...BUSINESS ETHICS REPORT ON ETHICAL PRACTISES OF PAKISTAN GEMS AND JEWELRY DEVELOPMENT COMPANY ACKNOWLEDGEMENT First of all we would like to thank Allah Almighty for giving us the strength, Knowledge and resources to make our work easy and possible. Without His blessings we would not have come this far. Then we the student of Bahria University would like to thank our course instructor Sir Shaikh Muhammad Ali who taught us Business Ethics and for giving us an opportunity to make a report on Pakistan Gems and Jewelry Development Company. We would like to thank Mr. Khalid Aziz the General Manager of the company who take out some time and briefed us on our queries, without whom this report would not be possible. Executive summary This report contains information about one of the jewelry manufacturing company of Pakistan named Pakistan Gems and Jewelry Development Company. The report consists on the following: company’s history, vision and mission statement, core values, its strategies. Through our survey while preparing our report and gathering information on PGJDC we came to know about certain things which gave us an upper hand to make our report more interesting and they are the compulsion and benefits being offered by PGJDC to its employees. In the last we compiled the training program of PGJDC which is definitely the core ingredient of this report. At the very end we have provided the URL links from which we take some information while preparing our report. ...
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...area of the jewelry industry is similar to a constantly developing dynamic live organism. Every day you can see new rings, earrings, chains and other precious things on the shelves of jewelry stores. There are a lot of interesting ideas due to the invention of cheaper and more attractive metal alloys, synthetic gems and visual solutions. New variations of different gems in a combination with precious metals are a feast for a consumer eye. That is why it is so important to stay afloat in this rather interesting and fascinating area of Jewelry. Ideas can be directed to the development of the forms of, for example, dangles, hoops, studs and other jewelry as well as to the search for new shades of gems and alloys, which are already known or which are to be discovered. The search and the creation of new synthetic gems and alloys are necessary both for the increase of the attractiveness of jewelry, and for the improvement of the durability and the resistance of alloys to the oxidation in the air. It is also important to create cheaper analogues of gems and metals, which are almost equal to the natural ones in their properties, for the market expansion of diamond jewelry, pearl jewelry and others. After all, it is much more pleasant to have more durable jewelry for lower prices, which will significantly increase the number of customers and, accordingly, sales proceeds. The one, who will capture the minds and draw attention by his or her innovative ideas of the jewelry art, embodied...
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...3.3 PRICE The use of synthetic, or lab grown diamonds, has challenged the natural diamond industry, even though production of synthetic gems is low compared to naturally-mined stones – only 1 to 2 out of every 100 carats sold is a synthetic (see table at top). Unlike other precious gems – rubies, emeralds and sapphires – where synthetics can sell at up to a 90 percent discount to naturals, high-quality synthetic diamonds can only trade at around a 2 to 20 percent discount (see table 2) Overtime, with the advancement and improvement of technology, the production of gem quality synthetic diamonds will continue to improve. Synthetic diamonds are manufactured based on demand, keeping that in mind, the relative prices will come down because...
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....making a difference for you INDIAN JEWELLERY INDUSTRY 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 and gemstone studded jewellery. Besides, India is world's largest cutting and polishing Industry for diamonds, well supported by government policies and the banking sector with around 50 banks providing nearly $3 billion of credit to the Indian diamond industry. A predominant portion of the gold jewellery manufactured in India is consumed in the domestic market. However, a major portion of the rough, uncut diamonds processed in India is exported, either in the form of polished diamonds or finished diamond jewellery. The largest consumer of gold worldwide, India is also the leading diamond cutting nation. Gold and precious gems have played a pivotal role in the Indian social fabric and economy. Precious gems and jewellery are a part and parcel of Indian traditions and customs. Gold has traditionally been valued in India as a savings-andinvestment vehicle and even today, continues to be the second most popular instrument after bank deposits. Gems and jewellery is one of the fastest growing sectors in the Indian...
