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A project report on consumer’s preference among the branded and non branded jewellery Document Transcript * 1. Marketing Management Project Jewellery buying PreferenceSubmitted to: Submitted by: 1 * 2. CERTIFICATE OF COMPLETION This is to certify that the research project entitled "Consumer’s preferenceamong the branded and non branded jewellery “has been submitted by Group number, MBA- HR (2010 – 2012)This report is the result of their own work and to the best of their knowledge, nopart of it has earlier comprised any other report, monograph, dissertation or book. This project was carried out under our overall guidance. Signature of Faculty Guide Date Place 2 * 3. CONTENTS aCKNOWLEDGEMENT......................................................................................................................................4 OBJECTIVE OF STUDY.......................................................................................................................................5 DESCRIPTION PROBLEM.................................................................................................................................6 significance of the study...................................................................................................................................7 introduction..........................................................................................................................................................8 research methodology....................................................................................................................................21 Data analysis......................................................................................................................................................21 Conclusion...........................................................................................................................................................34 RECOMMENDATION.......................................................................................................................................35 literary review...................................................................................................................................................36 bibliography.......................................................................................................................................................40 QUESTIONNAIRE..............................................................................................................................................41 3 * 4. ACKNOWLEDGEMENTA study such as this cannot be the work of a single group of six people. I hereby express deep gratitude to all those who have helped us directly or indirectly incompleting this work and who have encouraged and inspired us all through the project.Words are inadequate to express our deep sentiments and gratitude towards my project mentor and guide, …………………., for her zeal and scholarly guidance during this pursuit in spite of her multifarious responsibilities. The word of acknowledgement is an expression of heart-felt thankfulness for her inspiration. Finally, we would like to thank the people who have taken time off from their busy schedule to help by providing us with their valuable inputs. 4 * 5. OBJECTIVE OF STUDYThe objective to study the “A comparative study on the consumer’s preference amongBranded and non branded jewellery” is to find out:1) To compare between the consumer preference among the branded and non brandedjewellery.2) To know consumer perception towards jewellery.3) Brand awareness of various brands in the jewelery market.4) To have an idea about the parameters the consumers consider while buyingjewellery. 5 * 6. DESCRIPTION PROBLEMThe scope of study is limited due to the following reasons:1) Time constraint - since the time span for the study was only one month, an in depthstudy and analysis will become a little difficult2) Sample size - the sample size of the study is only 100 which would not give acomprehensive result. Many important samples may not be considered at all. Theconclusion of the study may not result to an accurate outcome due to the sample sizebeing small.4) Awareness - the sample taken and the conclusion drawn can be led to only one side ifthere is lack of awareness about branded jewellery. 6 * 7. SIGNIFICANCE OF THE STUDYThe gems and jewellery industry occupies an important position in theIndian economy and is one of the fastest growing industries in the country.Hence the research conducted would help us to:1) Understand the consumers preference while purchasing jewellery.2) How much impact does a brand/ retailer has on their purchase decision.3) Does price play an important role in guiding their purchase decision.4) Are the various promotional strategies adopted to combat competition. 7 * 8. INTRODUCTIONIndia has a historic relationship with Jewellery.Many kings, emperors and dynasties featuring countless wars, conquests and politicalupheavals have ruled the Indian sub-continent. Different dynasties ruled different partsof India with different monetary systems. Jewellery acted as a common medium ofexchange or store of value across the monetary systems of different kingdoms acrossthe sub-continent especially gold. Hence wealth could still be preserved in spite of warsand political turbulence. Gold also helped preserve wealth through natural calamitiesand disasters and for centuries was the only means of saving in rural India, land beingthe other main asset of economic value. This has largely helped formulate, or evolve,the Indian sentiment and fanatical passion for gold, which holds true even today. India isestimated to hold more than 11,000 tonnes of gold.Apart from its historical religious significance, Jewellery is valued as an importantsavings and investment vehicle in India. Even in present times, Jewellery remains theIndian bride’s `Streedhan’, the wealth she takes with her when she marries and whichremains hers. Gold jewellery is the preferred jewellery worn by women in Indiairrespective of their religious beliefs. In marriages, gold jewellery is the gift preferred bythe near relatives of the bride and the groom. Jewellery is very popular amongfarmers, with an upsurge in gold sales after a good agricultural season. Buying of gold isan important part of every stage of an Indian citizen’s life— at birth, marriage, 8 * 9. construction of home, festivals, religious ceremonies, setting up of new business, anddeath.As India makes rapid progress in the retail arena, the Indian Jewellery market isundergoing a gradual metamorphosis from unorganised to organised formats. Thejewellery business in India is estimated to be at Rs 50,000 crore. According to theindependent estimation studies conducted by World Gold Council and McKinsey, out ofthe overall market share, the share of organised jewellery market is less than Rs 1,000crore. This accounts to about 2-3 per cent of the total market share. But given that thisis a relatively new segment of the market, it is poised to grow. Jewellery retailing ismoving from a ‘storehouse of value’ to a precious fashion accessory. Plain gold isgradually easing its stranglehold on the Indian consumer psyche to give way todiamonds, platinum and coloured gemstones. The way jewellery was worn before isundergoing a tremendous change.The young Indian woman who is the prime market for the organised retailers differrfrom the traditional jewellery customer in many ways as enumerated below.•She is well educated and more in tune with international trends•Increase in working women with high disposable incomes•Greater mobility•Less constrained by traditions.All these reasons and more ensure that the modern Indian woman is looking forjewellery from a perspective different from the past. In addition, organised retailingoffers quality products, follows standardised practices and uniform pricing strategy.Organised retail formats work on transparent policies that are not necessarily availableat the traditional jewellery shops. Today, goods and services offered by any retailer arestrongly driven by their identified Target Group . There are several examples of retailerswho are drawing in consumers either across a wide swathe or a segment of socio-economic classification, clearly defined by them. This has been the first step towards 9 * 10. organized jewellery retailing in India. In a short span of time, organised retailers havesuccessfully implemented a change in the buying pattern of the Indian consumer.In addition, branded players require focused advertising and astute salesmanship tocompete with traditional jewelers. Besides the major brands- Tanishq, Carbon,Oyzterbay, Gili and Trendsmith - several regional players have opened branches toleverage the trust and reputation that they have built up over the years.STRUCTURE OF JEWELLERY IN INDIA•Plain gold Jewellery•Studded Jewellery•Silver Jewellery•CostumeJ ewelleryIndia is the largest consumer of Gold in the world with annual demand close to 800tons. It is believed that 90% of this demand is directed towards manufacturing ofjewellery. The bulk of the Indian jewellery buying is still rooted in tradition and jewelleryis sold in traditional designs. Jewellery designs vary in different regions of India, makingthe style unique to each region. In South India the designs are inspired by nature -paisley motif of the mango, rice grains, melon and cucumber seeds, etc. In Western andNorthern India, the Mughal influence can be seen in the meenakari (enamelling) andkundan work. Jewellery is crafted not just for humans but also for the deities,ceremonial elephants, and horses. Hence the variety of gold jewellery in India is trulymind-boggling and bears testimony to the excellent skills of Indian jewellers of today.Ornaments are made practically for every part of the body - nose rings, bangles,necklaces and special jewellery for the head, ankles, waistbands, and so on. 10 * 11. Plain gold jewellery is fabricated mainly in 22-karat gold and even 18-karat is notfavoured, as the mindset does not accept low purity gold jewellery. The logic is that thejewellery is primarily bought as an investment in gold, and investing in a low purityproduct does not appeal to the Indian consumers. However for the studded goldjewellery, 18 karat has become acceptable.CONSUMER BUYING BEHAVIOUR WHILE BUYING JEWELLERYWhile buying a product, consumer displays different kinds of behaviours towardsdifferent kinds of products from a tube of toothpaste to a new car. More complexdecisions usually involve more buying participants and more buyer deliberation.While buying an expensive product for jewellery, which satisfies a consumer’s selfesteem needs( according to the Maslow’s heirarchy of needs) a consumer displayscomplex buying behaviour. Consumers undertake complex buying behaviour when theyare highly involved in a purchase and perceive significant differences among brands.Consumers may be highly involved when the product is expensive, risky, purchasedinfrequently, and highly self expressive.This buyer will pass through a learning process, first developing belief about theproduct, then attitudes, and then making a thoughtful purchase choice. Marketers ofhigh involvement products must understand the information gathering and evaluationbehaviour pf high involvement consumer, they need to hellp buyers learn about theproduct- class attributes and their relative importance.GOLD JEWELLERY MARKET IN INDIA 11 * 12. Before the liberalization of the Indian economy in 1991, only the Minerals and MetalsTrading Corporation of India (MMTC) and the State Bank of India (SBI) were allowed toimport gold. The abolition of the Gold Control Act in 1992, allowed large export housesto import gold freelyExporters in export processing zones were allowed to sell 10 percent of their produce inthe domestic market. In 1993, gold and diamond mining were opened up for privateinvestors and foreign investors were allowed to own half the equity in mining ventures.In 1997, overseas banks and bullion suppliers were also allowed to import gold intoIndia. These measures led to the entry of foreign players like DeBeers, Tiffany andCartiers into the Indian market.In the 1990s, the number of retail jewellery outlets in India increased greatly due to theabolition of the Gold Control Act. This led to a highly fragmented and unorganizedjewellery market with an estimated 100,000 workshops supplying over 350,000retailers, mostly family-owned, single shop operations. In 2001, India had the highestdemand for gold in the world; 855 tons were consumed a year, 95% of which was usedfor jewellery. The bulk of the jewellery purchased in India was designed in thetraditional Indian style.Jewellery was fabricated mainly in 18, 22 and 24-carat gold. As Hallmarking was not verycommon in India, under-carat age was prevalent. According to a survey done by theBureau of Indian Standards (BIS), most gold jewellery advertised in India as 22-carat wasof a lesser quality. Over 80% of the jewelers sold gold jewellery ranging from 13.5 caratsto 18 carats as 22-carat gold jewellery.The late 1990s saw a number of branded jewellery players entering the Indian market.Titan sold gold jewellery under the brand name Tanishq, while Gitanjali Jewels, aMumbai-based jewellery exporter, sold 18-carat gold jewellery under the brand nameGili. Gitanjali Jewels also started selling 24-carat gold jewellery in association with a Thaicompany, Pranda. Su- Raj (India) Ltd. launched its collection of diamond and 22 -caratgold jewellery in 1997.The Mumbai-based group, Beautiful, which marketed the Tiffany range of products inIndia, launched its own range of studded 18-carat jewellery, Dagina. Cartiers enteredIndia in 1997 in a franchise agreement with Ravissant. Other players who entered theIndian branded gold jewellery market during the 1990s and 2000-01 included IntergoldGem Ltd., Oyzterbay, Carbon and Tribhovandas Bhimji Zaveri (TBZ). 12 * 13. BRANDED DEALERS TANISHQ In 1984, Questar Investments Limited (a Tata group company) and the Tamil NaduIndustrial Development Corporation Limited (TIDCO) jointly promoted Titan WatchesLimited (Titan). Initially involved in the watches and clocks business, Titan later venturedinto the jewellery businesses. In 1995, Titan changed its name from Titan Watches Ltd.to Titan Industries Ltd. in order to change its image from that of a watch manufacturerto that of a fashion accessories manufacturer. In the same year, it also started itsjewellery division under the Tanishq brand.Among the branded jewellery players in the Indian market, Tanishq is considered to be atrendsetter. When it was launched in 1995, Tanishq began with 18-carat jewellery.Realizing that such jewellery did not sell well in the domestic market, the 18-caratjewellery range was expanded to include 22 and 24-carat ornaments as well. WhenTanishq was launched, it sold most of its products through multibrand stores. In 1998,Tanishq decided to set up its own chain of retail showrooms to create a distinctivebrand image. 13 * 14. By 2002, Tanishq retailed its jewellery through 53 exclusive stores across 41 cities. Tomeet increasing demand, Tanishq planned to open 70 stores by the end of 2003 andoffer a range of wearable products with prices starting at Rs. 400. With sales of Rs. 2.66billion in 2000-01, Tanishq had a 0.66 percent share of the total jewellery market and a27 percent share of the branded jewellery market. The market of tanishq jewellery isgrowing since long time. 14 * 15. Figure 1 growth in sales from 2000 to 2008 in Million Rupees 15 * 16. GILLIGili launched a collection of traditional Indian ornaments made of 18-carat gold. In1999, 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 ofdiamond and gold qualityGili distributed its jewellery priced between Rs. 500 and Rs. 40,000 through lifestyle anddepartment 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 increaseaccessibility among its target segment, the 15 to 30 age group. The collection waspromoted at college campuses with banners, pamphlets and a few advertisementstargeted at teens. Gili soon realized that just pushing its product was not enough; it alsohad to customize its products for special occasions. Following this, it launched aDiamond Heart Collection specially designed for Valentines Day. This collectionconsisting of tiny, heart-shaped diamond jewellery was well received by teens. Specialpackaging, catchy advertising and extensive press coverage contributed to the successof the collection. Gili also made special promotional offers during festive seasons likeChristmas 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 customizedjewellery. For this Gitanjali jewels opened a jewellery salon, Gianti, to providecustomized jewellery to clients in India. 16 * 17. NAKSHATRAA diamond is a symbol of power and beauty –a creation that captures the essence ofnature’s magical process through millions of years. The Indian jewellery market hasbeen transformed in much the same way by Nakshatra. In less than a decade afterlaunch, the brand has appropriated the physical values of the diamond – its quality,brilliance and clarity – and made a deep impact on the Indian psyche. So stunning hasthis impact been that within one year of its debut Nakshatra had registered a 93% top-of mind recall – surpassing every other diamond jewellery brand by a long margin(Source: Global Tracking Study conducted by Research International, January 2003).This recall has also been reflected in the volumes Nakshatra had achieved. Between2005and 2007 the brand grew eleven times. It has impacted the jewellery trade in otherways, too. More than 70% of jewellery retail outlets have reported that Nakshatra hasnot only played a key role in generating overall diamond jewellery sales it has alsohelped them increase their own sales of floral jewellery to people who had come askingfor Nakshatra. The effort to promote Nakshatra has gained recognition from more thanjust the retail trade.In 2003, the Nakshatra Utsav won the Best Trade Promotions award at the McDowell’sSignature All India Promo Awards. In 2007 the brand was given the Retail JewellerAward for the Best TV Campaign of the Year. The in-house design team at Nakshatrawith its wide repertoire of innovative designs, fresh ideas and novel concepts also wonmultiple honours including the CK– New Delhi Gold Souk Design Award in 2006, the IIGJAward in 2007 and the Tahitian Pearl Awards in 2005 and 2007. 17 * 18. LOCAL DEALERS TALWAR JEWELLERSA name that evokes history, quality and commitment. A name that evokes exquisitefires that gold and diamond inspire the heart.The TALWAR JEWELLERS have been providing with gold and diamond jewels for morethan 5 decades. The Late Shri Tasrem Lal Talwar established a presence in Chandigarhfrom the year the city was founded in 1954. The showroom was first and the oldest.Their fame for quality and being on the leading edge of fashion in 22 carat gold anddiamonds from all over India have been built on dedication to their clients expectations.Their commitment and dedication towards their customers have made them one of theleading jewelers in northern region. 