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A comparative study on the consumers preference towards branded jewellery over non branded jewellery in Nasik

Submitted by: 1. 2. 3. 4. 5.
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Table of Content
1 2 3 4 $ 6 # & ( Acknowledgement Introduction Objective of Study Descri tion of t!e "roblem Signific%nce of t!e study 'ustific%tion of t!e study )ese%rc! *et!odology Sc!edule ,iter%ture )eview (-1 .!e emergence of /r%nded 0old 'ewellery (-2 0old 'ewellery *%rket in Indi% (-3 0old 'ewellery /ecomes 1%s!ion Accessory (-4 /r%nd % e%l (-$ Indi%n 2ustomers S!owing Interest in /r%nded 'ewellery (-6 .r%dition%l v3s /r%nded jewelers (-# A study on t!e jewellery industry (-& .rends in 'ewellery (-( Indi%ns o ting for br%nded gold jewellery An%lysis of ,iter%ture )eview An%lysis %nd findings 4y ot!esis 2onclusion ,imit%tions )eference A endices 3 4 6 # & ( 1+ 12 13 13 14 1# 1( 21 23 2# 32 36 3& 3( 4( $1 $3 $4 $$

1+ 11 12 13 14 1$ 16

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ACKNOWLE !E"ENT

5e6 t!e students of Semester II from #"ET $n%titute of "ana&ement' ursuing our 7*%ster in /usiness Administr%tion8 t%ke gre%t le%sure in resenting our efforts of develo ing % com lete roject in % very s%tisf%ctory %nd % reci%ble m%nnerOur efforts !%ve been % success due to t!e 2o9o er%tion of t!e entire IO* de %rtment wit!out w!ic! % roject of t!is m%gnitude6 given restriction of time6 could not !%ve been ossible5e owe t!is roject to #()of. Nile%* +e)ad' w!ose !el 6 e: ert guid%nce %nd inv%lu%ble 2o9o er%tion guided us t!roug! out t!e rese%rc! !%se-

T*an,in& -ou.

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$nt)odu.tion
.ill t!e e%rly 1((+s6 t!e %ver%ge Indi%n boug!t jewellery for investment r%t!er t!%n for %dornment- 'ewellery m%de of 1&9k%r%t gold w%s not f%vored %s it w%s considered % oor investment2onfidence in t!e loc%l jeweler w%s t!e !%llm%rk of t!e gold jewellery tr%de in Indi%- A jeweler or goldsmit! in % loc%l %re% !%d % fi:ed %nd loy%l clientele- .!e buyer !%d im licit f%it! in !is jeweler- Addition%lly6 t!e loc%l jeweler c%tered to t!e loc%l t%ste for tr%dition%l jewellery4owever6 since t!e l%te 1((+s6 t!ere w%s % s!ift in consumer t%stes; women were incre%singly o ting for f%s!ion%ble %nd lig!tweig!t jewellery inste%d of tr%dition%l c!unky jewellery.!ere w%s % rise in dem%nd for lig!tweig!t jewellery6 es eci%lly from consumers in t!e 16 to 2$ %ge grou 6 w!o reg%rded jewellery %s %n %ccessory %nd not %n investment- .!e new millennium witnessed % definite c!%nge in consumer references/r%nded jewellery %lso g%ined %cce t%nce forcing tr%dition%l jewelers to go in for br%nding0iven t!e o ortunities t!e br%nded jewellery m%rket offered< t!e number of gold ret%ilers in t!e country incre%sed s!%r ly- /r%nded l%yers suc! %s .%nis!=6 Oy>terb%y6 0ili %nd 2%rbon o ened outlets in v%rious %rts of t!e country- .r%dition%l jewelers %lso beg%n to bring out lig!tweig!t jewellery6 %nd some of t!em even l%unc!ed t!eir in9!ouse br%nds- 4owever6 t!e s!%re of br%nded jewellery in t!e tot%l jewellery m%rket w%s still sm%ll ?%bout )s- 1+ billion of t!e )s- 4++ billion er %nnum jewellery m%rket in 2++2@6 t!oug! growing %t % %ce of 2+ to 3+ ercent %nnu%lly- .!e br%nded jewellery segment occu ied only % sm%ll s!%re of t!e tot%l jewellery m%rket bec%use of t!e mindset of t!e %ver%ge Indi%n buyer w!o still reg%rded jewellery %s %n investment- *oreover6 consumers trusted only t!eir f%mily jewelers w!en buying jewellery- 2onse=uently6 t!e br%nded jewellery l%yers tried to c!%nge t!e mindset of t!e eo le %nd woo customers wit! %ttr%ctive designs %t %fford%ble rices4owever br%nded jewellery l%yers will continue to f%ce lot of com etition from loc%l

jewelers- In order to g%in m%rket s!%re6 t!ey will !%ve to come u wit! designs t!%t customers w%nt %nd win t!e trust %nd confidence of consumers by !%llm%rking %nd demonstr%ting t!e urity of t!e gold used by t!em52

.o com ete wit! tr%dition%l l%yers6 br%nded l%yers must %lso find some w%y to differenti%te t!emselves- 5!ile t!e success of % %rticul%r br%nd will de end on differenti%tion6 %fford%bility %nd =u%lity will be % key element in sust%ining % br%ndIn %ddition6 br%nded l%yers re=uire focused %dvertising %nd %stute s%lesm%ns!i to com ete wit! tr%dition%l jewelers- /esides t!e m%jor br%nds9 .%nis!=6 2%rbon6 Oy>terb%y6 0ili %nd .rendsmit! 9 sever%l region%l l%yers !%ve o ened br%nc!es to lever%ge t!e trust %nd re ut%tion t!%t t!ey !%ve built u over t!e ye%rs-

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Objective of study
.!e objective to study t!e 7A comparative study on the consumers preference towards branded jewellery over non branded jewellery in Nasik.8 is to find out 1@ .!e consumerAs buying references 2@ .!e re%c! of br%nded jewelerAs 3@ /r%nd %w%reness of v%rious br%nds in t!e jewelerAs m%rket

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Descri tion of roblem


.!e sco e of study is limited due to t!e following re%sons; 1@ .ime constr%int9 since t!e time s %n for t!e t!esis is only 12 d%ys %n in de t! study %nd %n%lysis will become % little difficult2@ S%m le si>e9 t!e s%m le si>e of t!e study is only 1++ w!ic! would not give % com re!ensive result- *%ny im ort%nt s%m les m%y not be considered %t %ll- .!e conclusion of t!e study m%y not result to %n %ccur%te outcome due to t!e s%m le si>e being sm%ll3@ /ound to only B%sik city 9 t!e ot!er limit%tion of t!e study is it is limited to only t!e m%in city %re% of B%sik %nd ignores t!e s%m les from t!e sm%ller %rts of t!e district.!e buying be!%vior of %n individu%l v%ries from l%ce to l%ce4@ Aw%reness9 t!e s%m le t%ken %nd t!e conclusion dr%wn c%n be led to only one side if t!ere is l%ck of %w%reness %bout br%nded jewellery-

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Signific%nce of t!e study


.!e gems %nd jewellery industry occu ies %n im ort%nt osition in t!e Indi%n economy %nd is one of t!e f%stest growing industries in t!e country4ence t!e rese%rc! conducted would !el me 1@ Cnderst%nd t!e consumers reference w!ile urc!%sing jewellery 2@ 4ow muc! im %ct does % br%nd !%ve on t!eir urc!%se decision 3@ Does rice l%y %n im ort%nt role in guiding t!eir urc!%se decision

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'ustific%tion of t!e study

.!e revious rese%rc! done on br%nded %nd non br%nded jewellery m%rkets %re 1@ Indi%n 0ems %nd 'ewellery *%rket 9 1uture "ros ects to 2+11 2@ .!e im %ct of recession on t!e jewellery industry 3@ .!e growt! of t!e /r%nded jewellery m%rket in Indi% Bo study !%s been done to find out t!e reference of consumerAs between br%nded %nd non br%nded jewelers- .!e study would %lso !el to find out t!e consumer reference %nd t!eir buying be!%vior tow%rds br%nded %nd non br%nded jewelerAs6 t!is would !el bot! t!e ret%ilers to know w!%t %re t!e consumer reference %nd w!%t str%tegies s!ould t!ey %d% t to gr%b t!e m%rket-

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/e%ea).* "et*odolo&y

)ese%rc! is initi%ted by e:%mining t!e second%ry d%t% to g%in insig!t into t!e roblem- .!e rim%ry d%t% is ev%lu%ted on t!e b%sis of t!e %n%lysis of t!e second%ry d%t%-

DEVELOPING THE RESEARCH PLAN


.!e d%t% for t!is rese%rc! roject would be collected t!roug! =uestionn%ire- A structured

=uestionn%ire would be fr%med %s it is less time consuming6 gener%tes s ecific %nd to t!e oint inform%tion6 e%sier to t%bul%te %nd inter ret- *oreover res ondents refer to give direct %nswers- /ot! ty e of =uestions i-e- O en ended %nd closed ended6 would be used-

COLLECTION OF DATA
a0 Secondary Data: It w%s collected from intern%l sources- .!e second%ry d%t% w%s collected from t!e %rticles6 news % ers6 m%n%gement books6 %nd t!e internetb0 Primary data: .!ey were t!e m%in source of "rim%ry d%t%- .!e met!od of collection of rim%ry d%t% would be direct erson%l interview t!roug! % structured =uestionn%ire-

SAMPLING PLAN
Since it is not ossible to study w!ole o ul%tion6 it is necess%ry to obt%in re resent%tive s%m les from t!e o ul%tion to underst%nd its c!%r%cteristics1 Sam!"in# $nit%: would com rise of men %nd women& Re%earc' In%tr(ment: Structured Duestionn%ire

SAMPLE SI)E 1++ res ondent

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.!e rim%ry d%t% would be collected from 1@ .!e o ul%tion of B%sik city .!e second%ry d%t% would be collected from; 1@ /ooks 2@ *%g%>ines3 "roject re ort 3@ Internet 4@ Articles .!e =uestionn%ireAs res onse form%t for t!e o ul%tion would be close ended =uestions- 5it! % mi: of =uestion ty es v%rying from r%nking6 multi le c!oice to c!ecklist =uestions- .!e %ttitude of t!e res ondents would be me%sured by itemi>ed c%tegory sc%les6 ictori%l sc%le-

4y ot!esis E
.!e null !y ot!esis would be; 7$+F of t'e con%(mer !re*er% +(yin# +randed ,e-e""ery./ .!e %ltern%tive !y ot!esis would be; 0More t'an 123 o* t'e con%(mer !re*er% +(yin# non +randed ,e-e""ery./