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...exclusive with limited inventory on display * In Feb 1996 launched its first 18-carat range of exclusively designed gem-set jewelry STRATEGIES: * Piloted an offering of 22-karat plain gold jewelry with about 400 designs * Multimedia campaigns were launched in press and on TV to focus on traditional designs * Prevailing under-karat age problems industry wide were countered by installing karat-meter * Seven-stone concept helped Tanishq to overcome the perception of it being a Westernized brand SEGMENTATION: Proper segmentation is necessary for any company. Tanishq’s designs were not for Indian women. It position itself as international brand for Indian elite market. However they later on started targeting the mass marketing since 1997. After research Tanishq found that 40% of the women are working and they targeted this segment with a specific group of product called collection jewelry for the working women. After reseach and innovation designs became more authentic. Titan also decided to transpose design by stocking Bengali design in Delhi. TARGETING: The main class was High class and upper middle class; it was branded and special diamond studded jewelry. Then it also introduced jewelry for educated and skilled people, who could not afford high cost, but the quality was good. It was produced by local shops like PP jewelrs and Sia. Artificial jewelry was specially for middle class and lower middle class. BRAND POSITIONING Tanishq diamonds embark the aspiration...
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...When you first enter the exhibit you start at your left, and the first things you will spot are information broads. The boards give you a brief description of the history and lifestyle of the royals. The room at first glance is a large room split in half with the first half showing you the royal monetary and jewels people would find in the tombs of the royals. Almost all the jewelry are made of a bright metallic gold. The jewelry is self is in crusted with gems of different kinds unfortunately one type of gem is missing throughout the exhibit making one assume that those gems must have had significant value. The monetary coin are also displayed in the area. The adjacent room that was split in half hold many daily artifacts. There is a particularly detailed set of clothing that were worn during the Ming dynasty. Beside the robles the exhibit shows the traditional head gear the priest and high officials would bear. As with the jewelry pieces the gems adoring the head gear is missing with only the other gems in place. Near the back of the wall hang two huge scrolls that hold the records of the dynasty....
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...Gems are highly prized minerals that have a common appeal to all cultures, and their legacy extends to prehistoric times. As far back as 20,000 years ago, our ancestors, the Cro-Magnon, ornamented their bodies with lavish strings of beads made from ivory, seashells, and gemstones (Cook). As is the custom today, the use of jewelry was determined by fashion and reflected one's rank in society. Malachite is cut into cabochons or slabs to be used in rings, necklaces, brooches, and in art objects (galleries.com). Though not a precious stone, its vibrant colour is highly prized. Possibly the earliest order of copper, malachite is believed to have been mined in a Sinai and eastern deserts of ancient Egypt from was early as 300BCE. Single crystal are uncommon; when found, they are short to long prism. Malachite is usually found as botryoidal or encrusting masses, often with a radiating fibrous structure and banded in various shades of green. The beautiful green crystal has been used since ancient times in inlay work and in carvings of churches and cathedrals as it is found in huge boulders (Bonewitz pg 125). It was also used as a pigment for paint during the 15th century in Egyptian tomb paintings and much later in European art. The Victorians were also great admirers of opaque jewelry stones, and malachite was chosen to be one of their favorites, sometimes choosing it to set in gold. It also occurs as delicate fibrous aggregates and as concentrically banded stalactites (Bonewitz pg...
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... INTRODUCTION : Gems and jewellery are a part of many cultures and customs around the world. For ages, people have been using gems and jewellery as ornaments, gifts, and for investment purposes. The major segments of the Gems and Jewellery industry are Gold Jewellery, Silver Jewellery, Platinum Jewellery, Diamond Jewellery, Costume Jewellery, and Other Gemstone Jewellery. Jewellery is mainly associated with women in many regions across the globe. In many customs, it is used to depict wealth in society. The global gem and jewelry industry over the past decade has witnessed significant changes and exhibited growth, on account of increasing income as well as demand from the emerging economies across the world. Among the various types of jewellery, plain diamond jewelry accounted for the largest share of the global jewelry market, followed by plain gold jewellery. Gems and jewellery industry- India Evolution India has been one of the most important countries for the production of Gems and Jewellery.One of the highlights is the production of Studded Jewllery. Studded Jewellery trading in India is age old as it is established by the fact that in 1650 A.D., sources report the employment of more than 60,000 workers in the Eluru mines, where they dug and washed the precious stones. Today though India has almost no raw Studded Jewllery left within her own soil still we produce 70%of the World gems in terms of quantity and 45% in terms of value. India is the original country...