18 * 19. KHANNA JEWELLERSThe Khanna Group of companies was founded in 1953 by Late Shri Wazir Chand Khannaand his three sons. Their first showroom opened its doors to customers at Karol Bagh,New Delhi. Now the Khanna group of companies has, over the years, diversified intoseveral new areas. Khanna jewelers India has been adding the magical sparkle ofdiamond, gold and platinum jewellery to the lives of the jewellery connoisseur for over50 years. OTHERSThere are many other local dealers for jewellery such as Champalal jewelers, Mahaveerjewelers, Chawla jewelers etc. who are earning a good name in jewellery market.Although they sell their own produced jewellery yet they have many consumers whoprefer buying jewellery only from them. These dealers are preferred by consumersbecause of their good quality products and strong personal relations with consumers. 19 * 20. SECTOR PROFILEBRANDED VS. NON BRANDED JEWELLERYBRANDED JEWELLERY NON BRANDED JEWELLERYName and reputation give a confidence to Customers can tailor make jewellerythe consumer. according to their preferences.It comes with a written lifetime gurantee, No written lifetime guarantee, trust is purely based on the consumer.considering the emotional quotient of theconsumer.Excellent quality, good selling policies andd Minimum efforts in packaging, finishing,backup services for jewellery. sales and low advertising.Has a more contemporary, stylish and Is usually bulky and traditional.classicoutlook, which easily segments itselfamongthe traditional onesAvailable in multiple outlets Available only in traditional jewellery outlets. 20 * 21. RESEARCH METHODOLOGYResearch is initiated by examining the secondary data to gain insight into the problem.The primary data is evaluated on the basis of the analysis of the secondary data.TYPE OF RESEARCH: Exploratory researchDEVELOPING THE RESEARCH PLANThe data for this research project would be collected through questionnaire. Astructured questionnaire would be framed as it is less time consuming, generatesspecific and to the point information, easier to tabulate and interpret. Moreoverrespondents prefer to give direct answers.COLLECTION OF DATAa) Secondary Data: It was collected from internal sources. The secondary data wascollected from the articles, newspapers, journals and internet.b) Primary data: They were the main source of Primary data. The method of collectionof primary data would be direct personal interview through a structured questionnaire.SAMPLING PLANSince it is not possible to study whole population, it is necessary to obtainrepresentative samples from the population to understand its characteristics. 1) Sampling Units would comprise of men and women. 2) Research instruments- questionnaires.SAMPLE SIZE 100 respondents DATA ANALYSIS 21 * 22. Question 1 Yes NoDo you wear jewellery? 99 1By studying the 100 questionnaire we have come to the conclusion that 99% of the totalpopulation wears jewellery whereas just 1% doesn’t wear the jewellery. 22 * 23. Whenever anyQuestion 2 Once in a long Once in a occasion comes up time yearHow frequently do youmake jewellery purchases? 20 45 3545% of the total population buys jewellery in a year and 35% of the population buyswhenever any occasion comes up whereas remaining 20% buys in a long time. 23 * 24. Question 3 Local Dealers Brands (Tanishq, D’damas , etc..)From where do you prefer purchasing 45 55jewellery?From the analysis we came to know that 45% of the people prefer purchasing jewelleryfrom local dealers and 55% of total poplution prefer buying brands. 24 * 25. Question 4 I can choose The The stores They The from a wide quality of are easily provide jewellery variety of the accessible good is certified designs product is as they exchange excellent have their offers outlets at many placesIf brands, what are 32 47 20 16 35the factorsresponsible for thischoice (one ormore)?From the above pie chart we have concluded that why the people purchase brand is thequality of the product and its certification. 25 * 26. Question 5 I can buy The store is The price The products The retailer is the located near are are very reliable products my house, negotiable, comparativel as I have been on credit and so is I do not y priced low dealing with easily have to him since a approachabl buy at the long time e M.R.PIf localretailers, what 11 16 23 21 37factors affectthis decision(one ormore)?The reason why 45% of the total population goes to the local retailers is there relaibilityand low prices. 26 * 27. Question 6 Schemes launched Recommendations Pamphlets by the stores from Friends/ distributed RelativesFrom where did you 24 62 21get the knowledge ofthis store/ brand?Recommendation from friends and reletaives contribute much more in spreading theknowledge about the store/ brand rather then distributing pamphlets or launchingschemes. 27 * 28. Question 7 I recently started From past 5 to Since a very long visiting this 10 years time, almost store/ Brand alwaysHow long have you been making 22 39 39your purchases of jewellery fromthis store/ brand?Most of the population says 70% are buying jewellery from the same store/ brand frompast 5 to 10 years or a long time respectively. 28 * 29. Question 8 Very Satisfied Neither Dissatisfied Very satisfied satisfied dissatisfied nor dissatisfiedHow satisfied 45 48 7 - -are you withthe jewelleryyou buy?Almost everyone is satisfied with the jewellery they buy. 29 * 30. Question 9 Extremely Very Somewhat Not very Not at all important important important important importantHow important is 9 23 28 34 3the advertisementcampaign followedby the store tomake you opt for it?35% of the population is not affected by the advertisement campaign but on thecontrary advertisement is somewhat important for the 29% of the population. 30 * 31. Question 10 Very Significantly Partially Neutral Not at all significantly significantDoes the 14 39 24 20 1ambience and theservices providedin the store affectyour purchase?The above pie chart represents that 40% of the population is significantly affected bythe ambience and the services provided in the store. 31 * 32. Question 11 Always Often Sometimes Rarely NeverBefore making any 12 14 30 28 16jewellery purchases, doyou compare the designsand prices of the samebetween the brandedshowroom and the localdealers?People generally don’t compare the prices between the branded showroom and thelocal dealers. 32 * 33. Question 12 Yes No MaybeDo you plan to shift or 9 48 43change the source ofpurchasing jewellery?From the about the data we have concluded that almost half of the population issatisfied with their retaliers and doesn’t want to change. 33 * 34. CONCLUSIONWe have concluded from the above study that the individuals are moving towardsbrands rather than local retailers. Most of the population buys jewellery frequently andthe reason why people people going for more of branded jewellery is the certification ofthe jewellery.It is not that people are ignoring local retailers large number of total population stilldemands local jewelers and the reason is the reliability of the retailers. People generallydon’t compare the prices between the branded showroom and the local dealers. Fromthe about the data we have concluded that almost half of the population is satisfiedwith their retaliers and doesn’t want to change. 34 * 35. RECOMMENDATIONFrom the above analysis we have come to the conclusion that the local retailers shouldadopt the certification for the jewellery they are offering to the consumers. They shouldalso provide wide range of the product they are offering so that they can capture largershare in the market.Branded retailers should focus on reducing the cost and try to develop the trust factorwith the consumers so that it will help them to increase there sales. 35 * 36. LITERARY REVIEWGEMS AND JEWELLERYThe gems and jewellery industry is one of the fastest growing industries in India, Thegrowth in the purchasing parity of the middle class and surging income levels haveresulted in consumtion growth of gems and jewellery by about 11 percent in the fiveyears preceeding 2006-2007. it also contributes over 15 percent of India’s total exportsand provides employment to 1.3 million people directly and indirectly.The two major segments of the sector in India are gold jewellery and diamonds. Goldjewellery forms around 80 per cent of the Indian jewellery market, with the balancecomprising fabricated studded jewellery that includes diamonds as well as gemstonestudded jewellery.India consumes nearly 800 tonnes of gold accounting for about 20 per cent of the worldgold consumption, of which nearly 600 tonnes goes into making jewellery. The Indianjewellery market, estimated to be US$ 13.5 billion in fiscal 2006-07, accounts for 8.3 percent of world jewellery sales, according to a study by KPMG.The industry is well supported by Government policies and the banking sector --around50 banks provide nearly US$ 3 billion credit to the Indian diamond industry. Inaddition,India is expected to have a diamond bourse soon.India AdvantageIndia is the world’s largest diamond processing (cutting and polishing) country with anestimated 1 million processors handling over 57 per cent of the world’s rough diamondsby value. According to industry estimates, 11 out of 12 stones (diamonds) set injewelleryare cut and polished in India. Processing is done on rough diamonds in full range of sizesand qualities, including stones larger than 10 carats. 36 * 37. In terms of carat, Indias share in this sector is about 80 per cent of the world market.Employing over 90 per cent of the global diamond industry workforce, India alsoaccounts for 90 per cent of the volume of diamonds processed in the world.ExportsAfter making its mark in the world diamond processing industry, India is well on its wayto becoming the leading global gems and jewellery hub. India’s gems and jewelleryindustry is now on a high growth trajectory.Exports from the industry fetched US$ 17.1 billion in 2006-07 against US$ 16.64 billionin2005-06, showing a growth of 26 per cent. While diamonds accounted for 64 percent ofthe total exports, gold jewellery accounted for 30.47 per cent, colored gem stonesandothers accounted for 1.44 per cent and 1.04 per cent respectively last year.Cut and polished diamond segment exports were US$ 10.90 billion, while gold jewelleryexports fetched US$ 5.21 billion last year. Coloured gemstone exports yielded US$246.48 million last fiscal, against US$ 232.35 million in 2005-06.The growth momentum has continued into the current fiscal. The gems and jewelleryexport industry grew by a robust 27 per cent export during the first half of the currentfiscal at US$ 9.4 billion, as compared to US$ 7.4 billion in the corresponding period of2006, according to the Gems and Jewellery Export Promotion Council (GJEPC).The growth in diamond exports was 28 per cent, in jewellery it was 21 per cent and incoloured gemstones, it was 22 per cent. The major destinations for exports have beentheUS, UAE, Hong Kong, Belgium and Israel. In fact, the US, UAE and Hong Kongtogether accounted for over 70 per cent of the total exports in the previous fiscal year.ConsumptionThe increasing levels of disposable household income have resulted in recordconsumption levels in the domestic market. Indian jewellery demand rose by 70 per 37 * 38. cent during the first half of 2007 compared with the same period last year. Jewellerydemand increased to 387 tonnes from 227 tonnes during the period.Also, gold consumption during the first six months of 2007 grew by 70 per cent to 528tonnes compared to 307 tonnes in the same period last year. India’s total goldconsumption in 2006 was slightly over 700 tonnes. While jewellery accounted foraround73 per cent of gold demand, investments in the forms of coins and bars accounted forthe rest.According to the World Gold Council (WGC), India’s gold consumption this year could infact cross the 1,000-tonne mark for the first time. The booming domestic market alongwith export advantage of the industry and the Governments decision to allow foreigndirect investment of up to 51 per cent in single brand retail stores has attracted a largenumber of players to the sector.• Swarovski, the global crystal goods manufacturer and marketer, is on anexpansion spree in India and hopes to achieve 5 to 10 per cent of its globalturnover from the country in the next 10 years. The company plans to set up 30stores by 2009, from the current 13.•D’Damas India, part of one of the largest jewellery retail outlets in the world, isadding 16 new stores to its present dozen stores in India.• Morgan Stanley, Citigroup, Goldman Sachs and BSMA Ltd. collectivelypurchased a 7 per cent stake in Gitanjali Gems for around US$ 27.8 million.• Goldman Sachs and UBS Securities have acquired 6.28 per cent in Shrenuj & Coat around US$ 2.07 million and US$ 2 million, respectively.• Gemology Headquarters International (GHI), a US-based gemological gradingand research laboratory, has opened its first Indian branch at Opera House,Mumbai. 38 * 39. • Reliance Retail is planning an aggressive entry into the jewellery retail market throughits 400 to 500 jewellery retail outlets in the country.Looking AheadThe booming economy along with the rapid increase in income levels is estimated tofurther accelerate the growth of this industry. According to a KPMG study, India’sgrowing importance in the global jewellery market is only expected to increase in thefuture with total estimated jewellery sales of US$ 21 billion by 2010 and US$ 37 billionby 2015. Diamond jewellery consumption in India is also estimated to jump by 78 percent in 2010. 39 * 40. BIBLIOGRAPHYThe magazines and journals referred:Solitaire InternationalWeb sources:www.google.comwww.indiandata.comwww.valuenotes.com 40 * 41. QUESTIONNAIRE Jewellery buying preference : Local retailers or Brands1. Do you wear jewellery?□ Yes□ No2. How frequently do you make jewellery purchases?□ Once in a long time□ Once in a year□ Whenever any occasion comes up3. From where do you prefer purchasing jewellery?□ Local Dealers□ Brands (Tanishq, D’damas, etc.)4. If brands, what are the factors responsible for this choice (one or more)?□ I can choose from a wide variety of designs□ The quality of the products is excellent□ The stores are easily accessible as they have their outlets at many places.□ They provide good exchange offers.□ The jewellery is certified. 41 * 42. 5. If local retailers, what factors affect this decision (one or more)?□ I can buy the products on credit .□ The store is located near my house, and so is easily approachable.□ The prices are negotiable, I do not have to buy at the M.R.P.□ The products are comparatively priced low .□ The retailer is very reliable as I have been dealing with him since a long time.6. From where did you get the knowledge of this store/ brand?□ Schemes launched by the store.□ Recommendations from Friends / Relatives.□ Pamphlets distributed.7. How long have you been making your purchases of jewellery from this store/ brand?□ I recently started visiting this store / brand.□ From past 5 to 10 years□ Since a very long time, almost always.8. How satisfied are you with the jewellery you buy?□ Very satisfied□ Satisfied□ neither satisfied nor dissatisfied 42 * 43. □ Dissatisfied□ Very dissatisfied9. How important is the advertisement campaign followed by the store to make you opt for it?□ Extremely important□ Very important□ Somewhat important□ Not very important□ Non at all important10. Does the ambience and the services provided in the store affect your purchase?□ Very Significantly□ Significantly□ Partially□ Neutral□ Not At All Significant11. Before making any jewellery purchases, do you compare the designs and prices of the same between the branded showrooms and the local dealers?□ Always□ Often□ Sometimes□ Rarely 43 * 44. □ Never 12. Do you plan to shift or change the source of purchasing jewellery? □ Yes □ No □ MaybeNAME: ________________________ ADDRESS:_____________________________________________PROFESSION: __________________ MONTHLY INCOME: - □ 3 FIGURES □ 4FIGURES □ 5 FIGURES 44
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A project on consumer preference over branded jewellery and non branded jwellery (synopsis) Document Transcript * 1. Projectsformba.blogspot.com SYNOPSIS FOR DISSERTATION SUBMITTED TOWARDS THE PARTIAL FULFILLMENT OF POST GRADUATE DEGREE IN INTERNATIONAL BUSINESS CONSUMER PREFERENCE OVER BRANDED JEWELLERY AND NON- BRANDED JWELLERY SUBMITTED BY: AMITY INTERNATIONAL BUSINESS SCHOOL, NOIDAAMITY UNIVERSITY – UTTAR PRADESHProjectsformba.blogspot.com 1 * 2. Projectsformba.blogspot.comTABLE OF CONTENTSChapter No. Subject Page No.Ch.# 1.0 Introduction…………………..Ch.# 2.0 Research Methodology 2.1 Primary Objective(s)…………. ……… 2.2 Hypothesis……………………………. 2.3 Research Design…………………….... 2.4 Sample design………………………... 2.5 Data ………………………..................Ch.# 3.0 Critical Review of Literature…………...Ch.# 4.0 Sector Profile ……………………..........Ch # 5.0 Conclusion………………………………Ch.# 6.0 Recommendations……………………….Ch.# 7.0 Bibliography……………………………..Ch.# 8.0 ReferencesProjectsformba.blogspot.com 2 * 3. Projectsformba.blogspot.comINTRODUCTIONIndia has a historic relationship with Jewellery.Many kings, emperors and dynasties featuring countless wars, conquests and politicalupheavals have ruled the Indian sub-continent. Different dynasties ruled different parts ofIndia with different monetary systems. Jewellery acted as a common medium ofexchange or store of value across the monetary systems of different kingdoms across thesub-continent especially gold. Hence wealth could still be preserved in spite of wars andpolitical turbulence. Gold also helped preserve wealth through natural calamities anddisasters and for centuries was the only means of saving in rural India, land being theother main asset of economic value. This has largely helped formulate, or evolve, theIndian sentiment and fanatical passion for gold, which holds true even today. India isestimated to hold more than 11,000 tonnes of gold.Apart from its historical religious significance, Jewellery is valued as an importantsavings and investment vehicle in India. Even in present times, Jewellery remains theIndian bride’s `Streedhan’, the wealth she takes with her when she marries and whichremains hers. Gold jewellery is the preferred jewellery worn by women in Indiairrespective of their religious beliefs. In marriages, gold jewellery is the gift preferred bythe near relatives of the bride and the groom. Gold jewellery is very popular amongfarmers, with an upsurge in gold sales after a good agricultural season. Buying of gold isan important part of every stage of an Indian citizen’s life— at birth, marriage,construction of home, festivals, religious ceremonies, setting up of new business, anddeath.As India makes rapid progress in the retail arena, the Indian Jewellery market isundergoing a gradual metamorphosis from unorganised to organised formats. Thejewellery business in India is estimated to be at Rs 50,000 crore. According to theindependent estimation studies conducted by World Gold Council and McKinsey, out ofthe overall market share, the share of organised jewellery market is less than Rs 1,000Projectsformba.blogspot.com 3 * 4. Projectsformba.blogspot.comcrore. This accounts to about 2-3 per cent of the total market share. But given that this isa relatively new segment of the market, it is poised to grow. Jewellery retailing is movingfrom a ‘storehouse of value’ to a precious fashion accessory. Plain gold is graduallyeasing its stranglehold on the Indian consumer psyche to give way to diamonds, platinumand coloured gemstones. The way jewellery was worn before is undergoing a tremendouschange. Traditional designs are yielding to modern jewellery, heavy gold is giving way tolight and simple designs. Consumers are more quality conscious than ever before. Thejewellery market is one of the largest consumer sectors in the country – larger thantelecom, automobiles, apparel, and perhaps second only to the foods sector. Interestingly,organised retailers have attempted to understand the market, anticipate social changes andstrategise appropriately. They have ceaselessly endeavored to derive the formulae of‘What the consumer wants?’The young Indian woman who is the prime market for the organised retailers differsfrom the traditional jewellery customer in many ways as enumerated below. • She is well educated and more in tune with international trends • Increase in working women with high disposable incomes • Greater mobility • Less constrained by traditions.All these reasons and more ensure that the modern Indian woman is looking for jewelleryfrom a perspective different from the past. In addition, organised retailing offers qualityproducts, follows standardised practices and uniform pricing strategy. Organised retailformats work on transparent policies that are not necessarily available at the traditionaljewellery shops. Today, goods and services offered by any retailer are strongly driven bytheir identified Target Group (TG). There are several examples of retailers who aredrawing in consumers either across a wide swathe or a segment of socio-economicclassification, clearly defined by them. This has been the first step towards organisedjewellery retailing in India. In a short span of time, organised retailers have successfullyimplemented a change in the buying pattern of the Indian consumer. This is evident fromProjectsformba.blogspot.com 4 * 5. Projectsformba.blogspot.comthe shift from the traditional jeweller to the jeweller with an identity. This shift clearlyindicates a change in viewpoint of jewellery as a commodity to brand identification.RESEARCH METHODOLOGYStatement of objectives 1. To compare between Branded and Non-Branded Jewellery. 