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Lite)atu)e /e1ie2
The emergence of branded gold jewellery; In t!e l%te 1((+s6 t!e Indi%n jewellery m%rket witnessed % s!ift in consumer erce tions of jewellery- Inste%d of being reg%rded %s only %n investment o tion6 jewellery w%s being ri>ed for its %est!etic % e%l- In ot!er words6 t!e focus seemed to !%ve s!ifted from content to design- .rendy6 %fford%ble %nd lig!tweig!t jewellery soon g%ined f%mili%rity- /r%nded jewellery %lso g%ined %cce t%nce forcing tr%dition%l jewelers to go in for br%nding0iven t!e o ortunities t!e br%nded jewellery m%rket offered< t!e number of gold ret%ilers in

t!e country incre%sed s!%r ly- /r%nded l%yers suc! %s .%nis!=6 Oy>terb%y6 0ili %nd 2%rbon o ened outlets in v%rious %rts of t!e country- .r%dition%l jewelers %lso beg%n to bring out lig!tweig!t jewellery6 %nd some of t!em even l%unc!ed t!eir in9!ouse br%nds4owever6 t!e s!%re of br%nded jewellery in t!e tot%l jewellery m%rket w%s still sm%ll ?%bout )s- 1+ billion of t!e )s- 4++ billion er %nnum jewellery m%rket in 2++2@6 t!oug! growing %t % %ce of 2+ to 3+ ercent %nnu%lly .!e br%nded jewellery segment occu ied only % sm%ll s!%re of t!e tot%l jewellery m%rket bec%use of t!e mindset of t!e %ver%ge Indi%n buyer w!o still reg%rded jewellery %s %n investment- *oreover6 consumers trusted only t!eir f%mily jewelers w!en buying jewellery2onse=uently6 t!e br%nded jewellery l%yers tried to c!%nge t!e mindset of t!e eo le %nd woo customers wit! %ttr%ctive designs %t %fford%ble rices-

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old !ewellery "arket in #ndia /efore t!e liber%li>%tion of t!e Indi%n economy in 1((16 only t!e *iner%ls %nd *et%ls .r%ding 2or or%tion of Indi% ?**.2@ %nd t!e St%te /%nk of Indi% ?S/I@ were %llowed to im ort gold- .!e %bolition of t!e 0old 2ontrol Act in 1((26 %llowed l%rge e: ort !ouses to im ort gold freely G: orters in e: ort rocessing >ones were %llowed to sell 1+ ercent of t!eir roduce in t!e domestic m%rket- In 1((36 gold %nd di%mond mining were o ened u for riv%te investors %nd foreign investors were %llowed to own !%lf t!e e=uity in mining ventures- In 1((#6 overse%s b%nks %nd bullion su liers were %lso %llowed to im ort gold into Indi%- .!ese me%sures led to t!e entry of foreign l%yers like De/eers6 .iff%ny %nd 2%rtiers into t!e Indi%n m%rketIn t!e 1((+s6 t!e number of ret%il jewellery outlets in Indi% incre%sed gre%tly due to t!e %bolition of t!e 0old 2ontrol Act- .!is led to % !ig!ly fr%gmented %nd unorg%ni>ed jewellery m%rket wit! %n estim%ted 1++6+++ works!o s su lying over 3$+6+++ ret%ilers6 mostly f%mily9owned6 single s!o o er%tions- In 2++16 Indi% !%d t!e !ig!est dem%nd for gold in t!e world< &$$ tons were consumed % ye%r6 ($F of w!ic! w%s used for jewellery- .!e bulk of t!e jewellery urc!%sed in Indi% w%s designed in t!e tr%dition%l Indi%n style'ewellery w%s f%bric%ted m%inly in 1&6 22 %nd 249c%r%t gold- As 4%llm%rking w%s not very common in Indi%6 under9c%r%t %ge w%s rev%lent- According to % survey done by t!e /ure%u of Indi%n St%nd%rds ?/IS@6 most gold jewellery %dvertised in Indi% %s 229c%r%t w%s of % lesser =u%lity- Over &+F of t!e jewelers sold gold jewellery r%nging from 13-$ c%r%ts to 1& c%r%ts %s 229c%r%t gold jewellery.!e l%te 1((+s s%w % number of br%nded jewellery l%yers entering t!e Indi%n m%rket- .it%n sold gold jewellery under t!e br%nd n%me .%nis!=6 w!ile 0it%nj%li 'ewels6 % *umb%i9b%sed jewellery e: orter6 sold 1&9c%r%t gold jewellery under t!e br%nd n%me 0ili- 0it%nj%li 'ewels %lso st%rted selling 249c%r%t gold jewellery in %ssoci%tion wit! % .!%i com %ny6 "r%nd%- Su9 )%j ?Indi%@ ,td- l%unc!ed its collection of di%mond %nd 22 9c%r%t gold jewellery in 1((#.!e *umb%i9b%sed grou 6 /e%utiful6 w!ic! m%rketed t!e .iff%ny r%nge of roducts in Indi%6 l%unc!ed its own r%nge of studded 1&9c%r%t jewellery6 D%gin%- 2%rtiers entered Indi% in 1((# in % fr%nc!ise %greement wit! )%viss%nt- Ot!er l%yers w!o entered t!e Indi%n br%nded gold jewellery m%rket during t!e 1((+s %nd 2+++9+1 included Intergold 0em ,td-6 Oy>terb%y6 2%rbon %nd .rib!ov%nd%s /!imji H%veri ?./H@52

0ili; In 1((46 0ili 'ewellery w%s est%blis!ed %s % distinct br%nd by 0it%nj%li 'ewels6 soon %fter t!e %bolition of t!e 0old 2ontrol Act by t!e Indi%n government- 0ili offered % wide r%nge of 1&9c%r%t l%in gold %nd di%mond9studded jewellery6 designed for t!e contem or%ry Indi%n wom%n- .!e designs combined bot! t!e Indi%n %nd western styles %nd motifs- 5it! s%les of )s-+-14 billion for t!e ye%r 2+++9+16 0ili !%d % +-+3 ercent s!%re of t!e 4++ billion jewellery m%rket in Indi% %nd % 1-4 ercent s!%re of t!e br%nded jewellery m%rket.%nis!=; In 1(&46 Duest%r Investments ,imited ?% .%t% grou com %ny@ %nd t!e .%mil B%du Industri%l Develo ment 2or or%tion ,imited ?.ID2O@ jointly romoted .it%n 5%tc!es ,imited ?.it%n@- Initi%lly involved in t!e w%tc!es %nd clocks business6 .it%n l%ter ventured into t!e jewellery businesses- In 1(($6 .it%n c!%nged its n%me from I.it%n 5%tc!es ,td-I to I.it%n Industries ,td-I in order to c!%nge its im%ge from t!%t of % w%tc! m%nuf%cturer to t!%t of % f%s!ion %ccessories m%nuf%cturer- In t!e s%me ye%r6 it %lso st%rted its jewellery division under t!e .%nis!= br%ndAmong t!e br%nded jewellery l%yers in t!e Indi%n m%rket6 .%nis!= is considered to be % trendsetter- 5!en it w%s l%unc!ed in 1(($6 .%nis!= beg%n wit! 1&9c%r%t jewellery- )e%li>ing t!%t suc! jewellery did not sell well in t!e domestic m%rket6 t!e 1&9c%r%t jewellery r%nge w%s e: %nded to include 22 %nd 249c%r%t orn%ments %s well- 5!en .%nis!= w%s l%unc!ed6 it sold most of its roducts t!roug! multibr%nd stores- In 1((&6 .%nis!= decided to set u its own c!%in of ret%il s!owrooms to cre%te % distinctive br%nd im%ge/y 2++26 .%nis!= ret%iled its jewellery t!roug! $3 e:clusive stores %cross 41 cities- .o meet incre%sing dem%nd6 .%nis!= l%nned to o en #+ stores by t!e end of 2++3 %nd offer % r%nge of Iwe%r%bleI roducts wit! rices st%rting %t )s- 4++- 5it! s%les of )s- 2-66 billion in 2+++9+16 .%nis!= !%d % +-66 ercent s!%re of t!e tot%l jewellery m%rket %nd % 2# ercent s!%re of t!e br%nded jewellery m%rket2%rbon; In e%rly 1((16 t!e /%ng%lore b%sed "e%kok 'ewellery "vt- ,td-6 ?"e%kok@ w%s incor or%ted %nd *%!es! )%o ?)%o@ w%s % ointed director- "e%kok re%li>ed t!%t t!e Indi%n consumerIs rel%tions!i wit! gold jewellery would grow beyond %n investment need tow%rds % lifestyle %nd erson%lity st%tement- In 1((66 wit!in t!e "e%kok fold % new br%nd of 1&9c%r%t gold9b%sed jewellery c%lled 2%rbon w%s l%unc!edIn 2+++9+16 wit! s%les of )s- +-14 billion6 c%rbon !%d % +-+3 ercent s!%re of t!e jewellery m%rket %nd % 1-4 ercent s!%re of t!e br%nded jewellery m%rket- .!e com %ny e: ected
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2%rbon s%les to touc! )s- 1-$ billion by 2++$9+6 %nd e: orts to st%rt by 2++&- .!e br%nd w%s %v%il%ble %t 4+ outlets in 16 cities in 2++2 %nd would be m%de %v%il%ble in 23 cities by 2++$Oy>terb%y; Oy>terb%y w%s founded by J%s%nt B%ngi% %nd !is te%m in 'uly 2+++- It beg%n o er%tions in *%rc! 2++1- /y Bovember 2++26 t!e com %ny !%d 41 outlets %cross t!e country- Oy>terb%y seeks to build % n%tion%l br%nd in t!e jewellery industry in Indi% %nd %s ires to be t!e l%rgest br%nded jewellery com %ny in t!e country wit! % c!%in of 1++ stores %nd sever%l !undred9distribution oints by 2++4- 5it! s%les of )s- +-1# billion in 2+++9+16 Oy>terb%y !%d % +-+4 ercent s!%re of t!e )s-4++ billion jewellery m%rket %nd % 1-# ercent s!%re of t!e br%nded jewellery m%rket .rendsmit!; *umb%i9b%sed .rib!ov%nd%s /!imji H%veri ?./H@6 w!ic! !%d been in t!e jewellery business since 1&646 s%w tremendous sco e in t!e br%nded segment %nd o ened its new conce t store I.rendsmit!I in *umb%i in December 2++1- Gncour%ged by t!e res onse tow%rds its first store6 t!e H%veris l%nned to t%ke .rendsmit! ?Indi%@ "vt- ,td- %ll over t!e n%tion by o ening %s m%ny %s $+ stores by 2++6- .rendsmit! offered eig!t lines of e:clusive designer jewellery from well9known e: ort jewellery m%nuf%cturers %nd designers from *umb%i %nd Del!i/)ABDGD 0O,D 'G5G,,G)K *A)LG. ?*A'O) ",AKG)S@ /r%nd .%nis!= Oy>terb%y 0ili 2%rbon *%rket s!%re ?2+++9+1@ in F@ 2#-+ 1-# 1-4 1-4

