has had a long and successful association with the Hollywood and Bollywood.

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PLACE OF ORRA

• Orra operates in various parts of the world including Asia, USA, Middle East and Europe.
• They cater to their customers through retail outlets and online transactions.
• They also have various tie-ups with other jewellery outlets to market their brand

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COMEPTITORS ANALYSIS

Branded Segment Competes with approx. 300,000 traditional jewelers in the domestic market
such as TBZ, CKC – Banglore, Prince Jewellery, Joy Alukkas, GRT-Chennai, Notandas, Anmol,
Mahesh Notandass, Minawala, Nirvana, PN Gandgil Haoorilal, Punjab Jewellery, etc…

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SOURCE OF ROSY JOY RELIANCE


GITANJALI TANISHQ
DIFFERENCE BLUE ALUKKAS JEWELS

SALES
TURNOVER 7200 4832 3520 3350 800

(in Crores)

Upper Upper
TARGET Middle Middle Middle
Middle middle
CUSTOMER &above &above &above
&above &above

Theme
MARKETING Customer Press
Events Advertising based
STRATEGY Schemes releases
advertising

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THE COMPETION FOR ORRA DIAMIONDS IN THE INDIAN


MARKET

PREMIUM

POPULAR

MASS

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CHAPTER 3

RESEARCH METHODOLOGY

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Research methodology is a strategy that guides a research in providing answers to research


questions and for this, research survey is being done. “Accuracy of the study depends on the
systematic application of the method”. The researcher has to decide the method to be used that
helps him to get a desired direction in a systematic way.

This study in the following manner.

The research approach for this study was conclusive research. Conclusive research are designed
to help executives to choose among various possible alternatives to make a viable business
decision. Further this research was of descriptive type, which is an offshoot of conclusive
research. The problem for this research was non-operating in nature .The data used was mainly
secondary in nature collected from various articles, journals, and mainly internet

Objective of Research

The purpose of research is to discover answers to questions through the application of scientific
procedures. The main aim of research is to find out the truth which is hidden and which has not been
discovered as yet. Though each research study has its own specific purpose, we may think of research
objective as falling into a number of following broad groupings:

 To gain familiarity with a phenomenon or to achieve new insight into it.

 To test a hypothesis of a causal relationship between variables.

 To collect as much information about the jewellery industry as possible

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 To do a comparative analysis of major players in the industry

SCOPE

Area

The area aspect was not taken into consideration so much because the
research was basicaly based on secondary data.

Time

the time used in research was of approximately three months.

Market

the whole market is not taken into the study, the research has been done only
on four companies i.e. tanishq, sheetal group,eros and orra.thus the market
scope is not so fast.

DATA COLLECTION

Source of Data for this project was secondary only because since the companies under study are
not Bangalore based. In reference to the theoretical concept as well as for information are
collected through secondary sources from paper published material i.e. newspaper, journal and
magazine & from printed electronic media i.e. internet website

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LIMITATIONS

• Since most of the companies undertaken for research were non listed the financials of the
companies are not available.

• In the given timeframe only secondary data collection was possible.

• Eros being a North Indian company lacked outlets here in Bangalore.

• The objectives from visiting the stores could not be fulfilled as the people were not
willing to give much information.

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CHAPTER 4

COMPARITIVE ANALYSIS

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EROS JEWELLERY

SWOT

STRENGTS

1. Unique designs and constructive methods.

2. Strong relationships with suppliers as well as galleries.

3. The flexibility to provide custom prices

4. A comprehensive distribution network from a robust website and a


network of galleries.

WEAKNESS

1. A large portion of target market is unaware of contemporary design’s


products.

2. Limited time and money to market the company to the segmented


target population.

3. The struggle to constantly create new designs.

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OPPORTUNITIES

1. A growing market that to a large degree, is unaware of contemporary


designs.

2. The possibility to grow the size of the company so the management


is spending its time creating and allowing others to deal with the
administrative details.

3. The injection of fresh, creative designs in a somewhat stagnant


industry.

THREATS

1. A decrease in the availability of raw materials due to the demand


from other industries.

2. Artistic copycats that enter the market and mimic the companies
designs.

3. A slowdown of the economy that will have a reduction on


individual’s discretionary income.

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STRENGTH OPPORTUNITIES
• Purity (karat meter) • Global markets
• Distribution network and • Low cost jewellery
retailing store • Customized jewellery designs
• Award winning designs • Concentrate on Gen-X by
• Diversity in jewellery having trendy jewellery
gold/diamond/platinum • Expand retail stores
• Competitive prices

WEAKNESS THREATS
• Capture Rs 70,000-crore • Competition
• Escalated gold costs lower • Lack of Skilled workers
margins • Gold not seen as s source of
investment. (Luxury is needed).