2. To know Consumer perception towards Jewellery. 3. To know the Major Players of Jewellery industry. 4. To have an idea about parameters consumer consider while buying Jewellery. 5. To have knowledge about demographic segments. 6. To know the Marketing strategies used by various jewellery brands.RESEARCH AND SAMPLE DESIGN:This research will accomplish chiefly through qualitative approach that is based on thesecondary information as well as quantitative studies like surveys etc. are also consideredand taken into account.Qualitative research includes the reviewing and analysis of the articles, research papers,interviews and other published information in order to gain a deeper understanding of theprevailing scenario. These methods will help to understand the opinion and views ofeminent and learned academicians and leading businessmen and provide an idea of futuredevelopments in Jewellery sector.Also, quantitative information, in which survey reports etc done on the basis ofquestionnaires was beneficial in the way that it provides a comparative insight into theProjectsformba.blogspot.com 5 * 6. Projectsformba.blogspot.comconsumer perception for branded jewellery and non-branded jewellery and theirpreferences over it. It is good for examining consumer behaviour in the current trends ofjewellery sector.TYPE OF RESEARCH: EXPLORATORY QUALITATIVESAMPLING FRAME: NOIDA DELHI REGIONS SUCH AS LAJPAT NAGAR,SOUTH EXTENSION,NEW FRIENDS COLONY,SAKET ETCData Collection The research study will be accomplished through in-depth review and analysis of secondary information available in the published form, which includes data from textbook, journals, management reports seminar papers etc. The electronic data and results of surveys conducted by organizations were also important data sources for the report. To gather all the information that my report need, I will find related information by accessing reference books business magazines and journals & Web sources. Primary data was basically collected by conducting survey through a questionnaire (Sample size=50-100) and area of conducting survey was New Delhi AND NCR. The research design was exploratory and descriptive.Projectsformba.blogspot.com 6 * 7. Projectsformba.blogspot.comCRITICAL REVIEW OF LITERATUREGems and JewelleryThe Gems & Jewellery Industry is one of the fastest growing industries in the country.The growth in purchasing parity of the middle class and surging income levels haveresulted in consumption growth of gems and jewellery by about 11 percent in the five-year period preceding 2006-07. It also contributes over 15 per cent of India’s totalexports and provides employment to 1.3 million people directly and indirectly.The two major segments of the sector in India are gold jewellery and diamonds. Goldjewellery forms around 80 per cent of the Indian jewellery market, with the balancecomprising fabricated studded jewellery that includes diamonds as well as gemstonestudded jewellery.India consumes nearly 800 tonnes of gold accounting for about 20 per cent of the worldgold consumption, of which nearly 600 tonnes goes into making jewellery. The Indianjewellery market, estimated to be US$ 13.5 billion in fiscal 2006-07, accounts for 8.3 percent of world jewellery sales, according to a study by KPMG.The industry is well supported by Government policies and the banking sector -- around50 banks provide nearly US$ 3 billion credit to the Indian diamond industry. In addition,India is expected to have a diamond bourse soon.India AdvantageIndia is the world’s largest diamond processing (cutting and polishing) country with anestimated 1 million processors handling over 57 per cent of the world’s rough diamondsby value. According to industry estimates, 11 out of 12 stones (diamonds) set in jewelleryare cut and polished in India. Processing is done on rough diamonds in full range of sizesand qualities, including stones larger than 10 carats.Projectsformba.blogspot.com 7 * 8. Projectsformba.blogspot.comIn terms of carat, Indias share in this sector is about 80 per cent of the world market.Employing over 90 per cent of the global diamond industry workforce, India alsoaccounts for 90 per cent of the volume of diamonds processed in the world.ExportsAfter making its mark in the world diamond processing industry, India is well on its wayto becoming the leading global gems and jewellery hub. India’s gems and jewelleryindustry is now on a high growth trajectory.Exports from the industry fetched US$ 17.1 billion in 2006-07 against US$ 16.64 billionin 2005-06, showing a growth of 26 per cent. While diamonds accounted for 64 per centof the total exports, gold jewellery accounted for 30.47 per cent, coloured gem stones andothers accounted for 1.44 per cent and 1.04 per cent respectively last year.Cut and polished diamond segment exports were US$ 10.90 billion, while gold jewelleryexports fetched US$ 5.21 billion last year. Coloured gemstone exports yielded US$246.48 million last fiscal, against US$ 232.35 million in 2005-06.The growth momentum has continued into the current fiscal. The gems and jewelleryexport industry grew by a robust 27 per cent export during the first half of the currentfiscal at US$ 9.4 billion, as compared to US$ 7.4 billion in the corresponding period of2006, according to the Gems and Jewellery Export Promotion Council (GJEPC).The growth in diamond exports was 28 per cent, in jewellery it was 21 per cent and incoloured gemstones, it was 22 per cent. The major destinations for exports have been theUS, UAE, Hong Kong, Belgium and Israel. In fact, the US, UAE and Hong Kongtogether accounted for over 70 per cent of the total exports in the previous fiscal year.ConsumptionProjectsformba.blogspot.com 8 * 9. Projectsformba.blogspot.comThe increasing levels of disposable household income have resulted in recordconsumption levels in the domestic market. Indian jewellery demand rose by 70 per centduring the first half of 2007 compared with the same period last year. Jewellery demandincreased to 387 tonnes from 227 tonnes during the period.Also, gold consumption during the first six months of 2007 grew by 70 per cent to 528tonnes compared to 307 tonnes in the same period last year. India’s total goldconsumption in 2006 was slightly over 700 tonnes. While jewellery accounted for around73 per cent of gold demand, investments in the forms of coins and bars accounted for therest.According to the World Gold Council (WGC), India’s gold consumption this year couldin fact cross the 1,000-tonne mark for the first time.The booming domestic market along with export advantage of the industry and theGovernments decision to allow foreign direct investment of up to 51 per cent in singlebrand retail stores has attracted a large number of players to the sector. • Swarovski, the global crystal goods manufacturer and marketer, is on an expansion spree in India and hopes to achieve 5 to 10 per cent of its global turnover from the country in the next 10 years. The company plans to set up 30 stores by 2009, from the current 13. • Damas India, part of one of the largest jewellery retail outlets in the world, is adding 16 new stores to its present dozen stores in India. • Morgan Stanley, Citigroup, Goldman Sachs and BSMA Ltd. collectively purchased a 7 per cent stake in Gitanjali Gems for around US$ 27.8 million. • Goldman Sachs and UBS Securities have acquired 6.28 per cent in Shrenuj & Co at around US$ 2.07 million and US$ 2 million, respectively. • Gemology Headquarters International (GHI), a US-based gemological grading and research laboratory, has opened its first Indian branch at Opera House, Mumbai.Projectsformba.blogspot.com 9 * 10. Projectsformba.blogspot.com • Reliance Retail is planning an aggressive entry into the jewellery retail market through its about 400 to 500 jewellery retail outlets across the country.Looking AheadThe booming economy along with the rapid increase in income levels is estimated tofurther accelerate the growth of this industry. According to a KPMG study, India’sgrowing importance in the global jewellery market is only expected to increase in thefuture with total estimated jewellery sales of US$ 21 billion by 2010 and US$ 37 billionby 2015. Diamond jewellery consumption in India is also estimated to jump by 78 percent in 2010.STRUCTURE OF JEWELLERY IN INDIA • Plain gold Jewellery • Studded Jewellery • Silver Jewellery • Costume Jewellery As was stated earlier, India is the largest consumer of Gold in the world with annual demand close to 800 tons. It is believed that 90% of this deman is directed towards manufacturing of jewellery. The bulk of the Indian jewellery buying is still rooted in tradition and jewellery is sold in traditional designs. Jewellery designs vary in different regions of India, making the style unique to each region. In South India the designs are inspired by nature - paisley motif of the mango, rice grains, melon and cucumber seeds, etc. In Western and Northern India, the Mughal influence can be seen in the meenakari (enamelling) and kundan work. Jewellery is crafted not just for humans but also for the deities, ceremonial elephants, and horses. Hence the variety of gold jewellery in India is truly mind-boggling and bears testimony to the excellent skills of Indian jewellers of today. Ornaments are made practically for every part of the body - nose rings, bangles, necklaces and special jewellery for the head, ankles, waistbands, and so on. Plain gold jewellery is fabricated mainly in 22-karat gold and even 18-karat is not favoured, as the mindset does not accept low purity goldProjectsformba.blogspot.com 10 * 11. Projectsformba.blogspot.com jewellery. The logic is that the jewellery is primarily bought as an investment in gold, and investing in a low purity product does not appeal to the Indian consumers. However for the studded gold jewellery, 18 karat has become acceptable.SECTOR PROFILEBRANDED JEWELLERY V/S NON-BRANDED JEWELLERY TRADITIONAL JEWELLERY/ NON-BRANDED JEWELLERY BRANDED JEWELLERYName and reputation attached to any item gives Traditional Jewellery will also be around wherea degree of confidence to the consumer. by consumers tailor-make their jewelry according to their preferences.Branded Jewellery comes with a written There is no written lifetime guarantee. Trust islifetime guarantee, keeping in mind the purely based on individuals trust in hisemotional quotient of the consumer. jeweller.Excellent quality, quality of finish, packaging, Minimum efforts in packaging, finishing, salessales force and selling policies and backup and low advertising.service for their jewellery.Gives value for money, good quality, good Jewellery buying is largely done on trust. A lotservice, and variety of products and has a good of people who have been buying from theiradvertising & continue to do so. family jeweler for years marketing campaign.Manufactured in modern factories with A one-off item painstakingly crafted by a singledifferent departments, each devoted to one person. Traditional jewellery can beaspect of the manufacturing process. Branded handcrafted in several styles.jewellery generally comes only in safe styles.Projectsformba.blogspot.com 11 * 12. Projectsformba.blogspot.comCan be bought at any time of the year, could Is bought for specific occasions like marriage,also be impulsive buying. festivals etc.Manufactured by the lost wax casting process Manufactured by the "Babus" or the cottagewhich is more machine based. industry kind of manufacturers.Run by experienced and new breed Run by traditional jewellers.manufactures that have prior marketingbackground from their business in the exportmarkets.Has a more contemporary, stylish and classic Is usually traditional, bulky and ornate.outlook, which easily segments itself amongthe traditional ones.Most branded jewellery is diamond-studded Traditional jewellery is primarily gold.jewellery.Most diamond jewelry is certified for gold and Need not necessarily be certified and comesdiamond content and is sold at an MRP without with a complete break up of the gold anda break up of the gold and diamond content. diamond content, including making and wastage charges.A mark up for the department store/jeweller Is devoid of all these costs.and a basic markup to cover brand buildingcosts.Available in multiple outlets. Available only in the traditional jewellers outlets.A large section of gold buyers though, still favor small jeweller families. But huge brand-building exercises are making people buy jewellery off the counter. Focused advertising,display and astute salesmanship are being combined to take on traditional jewellers.Projectsformba.blogspot.com 12 * 13. Projectsformba.blogspot.comPricing for jewellery is based on the designs, quality of material (metal and diamonds)and category. By and large branded jewellery does carry a premium over traditionaljewellery but then it offers a quality and assurance of purity that is reliable andguaranteed. However, all said and done, if all quality of diamonds, purity of the metaland quality of manufacturing is taken into account and we compare an apple for an apple,then the premium on branded jewellery would be in the range of 8- 10%.Brands offers the consumer distinctive values. This is true in every product category,including jewellery. These values could range from trust, distinctive design, specificproduct benefits or superb shopping experience. Over a course of time, brands buildstrong, long-term affiliations with their consumers because these distinctive values cometo possess timeless appeal. Consumers trust brands, and remain loyal to their favoritebrands. FAMOUS INDIAN JEWELERY BRANDS Giving glitter a name Readymade and branded jewellery are becoming increasingly popular, especially among the young. But there are also some who continue to trust only the good goldsmith. Buying jewellery is about trusting people with: dreams and hard-earned money. So, the choice of the jewellery is not a non- issue. But there has been a marked change in the tradition of jewellery-making and buying trends in the last two decades, with readymade jewellery becoming increasingly popular. The past few years have also seen the arrival of branded pure gold, diamondProjectsformba.blogspot.com 13 * 14. Projectsformba.blogspot.comand platinum jewellery at the market. While the recently introduced brands project theirquality and designer value, the older jewellers fall back on their experience and trust builtup over the years.Many manufacturers have launched jewellery brands in the past 4-5 years but are all ofthem clearly identified and focused? This could generally speaking go well for theindustry as this kind of a thrust on branding gives a momentum to the product segmentand the promotions and advertising that goes with it invariably expands the market.Though in the long run there could be a shake out and a few of the brands may fold over,the market expansion may stop or even shrink a little but is always far more than themarket size before the branding thrust.Its the DTC brand strategies for site holders to start new brands and also regional playersthat are increasingly looking at launching their own brands, expanding into new markets,adopting new retail formats and hiring jewellery designers to improve their productrange. However, one of the reasons behind indigenous brand launches could be the desireto get ready for the foreign brands that could flood the market.To woo the consumer further, the local players are now setting aside promotional budgetsto entice the brand and quality conscious consumers looking for products backed byhallmark and guarantee certifications. Freebies and loyalty clubs are the order of the day.These could range from chauffeur-driven car service to free airline tickets in lieu ofcertain spend. Local brands are also tying up with fashion houses to appeal to a wider,discerning audience. Just like darzis disappeared once the ready-to-wear garments marketmatured, smaller jewellery players will close shop and what can we say. ..may the fittestsurvive! The demand for branded jewellery is growing in India following theinternational trends.Nakshatra - Powerful Floral DesignsNakshatra was among the first diamond jewellery brands to be launched in India by DTCand has today become an iconic brand. The brand has a halo effect on the whole category.The growth of Nakshatra diamond jewellery over the years has been in line with theannual growth in the diamond jewellery market i.e. about 15%.Projectsformba.blogspot.com 14 * 15. Projectsformba.blogspot.comNakshatra has become a benchmark and a point of reference for all other brands enteringthe market today and has been instrumental in the growth of branded diamond jewelleryin India. The floral design is a very powerful design concept and has worked well to givethe brand a distinct identity. The consumers can identify e brand very easily and thismakes them more confident of their purchase. Besides this Nakshatra offers a uniquebrand experience to the consumer at the point of purchase.Asmi - For the Modern Indian Woman DTCs other brand Asmi on the other hand is an offering for the modem Indian Woman. Launched in the year 2002, the Asmi woman is between the age group of 25 to 40. Asmi is a collection of diamond designs, inspired by the fusion of the East and the West, and is characterized by an elegant curve studded