Source; I21AI 2entre for *%n%gement )ese%rc!-

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old !ewellery $ecomes %ashion Accessory .ill t!e e%rly 1((+s6 t!e %ver%ge Indi%n boug!t jewellery for investment r%t!er t!%n for %dornment- 'ewellery m%de of 1&9k%r%t gold w%s not f%vored %s it w%s considered % oor investment- 2onfidence in t!e loc%l jeweler w%s t!e !%llm%rk of t!e gold jewellery tr%de in Indi%- A jeweler or goldsmit! in % loc%l %re% !%d % fi:ed %nd loy%l clientele- .!e buyer !%d im licit f%it! in !is jeweler- Addition%lly6 t!e loc%l jeweler c%tered to t!e loc%l t%ste for tr%dition%l jewellery4owever6 since t!e l%te 1((+s6 t!ere w%s % s!ift in consumer t%stes; women were incre%singly o ting for f%s!ion%ble %nd lig!tweig!t jewellery inste%d of tr%dition%l c!unky jewellery.!ere w%s % rise in dem%nd for lig!tweig!t jewellery6 es eci%lly from consumers in t!e 16 to 2$ %ge grou 6 w!o reg%rded jewellery %s %n %ccessory %nd not %n investment- .!e new millennium witnessed % definite c!%nge in consumer references- According to S%mr%t H%veri6 2GO of .rendsmit!6 M)ese%rc! s!ows t!%t t!e Indi%n jewellery sector is in t!e tr%nsition !%se wit! consumersI desire for ossession of jewellery for its %est!etic % e%l %nd not %s % form of investment-M In October 2++26 Trend%mit' cond(cted a %(r4ey to (nder%tand t'e %'i*tin# need%5 moti4ation% and a%!iration% o* con%(mer% in t'e ,e-e""ery mar6et5 and to identi*y ne- trend% and o!!ort(nitie%. T'e re%earc' %t(dy arri4ed at t'e *o""o-in# conc"(%ion%: N .!e Indi%n m%rket w%s witnessing %n %cceler%ted s!ift from viewing jewellery %s %n investment to reg%rding it %s %est!etic%lly % e%ling orn%ments- .!e focus !%d s!ifted from content !e%vy6 tr%dition%l gold jewelleryN .!e consumer w%nted % wider selection %t % single convenient loc%tion %nd e: ected %n intern%tion%l s!o ing e: erienceto designN .!e younger gener%tion w%s looking %t trendy6 contem or%ry jewellery %nd cle%rly %voiding

N .!e Indi%n consumer w%s willing to e: eriment wit! new designs.!e l%te 1((+s %nd e%rly 2+++s6 wit! t!e incre%se in t!e number of designers from design sc!ools suc! %s t!e B%tion%l Institute of 1%s!ion .ec!nology ?BI1.@6 % wide r%nge of new designs bec%me %v%il%ble- In %ddition6 t!e growing number of m%nuf%cturers needed %
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ret%iling l%tform wit! glob%l %nd n%tion%l re%c!- All t!ese led to t!e rolifer%tion of br%nded jewellery l%yers-

&trategies for 'ooing (ustomers .%nis!= In t!e l%te 1((+s6 l%yers in t!e br%nded gold jewellery m%rket formul%ted str%tegies for wooing customers- According to '%cob Luri%n ?Luri%n@6 2!ief O er%ting Officer of .%nis!=6 t!e c!%llenges were m%ny- As t!e jewellery m%rket w%s !ig!ly fr%gmented6 l%cked br%nding6 %nd %llowed m%ny unet!ic%l r%ctices to flouris!6 .%nis!= worked !%rd on % two9 ronged br%nd9building str%tegy; cultiv%te trust by educ%ting customers %bout t!e unet!ic%l r%ctices in t!e business %nd c!%nge t!e erce tion of jewellery %s % !ig!9 riced urc!%se- S%id Luri%n6 M5e %re c!%nging t!e %ttitudes of customers from blind trust to informed trust-M .o incre%se its m%rket s!%re6 .%nis!= formul%ted % str%tegy for luring eo le %w%y from tr%dition%l neig!bor!ood jewelers- .%nis!=Is str%tegy w%s to cre%te differenti%tion %nd build trustAccording to Luri%n6 t!e first %rt of t!e str%tegy w%s Mto rovide % oint of differenti%tion in % !ig!ly commoditi>ed c%tegory 9 w!ic! is t!e w!ole oint of br%nding-M .!e second %rt of t!e str%tegy w%s to roject .%nis!= %s %n unim e%c!%ble m%rk of trust- According to Luri%n6 MIf differenti%tion l%ys t!e role of rim%ry %ttr%ction6 trust t%kes c%re of lifelong loy%lty-8 One w%y to cre%te differenti%tion w%s t!roug! design- .!e em !%sis !%d to be on design bec%use loc%l jewelers could offer to design %ny be evolved1or t!is6 .%nis!= set u % seven member in9!ouse design te%m %nd %lso outsourced designs from freel%nce designers- .!e designers tr%velled t!e lengt! %nd bre%dt! of t!e country to get feedb%ck on .%nis!=Is designs %nd le%rn %bout customer references- On t!e b%sis of t!is feedb%ck6 e%c! s!owroom could select t!e designs it would c%rrySource;!tt ;33www-icmrindi%-org3freeF2+resources3c%sestudies3br%nded9gold9jewellery1-!tm
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%ttern %ccording to t!e customerIs

s ecific%tions- 1or % n%tion%l br%nd % generic design conce t wit! region%l v%ri%tions !%d to

$rand appeal /r%nded jewellery !%s found % nic!e for itself in t!e toug! Indi%n m%rket6 %nd its incre%sing growt! r%tes s!ow t!%t before long it will corner % signific%nt s!%re of t!e jewellery m%rket5I.4 t!e ret%il industry in Indi% burgeoning6 sever%l com %nies !%ve m%de inro%ds into t!e tr%dition%l jewellery industry6 selling t!e roduct t!%t w%s never re%lly Mm%rketedM in Mbr%ndM new w%ys- So muc! so t!%t br%nded jewellery is t!e new m%ntr% in t!e m%rket6 !%ving r% idly %c=uired % nic!e over t!e %st few ye%rsSome of t!e com %nies !%ve even cleverly l%yed on Indi%n customs %nd tr%dition to

%dvertise %nd est%blis! t!eir br%nds- 'ewellery is now m%rketed for every occ%sion< even J%lentineIs D%y c%lls for M% s eci%l somet!ing Odi%mondP for % s eci%l someoneMIn s ite of essimism %bout t!e m%rket%bility of br%nded jewellery in % country rooted in buying orn%ments from t!e tr%dition%l goldsmit!6 3+ br%nds were l%unc!ed in 2++44owever6 t!is does not t%ke %w%y from t!e f%ct t!%t Indi% is % toug! m%rket- According to *e!ul 2!oksi of t!e DID%m%s %nd 0it%nj%li 0rou 6 br%nded jewellery !%s witnessed more t!%n $+ er cent growt! in t!e l%st t!ree ye%rs- .!e di%mond br%nded jewellery6 !e s%ys6 is es eci%lly im ressive wit! t!e segment witnessing % 2+ er cent rise %nnu%lly %s %g%inst 1+ er cent % dec%de %goAlt!oug! br%nded jewellery %ccounts for less t!%n 1+ er cent of t!e )s-4+6+++9crore

jewellery m%rket6 % study !%s concluded t!%t it is growing in o ul%rity %t % tremendous %ce of 2+93+ er cent %nnu%lly- Suc! is t!e otenti%l of t!is industry t!%t t!e consulting firm *cLinsey estim%tes t!e br%nded jewellery m%rket in Indi% to grow %t t!e r%te of 4+ er cent er %nnum to touc! )s-1+6+++ crores by 2+1+/ig drivers of t!is kind of jewellery %re t!e numerous m%lls o ening %cross t!e country wit! t!e emergence of %n %ffluent cl%ss following t!e successful growt! of t!e new economy com %niesIn t!e %st dec%de6 t!e country !%s seen % section of t!e o ul%tion g%ining e: osure to designer we%r6 f%s!ion %ccessories %nd glob%lly br%nded roducts- M5!y not !%ve %ccesses to t!emQM %sks )im% L!%n6 % br%nd e:ecutive- MOf course jewellery is !%rder to br%nd but it !%s done well given t!e toug! com etition6M s!e s%ys52

One of t!e re%sons br%nded jewellery is doing well is t!%t now %nyone c%n w%lk into % m%ll6 window s!o %nd decides %t t!eir own w!%t t!ey would like to buy- .!e entire culture of s!o ing !%s c!%nged wit! %ttentive %nd !el ful %ttend%nts %nd well9dis l%yed roductsMKou no longer !%ve t!e s%les st%ff w!o look %t you %nd decide w!et!er you %re wort! serving or not- Gveryone is % otenti%l customer in t!e new m%rket6M s%ys )im% L!%n- Ket t!e most im ort%nt %rt of br%nded jewellery is t!%t you c%n get % iece of jewellery wit! % di%mond for %s little %s )s-16$++- And %s br%nded is e=u%ted wit! =u%lity6 you %re %ssured of % good roduct- MSuddenly jewellery !%s become %ccessible %nd %fford%ble for %ll income br%ckets-M .!e s!ift w%s visible in 2++4 w!en more t!%n 3+ l%yers entered t!e m%rket- .od%y t!ere %re more t!%n $+ br%nds6 endorsed by models6 film %ctors6 s orts celebrities %nd ot!er well9 known f%ces- Some designs of t!ese br%nds %re so o ul%r t!%t loc%l jewelers !%ve begun to co y t!em- M5!ile it is % com liment to t!e industry t!%t eo le like t!e roduct6 it could %lso %ffect t!e com %ny bec%use t!e cost m%y be lower6M s%ys )im% L!%n.!e biggest c!%llenge er!% s is in educ%ting t!e consumer- 2onsumers need to underst%nd t!e four 2s 9 2ut6 2%r%t6 2olor %nd 2l%rity- 2om %nies t!%t br%nd t!eir roducts l%ce % lot of em !%sis on educ%ting %nd t!erefore !el ing t!e customer m%ke !is urc!%se- M/uying jewellery is % very erson%l t!ing %nd we need to underst%nd w!%t we %re buying6M s%ys Seem% .!%kur6 %n %ttend%nt in % jewellery store %t % m%ll in *umb%i- M5e !%ve %n %ver%ge of $+ eo le on % week d%y %nd %t le%st 1++ on % weekend w!o w%lk in %nd look %round t!e s!o - If you m%ke t!e roduct look s eci%l6 for inst%nce6 % e%l to % young gentlem%n to buy it for % loved one6 !e is often interested-M And t!e big selling oint is; MIf you c%n s end )s-16+++ on two music 2Ds6 w!y not s end for t!%t s eci%l erson in your life-M .!e br%nded jewellery industry is still in its inf%ncy6 but incre%sing growt! r%tes s!ow t!%t in % s!ort time it will corner % signific%nt c!unk of t!e m%rket- "er!% s t!e best com liment to t!e br%nded segment is t!%t old jewellery s!owrooms !%ve %lso begun to design jewellery lines under % br%nd n%meSource; !tt ;33www-flonnet-com3fl22233stories32++$111&++3&+(&++-!tm