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...Ornate Sorrow Have you ever missed someone so much that if you didn’t have something to remind you of them you would fall apart? You would do anything to show that person you still respect and honor them. That’s what Mourning jewelry was in the late 18th century. This occurred during the time of the Victorian era. Throughout this period, it was a vital purpose, decorate beauty, and prized possession for many. Mourning jewelry was a piece of jewelry that one would wear when they lost a loved one. However, it wasn’t simple a necklace or ring of admiration, but usually consisted of an actual piece of the loved one’s body. For example, let’s say you have a ring, instead of having a boring looking emerald (pearl) that means absolutely nothing...
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...Romanesque Churches. In both six stories tall are added with two wings. The second, fourth, and sixth floors directly join to the central museum while the sixth floor is set back. The higher level has semi round windows and it stands above the third floor providing lot of natural light for tourists to enjoy exhibitions that expose the natural world. It was a family trip on last weekend. The museum was super busy, it seemed to have so many children who all seemed to be enjoying themselves. Accidentally I stepped on several of them but also got stepped on a few times myself. The main reason I wanted to visit the Smithsonian Museum Natural History was to see their spectacular gem and jewelry collection. The Natural History Museum boasts of having the best collections of gems, jewelry, and minerals in the world. The best part about this museum and most of the Smithsonian museums is that admission is free to everyone. I also think it is needed to educate people since there are people who only believe in creationism. We entered the museum from the National Mall side and went past the elephant and then the dinosaurs and headed straight to the second...
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...Romy Lu Student-Jose Echavarria 01/30/2014 Assignment 1: Social Performance of Organizations Specify the nature, structure, types of products or service of your chosen organization, and two (2) key factors in the organization’s external environment that can affect its success. Provide explanation to support the rationale. De Beers Diamond Company is an industry that currently produces $13 billion worth of rough diamonds each year, leading to the employment of 10 million people globally from mining to retailing. 70% of rough diamonds are sold for industrial purposes with the remaining 30% “gem quality” being distributed to experts for cutting, polishing and jewelry manufacturing (Stein, 2001). The global jewelry market has increased three-fold in the last 25 years and is currently worth $72 billion each year. Jewelry diamonds are unjustifiably expensive given that they are not actually scarce. Upon the discovery of other diamond reserves globally, De Beers set up a subsidiary called the Central Selling Organization (CSO), responsible for buying the production for all mines worldwide then selling the produce to dealers in return for a percentage fee (10 – 20 %) from producers (Stein, 2001). The CSO was able to maintain illusion of scarcity by deciding the quantity of diamonds to be supplied to the world market and in turn, allowing individual producers to produce a certain percentage of that amount (De Beers Group, 2012). The CSO then sold batches...
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...Blue Nile Case Group D Monday and Wednesday 11:00-12:15 Anthony Allen, Laura Blakeman, Daniel DeMaiolo, Carla Hill, and Mason Shattuck 1 Industry Analysis: Dominant Economic Features Definition of Jewelry Retailing Industry & Nonstore Retailer Subsector According to the United States Census Bureau, the Jewelry Retailing Industry (NAICS code 448310) “comprises establishments primarily engaged in retailing one or more of the following items: (1) new jewelry (except costume jewelry); (2) new sterling and plated silverware; and (3) new watches and clocks. Also included are establishments retailing these new products in combination with lapidary work and/or repair services” (United States Census Bureau Jewelry Industry Definition, 2008). While Blue Nile competes in the larger Jewelry Retailing Industry, it also competes in the narrower Nonstore Retailers (Subsector 454) category because of the e-commerce component of the business model. The United States Census Bureau comments that “industries in the Nonstore Retailers subsector retail merchandise using methods, such as the broadcasting of infomercials, the broadcasting and publishing of direct-response advertising, the publishing of paper and electronic catalogs, door-to-door solicitation, in-home demonstration, selling from portable stalls and distribution through vending machines. Establishments in this subsector include mail-order houses, vending machine operators, home delivery sales, door-to-door sales, party...