with tiny diamonds highlighting a single diamond as its core.Sangini - For Special MilestonesDTCs brand Sangini is an offering for the married segment of the market. It has beenpositioned as the ultimate gift on special milestones and occasions like anniversaries,birthdays etc. The brand derives its design from the concept of being the special one tothe spouse. The centre stone of every piece of Sangini Diamond Jewellery is of slightlylarger size than the other diamonds within the piece. This centre stone is also setdifferently; its unique Bezel Setting clearly makes it stand out from the other stones setwithin the same piece.Arisia - Diamond SolitairesArisia, the niche brand of Diamond Solitaires was launched in 2001. This brand targetsthe huge segment of the super elites in India, which incidentally, is also the segment withthe highest rate of diamond acquisition. Arisia comprises diamondsolitaires, from I carat and above in round, princess and emerald cut withIGI certification.Projectsformba.blogspot.com 15 * 16. Projectsformba.blogspot.comTanishq - Purity PersonifiedTanishq is market leader in Indias nascent but rapidly growing market for brandedjewellery. Within eight years of its launch in 1996, Tanishq has built a nationwidenetwork of 67 exclusive jewellery boutiques in 52 cities and towns across India. Over thepast four years, Tanishq has also grown rapidly, and is today Indias largest retailer ofjewellery in the organised branded sector. Tanishq awarded the coveted IFA-Images"Most admire brand" award for two years consecutively. Last World chose to featurethree Indian brands, transformed the branded space for a woman in Iru was one of thesethree chosen brands. Karatmeter stores offer consumers the most reliable non-destructiveway of determining the purity of gold.Gili - SuperbrandGitanjali Group is one of the earliest diamond houses in India and today is one of thelargest diamond exporting companies in India. Along with this they also have facet-shopsbased on shop concepts. Their collection is doing extremely well with over 1000 outletsall over India. They believe in creating brands for everyone, through all the ranges.Recently Gili, was awarded the status of a "Superbrand for its long-standing tradition ofcustomer service and constant focus on quality and innovation in design. Each brand hasbeen introduced keeping in mind the target clientele that it caters to. One of their USPs istheir commitment level with respect to consumers.Intergold & ORRAIntergold is part of the Rosyblue Group- the worlds largest diamond manufacturingcompany with a presence across fifteen countries headquartered in New York. It is thelargest sight holder of DTC. The Group has been the largest jewellery exporter for twelveyears consecutively. Intergold is the only jewellery company in India which has tie upswith the three leading jewellery organizations namely, DTC, PGI & WGC. CurrentlyIntergold has 24 stand-alone stores across 15 cities. Intergold showrooms are spreadacross the country from Mumbai, Delhi, Chandigarh, Hyderabad, Chennai, Coimbatore,Rajkot, Baroda, Surat, Ahmedabad, Mumbal, Goa, Pondicherry, Pune, Bangalore, andKolkata. Recently InterGold ran campaigns of changing its brand name to Orra afterProjectsformba.blogspot.com 16 * 17. Projectsformba.blogspot.comwhich they realized that this was a wrong step on their part so they planned to keep thetwo as separate brand identities.Ddamas -Adding a Hint of GlamourD,damas is one of the major brands from the Gitanjali group. On the lines of internationaltrends, where brand ambassadors are roped in to help design the product itself, jewelleryfirm, Ddamas, roped in Hollywood stars to help design jewellery under the name ‘IIFAGlitterati collection,’ with the different lines being named after the stars themselves.Their designers spent ample time with the stars in order to design the jewellery in linewith their personality. The signatures of the stars is laser inscribed in each piece ofjewellery , which has used both white and yellow gold, and the entry-level pricing is Rs15,000. The company is a joint venture between Gemplus Jewellery and Damas, whichclaims to be the largest retailing jewellery brand chain in the West Asia.Adora -Affordable DiamondsAdora was born on July 3, 2003 with a big event in Mumbai. Within a month of thelaunch, Adora created 3 world records, which was duly endorsed by Limca Books ofRecords namely. The 3 records were Biggest Rakhi, Expensive Rakhi & AdoraInteractive Kiosk with an onboard computer with touch screen and Internet to delivermultiple marketing, sales and promotional functions. The brand was launched in phasemanners. Phase I was Mumbai launch, Phase II was National launch in 9 cities, Phase IIIwhich is currently going on is launch in semi metros and towns of India & Phase IVwould be International launch. The USP of Adora is easy availability, choice &affordability.Kiah - From a Beautiful PlaceA sight holder with DTC, Sheetal Manufactunng Co (SMC) has the status of being theworlds largest volume manufacturer of polished diamonds with an annual turnover of 1.5million carats. The company has recently bagged the outstanding export performanceaward in the DTC category and has also become a Star Trading House, a recognitionawarded to them by the Government of India. The first retail brand will be "KIAH anAustralian aboriginal term, which means “from a beautiful place.”Projectsformba.blogspot.com 17 * 18. Projectsformba.blogspot.comOyzterbay - Jewellery for the LivingOyzterbay is in retailing apart from running signature stores that showcase preciousmetals, gemstones and crafted jewellery designs. It is a young brand at the forefront ofchange in the jewellery industry. It was the first to launch a brand catering to the youngnew woman of today, with contemporary wearable designs. Oyzterbays byline,"Jewellery for the Living”, epitomizes the ethos of the brand. With 29 stylish andexclusive stores across the country, and another 20 outlets in department stores, it is thefastest growing jewellery brand in the country. To date, Oyzterbay, in just over threeyears has sold close to 300,000 pieces of jewellery, indicating tremendous acceptabilityof the product and the brand.Carbon - Stylish Designs Carbon has been an important factor in initiating and bringing about excitement into this personal domain. Established in 1996, Carbon launched its first fashion accessory collection ‘Venus’ at the first Carbon outlet in Shoppers Stop, Bangalore and recently opened its exclusiveboutique in Bangalore. Exploring with accessories that nudged jewellery out of the vaultand into the wardrobe, collections examined the world of fashion, emotion, lifestyle andhelped consumers elevate their personal sense of style.Design is the sole factor that led to the birth of Carbon, the brand. The Carbon designstudio regards material and technology as a tool or means of expressing the intangiblefashion and lifestyle needs of consumers.Agni - Anmol... Alp hi ki tarahaAgni is a brainchild of the House of Shoors, nationally renowned jewellers, originallyfrom Jalandhar, Punjab and presently based in Mumbai. Over a decade and a half ofexcellence in creating a range of exclusive gold jewellery gave them a clear insight intothe heart and mind of the Indian customer.Projectsformba.blogspot.com 18 * 19. Projectsformba.blogspot.comAs pioneers of the branded gold jewellery segment with Agni, the Shoors intend to drivetheir head start across the country to make a beginning towards creating a product thatfocuses solely on the customers benefit and interest.For the first time in India Agni makes gold jewellery available with MRP regulation.Platinum Guild International - Promoting Brand PlatinumPlatinum is the most precious metal used for branded jewellery. Platinum is pure, anexpression of integrity, a reflection of inner truth. Platinums purity endows it with abrilliant white luster. This helps to reflect the true radiance of diamonds. It is rare, thecoveted treasure of discerning individuals. There is very little platinum on this earth andit is found in very few places around the world. Its density and weight make it moredurable, than other jewellery metals. In addition to its strength and density, platinum hasanother remarkable quality -pliability. The Platinum Guild International worldwide underthe Pt logo promotes platinum jewellery.Cygnus - Diamonds for allCygnus is a brand of 18K gold and diamond jewellery in the domestic market. Priced inthe range of Rs.1, 000-30,000, Cygnus is being retailed at lifestyle stores, traditionaljewellers and exclusive franchise outlets. The brand is promoted by Rs.1, 000 croreLaxmi Diamond Group. The group was set up in 1972, and is the second largest exporterof polished diamonds in the country.Ishis - Fusion Diamond JewelleryIshis (which means the Goddess of Wealth) includes a range of diamondjewellery for the Indian and West Asian markets, with an accent on fusiondesign, incorporating traditional designs with modem designs. It is part ofthe Suashish Group, which is one of the largest manufacturing site holdersof De Beers. Ishi’s is currently available through its signature outlets inMumbai, and Dubai, besides shop-in-shops stores. It plans to have 70 outlets by the endof the year, and be present in over 500 outlets across the world in the next 10 years.Bulaire - Champagne Diamond JewelleryProjectsformba.blogspot.com 19 * 20. Projectsformba.blogspot.comBulaire Champagne diamond jewellery is rare, precious-set in alluring designs to embodyyour inner desires, ambitions and aspirations and includes pendants, rings, earrings andbracelets. The shop-in-shops are located in prominent shopping malls and traditionaljewellery stores. The company hopes it will make sales of $1.1 million within a year fromthe jewellery.Signity -Trendsetters in Cubic ZirconiaSignity is a world-leading brand of Swarovski and Golay specializing in precision-cutgenuine and created gemstones. Signity believes that the finest diamond look-alike everdeveloped has to be cut to standards equivalent to those applied for the finest cut genuinediamonds. So, they asked their most experienced cutters and engineers to determineprecise ideal proportions for their cubic zirconia. To test the validity of their findings,they send their cubic zirconia stones to a respected independent gemological laboratoryspecializing in the machine measurement of diamond brilliance.Nirvana - Invisible Set DiamondsNirvana is targeted at contemporary independent- thinking women. This exquisite butmid-priced range of pendants, rings and earrings, bracelets is available from Rs.3, 000onwards. Nirvana uses ‘Invisible-setting’ wax-based setting, which helps set diamondtogether without any gaps or joints. The ‘pressure-setting’ technology helps set rounddiamonds in amazing designs without any clasps. The absence of visible support gives alarger/ bigger look and adds luster and fire to the diamond. As proof of its commitment toquality, Nirvana also offers consumers a lifetime warranty & exchange proposition.Trendsmith - Bold and Unconventional Trendsmith, a TBZ-promoted chain of jewellery retail stores holds the distinction of hosting the largest number of branded and designer jewellery under a single roof. Trendsmith broke new ground by transforming jewellery buying from being a traditional investment into a fashion statement. Trendsmith is an exciting, innovative endeavor from the House of TBZ-Nirmal Zaveri, a name with almost hundred and fifty years of expertise in theProjectsformba.blogspot.com 20 * 21. Projectsformba.blogspot.comjewellery business. The Trendsmith style of jewellery is renowned for being bold andunconventional.Sveni -Creating RipplesBrand Sveni from the company Shrenuj created ripples in the market and is doing verywell. The brand comprises solitaire rings, earrings, pendants and bangles in gold andplatinum. Sveni Solitaire jewellery comes in the range of 0.50 to 0.89 carat with laserinscription and IGI certification. Bhavya brand from the same company was alsolaunched. Bhavya has solitaire rings, earrings and pendants in gold and platinum. Theirsolitaire jewellery comes in the range of 0.20 to 0.50 carat with laser inscription and IGIcertification.Imagem - Jewellery beyond ImaginationThe jewellery manufactured by Imagem is a work of art. It is vibrant and made as perInternational Standards. Imagem is all about expressions and dreams. Imagem is‘jewellery beyond imagination’ with the right mix of classic, contemporary and moderndesigns. Imagem creations are suited to all preferences from classic to contemporary,causal to bridal wear. It is the change in the buying patterns of consumers today, who arewilling to posses not just jewellery, that stagnates in the bank lockers but jewellery thatcan be adorned and appreciated on a regular basis and yet also be passed downgenerations. All collections are backed with a theme that relates to expressions anddreams.Sogni Ooro - Rising Star on the Indian Horizon SogoiDOro is the brand name of Italindi. It is ltalian jewellery on the name Italindi that is being imported from ltaly-the hub of jewels and fashion Sogni DOro or in other words “golden dreams” is exactly what the brand name suggests - that one would want to own for its sheer beauty and technicality. The jewellery collections are extremely innovative bold andunconventional. All pieces of jewellery at Sogni DOro are either handcrafted or machineProjectsformba.blogspot.com 21 * 22. Projectsformba.blogspot.commade that are legally imported from Italy to India. It is manufactured and procured fromall major jewellers who are from famous jewellery towns of Italy namely Vicenza andArezzo.Hammer Plus - Branding SpiritualityHammer Plus Jewellery as a brand believes in creating market focusedflint jewellery brands as per the market requirements for the retailers.Hammer Plus believes in the ideology of “We make it happen for you”by not just creating jewellery but also adding brand value to its products.Each brand of Hammer Plus has its individual characteristics, a distinctidentity and an image of its own targeted at an audience, based on themarket requirements congruent with merchandising at specific pricepoints. The brands with adequate support of the various elements of marketing, consumerresearch and visual merchandising give each brand a character of its own. Hammer Plushas a production capacity of nearly 10,000 pieces per month & a total manpower of 200people in the production department manufacturing brands like Divya Vinayak, Karma,Ekkam, Tamorri & Vallaya.Swarovski -The Fashion BrandAlthough the company is more than 100 years old, the jewellery range was launched onlyin 1977. It specializes in imported crystal components and extensive palette of Swarovskicrystal products to enjoy, towear, to give and to receive. Today the creations are bothfashion/trend inspired as well as a classic range with jewellery designs of the highestquality. Swarovski in India is on an expansion mode. The product range keeps changingwith time and trends that are forecasted for the forthcoming seasons.Ciemme - Jewel-in-the-crown Ciemmeis synonymous with exquisitely designed diamond studded jewellery. This internationalflagship brand of diamond jewellery is itself a jewel-in-the-crown of the C. MahendraDiamond Product Group, catering to the medium to high price market segments. With itsstate-of-the art infrastructure and hi- tech manufacturing facilities, Ciemme consistentlymeets stringently high quality requirements and delivers never-ending customerProjectsformba.blogspot.com 22 * 23. Projectsformba.blogspot.comsatisfaction. The Ciemme collection includes, unique designs, generated along conceptlines, featuring rings, pendants, earrings, bracelets, and many more.Vanshi - One for EveryoneVanshi Diamond Jewellery is catering to all range of customers. It is positioned as “Onefor everyone.” Vanshi Diamond Jewellery is recognized as “Value for Money” apartfrom that Vanshi Diamond Jewellery is well known for its unique designs. It is differentfrom all other brands in terms of designs, craftsmanship, purity etc.STRATEGIES FOR WOOING CUSTOMERSTANISHQIn the late 1990s, players in the branded gold jewellery market formulated strategies forwooing customers. According to Jacob Kurian (Kurian), Chief Operating Officer ofTanishq, the challenges were many. As the jewellery market was highly fragmented,lacked branding, and allowed many unethical practices to flourish, Tanishq worked hardon a two-pronged brand-building strategy: cultivate trust by educating customers aboutthe unethical practices in the business and change the perception of jewellery as a high-priced purchase. Said Kurian, "We are changing the attitudes of customers from blindtrust to informed trust."To increase its market share, Tanishq formulated a strategy for luring people away fromtraditional neighborhood jewellers. Tanishqs strategy was to create differentiation andbuild trust. According to Kurian, the first part of the strategy was "to provide a point ofdifferentiation in a highly commoditized category - which is the whole point ofbranding." The second part of the strategy was to project Tanishq as an unimpeachablemark of trust. According to Kurian, "If differentiation plays the role of primary attraction,trust takes care of lifelong loyalty."One way to create differentiation was through design. The emphasis had to be on designbecause local jewellers could offer to design any pattern according to the customersProjectsformba.blogspot.com 23 * 24. Projectsformba.blogspot.comspecifications. For a national brand a generic design concept with regional variations hadto be evolved. (Refer Exhibit I for Tanishqs design). For this, Tanishq set up a sevenmember in-house design team and also outsourced designs from freelance designers.The designers traveled the length and breadth of the country to get feedback on Tanishqsdesigns and learn about customer preferences. On the basis of this feedback, eachshowroom could select the designs it would carry. To stay ahead of competition fromlocal jewellers, Tanishq decided to focus on quality control. In 1999, it introducedcaratmeters, which showed the purity of gold. In fact, Tanishqs USP was the purity of itsgold. Accordingly, the companys ad campaigns emphasized the purity aspect of allTanishq ornaments. (Refer Exhibit II for Tanishqs Ad Campaign)In November 2002, Tanishq introduced a new collection of jewellery calledLightweights. The collection featured neckwear, earrings, bangles, rings and chains in22 karat gold with prices starting at Rs 1,100. It also launched Lightweight Diamonds,with prices starting at Rs 3,000. Tanishq focused not only on urban markets, but smalltown markets as well. Real estate was less expensive in the small towns than in largeurban centers. Besides, competition from stores in small towns was less stiff thancompetition from the large jewellery stores in the metropolitan cities. According toKurian, the best returns on investment came from small towns.CARBONCarbons focus had always been to move jewellery from the vault to the dressing tableand bring the selling of jewellery out of heavily guarded jewellery stores. This wasachieved by persuading a few lifestyle stores to add branded jewellery to their vast arrayof products. Besides selling from lifestyle stores, Carbon also sold its products as giftitems over the Internet.Like Tanishq, Carbon laid emphasis on design. Students at the National Institute ofFashion Technology (NIFT) through the diploma programme, which the companysponsored, contributed most of its designs. In addition, Peakoks team of six designers,(headed by Rajeswari Iyer, an alumnus of a German design school who had worked in theProjectsformba.blogspot.com 24 * 25. Projectsformba.blogspot.comU.K., Germany and India) turned out around 180 to 200 styles in a year, with 75 designsper style. At any point in time, there were around 600 designs of Carbon on sale, and onan average, 300 to 400 pieces per design were sold. In 2002, Carbon launched its SunSign collection, which was based on the symbols of the Zodiac. This collection was a setof 12 pendants designed in a blend of 18 carat white and yellow gold (Refer Exhibit III).While 18 carat gold was commonly used in Carbon products, some of the designs alsoused white gold, titanium and steel. Diamond was the preferred precious stone, but othercolored stones were also used. Comprising items of everyday use, (rings, chains,bracelets, ear studs, tie-pins and cuff links) Carbon items were an impulse purchases.