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#ndian (ustomers &howing #nterest in $randed !ewellery "osted by )B2OS on October 9 2# 9 2++( As er our recently ublis!ed rese%rc! re ort 7Indi%n 0ems %nd 'ewellery *%rket E 1uture "ros ects to 2+1186 gems %nd jewellery m%rket in Indi% osses tremendous otenti%l for future growt! since it !%s %n %dded %dv%nt%ge of low roduction cost %nd !ig!ly skilled l%bor t!%t se %r%te it from its com etitors- It is rojected t!%t t!e over%ll gems %nd jewellery m%rket will grow %t % 2A0) of %round 14F during 2++(92+12Indi% ossesses worldAs most com etitive gems %nd jewellery m%rket due to its low cost of roduction %nd %v%il%bility of skilled l%bor- As er our new rese%rc! re ort 7Indi%n 0ems %nd 'ewellery *%rket 9 1uture "ros ects to 2+1186 !ig!ly skilled %nd low cost m%n ower6 %long wit! strong government su ort in t!e form of incentives %nd est%blis!ment of SGHs6 !%s been t!e m%jor driver for t!e Indi%n gems %nd jewellery m%rket- .!e m%rket %lso l%ys % vit%l role in t!e Indi%n economy %s it is % le%ding foreign e:c!%nge e%rner %nd %ccounts for more t!%n 12F of Indi%As tot%l e: orts- 2urrently t!e Indi%n m%rket rem%ins !ig!ly fr%gmented6 but is r% idly tr%nsforming into %n org%ni>ed sector2urrently6 t!e industry is f%cing % slowdown due to glob%l economic turmoil- /ut due to v%rious government efforts %nd incentives cou led wit! riv%te sector initi%tives6 t!e Indi%n gems %nd jewellery sector is e: ected to grow %t % 2A0) of %round 14F from 2++( to 2+12At resent6 t!e Indi%n gems %nd jewellery m%rket is domin%ted by t!e unorg%ni>ed sector< !owever6 t!e trend is set to c!%nge in ne%r future wit! t!e br%nded jewellery m%rket growing %t %n e: ected 2A0) of more t!%n 41F in t!e coming four ye%rs- As er our rese%rc! re ort6 wit! its consum tion egged %t ne%rly 2+F6 Indi% rem%ins worldAs l%rgest gold consumer %nd t!is s!%re is e: ected to grow furt!er0iven t!e f%ct t!%t m%jority of m%rket s!%re is occu ied by f%mily9owned jewelers6 t!e domin%tion of unorg%ni>ed segment still continues on t!e Indi%n gems %nd jewellery m%rket4owever6 t!is scen%rio is gr%du%lly c!%nging wit! t!e entr%nce of org%ni>ed l%yers w!o rim%rily focus on customer s%tisf%ction by giving better %nd finer =u%lity roducts- .!us6 consumers %re now moving tow%rds br%nded jewellery w!ic! is more reli%ble in terms of =u%lity %nd design75it! c!%nging customersA %ttitude tow%rds br%nded jewellery %nd entr%nce of org%ni>ed l%yers in t!e m%rket6 t!is segment will grow %t muc! f%ster %ce ?%nnu%l growt! of more
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t!%n 4+F@ t!%n t!e over%ll jewellery m%rket in coming ye%rs68 s%id % )ese%rc! An%lyst %t )B2OS.!e future outlook given in t!e re ort is b%sed on %st growt! trends6 current industry %nd regul%tory develo ments besides b%se drivers6 o %nd jewellery industry in Indi%Source; !tt ;33www-rncos-com3)e ort3I*14&-!tm ortunities %nd c!%llenges f%ced by t!e gems

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Traditional v)s $randed jewelers Introd(ction 0ems %nd 'ewellery s%les %nd m%rketing received % f%celift wit! t!e %dvent of t!e su erm%rket culture- As org%ni>ed ret%il in Indi% rogresses to t!e ne:t l% 6 S%d%n%nd Subr%m%ni%n c!ecks for Di%mond 5orld wit! some recious Industry l%yers %bout t!eir re %redness %nd str%tegy to %c!ieve m%:imum mile%geAs Indi% re%cts to % ret%il revolution6 t!e !it!erto sober gems %nd jewellery industry seems to !%ve jum ed on t!e b%ndw%gon wit! % cle%r l%n of %ction- .!e industry !%s %lre%dy m%de % m%rk by c% turing 3 er cent of t!e org%ni>ed ret%il s %ce t!%nks to t!e le%ders!i s!own by % !%ndful of com %nies re %red to d%>>le t!e world- 5!ile org%ni>ed ret%il under t!is segment im ressively grows %t over $+ er cent %nnu%lly6 deliber%tions %re on to %rrive %t w!%t t!e industry in gener%l must do to kee t!e customer erenni%lly delig!ted- .!e gems %nd jewellery m%rket in Indi% is estim%ted to be %bout )s-&+6+++ crores %nd t!e to most %gend% is to %do t t!e rig!t str%tegy to %cceler%te its growt! kee ing in mind current glob%l dyn%mics1or now t!e industry f%ces keen com etition from ot!er lu:ury goods suc! %s electronic innov%tions %nd ot!er erson%l %ccessories- 4ow f%r is it necess%ry for t!e gems %nd jewellery sector to seriously consider itQ .!ere is no doubt t!%t t!ings %re % lot more org%ni>ed in stores inside m%lls- .!ey %lso s!owc%se %nd resent roducts very %ttr%ctively- /ut in my o inion6 re%l s%les t%ke l%ce t!roug! tr%dition%l jewellery stores %s jewellery is m%inly sold on trust- 0!%ns!y%m D!ol%ki% .!e urgency in t!e industry indic%tes r% id c!%nges in t!e w%y goods %re roduced %nd m%rketed- .!e evolution of new form%ts for s%le %nd t!e m%ssive tec!nology %nd to some e:tent6 si>e%ble infr%structur%l develo ments t%king l%ce %ll foretell % ros ect of growt! w%y beyond t!e current over%ll 1+ er cent.!e Indi%n gems %nd jewellery industry bo%sts % strengt! of over 3 l%k! jewellery ret%ilers %cross t!e lengt! %nd bre%dt! of t!is country- .!e !uge number indic%tes strengt! in itself but it %lso indic%tes % difficult diversity to gr% le wit! w!en e: loring common grounds to formul%te united % ro%c!es to t%ckle common concerns-

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Or#ani7ed V8% Traditiona" Retai": 2om %risons !%ve %lw%ys been dr%wn between org%ni>ed ret%il %nd tr%dition%l ret%ilAttem ts !%ve %lw%ys been m%de to define t!em- )ooting for org%ni>ed ret%il6 B%vneet 0oenk%6 Jice9 2!%irm%n of 0oenk% Di%mond %nd 'ewels s%ys6 7)ig!t now org%ni>ed ret%il seems to !%ve wrested %n edge over tr%dition%l ret%il-8 0oenk% %rgues t!%t t!e indic%tions to t!is effect %re seen in t!e m%nner l%rge ro ortions of t!e society %re becoming lifestyle oriented6 es eci%lly t!e younger gener%tion- 5!en considering Indi%As st%tistic of !%ving t!e !ig!est ercent%ge of yout! in t!e world6 t!is observ%tion c%nnot be t%ken lig!tly- 0oenk% s%ys t!%t t!e gems %nd jewellery sector is one of t!e f%stest growing segments- 4e %dds6 7.!e young gener%tion tod%y !%s more dis os%ble income %nd t!ey %re willing to s end it on lu:uries of c!oice-8 0!%ns!y%m D!ol%ki%6 %rtner6 4%rikris!% G: orts !olds % different view wit! reg%rd to t!e tussle for su rem%cy over t!e two form%ts- 7.!ere is no doubt t!%t t!ings %re % lot more org%ni>ed in stores inside m%lls68 !e concedes- 7.!ey %lso s!owc%se %nd resent roducts very %ttr%ctively- /ut in my o inion6 re%l s%les t%ke l%ce t!roug! tr%dition%l jewellery stores %s jewellery is m%inly sold on trust-8 5!ile e: l%ining !is oint of view6 !e %dds6 7.o t!e credit of tr%dition%l jewellery stores t!ey %lso !%ve u gr%ded t!emselves in v%rious w%ys including t!e over%ll %mbience in t!e l%st five to ten ye%rs- .!ey %re %lso c!%nging t!emselves in t!e m%tters of resent%tion %nd t!e customer % ro%c!-8 D!ol%ki% s%ys t!%t in romotions %nd %w%reness cre%tion6 tr%dition%l ret%ilers !%ve re%li>ed its im ort%nce t!ereof %nd !%ve st%rted %lloc%ting si>e%ble budgets for t!em- 2onse=uently t!is section !%s %lre%dy st%rted re% ing t!e benefits of =u%lity romotions by cre%ting %w%reness %bout t!eir roducts %nd services- D!ol%ki% is some w!%t em !%tic wit! reg%rd to modern d%y org%ni>ed ret%il cit%dels6 7In my erson%l o inion m%lls m%inly serve t!e ur ose of romotion %nd s!ow of roducts- I donAt t!ink % lot of gems %nd jewellery s%le t%kes l%ce in m%lls-8 As!win S!%!6 4e%d of )et%il %t 2- *%!endr% G: orts !olds % simil%r view wit! reg%rd to jewellery s%les %t modern s!o ing m%lls- 4e o ines6 7.!e s%les t!%t t%ke l%ce in % m%ll %re ing if you like-8 S!%! elucid%tes !is of % very different kind- Kou c%n c%ll it window s!o

oint6 7.!e young gener%tion often resorts to some im ulse buying-8 4e stresses t!%t serious buyers w!o %re looking for !ig! v%lue urc!%ses for occ%sions suc! %s weddings refer to l%n t!eir jewellery s!o ing %nd eventu%lly urc!%se from known re uted jewelers52