TANISHQ

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KIAH

STRENGTHS

• Large number of retail outlets- Today KIAH has a network of 17 exclusive showrooms in
the country across 8 cities.

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• Kiah, sold through 13 showrooms across India, belongs to Sheetal Group, world’s largest
polished diamond producer with an annual turnover of 1.5 million carats.

• Just in time delivery

• Consistent and customised assortments

• Forward product planning as per customer requirement

• Co-opt trade advertising

• Association with Femina Miss India 2005

• Intensive promotion

Weakness

• Low capital since it is not listed.

• Low market share

Opportunity

• Global market

• Low cost jewellery

• Variety of jewellery designs

• Expanding retail outlets

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Threats

• Competition from major players like tanishq, gitanjali etc.

• Lack of skilled labours

• Customised jewellery designes.

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ORRA

STRENGTHS WEAKNESSES

• Financial strength and stability • Does’nt cater to the middle and lower
• ‘Stable’ rough supplies stratas of the Indian society

• Understanding of market dynamics • Not very well known among common

• Pipeline integrity guarantee people


• High profile,extremely expensive,
• Strategic downstream partnerships
only for the rich,An image as
• Huge quality and size range from in-
perceived by the common people.
house production
• Global track record in branded and
“special cut” programs
• Global presence

OPPORTUNITIES THREATS

• Better advertising and marketing • Increasing competition from retail


strategies jewellery houses coming in.
• Change image as perceived by
• Local customers preference on local
common people
jewellery houses rather than high end
• Easy and convenient store locations
boutique stores- ORRA

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CHAPTER: 5

CONCLUSION

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Conclusion

Today India is the largest manufacturers of diamonds in the world. We make use of the latest
automated machines, technology and tools. Indians have realized the importance of technology
in the diamond trade and have upgraded their facilities to a great extent.
There cannot be a control on the amount of rough coming into our country. The polishing and
marketing of diamonds has gained more importance. New markets and centers have started
emerging and stones similar to small traditional Indian goods types are being polished in China
and even in Thailand and Sri Lanka.
India has 55 percent by value, 80 percent by volume and 90 percent by way of pieces. Though
this being the current situation. It will not be difficult for the industry to grow by five to ten
percent in terms of value because of our sizes of firms and our labor force. But a share of larger
than seventy five percent will be difficult because of competition from other new markets, the
mining companies themselves setting up manufacturing and polishing facilities and the rest of
the market consists of high quality and colored diamonds.
Though the Indian diamond market has a large share when compared to other markets, they will
have to work hard for maintaining this position and will have to make continuous changes and
innovations. The government will have to take steps in stopping illegal activities and threat of
terrorism. The diamond industry should also look more into fancy and colored diamonds, which
is the latest trend. They should also look into the new shaped diamonds that have been
discovered.

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BIBLOGRAPHY

BOOKS

Marketing Management by Philip Kotler, Keller, Koshy and Jha,


Pearson Prentice Hall, 13th edition

WEB

• Case Studies and Management Resources - www.icmrindia.org/


• Tanishq official website - www.tanishq.com
• Management students forum - http://www.managementparadise.com/
• The Hindu Business Line - www.thehindubusinessline.com/
• Business Standard - www.business-standard.com/
• E-bay Shopping website - http://www.ebay.in/
• Moneycontrol.com - http://www.moneycontrol.com/
• Economic Times - 27 Jun, 2008, Sreeradha D Basu -
http://economictimes.indiatimes.com/News/News_By_Industry/Cons_Product
s/Fashion__CosmeticsJewellery/Gitanjali_Tanishq_Adora_expect_50_sales_gro
wth/articleshow/3169571.cms
• Economic Times - 14 Dec, 2007, Vidyalaxmi & Preeti Kulkarni -
http://economictimes.indiatimes.com/Personal_Finance/Savings_Centre/Savi
ngs_News/How_to_do_your_bridal_shopping/rssarticleshow/msid-
2621101,curpg-2.cms
• www.erosjewelry.com/
• www.erosjewellery.com/
• www.fibre2fashion.com/news/company-news/eros-jewelry/
• www.scribd.com/doc/8910495/Indian-Jewellery-Industry
• www.slideshare.net
• www.kiah.com
• www.sheetalgroup.com
• www.icra.com
• www.rosyblue.com
• www.orra.co.in
• www.google.com
• www.scribd.com
• ART OF JEWELERY MAGAZINE- APRIL,2009

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