(Refer Exhibit IV) The brand had no off take cycles in the year, like the marriage season,unlike traditional jewellery. The creation, manufacture and marketing of Carbon weredifferent from the making and selling of traditional jewellery. Carbon was attempting toeliminate the low productivity, quality inconsistencies and high precious metal lossassociated with traditional jewellery making. It has instituted modern manufacturingpractices such as self- contained small groups in the assembly area, self-inspection by theoperators, the Japanese Kaizen approach to improvements in operational practices and thelike. The brand has brought down their manufacturing loss of gold to 6.8 per cent. Theaverage in the traditional Indian jewellery shop is as high as 22 per cent, while the worldaverage is only 2 per cent.As the profile of the average customer likely to purchase a Carbon item was a well-paidurban professional, 24 to 38 years old, having a credit card, it was decided that Carbonshould not be placed in the usual jewellery shops but made available at `shop-in-shopoutlets in large lifestyle stores (such as Shoppers Stop, Ebony, Globus, The BombayStore, Lifestyle and Taj Khazana) and some premium boutiques (such as the Helvetica inChennai). Said Rao, "We are looking at cross-promoting Carbon jewellery with otherbranded lifestyle products such as perfumes, clothing and cosmetics." Carbon productswere priced between Rs. 2,750 and Rs. 20,000 per piece. While the cost of traditionaljewellery was negotiable, the cost of Carbon items was fixed and nationally uniform.OYZTERBAYProjectsformba.blogspot.com 25 * 26. Projectsformba.blogspot.comOyzterbay, with its tag line "Jewellery for the Living", had become synonymous with theentire gamut of occasions where modern young women would like to wear stylish andaffordable jewellery. Oyzterbays collection comprised over 1200 designs in 18, 22 and24 carat gold and sterling silver, with natural colored gemstones. The price of thejewellery ranged between Rs. 500 and Rs.30000.The initial focus of Oyzterbay was to give a lifestyle value to jewellery instead of thetraditional investment value. In the second year of its launch, Oyzterbay emphasised onmarketing and advertising strategies to give the necessary thrust for growth. In order totransform itself from a youth brand to a brand for all occasions, Oyzterbay launchedmedia campaigns in August 2002 highlighting the new look. The new communicationstrategy focused on addressing the 18 to 34 age group instead of the earlier 18 to 24 agegroup. The new campaign focused on positioning Oyzterbay as jewellery for office wear,evening wear or even a fitness session. (Refer Exhibit V) The broadening of focus toinclude an older segment was the result of market research which showed that the brandappealed to middle-aged working women and affluent housewives. The investment in thenew campaign was Rs 50 million.Where Oyzterbay scored over others was its simple and refreshing designs andaffordability, making it distinct from the usual gold jewellery stocked in standardjewellery showrooms and contemporary jewellery offered by traditional jewellery housestrying to cater to the trend. Priyadarshi Mohapatra, Marketing Manager, Oyzterbay, said"We began by selecting a completely different reach - everyday jewellery for the workingwoman and jewellery for the youth. We felt that jewellery should be brought out of thelocker. So we positioned (it) to accessorize the dress of the young, college-going crowd,which otherwise sported junk jewellery. The second segment was the working woman forwhom we sought to build a wardrobe of jewellery by making it affordable, so that shecould pick up pieces regularly." Oyzterbay later extended the same brand values todiamonds too, the idea being to target a niche market.Oyzterbay refurbished its collection every few months, keeping in mind internationaltrends. By so doing, they were able to offer exclusive products to clients. As part of theOyzterbay Summer 2002 collection, it offered pendants, earrings, finger rings, bracelets,Projectsformba.blogspot.com 26 * 27. Projectsformba.blogspot.comneckwear, and chains with natural gemstones set in white gold, as white gold wasevolving as a fashion statement across the world.Although Ozyterbay was known for its jewellery in gold and sterling silver embellishedwith natural gemstones, it decided to launch Your First Diamond, a complete range ofdiamond jewellery set in white, pink, and yellow gold. The price of the collection startedfrom Rs. 500 with the most expensive piece not exceeding Rs. 12,000.GILIGili distributed its jewellery priced between Rs. 500 and Rs. 40,000 through lifestyle anddepartment stores across the country to increase accessibility among its target segment,the 15 to 30 age group. The companys products were also made available through a mail-order catalogue. In 1997, Gili launched a collection of traditional Indian ornaments madeof 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 camewith a guarantee of diamond and gold quality.When research conducted in February 2000 showed that there was a big gap between theRs. 1000 and Rs. 10000 price segment and keeping in view the teenage population, andthe kind of pocket money they had, Gili brought out a collection targeting teens. In 2000,Gili launched its diamond heart collection targeted at teenagers and priced between Rs500 and Rs.2500. The collection was promoted at college campuses with banners,pamphlets and a few advertisements targeted at teens. Gili soon realized that just pushingits product was not enough; it also had to customize its products for special occasions.Following this, it launched a Diamond Heart Collection specially designed forValentines Day. This collection consisting of tiny, heart-shaped diamond jewellery waswell received by teens (Refer Exhibit VI). Special packaging, catchy advertising andextensive press coverage contributed to the success of the collection. Gili also madespecial promotional offers during festive seasons like Christmas and Diwali.Having captured the low price point market of Rs.2000 to Rs.10,000, in 2000, thecompany focused on penetrating the premium market of customized jewellery. For this,Projectsformba.blogspot.com 27 * 28. Projectsformba.blogspot.comGitanjali jewels opened a jewellery salon, Gianti, to provide customized jewellery toclients in India.Projectsformba.blogspot.com 28 * 29. Projectsformba.blogspot.comRECOMMENDATIONSProjectsformba.blogspot.com 29 * 30. Projectsformba.blogspot.comCONCLUSIONS The dissertation will help to study the consumer preference over branded and non- branded jewellery. The main objectives of the study were to compare between Branded and Non-Branded Jewellery, to know Consumer perception towards Jewellery, to know the Major Players of Jewellery industry, to have an idea about parameters consumer consider while buying Jewellery, to have knowledge about demographic segments, to know the Marketing strategies used by various jewellery brands. India is growing at a very fast pace and jewellery sector is one which is registered to achieve 65% international market by 2010. The jewellery sector is largely unorganized in India but is changing into organized business because of many major and influential players entering into the market and have started organizing the market and focusing all segments of customers such as Tanishq by TATA and Gili by Gitanjli jewellers etc. The branded jewellery sectors is only 2-3% of the total jewellery market in India but most of the brands have been able to make a mark on consumers with their highly satisfying marketing strategies. The local jewellers or the unbranded jewellers do not provide any guarantee of the purity and quality but brands such as Tanishq introduced karometer in their outlets which help the consumer to test the purity of the jewellery. As jewellery sector is changing, consumer is also changing today they are more aware, have greater disposable income and want to be more secure. That is why when given a preference between branded and non- branded jewellery most respondents choose branded jewellery. The booming economy along with the rapid increase in income levels is estimated to further accelerate the growth of this industry. According to a KPMG study, India’s growing importance in the global jewellery market is only expected to increase in the future with total estimated jewellery sales of US$ 21 billion by 2010 and US$ 37Projectsformba.blogspot.com 30 * 31. Projectsformba.blogspot.com billion by 2015. Diamond jewellery consumption in India is also estimated to jump by 78 per cent in 2010.Projectsformba.blogspot.com 31 * 32. Projectsformba.blogspot.comBIBLIOGRAPHYThe magazines and journals referred:-Solitaire InternationalJournal of Gem IndustryWeb sources:-www.retailbiz.comwww.business-standard.comwww.valuenotes.comwww.indiandata.comwww.google.comwww.proquest.comProjectsformba.blogspot.com 32
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A project on consumer preference over branded jewellery and non branded jwellery (synopsis) Document Transcript * 1. Projectsformba.blogspot.com SYNOPSIS FOR DISSERTATION SUBMITTED TOWARDS THE PARTIAL FULFILLMENT OF POST GRADUATE DEGREE IN INTERNATIONAL BUSINESS CONSUMER PREFERENCE OVER BRANDED JEWELLERY AND NON- BRANDED JWELLERY SUBMITTED BY: AMITY INTERNATIONAL BUSINESS SCHOOL, NOIDAAMITY UNIVERSITY – UTTAR PRADESHProjectsformba.blogspot.com 1 * 2. Projectsformba.blogspot.comTABLE OF CONTENTSChapter No. Subject Page No.Ch.# 1.0 Introduction…………………..Ch.# 2.0 Research Methodology 2.1 Primary Objective(s)…………. ……… 2.2 Hypothesis……………………………. 2.3 Research Design…………………….... 2.4 Sample design………………………... 2.5 Data ………………………..................Ch.# 3.0 Critical Review of Literature…………...Ch.# 4.0 Sector Profile ……………………..........Ch # 5.0 Conclusion………………………………Ch.# 6.0 Recommendations……………………….Ch.# 7.0 Bibliography……………………………..Ch.# 8.0 ReferencesProjectsformba.blogspot.com 2 * 3. Projectsformba.blogspot.comINTRODUCTIONIndia has a historic relationship with Jewellery.Many kings, emperors and dynasties featuring countless wars, conquests and politicalupheavals have ruled the Indian sub-continent. Different dynasties ruled different parts ofIndia with different monetary systems. Jewellery acted as a common medium ofexchange or store of value across the monetary systems of different kingdoms across thesub-continent especially gold. Hence wealth could still be preserved in spite of wars andpolitical turbulence. Gold also helped preserve wealth through natural calamities anddisasters and for centuries was the only means of saving in rural India, land being theother main asset of economic value. This has largely helped formulate, or evolve, theIndian sentiment and fanatical passion for gold, which holds true even today. India isestimated to hold more than 11,000 tonnes of gold.Apart from its historical religious significance, Jewellery is valued as an importantsavings and investment vehicle in India. Even in present times, Jewellery remains theIndian bride’s `Streedhan’, the wealth she takes with her when she marries and whichremains hers. Gold jewellery is the preferred jewellery worn by women in Indiairrespective of their religious beliefs. In marriages, gold jewellery is the gift preferred bythe near relatives of the bride and the groom. Gold jewellery is very popular amongfarmers, with an upsurge in gold sales after a good agricultural season. Buying of gold isan important part of every stage of an Indian citizen’s life— at birth, marriage,construction of home, festivals, religious ceremonies, setting up of new business, anddeath.As India makes rapid progress in the retail arena, the Indian Jewellery market isundergoing a gradual metamorphosis from unorganised to organised formats. Thejewellery business in India is estimated to be at Rs 50,000 crore. According to theindependent estimation studies conducted by World Gold Council and McKinsey, out ofthe overall market share, the share of organised jewellery market is less than Rs 1,000Projectsformba.blogspot.com 3 * 4. Projectsformba.blogspot.comcrore. This accounts to about 2-3 per cent of the total market share. But given that this isa relatively new segment of the market, it is poised to grow. Jewellery retailing is movingfrom a ‘storehouse of value’ to a precious fashion accessory. Plain gold is graduallyeasing its stranglehold on the Indian consumer psyche to give way to diamonds, platinumand coloured gemstones. The way jewellery was worn before is undergoing a tremendouschange. Traditional designs are yielding to modern jewellery, heavy gold is giving way tolight and simple designs. Consumers are more quality conscious than ever before. Thejewellery market is one of the largest consumer sectors in the country – larger thantelecom, automobiles, apparel, and perhaps second only to the foods sector. Interestingly,organised retailers have attempted to understand the market, anticipate social changes andstrategise appropriately. They have ceaselessly endeavored to derive the formulae of‘What the consumer wants?’The young Indian woman who is the prime market for the organised retailers differsfrom the traditional jewellery customer in many ways as enumerated below. • She is well educated and more in tune with international trends • Increase in working women with high disposable incomes • Greater mobility • Less constrained by traditions.All these reasons and more ensure that the modern Indian woman is looking for jewelleryfrom a perspective different from the past. In addition, organised retailing offers qualityproducts, follows standardised practices and uniform pricing strategy. Organised retailformats work on transparent policies that are not necessarily available at the traditionaljewellery shops. Today, goods and services offered by any retailer are strongly driven bytheir identified Target Group (TG). There are several examples of retailers who aredrawing in consumers either across a wide swathe or a segment of socio-economicclassification, clearly defined by them. This has been the first step towards organisedjewellery retailing in India. In a short span of time, organised retailers have successfullyimplemented a change in the buying pattern of the Indian consumer. This is evident fromProjectsformba.blogspot.com 4 * 5. Projectsformba.blogspot.comthe shift from the traditional jeweller to the jeweller with an identity. This shift clearlyindicates a change in viewpoint of jewellery as a commodity to brand identification.RESEARCH METHODOLOGYStatement of objectives 1. To compare between Branded and Non-Branded Jewellery. 2. To know Consumer perception towards Jewellery. 3. To know the Major Players of Jewellery industry. 4. To have an idea about parameters consumer consider while buying Jewellery. 5. To have knowledge about demographic segments. 6. To know the Marketing strategies used by various jewellery brands.RESEARCH AND SAMPLE DESIGN:This research will accomplish chiefly through qualitative approach that is based on thesecondary information as well as quantitative studies like surveys etc. are also consideredand taken into account.Qualitative research includes the reviewing and analysis of the articles, research papers,interviews and other published information in order to gain a deeper understanding of theprevailing scenario. These methods will help to understand the opinion and views ofeminent and learned academicians and leading businessmen and provide an idea of futuredevelopments in Jewellery sector.Also, quantitative information, in which survey reports etc done on the basis ofquestionnaires was beneficial in the way that it provides a comparative insight into theProjectsformba.blogspot.com 5 * 6. Projectsformba.blogspot.comconsumer perception for branded jewellery and non-branded jewellery and theirpreferences over it. It is good for examining consumer behaviour in the current trends ofjewellery sector.TYPE OF RESEARCH: EXPLORATORY QUALITATIVESAMPLING FRAME: NOIDA DELHI REGIONS SUCH AS LAJPAT NAGAR,SOUTH EXTENSION,NEW FRIENDS COLONY,SAKET ETCData Collection The research study will be accomplished through in-depth review and analysis of secondary information available in the published form, which includes data from textbook, journals, management reports seminar papers etc. The electronic data and results of surveys conducted by organizations were also important data sources for the report. To gather all the information that my report need, I will find related information by accessing reference books business magazines and journals & Web sources. Primary data was basically collected by conducting survey through a questionnaire (Sample size=50-100) and area of conducting survey was New Delhi AND NCR. The research design was exploratory and descriptive.Projectsformba.blogspot.com 6 * 7. Projectsformba.blogspot.comCRITICAL REVIEW OF LITERATUREGems and JewelleryThe Gems & Jewellery Industry is one of the fastest growing industries in the country.The growth in purchasing parity of the middle class and surging income levels haveresulted in consumption growth of gems and jewellery by about 11 percent in the five-year period preceding 2006-07. It also contributes over 15 per cent of India’s totalexports and provides employment to 1.3 million people directly and indirectly.The two major segments of the sector in India are gold jewellery and diamonds. Goldjewellery forms around 80 per cent of the Indian jewellery market, with the balancecomprising fabricated studded jewellery that includes diamonds as well as gemstonestudded jewellery.India consumes nearly 800 tonnes of gold accounting for about 20 per cent of the worldgold consumption, of which nearly 600 tonnes goes into making jewellery. The Indianjewellery market, estimated to be US$ 13.5 billion in fiscal 2006-07, accounts for 8.3 percent of world jewellery sales, according to a study by KPMG.The industry is well supported by Government policies and the banking sector -- around50 banks provide nearly US$ 3 billion credit to the Indian diamond industry. In addition,India is expected to have a diamond bourse soon.India AdvantageIndia is the world’s largest diamond processing (cutting and polishing) country with anestimated 1 million processors handling over 57 per cent of the world’s rough diamondsby value. According to