C'an#e% in Gem% 9 :e-e""ery Retai": 5!ilst org%ni>ed ret%ilers %re %!e%d w!en it comes to t%king c%re of t!e different %s ects in t!e m%rketing %nd s%les v%lue c!%in6 t!ose in tr%dition%l ret%il %re %lso c!%nging or %d% ting to t!e needs of t!e modern customer in t!e %re%s of service %nd customer c%re- .!ey too %re im roving t!eir style of resenting %nd de%ling wit! customers- 7In t!e %st6 jewelers didnAt !%ve muc! modern educ%tion- .od%y6 t!ere %re % number of */AAs in t!ese f%milies %nd %mongst key ersonnel em loyed by t!em68 oints out 0!%ns!y%m D!ol%ki%-

Retai"in# t'e Or#ani7ed ;ay: 5!ile com lementing t!e l%nned % ro%c! by org%ni>ed ret%il6 *%!es! 0%nd%ni94e%d

)et%il6 4%ri Lris!n% G: orts s%ys6 75e c%n see t!%t times !%ve c!%nged %nd somew!ere %long t!e w%y6 t!e w!ole % ro%c! to m%rketing !%s %lso undergone tr%nsform%tion-8 0%nd%ni s%ys t!%t for br%nded di%mond jewellery t!ere is muc! l%nning involved- 4e s%ys meticulous str%tegy is c!%rted out6 %nd t!ere is system%tic resent%tion of t!e roduct- All t!is goes on even %s % roduct ortfolio is m%de %nd romotions %re c%rried out- 0%nd%ni s%ys cre%ting br%nd %w%reness in t!e minds of t!e consumers is %ll %bout %do ting % few str%tegic ste s- 7One mig!t s%y t!e difference between tr%dition%l %nd org%ni>ed is just doing %nd doing by l%nning-8 )ecent develo ments !%ve been bot! % boon %s well %s % b%ne- Actu%lly6 t!is !%s s urred us on to become innov%tive wit! our offerings to suit t!e m%rket- 5e !%ve %ctu%lly m%n%ged to reduce cost by %do ting t!e str%tegy of reducing t!e volume of gold in some of our roducts to m%ke it %fford%ble- As!win S!%! S e%king %bout org%ni>ed ret%il6 J- *ur%leed!%r%n6 gems %nd jewellery rofession%l %nd visiting f%culty %t well known m%n%gement institutes in *umb%i s%ys6 7.!e number of foreign br%nds coming into Indi% is sim ly %m%>ing- /r%nds t!%t were only !e%rd of % few ye%rs %go %re tod%y very muc! wit!in %nyoneAs re%c! !ere- *ur%leed!%r%n goes on to e: l%in6 7So f%r eo le w!o !%d only seen tr%dition%l offerings !%ve st%rted m%king intelligent intern%tion%l com %risons wit! Indi%n roducts %nd t!is !%s broug!t %bout re%l room for ret%il to grow % number of times-8
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5ell known br%nds !%ve %lw%ys insisted t!%t w!en t!ey t%lk %bout % %rticul%r gr%de6 t!ey %re certified- *oreover t!e =u%lity st%nd%rd is confirmed %nd %ut!ori>ed %nd rem%ins t!e s%me in %ny l%bor%tory in t!e world- *ur%leed!%r%n s%ys6 7In my o inion t!e =u%lity % br%nd e: resses6 %nd t!e certific%tion m%ke it e%sy for % customer to confidently buy t!e roduct-8 T'e Va"(e Pro!o%ition: 7.od%y everyone is looking for v%lue for money6 % new design6 % new conce t6 somet!ing very cre%tive %nd t!%t is t!e conce t of ret%il tod%y- It is not like yesterd%y w!ere t!e s!o kee er or t!e m%nuf%cturer used to domin%te- .od%y6 t!e customer is going for customi>ed designs< t!e w!ole conce t is c!%nging68 s%ys *ur%lid!%r%n- 7.!e consumer is looking for v%lue for money6 w!en t!ey buy di%monds- .!ey like to buy from re uted l%yers like e:%m le .%nis!=6 0it%nj%li6 0oenk%6 B%ks!%tr%6 Li%! %nd Birv%n%- All of w!om !%ve %c!ieved very org%ni>ed resence in t!e m%rket tod%y- G%c! one of t!em !%s % st%nd%rd =u%lity certific%tion intern%tion%lly %nd t!%t is w!%t is going in t!e minds of t!e customer w!en t!ey t%lk %bout buying from t!e org%ni>ed sector-8 Source; !tt ;33www- ress%bout-com3indi%n9customers9s!owing9internet9in9br%nded9 jewellery924&6+3

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A &T*+, -N T./ !/'/00/1, #N+*&T1, INTROD$CTION TO INDIAN :E;ELLER< IND$STR< Indi% is % le%ding l%yer in t!e glob%l gems %nd jewellery m%rket- .!e gems %nd jewellery industry occu ies %n im ort%nt osition in t!e Indi%n economy- It is % le%ding foreign e:c!%nge e%rner6 %s well %s one of t!e f%stest growing industries in t!e country.!e two m%jor segments of t!e sector in Indi% %re gold jewellery %nd di%monds- 0old jewellery forms %round &+ studded jewellery.!e Indi%n gems %nd jewellery industry is com etitive in t!e world m%rket due to its low cost of roduction %nd t!e %v%il%bility of skilled l%bor- In %ddition6 t!e industry !%s set u % worldwide distribution network6 of more t!%n 36+++ offices for t!e romotion %nd m%rketing of Indi%n di%monds-ESTE/ ACnbr%nded Silver R 0old jewellery Investment .r%dition%l design *%rri%ge R festiv%l is se%son TO A/r%nded 0old R Di%mond jewellery Investment S 1%s!ion 1%s!ion%ble R innov%tive design e%k 5e%r %bility %nd gifts er cent of t!e Indi%n jewellery m%rket6 wit! t!e b%l%nce com rising f%bric%ted studded jewellery t!%t includes di%mond studded %s well %s gemstone

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"i.*ael (o)te)3% 4i1e 4o).e "odel fo) 5e2elle)y $ndu%t)y


INDUSTRY COMPETITORS
POTENTIAL NEW ENTRY

SUPPLI ER

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SUBSTITUTE RIVARY S AMONG EXISTING $nte)64i)m /i1al)y 67$!7 FIRMS

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.wo ty es of riv%lry- ?1@ Inside Indi% R ?2@ Outside Indi%,%rge resence of unorg%ni>ed sector- +-2 *illion 0old jewelers %nd over &6+++ Di%mond jewelers

N N

Intern%tion%l riv%ls Suc! %s6 2!in% .!re%t from roducing n%tion like S-A- R )ussi%-

+a)&ainin& (o2e) of Su88lie)% 6 "edium N In jewellery industry t!e su )ussi%6 D.2N N N 1ew Altern%tives of cutting R olis!ingSkilled l%bor /%rg%ining ower of Indi% is en!%nced bec%use Indi% is l%rgest consumer of gold jewelleryliers %re S-A-6 CAG6 Austr%li%6 CS6 2ongo6 /otsw%n%6

52

+a)&ainin& (o2e) of +uye)% 6 Lo2 N Divided in two ty es 2- 1oreign buyers N N As investment ?Dem%nd incre%se@ /%rg%ining ower of Indi%n e: orter is !ig! bec%use *%jority of t!e worldIs roug! di%mond roduction is cut %nd olis!ed in Indi%1- Domestic buyers R

T*)eat of Sub%titute%: N

Lo2

Substitutes %re )e%l %ssets6 Stock m%rket6 R /%nk de osits R mutu%l fund investment %nd Ot!er ty es of jewellery like imit%tion jewellery6 b%g%sr% jewellery6 stone jewellery etc-

N N

Second referred investment be!ind b%nk de osits St%tus %nd st%nd%rd of living incre%se so dem%nd is incre%sing %t !ig! r%te-

+a))ie)% to ent)y N N N N N

Lo2 to "edium

,ow c% it%l re=uirement 0overnment subsidy GTI* olicy R governmentAs rules9regul%tions %re !ig! Skilled m%n ower is essenti%l Adv%nced tec!nology re=uired

52

52

SOURCE OF DIFFERENCE

ROSY BLUE

GITANJAL I

TANISHQ

JOY ALUKKAS

RELIANCE JEWELS

SALES TURNOVER (in Crores)

!""

#$%!

%&!"

%%&"

$""

TARGET CUSTO'ER

U((er 'i))*e +,-o.e

'i))*e +,-o.e

U((er /i))*e +,-o.e

'i))*e +,-o.e

'i))*e +,-o.e

'ARKETING STRATEGY

E.en0s

A).er0isin 1

C2s0o/er S34e/es

T4e/e -,se) ,).er0isin 1

5ress re*e,ses

Source; !tt ;33www-scribd-com3doc31((+1+&$3'ewellery92om %nies92om %rison

52

T/EN S $N 5EWELLE//E(O/T Submitted /y ?LA*A,ALLABBAB 0 LA).4ILA DG"A).*GB. O1 *ABA0G*GB. S.CDIGS S24OO, O1 *ABA0G*GB. "OBDI24G))K CBIJG)SI.K@ 5e2elle)y $ndu%t)y $N 9ST/- O:E/:$EW Indi%n 'ewellery m%rket in 2++# w%s v%lued %t #+6+++ cr- IB) ?/usiness St%nd%rd@N Indi%As 'ewellery m%rket si>e is CSU 13 billion N 0old 'ewellery m%rket 2A0) 1+ 91$F N Di%mond 'ewellery m%rket growt! 2#F N Indi% rem%ins in worldAs l%rgest consumer of goldN G: orts %bout U 1# *illion in 2++6 S*a)e of $ndia;% !em and 5e2elle)y Se.to)

Org%ni>ed 1%mily )et%iler 'ewelers 4F (6F About6 (6F of Indi%n 'ewellery *%rket is unorg%ni>ed- .!e unorg%ni>ed sector re resents 3++6+++ tr%dition%l ret%ilers or 71%mily jewelers8 w!o %re resent only in one town- .!e org%ni>ed sector %ccounts to only 4 ercent
52