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...1. Key success factors in diamond retailing: * Quality standard: gems quality, certification, design * High-end service: high price must be paired with customer experience and satisfaction * High degree of product knowledge: diamond is a luxury products sold at a very high price, hence sellers are expected to have wealthy knowledge of the product to be able to present and explain to customers * Brand: as high value product, quality, luxury and exclusivity are expected. Besides, seller’s reputation is of significant value and top of the requirements * Customer loyalty: as more players enter the market, diamond jewelry designs become more and more common among the retailers, therefore it is easy for customer to switch from one brand to another because there is no unique design that can only be found at a certain brand. If a company succeeds in retaining customer’s loyalty, they have a huge advantage over competitors in the market. * Product education: because diamond shopping is not something that customer do frequently, therefore most customer will need comprehensive education and guidance so that they can comfortably and confidently pick out what they want. * Technology innovation to enhance customer experience at a low cost * Low pressure selling approach through customization: allows customers to build their own jewelry and select what they can afford * Distribution Network decision: retail store and/or online channel. This is a...
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... The author will attempt to discuss the leadership style and how it contributed to unethical behavior, proper segregation of duties may have prevented the fraud, the company’s compensation program that probably contributed to the fraud, how culture may have influenced the behavior towards revealing the fraud, and recommendations of how Mai Won should proceed. To understand the company KingJewels, let us discuss a little history of the company and its owner, Andy Wong. Mr. Wong started in the jewelry business from the bottom as an apprentice and worked his way to the top as sales and sourcing manager of an international jewelry before starting his own business. “He recognized that his company had the potential to expand and internationalize its business further by focusing on jewelry design and technology, and on overseas markets. KingJewels specialized in sourcing, trading, and manufacturing precious gemstones. It prided itself on its fashionable and affordable jewelry products. While Wong had successfully turned KingJewels into a highly competitive business, he left KingJewels internal management to Clement Tam, operations manager”. (Capstone p.96) In January 2006, after the books were closed for the year, some irregularities were found by a key staff member. It was discovered that a key member of upper management had accepted compensation, or advantages in return for manipulating KingJewels records, approving the use of substandard gemstones, bribing those...
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...Blue Nile Case Group D Monday and Wednesday 11:00-12:15 Anthony Allen, Laura Blakeman, Daniel DeMaiolo, Carla Hill, and Mason Shattuck 1 Industry Analysis: Dominant Economic Features Definition of Jewelry Retailing Industry & Nonstore Retailer Subsector According to the United States Census Bureau, the Jewelry Retailing Industry (NAICS code 448310) “comprises establishments primarily engaged in retailing one or more of the following items: (1) new jewelry (except costume jewelry); (2) new sterling and plated silverware; and (3) new watches and clocks. Also included are establishments retailing these new products in combination with lapidary work and/or repair services” (United States Census Bureau Jewelry Industry Definition, 2008). While Blue Nile competes in the larger Jewelry Retailing Industry, it also competes in the narrower Nonstore Retailers (Subsector 454) category because of the e-commerce component of the business model. The United States Census Bureau comments that “industries in the Nonstore Retailers subsector retail merchandise using methods, such as the broadcasting of infomercials, the broadcasting and publishing of direct-response advertising, the publishing of paper and electronic catalogs, door-to-door solicitation, in-home demonstration, selling from portable stalls and distribution through vending machines. Establishments in this subsector include mail-order houses, vending machine operators, home delivery sales, door-to-door sales, party...
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