industry estimates, 11 out of 12 stones (diamonds) set in jewelleryare cut and polished in India. Processing is done on rough diamonds in full range of sizesand qualities, including stones larger than 10 carats.Projectsformba.blogspot.com 7 * 8. Projectsformba.blogspot.comIn terms of carat, Indias share in this sector is about 80 per cent of the world market.Employing over 90 per cent of the global diamond industry workforce, India alsoaccounts for 90 per cent of the volume of diamonds processed in the world.ExportsAfter making its mark in the world diamond processing industry, India is well on its wayto becoming the leading global gems and jewellery hub. India’s gems and jewelleryindustry is now on a high growth trajectory.Exports from the industry fetched US$ 17.1 billion in 2006-07 against US$ 16.64 billionin 2005-06, showing a growth of 26 per cent. While diamonds accounted for 64 per centof the total exports, gold jewellery accounted for 30.47 per cent, coloured gem stones andothers accounted for 1.44 per cent and 1.04 per cent respectively last year.Cut and polished diamond segment exports were US$ 10.90 billion, while gold jewelleryexports fetched US$ 5.21 billion last year. Coloured gemstone exports yielded US$246.48 million last fiscal, against US$ 232.35 million in 2005-06.The growth momentum has continued into the current fiscal. The gems and jewelleryexport industry grew by a robust 27 per cent export during the first half of the currentfiscal at US$ 9.4 billion, as compared to US$ 7.4 billion in the corresponding period of2006, according to the Gems and Jewellery Export Promotion Council (GJEPC).The growth in diamond exports was 28 per cent, in jewellery it was 21 per cent and incoloured gemstones, it was 22 per cent. The major destinations for exports have been theUS, UAE, Hong Kong, Belgium and Israel. In fact, the US, UAE and Hong Kongtogether accounted for over 70 per cent of the total exports in the previous fiscal year.ConsumptionProjectsformba.blogspot.com 8 * 9. Projectsformba.blogspot.comThe increasing levels of disposable household income have resulted in recordconsumption levels in the domestic market. Indian jewellery demand rose by 70 per centduring the first half of 2007 compared with the same period last year. Jewellery demandincreased to 387 tonnes from 227 tonnes during the period.Also, gold consumption during the first six months of 2007 grew by 70 per cent to 528tonnes compared to 307 tonnes in the same period last year. India’s total goldconsumption in 2006 was slightly over 700 tonnes. While jewellery accounted for around73 per cent of gold demand, investments in the forms of coins and bars accounted for therest.According to the World Gold Council (WGC), India’s gold consumption this year couldin fact cross the 1,000-tonne mark for the first time.The booming domestic market along with export advantage of the industry and theGovernments decision to allow foreign direct investment of up to 51 per cent in singlebrand retail stores has attracted a large number of players to the sector. • Swarovski, the global crystal goods manufacturer and marketer, is on an expansion spree in India and hopes to achieve 5 to 10 per cent of its global turnover from the country in the next 10 years. The company plans to set up 30 stores by 2009, from the current 13. • Damas India, part of one of the largest jewellery retail outlets in the world, is adding 16 new stores to its present dozen stores in India. • Morgan Stanley, Citigroup, Goldman Sachs and BSMA Ltd. collectively purchased a 7 per cent stake in Gitanjali Gems for around US$ 27.8 million. • Goldman Sachs and UBS Securities have acquired 6.28 per cent in Shrenuj & Co at around US$ 2.07 million and US$ 2 million, respectively. • Gemology Headquarters International (GHI), a US-based gemological grading and research laboratory, has opened its first Indian branch at Opera House, Mumbai.Projectsformba.blogspot.com 9 * 10. Projectsformba.blogspot.com • Reliance Retail is planning an aggressive entry into the jewellery retail market through its about 400 to 500 jewellery retail outlets across the country.Looking AheadThe booming economy along with the rapid increase in income levels is estimated tofurther accelerate the growth of this industry. According to a KPMG study, India’sgrowing importance in the global jewellery market is only expected to increase in thefuture with total estimated jewellery sales of US$ 21 billion by 2010 and US$ 37 billionby 2015. Diamond jewellery consumption in India is also estimated to jump by 78 percent in 2010.STRUCTURE OF JEWELLERY IN INDIA • Plain gold Jewellery • Studded Jewellery • Silver Jewellery • Costume Jewellery As was stated earlier, India is the largest consumer of Gold in the world with annual demand close to 800 tons. It is believed that 90% of this deman is directed towards manufacturing of jewellery. The bulk of the Indian jewellery buying is still rooted in tradition and jewellery is sold in traditional designs. Jewellery designs vary in different regions of India, making the style unique to each region. In South India the designs are inspired by nature - paisley motif of the mango, rice grains, melon and cucumber seeds, etc. In Western and Northern India, the Mughal influence can be seen in the meenakari (enamelling) and kundan work. Jewellery is crafted not just for humans but also for the deities, ceremonial elephants, and horses. Hence the variety of gold jewellery in India is truly mind-boggling and bears testimony to the excellent skills of Indian jewellers of today. Ornaments are made practically for every part of the body - nose rings, bangles, necklaces and special jewellery for the head, ankles, waistbands, and so on. Plain gold jewellery is fabricated mainly in 22-karat gold and even 18-karat is not favoured, as the mindset does not accept low purity goldProjectsformba.blogspot.com 10 * 11. Projectsformba.blogspot.com jewellery. The logic is that the jewellery is primarily bought as an investment in gold, and investing in a low purity product does not appeal to the Indian consumers. However for the studded gold jewellery, 18 karat has become acceptable.SECTOR PROFILEBRANDED JEWELLERY V/S NON-BRANDED JEWELLERY TRADITIONAL JEWELLERY/ NON-BRANDED JEWELLERY BRANDED JEWELLERYName and reputation attached to any item gives Traditional Jewellery will also be around wherea degree of confidence to the consumer. by consumers tailor-make their jewelry according to their preferences.Branded Jewellery comes with a written There is no written lifetime guarantee. Trust islifetime guarantee, keeping in mind the purely based on individuals trust in hisemotional quotient of the consumer. jeweller.Excellent quality, quality of finish, packaging, Minimum efforts in packaging, finishing, salessales force and selling policies and backup and low advertising.service for their jewellery.Gives value for money, good quality, good Jewellery buying is largely done on trust. A lotservice, and variety of products and has a good of people who have been buying from theiradvertising & continue to do so. family jeweler for years marketing campaign.Manufactured in modern factories with A one-off item painstakingly crafted by a singledifferent departments, each devoted to one person. Traditional jewellery can beaspect of the manufacturing process. Branded handcrafted in several styles.jewellery generally comes only in safe styles.Projectsformba.blogspot.com 11 * 12. Projectsformba.blogspot.comCan be bought at any time of the year, could Is bought for specific occasions like marriage,also be impulsive buying. festivals etc.Manufactured by the lost wax casting process Manufactured by the "Babus" or the cottagewhich is more machine based. industry kind of manufacturers.Run by experienced and new breed Run by traditional jewellers.manufactures that have prior marketingbackground from their business in the exportmarkets.Has a more contemporary, stylish and classic Is usually traditional, bulky and ornate.outlook, which easily segments itself amongthe traditional ones.Most branded jewellery is diamond-studded Traditional jewellery is primarily gold.jewellery.Most diamond jewelry is certified for gold and Need not necessarily be certified and comesdiamond content and is sold at an MRP without with a complete break up of the gold anda break up of the gold and diamond content. diamond content, including making and wastage charges.A mark up for the department store/jeweller Is devoid of all these costs.and a basic markup to cover brand buildingcosts.Available in multiple outlets. Available only in the traditional jewellers outlets.A large section of gold buyers though, still favor small jeweller families. But huge brand-building exercises are making people buy jewellery off the counter. Focused advertising,display and astute salesmanship are being combined to take on traditional jewellers.Projectsformba.blogspot.com 12 * 13. Projectsformba.blogspot.comPricing for jewellery is based on the designs, quality of material (metal and diamonds)and category. By and large branded jewellery does carry a premium over traditionaljewellery but then it offers a quality and assurance of purity that is reliable andguaranteed. However, all said and done, if all quality of diamonds, purity of the metaland quality of manufacturing is taken into account and we compare an apple for an apple,then the premium on branded jewellery would be in the range of 8- 10%.Brands offers the consumer distinctive values. This is true in every product category,including jewellery. These values could range from trust, distinctive design, specificproduct benefits or superb shopping experience. Over a course of time, brands buildstrong, long-term affiliations with their consumers because these distinctive values cometo possess timeless appeal. Consumers trust brands, and remain loyal to their favoritebrands. FAMOUS INDIAN JEWELERY BRANDS Giving glitter a name Readymade and branded jewellery are becoming increasingly popular, especially among the young. But there are also some who continue to trust only the good goldsmith. Buying jewellery is about trusting people with: dreams and hard-earned money. So, the choice of the jewellery is not a non- issue. But there has been a marked change in the tradition of jewellery-making and buying trends in the last two decades, with readymade jewellery becoming increasingly popular. The past few years have also seen the arrival of branded pure gold, diamondProjectsformba.blogspot.com 13 * 14. Projectsformba.blogspot.comand platinum jewellery at the market. While the recently introduced brands project theirquality and designer value, the older jewellers fall back on their experience and trust builtup over the years.Many manufacturers have launched jewellery brands in the past 4-5 years but are all ofthem clearly identified and focused? This could generally speaking go well for theindustry as this kind of a thrust on branding gives a momentum to the product segmentand the promotions and advertising that goes with it invariably expands the market.Though in the long run there could be a shake out and a few of the brands may fold over,the market expansion may stop or even shrink a little but is always far more than themarket size before the branding thrust.Its the DTC brand strategies for site holders to start new brands and also regional playersthat are increasingly looking at launching their own brands, expanding into new markets,adopting new retail formats and hiring jewellery designers to improve their productrange. However, one of the reasons behind indigenous brand launches could be the desireto get ready for the foreign brands that could flood the market.To woo the consumer further, the local players are now setting aside promotional budgetsto entice the brand and quality conscious consumers looking for products backed byhallmark and guarantee certifications. Freebies and loyalty clubs are the order of the day.These could range from chauffeur-driven car service to free airline tickets in lieu ofcertain spend. Local brands are also tying up with fashion houses to appeal to a wider,discerning audience. Just like darzis disappeared once the ready-to-wear garments marketmatured, smaller jewellery players will close shop and what can we say. ..may the fittestsurvive! The demand for branded jewellery is growing in India following theinternational trends.Nakshatra - Powerful Floral DesignsNakshatra was among the first diamond jewellery brands to be launched in India by DTCand has today become an iconic brand. The brand has a halo effect on the whole category.The growth of Nakshatra diamond jewellery over the years has been in line with theannual growth in the diamond jewellery market i.e. about 15%.Projectsformba.blogspot.com 14 * 15. Projectsformba.blogspot.comNakshatra has become a benchmark and a point of reference for all other brands enteringthe market today and has been instrumental in the growth of branded diamond jewelleryin India. The floral design is a very powerful design concept and has worked well to givethe brand a distinct identity. The consumers can identify e brand very easily and thismakes them more confident of their purchase. Besides this Nakshatra offers a uniquebrand experience to the consumer at the point of purchase.Asmi - For the Modern Indian Woman DTCs other brand Asmi on the other hand is an offering for the modem Indian Woman. Launched in the year 2002, the Asmi woman is between the age group of 25 to 40. Asmi is a collection of diamond designs, inspired by the fusion of the East and the West, and is characterized by an elegant curve studded with tiny diamonds highlighting a single diamond as its core.Sangini - For Special MilestonesDTCs brand Sangini is an offering for the married segment of the market. It has beenpositioned as the ultimate gift on special milestones and occasions like anniversaries,birthdays etc. The brand derives its design from the concept of being the special one tothe spouse. The centre stone of every piece of Sangini Diamond Jewellery is of slightlylarger size than the other diamonds within the piece. This centre stone is also setdifferently; its unique Bezel Setting clearly makes it stand out from the other stones setwithin the same piece.Arisia - Diamond SolitairesArisia, the niche brand of Diamond Solitaires was launched in 2001. This brand targetsthe huge segment of the super elites in India, which incidentally, is also the segment withthe highest rate of diamond acquisition. Arisia comprises diamondsolitaires, from I carat and above in round, princess and emerald cut withIGI certification.Projectsformba.blogspot.com 15 * 16. Projectsformba.blogspot.comTanishq - Purity PersonifiedTanishq is market leader in Indias nascent but rapidly growing market for brandedjewellery. Within eight years of its launch in 1996, Tanishq has built a nationwidenetwork of 67 exclusive jewellery boutiques in 52 cities and towns across India. Over thepast four years, Tanishq has also grown rapidly, and is today Indias largest retailer ofjewellery in the organised branded sector. Tanishq awarded the coveted IFA-Images"Most admire brand" award for two years consecutively. Last World chose to featurethree Indian brands, transformed the branded space for a woman in Iru was one of thesethree chosen brands. Karatmeter stores offer consumers the most reliable non-destructiveway of determining the purity of gold.Gili - SuperbrandGitanjali Group is one of the earliest diamond houses in India and today is one of thelargest diamond exporting companies in India. Along with this they also have facet-shopsbased on shop concepts. Their collection is doing extremely well with over 1000 outletsall over India. They believe in creating brands for everyone, through all the ranges.Recently Gili, was awarded the status of a "Superbrand for its long-standing tradition ofcustomer service and constant focus on quality and innovation in design. Each brand hasbeen introduced keeping in mind the target clientele that it caters to. One of their USPs istheir commitment level with respect to consumers.Intergold & ORRAIntergold is part of the Rosyblue Group- the worlds largest diamond manufacturingcompany with a presence across fifteen countries headquartered in New York. It is thelargest sight holder of DTC. The Group has been the largest jewellery exporter for twelveyears consecutively. Intergold is the only jewellery company in India which has tie upswith the three leading jewellery organizations namely, DTC, PGI & WGC. CurrentlyIntergold has 24 stand-alone stores across 15 cities. Intergold showrooms are spreadacross the country from Mumbai, Delhi, Chandigarh, Hyderabad, Chennai, Coimbatore,Rajkot, Baroda, Surat, Ahmedabad, Mumbal, Goa, Pondicherry, Pune, Bangalore, andKolkata. Recently InterGold ran campaigns of changing its brand name to Orra afterProjectsformba.blogspot.com 16 * 17. Projectsformba.blogspot.comwhich they realized that this was a wrong step on their part so they planned to keep thetwo as separate brand identities.Ddamas -Adding a Hint of GlamourD,damas is one of the major brands from the Gitanjali group. On the lines of internationaltrends, where brand ambassadors are roped in to help design the product itself, jewelleryfirm, Ddamas, roped in Hollywood stars to help design jewellery under the name ‘IIFAGlitterati collection,’ with the different lines being named after the stars themselves.Their designers spent ample time with the stars in order to design the jewellery in linewith their personality. The signatures of the stars is laser inscribed in each piece ofjewellery , which has used both white and yellow gold, and the entry-level pricing is Rs15,000. The company is a joint venture between Gemplus Jewellery and Damas, whichclaims to be the largest retailing jewellery brand chain in the West Asia.Adora -Affordable DiamondsAdora was born on July 3, 2003 with a big event in Mumbai. Within a month of thelaunch, Adora created 3 world records, which was duly endorsed by Limca Books ofRecords namely. The 3 records were Biggest Rakhi, Expensive Rakhi & AdoraInteractive Kiosk with an onboard computer with touch screen and Internet to delivermultiple marketing, sales and promotional functions. The brand was launched in phasemanners. Phase I was Mumbai launch, Phase II was National launch in 9 cities, Phase IIIwhich is currently going on is launch in semi metros and towns of India & Phase IVwould be International launch. The USP of Adora is easy availability, choice &affordability.Kiah - From a Beautiful PlaceA sight holder with DTC, Sheetal Manufactunng Co (SMC) has the status of being theworlds largest volume manufacturer of polished diamonds with an annual turnover of 1.5million carats. The company has recently bagged the outstanding export performanceaward in the DTC category and has also become a Star Trading House, a recognitionawarded to them by the Government of India. The first retail brand will be "KIAH anAustralian aboriginal term, which means “from a beautiful place.”Projectsformba.blogspot.com 17 * 18. Projectsformba.blogspot.comOyzterbay - Jewellery for the LivingOyzterbay is in retailing apart from running signature stores that showcase preciousmetals, gemstones and crafted jewellery designs. It is a young brand at the forefront ofchange in the jewellery industry. It was the first to launch a brand catering to the youngnew woman of today, with contemporary