TO A.!e industry of jewellery !%s flouris!ed in t!e %st few ye%rs due to t!e incre%sed dem%nd of f%s!ion%ble jewellery- .!e e: ort %nd im ort of jewellery !%s %lso %m lified- "eo le now%d%ys !%ve % %ssion for jewellery w!ic! %ccounts for t!e growt! of t!is industry %ll over t!e world- 'ewellery is used for f%s!ion %s well %s decor%tion- In t!e %st jewellery w%s used to %dorn bible monuments %nd ot!er decor%tions were m%de using different ieces of v%lu%ble jewels- A wide v%riety of jewellery is %v%il%ble< costume jewellery6 f%s!ion jewellery6 body jewellery6 %nti=ue jewellery6 tr%dition%l jewellery6 modern jewellery %nd m%ny moreLATEST T/EN S %@ )ecent fluctu%tions in t!e stock m%rket6 reduced Interest r%tes m%de investment %ttr%ctive on jewelleryb@ .!e gems %nd jewellery industry occu ies %n im ort%nt osition in t!e Indi%n economyc@ It is % le%ding foreign e:c!%nge e%rner6 %s well %s one of t!e f%stest growing industries in t!e country-

d@ .!e Indi%n gems %nd jewellery industry is com etitive in t!e world m%rket due to its low cost of roduction %nd t!e %v%il%bility of skilled l%bore@ .!e industry !%s set u % worldwide distribution network6 of more t!%n 36+++ offices for t!e romotion %nd m%rketing of Indi%n di%mondsf@ Indi% is t!e di%mond olis!ing c% it%l of t!e world s eci%lly t!e st%tes of 0uj%r%t %nd *%!%r%s!tr%g@ 1++F 1DI is ermitted in gems %nd jewellery sector!@ .!e growt! of /r%nded 'ewellery is eminent in t!e coming d%ys-

52

.ill now6 Indi%n !ouse!olds in vill%ges used to buy gold from t!eir ne%rby jeweler w!o used to be %n %c=u%int%nce %lso in most circumst%nces bec%use t!e s!o owners used to know %lmost everybody in t!e vill%ge- /ut6 t!ings %re c!%nging f%st in Indi% wit! t!e onset of reforms- Bow6 Indi%ns6 t!e biggest buyers of yellow met%l in t!e world6 %re incre%singly %w%re of t!e =u%lity of gold %nd t!ey now st%rted looking for t!e br%nded jewellery.!is c!%nge in trend in Indi%As urb%n %nd rur%l %re%s !%s lured sever%l big n%mes in glob%l jewellery tr%de like 2%rtier to Indi%- /r%nded gold6 di%mond %nd silver jewellery s!owrooms %re o ening u %cross Indi%n cities %nd vill%ge towns.ill now6 Indi%ns used to buy gold from t!e tr%dition%l jewellery s!o owner w!om t!ey trust/ut6 wit! 0enBe:t Indi%ns !%ving enoug! dis os%ble income w%nt % c!%nge from t!%t %nd t!ey %re o ting for brig!tly lit s!owrooms wit! m%rble floors6 gl%ss dis l%y c%ses %nd rofession%l s%les eo le6 refer%bly %t % com %ny w!ose br%nd n%me im lies soci%l st%tus %nd we%lt!-

.%t%As .%nis!= o ened t!eir first outlet in 1((4 %nd now !%s 11# s!owrooms %cross t!e country- Avenue *ont%igne6 Indi%As l%rgest br%nded jewellery ret%il outlet6 suggests t!e s!ift tow%rds br%nds reflects soci%l c!%nges6 but %lso new w%ys of viewing gold- In Indi%6 t!e recious met%l is tr%dition%lly given to brides %t t!e time of m%rri%ge %s % store of we%lt! roviding fin%nci%l security-

Some of t!e most f%mous com %nies in 5estern jewellery suc! %s De/eers6 .iff%ny %nd 2%rtier !%ve %lso moved into Indi% since 1((# w!en overse%s b%nks %nd bullion su incomes %nd t!e fr%cturing rel%tions!i liers were %llowed to im ort gold- .!ey %re dr%wn by t!e enormous si>e of t!e m%rket6 rising between buyers %nd tr%dition%l f%mily jewelersAbout 1$6+++ tones of gold %re riv%tely !eld in Indi%- Dem%nd rem%ins strong des ite new records being set for t!e rice of t!e met%l on %n %lmost d%ily b%sis-

52

"remium intern%tion%l br%nd 2%rtier l%unc!ed t!eir lus! s!owroom in Bew Del!i in 2++& %nd %lso o er%tes t!roug! % strong de%ler network to sell t!eir jewellery %nd w%tc!es in Indi%S!%re of br%nded jewellery in Indi%As tot%l m%rket w%s growing %t % %ce of 2+93+ er cent %nnu%lly.!e number of gold ret%ilers in t!e country !%s incre%sed by 4+ er cent since t!e ye%r 2+++6 wit! 1$+ domestic %nd over 6$ intern%tion%l est%blis!ed br%nds- )eli%nce !%s o ened 14 jewellery stores in 13 Indi%n cities since 2++# %nd !%s %nnounced t!%t it will l%unc! s!owrooms in v%rious ot!er cities %nd towns %cross t!e countrySource; !tt ;33www-commodityonline-com3news3/r%nded9gold9jewellery9s!o s9lure9Indi%ns9 23&3#9391-!tml

52

$ndian% o8tin& fo) b)anded &old <e2elle)y "osted on V Sund%y6 December 2+6 2++( BG5 DG,4I; Indi%ns6 t!e worldIs biggest buyers of gold6 %re incre%singly o ting for br%nded jewellery6 %ttr%cting fr%nc!isers %nd foreign grou s like 2%rtier %t t!e e: ense of tr%dition%l ret%ilers.r%dition%lly6 most Indi%ns would go to t!eir sm%ll f%mily jewelers %nd sit down on cotton m%ttresses wit! t!e jeweler %nd ick out some items.!e rocess worked on trust built u in some c%ses over gener%tions between buyer %nd jeweler6 w!o would mostly offer roducts from %rtis%n%l designers %nd roducers from !is %re%Bow%d%ys6 young Indi%ns %re o ting for brig!tly lit s!owrooms wit! m%rble floors6 gl%ss dis l%y c%ses %nd rofession%l s%les eo le 9 refer%bly %t % com %ny w!ose br%nd n%me im lies soci%l st%tus %nd we%lt!M.!ere is % tectonic s!ift in t!e business now- If you w%nt your gold jewellery business to survive 9 br%nd it %nd %dvertise6M s%id S%ndee Lul!%li6 vice9 resident of .%nis!=6 one of Indi%Is oldest br%nded ret%il jewellery c!%ins6 owned by t!e .%t% conglomer%te.%nis!= o ened first outlet in 1((4 %nd now !%s 11# s!owrooms %cross t!e countryMG%rlier it w%s difficult to convince consumers to buy br%nded gold6M s%id Lul!%liM.!ese d%ys t!ey come to us e: ecting better services6 remium =u%lity6 e:c!%nge olicy %nd %ttr%ctive offers 9 like buying jewellery on % mont!ly inst%llment b%sis6M !e %ddedAmit /umb6 director of Avenue *ont%igne6 Indi%Is l%rgest br%nded jewellery ret%il outlet6 suggests t!e s!ift tow%rds br%nds reflects soci%l c!%nges6 but %lso new w%ys of viewing gold.!e recious met%l is tr%dition%lly given to brides %t t!e time of m%rri%ge %s % store of we%lt! roviding fin%nci%l securityM.!ere is % s!ift in consumer t%stes; working women in t!e 2+ to 32 %ge grou reg%rd jewellery %s %n %ccessory %nd not just %s %n investment6M /umb s%id- MIt is in t!is m%rket t!%t t!e br%nd n%mes work-M
52

Some of t!e most f%mous com %nies in 5estern jewellery suc! %s De/eers6 .iff%ny %nd 2%rtier !%ve %lso moved into Indi% since 1((# w!en overse%s b%nks %nd bullion su were %llowed to im ort gold.!ey %re dr%wn by t!e enormous si>e of t!e m%rket6 rising incomes %nd t!e fr%cturing rel%tions!i between buyers %nd tr%dition%l f%mily jewelersAccording to t!e Intern%tion%l *onet%ry 1und6 %bout 1$6+++ tones of gold %re riv%tely !eld in Indi%- Dem%nd rem%ins strong des ite new records being set for t!e rice of t!e met%l on %n %lmost d%ily b%sis"remium intern%tion%l br%nd 2%rtier l%unc!ed its lus! s!owroom in Bew Del!i l%st ye%r %nd %lso o er%tes t!roug! % strong de%ler network to sell jewellery %nd w%tc!es in Indi%M5e %re !% y wit! t!e res onse from buyers in Indi%6M s%id % s%leswom%n %t t!e 2%rtier liers

store in Del!i6 w!o s%id customers were dr%wn to t!e f%ct t!e !ig!9end br%nd stood out from its Indi%n com etitorsA study rele%sed by t!e /ullion Associ%tion of Indi% in *%rc! s%id t!%t t!e s!%re of br%nded jewellery in t!e tot%l m%rket w%s growing %t % %ce of 2+93+ er cent %nnu%lly- .!e number of gold ret%ilers in t!e country !%s incre%sed by 4+ c since 2+++6 wit! 1$+ domestic %nd over 6$ intern%tion%l est%blis!ed br%nds6 t!e study s%id1%ced wit! t!e c!%nging dyn%mics6 tr%dition%l jewelers %re looking to jum on t!e Mbr%nd w%gonM by investing in %dvertising %nd trying to build % resence in t!e minds of consumers.r%dition%l jewelers like Bot%nd%s R Sons in *umb%i %nd " 2 'ewelers in Bew Del!i !%ve signed u /ollywood !eroines %s br%nd %mb%ss%dors %nd %lso lend t!eir roducts to contest%nts in be%uty %ge%ntsSource; !tt ;33www-gulf9d%ily9news-com3BewsDet%ils-%s :QstoryidW266(+2

52

Analy%i% of Lite)atu)e /e1ie2


.o dr%w % conclusion from t!e %bove liter%ture review one c%n observe t!%t t!ere is immense sco e for t!e growt! of br%nded jewellery In s ite of t!e economic slowdown e: erts believe t!%t it will grow %t % 2A0) of 2$F- .!ere %re %lso st%tements like t!e industry does not cover t!e entire o ul%tion m%king % sco e for furt!er growt! .!e review %lso brings lig!t to t!e f%ct t!%t t!e Indi%n consumers %re rice sensitive %nd !ence t!e br%nded jewelers c%nnot c!%rge e:uber%nt rices for t!e s%me .!e jewelers !%ve to offer designs t!%t %re more Indi%n in t!eir culture r%t!er t!%n % ing t!e west t!is c%n be roved by t!e e-g- of .%nis!= %nd s!ould %lso be %fford%ble Since t!e t!esis focuses on % com %r%tive study of t!e o ul%rity of br%nded v3s non br%nded jewellery t!e review !el s underst%nd t!e growt! of t!e ret%il industry w!ic! !%ve le%sed br%nded jewellery stores %nd %lso t!e o ul%rity of tr%dition%l goldsmit! .!e number of foreign entr%nts %lso ose % c!%llenge to t!e tr%dition%l jewelers %nd !ence we c%n see t!%t t!ese jewelers %lso come u wit! str%tegies to ret%in t!eir customers t!ese r%ctices were not rev%lent in t!e m%rket reviously .!e br%nded jewelers on t!e ot!er !%nd !%ve to %d% t str%tegies to win t!e trust of t!eir customers %nd %ttr%ct new customers A few rese%rc! re orts %lso !el us g%uge t!e c!%nging trends in t!e jewellery m%rket %nd t!e o ul%rity of di%monds-

52

Analy%i% and 4indin&%


.!e objectives of t!e study w%s to underst%nd t!e consumerAs buying references6 t!e re%c! of br%nded jewelerAs6 br%nd %w%reness of v%rious br%nds in t!e jewelerAs m%rket4ence t!e first =uestion w%s to find out t!e f%ctors t!%t guide % customer w!ile urc!%sing jewellery w!ic! de%lt wit! nine %ttributes- .!e res ondents w!ere just %sked to tick on t!e %ttribute t!%t guided t!%t urc!%se decision- .!e result is %s follows
1%mily %nd 1riends 12

Design
&$
.%ble 1

"rice (2

"urity &#

Im%ge 6$

J%riety 6#

Dis l%y $

"romotion %nd Offers 1+

Service 2

1rom t!e %bove results %n observ%tion c%n be dr%wn t!%t out of t!e 1++ res ondents (2 of t!em feel t!%t rice is % m%jor f%ctor t!%t guides t!eir urc!%se decision- A %rt from rice urity %lso is considered im ort%nt by &# res ondents6 followed by design wit! &$ res ondents feel it is %n im ort%nt f%ctor- J%riety %nd im%ge %re t!e ot!er im ort%nt %ttributes t!%t %re considered w!ile m%king % urc!%se decision- Attributes like f%mily %nd friends6 romotions %nd offers %re still not very o ul%r %mong t!e res ondents selected for t!is rese%rc!- .!e %ttributes like service %nd dis l%y !%ve been selected only by 2 %nd $ res ondents res ectively s!owing t!%t t!ese %re t!e le%st im ort%nt t!ing t!%t guide %n individu%l to urc!%se jewellery.!e di%gr%m below s!ows t!e guiding f%ctor of t!e res ondents w!ile urc!%sing jewellery in %n %scending m%nner-

52

4i&u)e 1

Duestion two de%lt wit! t!e %w%reness of v%rious br%nds of jewellery %v%il%ble in t!e m%rket.!is =uestion would !el find out t!e ercent%ge of t!e res ondents w!o %re %w%re %bout br%nded jewelleryKes 1++
.%ble 2

Bo +

1rom t!e %bove result it c%n be observed t!%t t!ere is 1++F %w%reness %bout br%nded jewellery- Out of t!e 1++ res ondents t!ere is not % single res ondent w!o is not %w%re %bout br%nded jewellery-

52

.!e t!ird =uestion w%s to find out t!e o ul%rity of $ br%nds- .!e res ondents were %sked to tick %g%inst t!e br%nds t!%t t!ey %re %w%re %bout- .!e $ br%nds considered !ere %re 0ili6 .%nis!=6 Dd%m%s6 Oy>terb%y6 %nd .rendsmit!- .!ese %re t!e rominent br%nds for gold jewellery t!ere %re m%ny ot!er l%yers but t!e rese%rc! is limited to gold jewellery+)and% No of /e%8ondent% 3
.%ble 3

0ili #+

.%nis!= &+

.%kle 1++

/%fn% 1++

7!" 7"" $" 6" #" !" " 7s0 Q0r !n) Q0r %r) Q0r #04 Q0r E,s0

4i&u)e 2

1rom t!e %bove t%ble %nd figure inference c%n be dr%wn t!%t br%nds like 0ili6 .%nis!= %re known but t!e tr%dition%l B%sik outlets of .%kle %nd /%fn% our referred

52

.!e fourt! =uestion w%s to find out t!e re%son w!y t!e res ondent urc!%ses jewellery t!%t is t!e re%son for urc!%sing- Is it urc!%sed %s %n investment o tion or on occ%sions6 festiv%ls or %s % f%s!ion st%tementQ Investment 1%s!ion Occ%sions 1estiv%ls Bo of )es ondents
.%ble 4

34

3(

11

16

34 res ondents buy jewellery for investment ur ose6 3( res ondents look out for f%s!ion or t!e l%test trends w!ile urc!%sing jewellery- 11 res ondents buy jewellery during occ%sions like weddings6 %nnivers%ry6 birt!d%yAs etc- %nd 16 res ondents buy jewellery during festiv%ls-

4i&u)e 3

52

.!e fift! =uestion is % direct =uestion w!ic! in=uires t!e res ondent reference for jewellery t!%t is it br%nded or f%mily jeweler"reference Bo of )es ondents
.%ble $

/r%nded 1%mily 'ewellery 'eweler 6( 31

1rom t!e %bove t%ble it c%n be observed t!%t 6( res ondents refer br%nded jewellery %nd 31 res ondents refer f%mily jewelers- .!is m%kes br%nded jewellery more o ul%r %mong t!e res ondents-

4i&u)e 4

52

.!e si:t! =uestion furt!er robes into finding out !ow m%ny %mong t!e res ondents !%ve boug!t br%nded jewellery/r%nded 'ewellery Bo of )es ondents
.%ble 6

/oug!t #&

Bot boug!t 22

4i&u)e 5

Out of t!e 1++ res ondents #& !%ve boug!t br%nded jewellery %nd 22 !%ve not boug!t br%nded jewellery- 4owever even if t!ese 22 res ondents !%ve not boug!t br%nded jewellery t!ey %re %w%re of br%nded jewellery being sold %nd %lso know t!e br%nds by t!eir n%mes-

52

Since t!e s%m le consist of fem%les %nd m%les t!e ne:t set of =uestion de%ls wit! w!et!er jewellery is boug!t for gifting ur ose If t!e res ondents do buy jewellery for gifting ur ose t!en w!ere is it boug!t from f%mily jeweler or br%nded s!o s/uy jewellery for gifting Bo of )es ondents
.%ble #

Kes 3+

Bo #+

3+ res ondents of t!e 1++ buy jewellery for gifting ur ose %mong t!ese 3+ 12 %re men- #+F of t!e res ondents do not buy jewellery for gifting ur ose.!e ne:t =uestion w%s t!e jewellery urc!%sed for gifting is br%nded or non br%nded %nd t!e result found %re %s under /r%nded Bo of )es ondents
.%ble &

1%mily jeweler 16

14

14 res ondents out of 3+ buy br%nded jewellery for gifting %nd 16 out of 3+ buy jewellery from t!eir f%mily jeweler for gifting- "ercent%ge wise 46F buy br%nded jewellery for gifts %nd $4F buy jewellery for gifting from t!eir f%mily jeweler-

4i&u)e =

52

.!e nint! =uestion w%s 0iven below %re few c!%r%cteristics of tr%dition%l f%mily jewelerAs ?or loc%l jewellery ret%il stores@- "le%se give e%c! c!%r%cteristic some oints b%sed on your %ssessment6 suc! t!%t t!e oints r%nge from 1 to 1+- ?1 being t!e lowest %nd 1+ being t!e !ig!est@C*a)a.te)i%ti.% of 4amily 5e2ele)3% 2onvenient .rustwort!y 0ood Investment "rice .r%dition%l design Numbe) of 8oint%

.!is =uestion will !el g%in %n insig!t %s to w!ic! %r%meter of % f%mily jeweler %ttr%cts res ondent tow%rds t!emSince t!e oints %re given out of 1+ %nd t!ere %re 1++ res ondents e%c! %r%meter will be out of 1+++C*a)a.te)i%ti.% of 4amily 5e2ele)3% Numbe) of 8oint%
.%ble (

2onvenient 66+

.rustwort!y &($

0ood Investment ##$

"rice &#+

.r%dition%l design #4$

.!e res ondents were %sked to give oints on % sc%le of 1 to 1+ w!ere 1+ w%s t!e !ig!est !ence t!e tot%l figures %re %rrived by %dding t!e oints given by %ll t!e 1++ res ondents4ence if t!e XconvenienceA c!%r%cteristic w%s to be t%ken t!en it scored 66+ out of t!e gr%nd tot%l of 1+++.!e res ondents !%ve r%ted trust %s ect of f%mily jewelers !ig! !ence it !%s scored &($- .!e res ondents %lso feel t!%t t!e rice c!%rged by t!e f%mily jewelers is re%son%ble %nd !ence !%ve given it decent ointAs i-e- &#+- 5!ile urc!%sing jewellery from f%mily jewelers t!e res ondents consider it to be % good investment- 1%mily jewelers %re o ul%r for tr%dition%l designs %nd t!e res ondents !%ve given it oints t!%t %dd u to #4$-

52

.!e 1+t! =uestion w%s If you urc!%se br%nded jewellery t!en given below %re % few c!%r%cteristics- "le%se give e%c! c!%r%cteristic some oints b%sed on your %ssessment6 suc! t!%t t!e oints r%nge from 1 to 1+- ?1 being t!e lowest %nd 1+ being t!e !ig!est@C*a)a.te)i%ti.% of b)anded <e2elle)y 5ide r%nge of roducts under one roof S!o ing e: erience .rendy %nd f%s!ion%ble jewellery "rice Numbe) of 8oint%

Since t!e oints %re out of 1+ %nd t!e no of res ondents w!o !%ve boug!t br%nded jewellery %re #&- 4ence t!e %ssessment of t!is =uestion is b%sed on t!e oints given only by t!ese #& res ondents- 4ence t!e tot%l would be #&+ %nd not 1+++ !ere-

C*a)a.te)i%ti.% of b)anded <e2elle)y

5ide r%nge of roducts under one roof 663

S!o ing e: erience

.rendy %nd f%s!ion%ble jewellery

"rice

Numbe) of 8oint%
.%ble 1+

$(+

#2#

6#3

)es ondents r%te trendy %nd f%s!ion%ble jewellery !ig!est w!en it comes to br%nded jewellery- It scores #2# out of #&+- "rice %lso %ccording to t!e res ondents is justified !ence it scores 6#3- S!o ing e: erience wise br%nded s!owroom scores le%st %mong t!e ot!er riced c!%r%cteristics- .!is could %lso be bec%use w!en % customer goes to buy jewellery !e m%y not be looking for t!e e: erience but w%nting good trendy jewellery w!ic! is % ro ri%tely-