wearable designs. Oyzterbays byline,"Jewellery for the Living”, epitomizes the ethos of the brand. With 29 stylish andexclusive stores across the country, and another 20 outlets in department stores, it is thefastest growing jewellery brand in the country. To date, Oyzterbay, in just over threeyears has sold close to 300,000 pieces of jewellery, indicating tremendous acceptabilityof the product and the brand.Carbon - Stylish Designs Carbon has been an important factor in initiating and bringing about excitement into this personal domain. Established in 1996, Carbon launched its first fashion accessory collection ‘Venus’ at the first Carbon outlet in Shoppers Stop, Bangalore and recently opened its exclusiveboutique in Bangalore. Exploring with accessories that nudged jewellery out of the vaultand into the wardrobe, collections examined the world of fashion, emotion, lifestyle andhelped consumers elevate their personal sense of style.Design is the sole factor that led to the birth of Carbon, the brand. The Carbon designstudio regards material and technology as a tool or means of expressing the intangiblefashion and lifestyle needs of consumers.Agni - Anmol... Alp hi ki tarahaAgni is a brainchild of the House of Shoors, nationally renowned jewellers, originallyfrom Jalandhar, Punjab and presently based in Mumbai. Over a decade and a half ofexcellence in creating a range of exclusive gold jewellery gave them a clear insight intothe heart and mind of the Indian customer.Projectsformba.blogspot.com 18 * 19. Projectsformba.blogspot.comAs pioneers of the branded gold jewellery segment with Agni, the Shoors intend to drivetheir head start across the country to make a beginning towards creating a product thatfocuses solely on the customers benefit and interest.For the first time in India Agni makes gold jewellery available with MRP regulation.Platinum Guild International - Promoting Brand PlatinumPlatinum is the most precious metal used for branded jewellery. Platinum is pure, anexpression of integrity, a reflection of inner truth. Platinums purity endows it with abrilliant white luster. This helps to reflect the true radiance of diamonds. It is rare, thecoveted treasure of discerning individuals. There is very little platinum on this earth andit is found in very few places around the world. Its density and weight make it moredurable, than other jewellery metals. In addition to its strength and density, platinum hasanother remarkable quality -pliability. The Platinum Guild International worldwide underthe Pt logo promotes platinum jewellery.Cygnus - Diamonds for allCygnus is a brand of 18K gold and diamond jewellery in the domestic market. Priced inthe range of Rs.1, 000-30,000, Cygnus is being retailed at lifestyle stores, traditionaljewellers and exclusive franchise outlets. The brand is promoted by Rs.1, 000 croreLaxmi Diamond Group. The group was set up in 1972, and is the second largest exporterof polished diamonds in the country.Ishis - Fusion Diamond JewelleryIshis (which means the Goddess of Wealth) includes a range of diamondjewellery for the Indian and West Asian markets, with an accent on fusiondesign, incorporating traditional designs with modem designs. It is part ofthe Suashish Group, which is one of the largest manufacturing site holdersof De Beers. Ishi’s is currently available through its signature outlets inMumbai, and Dubai, besides shop-in-shops stores. It plans to have 70 outlets by the endof the year, and be present in over 500 outlets across the world in the next 10 years.Bulaire - Champagne Diamond JewelleryProjectsformba.blogspot.com 19 * 20. Projectsformba.blogspot.comBulaire Champagne diamond jewellery is rare, precious-set in alluring designs to embodyyour inner desires, ambitions and aspirations and includes pendants, rings, earrings andbracelets. The shop-in-shops are located in prominent shopping malls and traditionaljewellery stores. The company hopes it will make sales of $1.1 million within a year fromthe jewellery.Signity -Trendsetters in Cubic ZirconiaSignity is a world-leading brand of Swarovski and Golay specializing in precision-cutgenuine and created gemstones. Signity believes that the finest diamond look-alike everdeveloped has to be cut to standards equivalent to those applied for the finest cut genuinediamonds. So, they asked their most experienced cutters and engineers to determineprecise ideal proportions for their cubic zirconia. To test the validity of their findings,they send their cubic zirconia stones to a respected independent gemological laboratoryspecializing in the machine measurement of diamond brilliance.Nirvana - Invisible Set DiamondsNirvana is targeted at contemporary independent- thinking women. This exquisite butmid-priced range of pendants, rings and earrings, bracelets is available from Rs.3, 000onwards. Nirvana uses ‘Invisible-setting’ wax-based setting, which helps set diamondtogether without any gaps or joints. The ‘pressure-setting’ technology helps set rounddiamonds in amazing designs without any clasps. The absence of visible support gives alarger/ bigger look and adds luster and fire to the diamond. As proof of its commitment toquality, Nirvana also offers consumers a lifetime warranty & exchange proposition.Trendsmith - Bold and Unconventional Trendsmith, a TBZ-promoted chain of jewellery retail stores holds the distinction of hosting the largest number of branded and designer jewellery under a single roof. Trendsmith broke new ground by transforming jewellery buying from being a traditional investment into a fashion statement. Trendsmith is an exciting, innovative endeavor from the House of TBZ-Nirmal Zaveri, a name with almost hundred and fifty years of expertise in theProjectsformba.blogspot.com 20 * 21. Projectsformba.blogspot.comjewellery business. The Trendsmith style of jewellery is renowned for being bold andunconventional.Sveni -Creating RipplesBrand Sveni from the company Shrenuj created ripples in the market and is doing verywell. The brand comprises solitaire rings, earrings, pendants and bangles in gold andplatinum. Sveni Solitaire jewellery comes in the range of 0.50 to 0.89 carat with laserinscription and IGI certification. Bhavya brand from the same company was alsolaunched. Bhavya has solitaire rings, earrings and pendants in gold and platinum. Theirsolitaire jewellery comes in the range of 0.20 to 0.50 carat with laser inscription and IGIcertification.Imagem - Jewellery beyond ImaginationThe jewellery manufactured by Imagem is a work of art. It is vibrant and made as perInternational Standards. Imagem is all about expressions and dreams. Imagem is‘jewellery beyond imagination’ with the right mix of classic, contemporary and moderndesigns. Imagem creations are suited to all preferences from classic to contemporary,causal to bridal wear. It is the change in the buying patterns of consumers today, who arewilling to posses not just jewellery, that stagnates in the bank lockers but jewellery thatcan be adorned and appreciated on a regular basis and yet also be passed downgenerations. All collections are backed with a theme that relates to expressions anddreams.Sogni Ooro - Rising Star on the Indian Horizon SogoiDOro is the brand name of Italindi. It is ltalian jewellery on the name Italindi that is being imported from ltaly-the hub of jewels and fashion Sogni DOro or in other words “golden dreams” is exactly what the brand name suggests - that one would want to own for its sheer beauty and technicality. The jewellery collections are extremely innovative bold andunconventional. All pieces of jewellery at Sogni DOro are either handcrafted or machineProjectsformba.blogspot.com 21 * 22. Projectsformba.blogspot.commade that are legally imported from Italy to India. It is manufactured and procured fromall major jewellers who are from famous jewellery towns of Italy namely Vicenza andArezzo.Hammer Plus - Branding SpiritualityHammer Plus Jewellery as a brand believes in creating market focusedflint jewellery brands as per the market requirements for the retailers.Hammer Plus believes in the ideology of “We make it happen for you”by not just creating jewellery but also adding brand value to its products.Each brand of Hammer Plus has its individual characteristics, a distinctidentity and an image of its own targeted at an audience, based on themarket requirements congruent with merchandising at specific pricepoints. The brands with adequate support of the various elements of marketing, consumerresearch and visual merchandising give each brand a character of its own. Hammer Plushas a production capacity of nearly 10,000 pieces per month & a total manpower of 200people in the production department manufacturing brands like Divya Vinayak, Karma,Ekkam, Tamorri & Vallaya.Swarovski -The Fashion BrandAlthough the company is more than 100 years old, the jewellery range was launched onlyin 1977. It specializes in imported crystal components and extensive palette of Swarovskicrystal products to enjoy, towear, to give and to receive. Today the creations are bothfashion/trend inspired as well as a classic range with jewellery designs of the highestquality. Swarovski in India is on an expansion mode. The product range keeps changingwith time and trends that are forecasted for the forthcoming seasons.Ciemme - Jewel-in-the-crown Ciemmeis synonymous with exquisitely designed diamond studded jewellery. This internationalflagship brand of diamond jewellery is itself a jewel-in-the-crown of the C. MahendraDiamond Product Group, catering to the medium to high price market segments. With itsstate-of-the art infrastructure and hi- tech manufacturing facilities, Ciemme consistentlymeets stringently high quality requirements and delivers never-ending customerProjectsformba.blogspot.com 22 * 23. Projectsformba.blogspot.comsatisfaction. The Ciemme collection includes, unique designs, generated along conceptlines, featuring rings, pendants, earrings, bracelets, and many more.Vanshi - One for EveryoneVanshi Diamond Jewellery is catering to all range of customers. It is positioned as “Onefor everyone.” Vanshi Diamond Jewellery is recognized as “Value for Money” apartfrom that Vanshi Diamond Jewellery is well known for its unique designs. It is differentfrom all other brands in terms of designs, craftsmanship, purity etc.STRATEGIES FOR WOOING CUSTOMERSTANISHQIn the late 1990s, players in the branded gold jewellery market formulated strategies forwooing customers. According to Jacob Kurian (Kurian), Chief Operating Officer ofTanishq, the challenges were many. As the jewellery market was highly fragmented,lacked branding, and allowed many unethical practices to flourish, Tanishq worked hardon a two-pronged brand-building strategy: cultivate trust by educating customers aboutthe unethical practices in the business and change the perception of jewellery as a high-priced purchase. Said Kurian, "We are changing the attitudes of customers from blindtrust to informed trust."To increase its market share, Tanishq formulated a strategy for luring people away fromtraditional neighborhood jewellers. Tanishqs strategy was to create differentiation andbuild trust. According to Kurian, the first part of the strategy was "to provide a point ofdifferentiation in a highly commoditized category - which is the whole point ofbranding." The second part of the strategy was to project Tanishq as an unimpeachablemark of trust. According to Kurian, "If differentiation plays the role of primary attraction,trust takes care of lifelong loyalty."One way to create differentiation was through design. The emphasis had to be on designbecause local jewellers could offer to design any pattern according to the customersProjectsformba.blogspot.com 23 * 24. Projectsformba.blogspot.comspecifications. For a national brand a generic design concept with regional variations hadto be evolved. (Refer Exhibit I for Tanishqs design). For this, Tanishq set up a sevenmember in-house design team and also outsourced designs from freelance designers.The designers traveled the length and breadth of the country to get feedback on Tanishqsdesigns and learn about customer preferences. On the basis of this feedback, eachshowroom could select the designs it would carry. To stay ahead of competition fromlocal jewellers, Tanishq decided to focus on quality control. In 1999, it introducedcaratmeters, which showed the purity of gold. In fact, Tanishqs USP was the purity of itsgold. Accordingly, the companys ad campaigns emphasized the purity aspect of allTanishq ornaments. (Refer Exhibit II for Tanishqs Ad Campaign)In November 2002, Tanishq introduced a new collection of jewellery calledLightweights. The collection featured neckwear, earrings, bangles, rings and chains in22 karat gold with prices starting at Rs 1,100. It also launched Lightweight Diamonds,with prices starting at Rs 3,000. Tanishq focused not only on urban markets, but smalltown markets as well. Real estate was less expensive in the small towns than in largeurban centers. Besides, competition from stores in small towns was less stiff thancompetition from the large jewellery stores in the metropolitan cities. According toKurian, the best returns on investment came from small towns.CARBONCarbons focus had always been to move jewellery from the vault to the dressing tableand bring the selling of jewellery out of heavily guarded jewellery stores. This wasachieved by persuading a few lifestyle stores to add branded jewellery to their vast arrayof products. Besides selling from lifestyle stores, Carbon also sold its products as giftitems over the Internet.Like Tanishq, Carbon laid emphasis on design. Students at the National Institute ofFashion Technology (NIFT) through the diploma programme, which the companysponsored, contributed most of its designs. In addition, Peakoks team of six designers,(headed by Rajeswari Iyer, an alumnus of a German design school who had worked in theProjectsformba.blogspot.com 24 * 25. Projectsformba.blogspot.comU.K., Germany and India) turned out around 180 to 200 styles in a year, with 75 designsper style. At any point in time, there were around 600 designs of Carbon on sale, and onan average, 300 to 400 pieces per design were sold. In 2002, Carbon launched its SunSign collection, which was based on the symbols of the Zodiac. This collection was a setof 12 pendants designed in a blend of 18 carat white and yellow gold (Refer Exhibit III).While 18 carat gold was commonly used in Carbon products, some of the designs alsoused white gold, titanium and steel. Diamond was the preferred precious stone, but othercolored stones were also used. Comprising items of everyday use, (rings, chains,bracelets, ear studs, tie-pins and cuff links) Carbon items were an impulse purchases.(Refer Exhibit IV) The brand had no off take cycles in the year, like the marriage season,unlike traditional jewellery. The creation, manufacture and marketing of Carbon weredifferent from the making and selling of traditional jewellery. Carbon was attempting toeliminate the low productivity, quality inconsistencies and high precious metal lossassociated with traditional jewellery making. It has instituted modern manufacturingpractices such as self- contained small groups in the assembly area, self-inspection by theoperators, the Japanese Kaizen approach to improvements in operational practices and thelike. The brand has brought down their manufacturing loss of gold to 6.8 per cent. Theaverage in the traditional Indian jewellery shop is as high as 22 per cent, while the worldaverage is only 2 per cent.As the profile of the average customer likely to purchase a Carbon item was a well-paidurban professional, 24 to 38 years old, having a credit card, it was decided that Carbonshould not be placed in the usual jewellery shops but made available at `shop-in-shopoutlets in large lifestyle stores (such as Shoppers Stop, Ebony, Globus, The BombayStore, Lifestyle and Taj Khazana) and some premium boutiques (such as the Helvetica inChennai). Said Rao, "We are looking at cross-promoting Carbon jewellery with otherbranded lifestyle products such as perfumes, clothing and cosmetics." Carbon productswere priced between Rs. 2,750 and Rs. 20,000 per piece. While the cost of traditionaljewellery was negotiable, the cost of Carbon items was fixed and nationally uniform.OYZTERBAYProjectsformba.blogspot.com 25 * 26. Projectsformba.blogspot.comOyzterbay, with its tag line "Jewellery for the Living", had become synonymous with theentire gamut of occasions where modern young women would like to wear stylish andaffordable jewellery. Oyzterbays collection comprised over 1200 designs in 18, 22 and24 carat gold and sterling silver, with natural colored gemstones. The price of thejewellery ranged between Rs. 500 and Rs.30000.The initial focus of Oyzterbay was to give a lifestyle value to jewellery instead of thetraditional investment value. In the second year of its launch, Oyzterbay emphasised onmarketing and advertising strategies to give the necessary thrust for growth. In order totransform itself from a youth brand to a brand for all occasions, Oyzterbay launchedmedia campaigns in August 2002 highlighting the new look. The new communicationstrategy focused on addressing the 18 to 34 age group instead of the earlier 18 to 24 agegroup. The new campaign focused on positioning Oyzterbay as jewellery for office wear,evening wear or even a fitness session. (Refer Exhibit V) The broadening of focus toinclude an older segment was the result of market research which showed that the brandappealed to middle-aged working women and affluent housewives. The investment in thenew campaign was Rs 50 million.Where Oyzterbay scored over others was its simple and refreshing designs andaffordability, making it distinct from the usual gold jewellery stocked in standardjewellery showrooms and contemporary jewellery offered by traditional jewellery housestrying to cater to the trend. Priyadarshi Mohapatra, Marketing Manager, Oyzterbay, said"We began by selecting a completely different reach - everyday jewellery for the workingwoman and jewellery for the youth. We felt that jewellery should be brought out of thelocker. So we positioned (it) to accessorize the dress of the young, college-going crowd,which otherwise sported junk jewellery. The second segment was the working woman forwhom we sought to build a wardrobe of jewellery by making it affordable, so that shecould pick up pieces regularly." Oyzterbay later extended the same brand values todiamonds too, the idea being to target a niche market.Oyzterbay refurbished its collection every few months, keeping in mind internationaltrends. By so doing, they were able to offer exclusive products to clients. As part of theOyzterbay Summer 2002 collection, it offered pendants, earrings, finger rings, bracelets,Projectsformba.blogspot.com 26 * 27. Projectsformba.blogspot.comneckwear, and chains with natural gemstones set in white gold, as white gold wasevolving as a fashion statement across the world.Although Ozyterbay was known for its jewellery in gold and sterling silver embellishedwith natural gemstones, it decided to launch Your First Diamond, a complete range ofdiamond jewellery set in white, pink, and yellow gold. The price of the collection startedfrom Rs. 500 with the most expensive piece not exceeding Rs. 12,000.GILIGili distributed its jewellery priced between Rs. 500 and Rs. 40,000 through lifestyle anddepartment stores across the country to increase accessibility among its target segment,the 15 to 30 age group. The companys products were also made available through a mail-order catalogue. In 1997, Gili launched a collection of traditional Indian ornaments madeof 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 camewith a guarantee of diamond and gold quality.When research conducted in February 2000 showed that there was a big gap between theRs. 