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.!e elevent! =uestion w%s to find t!e level of s%tisf%ction on % sc%le of 1 to 1+ for f%mily jewelers- Since t!e oints %re given out of 1+ %nd t!ere %re 1++ res ondents t!e level of s%tisf%ction will be out of 1+++1%mily jeweler Bo of res ondents
.%ble 11

,evel of s%tisf%ction #6$

.!e level of s%tisf%ction t!%t t!e res ondents !%ve is #6$- 4ence if t!e %ver%ge were to be removed it would be between # %nd &.!e l%st =uestion w%s to find t!e level of s%tisf%ction for br%nded jewellery on % sc%le of 1 to 1+- 4ere %g%in t!e r%ting is out of #&+ bec%use only t!ose res ondents w!o !%ve boug!t br%nded jewellery %re being considered/r%nded jewellery Bo of res ondents
.%ble 12

,evel of s%tisf%ction 6(3

.!e level of s%tisf%ction on t!e w!ole for br%nded jewellery is 6(3 %nd if t!e me%n were to be removed t!en it would be between & %nd ( !ence t!e level of s%tisf%ction t!%t t!e res ondents !%ve tow%rds br%nded jewellery is !ig!er t!en t!%t tow%rds f%mily jewelers-

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Con.lu%ion
.!e conclusions t!%t c%n be dr%wn from t!e study %re; 1- .!e guiding f%ctor be!ind urc!%sing jewellery is rice6 urity %nd design w!ic! score t!e m%:imum- Ot!er f%ctors %re v%riety6 t!e br%nd im%ge6 influence of f%mily %nd friends- .!e le%st guiding f%ctor for urc!%sing jewellery is t!e service %nd dis l%y- 4ence w!en % customer goes to buy jewellery t!ey do kee t!e rice in mind followed by t!e urity %nd t!e design- 1%ctors like service given t!e s!o or by t!e jeweler %nd t!e dis l%y do not !%ve % very big im %ct on t!e customers2- /r%nded jewellery is e:tremely o ul%r since it !%s 1++F %w%reness- .!is m%y be due to t!e wide s re%d ublicity t%ken u by t!e v%rious br%nds- /r%nds like 0ili6 Dd%m%s6 %nd .%nis!= %re %g%in t!e most o ul%r br%nds- .rendsmit! is % br%nd by .rib!ov%nd%s /!imji H%veri ?./H@ w!ic! is not very o ul%r3- As st%ted in t!e liter%ture review t!%t Xt!ere w%s % s!ift in consumer t%stes; women were incre%singly o ting for f%s!ion%ble %nd lig!tweig!t jewellery inste%d of tr%dition%l c!unky jewellery-A Is roved to be correct by t!is rese%rc! %s res ondents !%ve selected f%s!ion over investment w!ile urc!%sing jewellery- Bow jewellery is reg%rded %s more of %n %ccessory %nd less of %n investment4- /r%nded jewellery is boug!t by more t!%n 334 t! of t!e o ul%tion- 4ence it c%n be s%id t!%t t!e o ul%tion is %w%re %nd !%s %lso tried t!ese br%nds$- 5!en jewellery is boug!t for gifting ur ose t!e o ul%tion still w%nts to buy it from t!eir f%mily jewelers6- 5!en it comes to f%mily jewelers t!e level of s%tisf%ction t!%t t!e o ul%tion !%s on % sc%le of 1 to 1+ is % little more t!%n #- .!ese jewelers %re %lso o ul%r bec%use of t!e trust t!%t t!ey !%ve wit! t!eir customers %nd %lso bec%use t!ey c!%rge re%son%ble rices- .!ese f%mily jewelers %re %lso o ul%r for tr%dition%l designs !ence w!en % customer is s ecific%lly looking out for tr%dition%l jewellery t!ey % ro%c! t!ese
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jewelers- .!e jewellery boug!t from t!ese jewelers is considered to be ure %nd % good investment#- .!e level of s%tisf%ction t!%t t!e o ul%tion !%s tow%rds br%nded jewellery is % little !ig!er t!%n &- .!ese br%nded jewelers !%ve become o ul%r for l%test %nd trendy jewellery- Also t!e rices t!%t t!e br%nded jewelers c!%rge is justified %nd t!ey rovide % wide r%nge of roducts under one roof&- .!e level of s%tisf%ction t!%t t!e o ul%tion !%s for br%nded jewellery is !ig!er t!en t!%t for non br%nded jewellery m%king br%nded jewellery more o ul%r(- .!e consumers refer buying br%nded jewellery over non br%nded jewellery- .!is !%s %lso been roved by using t!e sign test-

7en.e to .on.lude b)anded <e2elle)y i% 8)efe))ed o1e) non b)anded <e2elle)y.

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Limitation%
.!e limit%tions f%ced during t!e rese%rc! %nd %fter t!e d%t% collection were 1@ .ime constr%int9 since t!e time s %n for t!e t!esis w%s only t!ree mont!s %n in de t! study %nd %n%lysis bec%me % little difficult2@ S%m le si>e9 t!e s%m le si>e of t!e study is only 1++ w!ic! do not give % com re!ensive result- .!e conclusion of t!e study m%y not !%ve resulted to %n %ccur%te outcome due to t!e s%m le si>e being sm%ll3@ /ound to only B%sik city 9 t!e ot!er limit%tion of t!e study is it is limited to only t!e m%in city %re% of B%sik %nd ignores t!e s%m les from t!e sm%ller %rts of t!e district.!e buying be!%vior of %n individu%l v%ries from l%ce to l%ce4@ Duestions left bl%nk9 cert%in =uestion !%ve been left bl%nk w!ic! does not %llow %n %ccur%te %n%lysis$@ /i%sness9 %mong t!e 1++ res ondents few of t!em were br%nd loy%l %nd few of t!em were t!e ones w!o !%d still stuck to t!eir tr%dition%l jewelers !ence to %n e:tent t!ere w%s bi%sness involved in t!e study-

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/efe)en.e%
Second%ry d%t% collected from t!e internet- .!e web sites %re; 1@ !tt ;33www-icmrindi%-org3freeF2+resources3c%sestudies3br%nded9gold9jewellery1-!tm 2@ !tt ;33www-flonnet-com3fl22233stories32++$111&++3&+(&++-!tm 3@ Source; !tt ;33www-rncos-com3)e ort3I*14&-!tm 4@ !tt ;33www- ress%bout-com3indi%n9customers9s!owing9internet9in9br%nded9jewellery9 24&6+3 $@ !tt ;33www-scribd-com3doc31((+1+&$3'ewellery92om %nies92om %rison 6@ !tt ;33www-commodityonline-com3news3/r%nded9gold9jewellery9s!o s9lure9Indi%ns9 23&3#9391-!tml #@ !tt ;33www-gulf9d%ily9news-com3BewsDet%ils-%s :QstoryidW266(+2 &@ !tt ;33www-di%mondworld-net3contentview-%s :QitemW246$ (@ !tt ;33tr%velersindi%-com3%rc!ive3v$n23v$n29indi%nYjewelry-!tml 1+@ !tt ;33www-icmrindi%-org3c%sestudies3c%t%logue3/usiness F2+Str%tegy13/S.)+41-!tm 11@ !tt ;33www-rncos-com3*%rket9An%lysis9)e orts3Indi%n90ems9%nd9'ewellery9*%rket9 1uture9"ros ects9to92+119I*14&-!tm 12@ !tt ;33www-%ll!e%dlinenews-com3%rticles3#+1#2#2$31 Bews % ers; 1@ .!e .imes of Indi% 2@ .!e Gconomic .imes

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"ana&ement T*e%i%
A comparative study on the consumers preference towards branded jewellery over non branded jewellery in Nasik
DCGS.IOBBAI)G BO- YYY )GS"OBDGB. BO- YYY 4ello6 I %m YYYYYYYYYYYYYYYYYYYY- I %m % 1irst ye%r student of m%n%gement ursuing my */A from *G. institute of *%n%gement %t /L2 Adg%on B%sik- As % %rt of my curriculum I !%ve to undert%ke % survey on t!e given to ic- All t!e inform%tion t!%t we collect is strictly for study ur ose %nd will be de%lt wit! %t most confidenti%lity- .!is survey would t%ke only 1+ mins of your time-

B%me; .ele !one number; Age;

1@ 1%ctors t!%t guide you w!ile urc!%sing jewelleryQ Design J%riety Service "rice Dis l%y "urity /r%nd Im%ge

"romotions %nd offers

1%mily %nd friends influence

2@ Are you %w%re of t!e v%rious jewellery br%nds %v%il%ble in t!e m%rketQ Kes Bo

3@ .ick %g%inst t!e br%nds t!%t you %re %w%re %bout in t!e jewellery m%rket 0ili .%nis!= .%kle /%fn%

4@ Kou buy jewellery forZ Investment 1%s!ion Occ%sions 1estiv%ls

$@ 5!ic! jewellery do you referQ /r%nded 1%mily 'eweler

6@ 4%ve you boug!t %ny br%nded jewelleryQ Kes Bo


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#@ Do you buy jewellery for gifting ur oseQ Kes Bo

&@ 5!ere do you refer to buy t!e jewellery from ?for gifting@Q /r%nded 1%mily 'eweler

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(@ 0iven below %re few c!%r%cteristics of tr%dition%l f%mily jewelerAs ?or loc%l jewellery ret%il stores@- "le%se give e%c! c!%r%cteristic some oints b%sed on your %ssessment6 suc! t!%t t!e oints r%nge from 1 to 1+- ?1 being t!e lowest %nd 1+ being t!e !ig!est@C*a)a.te)i%ti.% of 4amily 5e2ele)3% 2onvenient .rustwort!y 0ood Investment "rice .r%dition%l design Numbe) of 8oint%

1+@ If you urc!%se br%nded jewellery t!en given below %re % few c!%r%cteristics- "le%se give e%c! c!%r%cteristic some oints b%sed on your %ssessment6 suc! t!%t t!e oints r%nge from 1 to 1+- ?1 being t!e lowest %nd 1+ being t!e !ig!est@C*a)a.te)i%ti.% of +)anded 5e2ele)3% 5ide r%nge of roducts under one roof S!o ing e: erience .rendy %nd f%s!ion%ble jewellery "rice Numbe) of 8oint%

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