1000 and Rs. 10000 price segment and keeping in view the teenage population, andthe kind of pocket money they had, Gili brought out a collection targeting teens. In 2000,Gili launched its diamond heart collection targeted at teenagers and priced between Rs500 and Rs.2500. The collection was promoted at college campuses with banners,pamphlets and a few advertisements targeted at teens. Gili soon realized that just pushingits product was not enough; it also had to customize its products for special occasions.Following this, it launched a Diamond Heart Collection specially designed forValentines Day. This collection consisting of tiny, heart-shaped diamond jewellery waswell received by teens (Refer Exhibit VI). Special packaging, catchy advertising andextensive press coverage contributed to the success of the collection. Gili also madespecial promotional offers during festive seasons like Christmas and Diwali.Having captured the low price point market of Rs.2000 to Rs.10,000, in 2000, thecompany focused on penetrating the premium market of customized jewellery. For this,Projectsformba.blogspot.com 27 * 28. Projectsformba.blogspot.comGitanjali jewels opened a jewellery salon, Gianti, to provide customized jewellery toclients in India.Projectsformba.blogspot.com 28 * 29. Projectsformba.blogspot.comRECOMMENDATIONSProjectsformba.blogspot.com 29 * 30. Projectsformba.blogspot.comCONCLUSIONS The dissertation will help to study the consumer preference over branded and non- branded jewellery. The main objectives of the study were to compare between Branded and Non-Branded Jewellery, to know Consumer perception towards Jewellery, to know the Major Players of Jewellery industry, to have an idea about parameters consumer consider while buying Jewellery, to have knowledge about demographic segments, to know the Marketing strategies used by various jewellery brands. India is growing at a very fast pace and jewellery sector is one which is registered to achieve 65% international market by 2010. The jewellery sector is largely unorganized in India but is changing into organized business because of many major and influential players entering into the market and have started organizing the market and focusing all segments of customers such as Tanishq by TATA and Gili by Gitanjli jewellers etc. The branded jewellery sectors is only 2-3% of the total jewellery market in India but most of the brands have been able to make a mark on consumers with their highly satisfying marketing strategies. The local jewellers or the unbranded jewellers do not provide any guarantee of the purity and quality but brands such as Tanishq introduced karometer in their outlets which help the consumer to test the purity of the jewellery. As jewellery sector is changing, consumer is also changing today they are more aware, have greater disposable income and want to be more secure. That is why when given a preference between branded and non- branded jewellery most respondents choose branded jewellery. The booming economy along with the rapid increase in income levels is estimated to further accelerate the growth of this industry. According to a KPMG study, India’s growing importance in the global jewellery market is only expected to increase in the future with total estimated jewellery sales of US$ 21 billion by 2010 and US$ 37Projectsformba.blogspot.com 30 * 31. Projectsformba.blogspot.com billion by 2015. Diamond jewellery consumption in India is also estimated to jump by 78 per cent in 2010.Projectsformba.blogspot.com 31 * 32. Projectsformba.blogspot.comBIBLIOGRAPHYThe magazines and journals referred:-Solitaire InternationalJournal of Gem IndustryWeb sources:-www.retailbiz.comwww.business-standard.comwww.valuenotes.comwww.indiandata.comwww.google.comwww.proquest.comProjectsformba.blogspot.com 32
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A project on consumer preference over branded jewellery and non branded jwellery (synopsis) Document Transcript * 1. Projectsformba.blogspot.com SYNOPSIS FOR DISSERTATION SUBMITTED TOWARDS THE PARTIAL FULFILLMENT OF POST GRADUATE DEGREE IN INTERNATIONAL BUSINESS CONSUMER PREFERENCE OVER BRANDED JEWELLERY AND NON- BRANDED JWELLERY SUBMITTED BY: AMITY INTERNATIONAL BUSINESS SCHOOL, NOIDAAMITY UNIVERSITY – UTTAR PRADESHProjectsformba.blogspot.com 1 * 2. Projectsformba.blogspot.comTABLE OF CONTENTSChapter No. Subject Page No.Ch.# 1.0 Introduction…………………..Ch.# 2.0 Research Methodology 2.1 Primary Objective(s)…………. ……… 2.2 Hypothesis……………………………. 2.3 Research Design…………………….... 2.4 Sample design………………………... 2.5 Data ………………………..................Ch.# 3.0 Critical Review of Literature…………...Ch.# 4.0 Sector Profile ……………………..........Ch # 5.0 Conclusion………………………………Ch.# 6.0 Recommendations……………………….Ch.# 7.0 Bibliography……………………………..Ch.# 8.0 ReferencesProjectsformba.blogspot.com 2 * 3. Projectsformba.blogspot.comINTRODUCTIONIndia has a historic relationship with Jewellery.Many kings, emperors and dynasties featuring countless wars, conquests and politicalupheavals have ruled the Indian sub-continent. Different dynasties ruled different parts ofIndia with different monetary systems. Jewellery acted as a common medium ofexchange or store of value across the monetary systems of different kingdoms across thesub-continent especially gold. Hence wealth could still be preserved in spite of wars andpolitical turbulence. Gold also helped preserve wealth through natural calamities anddisasters and for centuries was the only means of saving in rural India, land being theother main asset of economic value. This has largely helped formulate, or evolve, theIndian sentiment and fanatical passion for gold, which holds true even today. India isestimated to hold more than 11,000 tonnes of gold.Apart from its historical religious significance, Jewellery is valued as an importantsavings and investment vehicle in India. Even in present times, Jewellery remains theIndian bride’s `Streedhan’, the wealth she takes with her when she marries and whichremains hers. Gold jewellery is the preferred jewellery worn by women in Indiairrespective of their religious beliefs. In marriages, gold jewellery is the gift preferred bythe near relatives of the bride and the groom. Gold jewellery is very popular amongfarmers, with an upsurge in gold sales after a good agricultural season. Buying of gold isan important part of every stage of an Indian citizen’s life— at birth, marriage,construction of home, festivals, religious ceremonies, setting up of new business, anddeath.As India makes rapid progress in the retail arena, the Indian Jewellery market isundergoing a gradual metamorphosis from unorganised to organised formats. Thejewellery business in India is estimated to be at Rs 50,000 crore. According to theindependent estimation studies conducted by World Gold Council and McKinsey, out ofthe overall market share, the share of organised jewellery market is less than Rs 1,000Projectsformba.blogspot.com 3 * 4. Projectsformba.blogspot.comcrore. This accounts to about 2-3 per cent of the total market share. But given that this isa relatively new segment of the market, it is poised to grow. Jewellery retailing is movingfrom a ‘storehouse of value’ to a precious fashion accessory. Plain gold is graduallyeasing its stranglehold on the Indian consumer psyche to give way to diamonds, platinumand coloured gemstones. The way jewellery was worn before is undergoing a tremendouschange. Traditional designs are yielding to modern jewellery, heavy gold is giving way tolight and simple designs. Consumers are more quality conscious than ever before. Thejewellery market is one of the largest consumer sectors in the country – larger thantelecom, automobiles, apparel, and perhaps second only to the foods sector. Interestingly,organised retailers have attempted to understand the market, anticipate social changes andstrategise appropriately. They have ceaselessly endeavored to derive the formulae of‘What the consumer wants?’The young Indian woman who is the prime market for the organised retailers differsfrom the traditional jewellery customer in many ways as enumerated below. • She is well educated and more in tune with international trends • Increase in working women with high disposable incomes • Greater mobility • Less constrained by traditions.All these reasons and more ensure that the modern Indian woman is looking for jewelleryfrom a perspective different from the past. In addition, organised retailing offers qualityproducts, follows standardised practices and uniform pricing strategy. Organised retailformats work on transparent policies that are not necessarily available at the traditionaljewellery shops. Today, goods and services offered by any retailer are strongly driven bytheir identified Target Group (TG). There are several examples of retailers who aredrawing in consumers either across a wide swathe or a segment of socio-economicclassification, clearly defined by them. This has been the first step towards organisedjewellery retailing in India. In a short span of time, organised retailers have successfullyimplemented a change in the buying pattern of the Indian consumer. This is evident fromProjectsformba.blogspot.com 4 * 5. Projectsformba.blogspot.comthe shift from the traditional jeweller to the jeweller with an identity. This shift clearlyindicates a change in viewpoint of jewellery as a commodity to brand identification.RESEARCH METHODOLOGYStatement of objectives 1. To compare between Branded and Non-Branded Jewellery. 2. To know Consumer perception towards Jewellery. 3. To know the Major Players of Jewellery industry. 4. To have an idea about parameters consumer consider while buying Jewellery. 5. To have knowledge about demographic segments. 6. To know the Marketing strategies used by various jewellery brands.RESEARCH AND SAMPLE DESIGN:This research will accomplish chiefly through qualitative approach that is based on thesecondary information as well as quantitative studies like surveys etc. are also consideredand taken into account.Qualitative research includes the reviewing and analysis of the articles, research papers,interviews and other published information in order to gain a deeper understanding of theprevailing scenario. These methods will help to understand the opinion and views ofeminent and learned academicians and leading businessmen and provide an idea of futuredevelopments in Jewellery sector.Also, quantitative information, in which survey reports etc done on the basis ofquestionnaires was beneficial in the way that it provides a comparative insight into theProjectsformba.blogspot.com 5 * 6. Projectsformba.blogspot.comconsumer perception for branded jewellery and non-branded jewellery and theirpreferences over it. It is good for examining consumer behaviour in the current trends ofjewellery sector.TYPE OF RESEARCH: EXPLORATORY QUALITATIVESAMPLING FRAME: NOIDA DELHI REGIONS SUCH AS LAJPAT NAGAR,SOUTH EXTENSION,NEW FRIENDS COLONY,SAKET ETCData Collection The research study will be accomplished through in-depth review and analysis of secondary information available in the published form, which includes data from textbook, journals, management reports seminar papers etc. The electronic data and results of surveys conducted by organizations were also important data sources for the report. To gather all the information that my report need, I will find related information by accessing reference books business magazines and journals & Web sources. Primary data was basically collected by conducting survey through a questionnaire (Sample size=50-100) and area of conducting survey was New Delhi AND NCR. The research design was exploratory and descriptive.Projectsformba.blogspot.com 6 * 7. Projectsformba.blogspot.comCRITICAL REVIEW OF LITERATUREGems and JewelleryThe Gems & Jewellery Industry is one of the fastest growing industries in the country.The growth in purchasing parity of the middle class and surging income levels haveresulted in consumption growth of gems and jewellery by about 11 percent in the five-year period preceding 2006-07. It also contributes over 15 per cent of India’s totalexports and provides employment to 1.3 million people directly and indirectly.The two major segments of the sector in India are gold jewellery and diamonds. Goldjewellery forms around 80 per cent of the Indian jewellery market, with the balancecomprising fabricated studded jewellery that includes diamonds as well as gemstonestudded jewellery.India consumes nearly 800 tonnes of gold accounting for about 20 per cent of the worldgold consumption, of which nearly 600 tonnes goes into making jewellery. The Indianjewellery market, estimated to be US$ 13.5 billion in fiscal 2006-07, accounts for 8.3 percent of world jewellery sales, according to a study by KPMG.The industry is well supported by Government policies and the banking sector -- around50 banks provide nearly US$ 3 billion credit to the Indian diamond industry. In addition,India is expected to have a diamond bourse soon.India AdvantageIndia is the world’s largest diamond processing (cutting and polishing) country with anestimated 1 million processors handling over 57 per cent of the world’s rough diamondsby value. According to industry estimates, 11 out of 12 stones (diamonds) set in jewelleryare cut and polished in India. Processing is done on rough diamonds in full range of sizesand qualities, including stones larger than 10 carats.Projectsformba.blogspot.com 7 * 8. Projectsformba.blogspot.comIn terms of carat, Indias share in this sector is about 80 per cent of the world market.Employing over 90 per cent of the global diamond industry workforce, India alsoaccounts for 90 per cent of the volume of diamonds processed in the world.ExportsAfter making its mark in the world diamond processing industry, India is well on its wayto becoming the leading global gems and jewellery hub. India’s gems and jewelleryindustry is now on a high growth trajectory.Exports from the industry fetched US$ 17.1 billion in 2006-07 against US$ 16.64 billionin 2005-06, showing a growth of 26 per cent. While diamonds accounted for 64 per centof the total exports, gold jewellery accounted for 30.47 per cent, coloured gem stones andothers accounted for 1.44 per cent and 1.04 per cent respectively last year.Cut and polished diamond segment exports were US$ 10.90 billion, while gold jewelleryexports fetched US$ 5.21 billion last year. Coloured gemstone exports yielded US$246.48 million last fiscal, against US$ 232.35 million in 2005-06.The growth momentum has continued into the current fiscal. The gems and jewelleryexport industry grew by a robust 27 per cent export during the first half of the currentfiscal at US$ 9.4 billion, as compared to US$ 7.4 billion in the corresponding period of2006, according to the Gems and Jewellery Export Promotion Council (GJEPC).The growth in diamond exports was 28 per cent, in jewellery it was 21 per cent and incoloured gemstones, it was 22 per cent. The major destinations for exports have been theUS, UAE, Hong Kong, Belgium and Israel. In fact, the US, UAE and Hong Kongtogether accounted for over 70 per cent of the total exports in the previous fiscal year.ConsumptionProjectsformba.blogspot.com 8 * 9. Projectsformba.blogspot.comThe increasing levels of disposable household income have resulted in recordconsumption levels in the domestic market. Indian jewellery demand rose by 70 per centduring the first half of 2007 compared with the same period last year. Jewellery demandincreased to 387 tonnes from 227 tonnes during the period.Also, gold consumption during the first six months of 2007 grew by 70 per cent to 528tonnes compared to 307 tonnes in the same period last year. India’s total goldconsumption in 2006 was slightly over 700 tonnes. While jewellery accounted for around73 per cent of gold demand, investments in the forms of coins and bars accounted for therest.According to the World Gold Council (WGC), India’s gold consumption this year couldin fact cross the 1,000-tonne mark for the first time.The booming domestic market along with export advantage of the industry and theGovernments decision to allow foreign direct investment of up to 51 per cent in singlebrand retail stores has attracted a large number of players to the sector. • Swarovski, the global crystal goods manufacturer and marketer, is on an expansion spree in India and hopes to achieve 5 to 10 per cent of its global turnover from the country in the next 10 years. The company plans to set up 30 stores by 2009, from the current 13. • Damas India, part of one of the largest jewellery retail outlets in the world, is adding 16 new stores to its present dozen stores in India. • Morgan Stanley, Citigroup, Goldman Sachs and BSMA Ltd. collectively purchased a 7 per cent stake in Gitanjali Gems for around US$ 27.8 million. • Goldman Sachs and UBS Securities have acquired 6.28 per cent in Shrenuj & Co at around US$ 2.07 million and US$ 2 million, respectively. • Gemology Headquarters International (GHI), a US-based gemological grading and research laboratory, has opened its first Indian branch at Opera House, Mumbai.Projectsformba.blogspot.com 9 * 10. Projectsformba.blogspot.com • Reliance Retail is planning an aggressive entry into the jewellery retail market through its about 400 to 500 jewellery retail outlets across the country.Looking AheadThe booming economy along with the rapid increase in income levels is estimated tofurther accelerate the growth of this industry. According to a KPMG study, India’sgrowing importance in the global jewellery market is only expected to increase in thefuture with total estimated jewellery sales of US$ 21 billion by 2010 and US$ 37 billionby 2015. Diamond jewellery consumption in India is also estimated to jump by 78 percent in 2010.STRUCTURE OF JEWELLERY IN INDIA • Plain gold Jewellery • Studded Jewellery • Silver Jewellery • Costume Jewellery As was stated earlier, India is the largest consumer of Gold in the world with annual demand close to 800 tons. It is believed that 90% of this deman is directed towards manufacturing of jewellery. The bulk of the Indian jewellery buying is still rooted in tradition and jewellery is sold in traditional designs. Jewellery designs vary in different regions of India, making the style unique to each region. In South India the designs are inspired by nature - paisley motif of the mango, rice grains, melon and cucumber seeds, etc. In Western and Northern India, the Mughal influence can be seen in the meenakari (enamelling) and kundan work. Jewellery is crafted not just for humans but also for the deities, ceremonial elephants, and horses. Hence the variety of gold jewellery in India is truly mind-boggling and bears testimony to the excellent skills of Indian jewellers of today. Ornaments are made practically for every part of the body - nose rings, bangles, necklaces and special jewellery for the head, ankles, waistbands, and so on. Plain gold jewellery is fabricated mainly in 22-karat gold and even 18-karat is not favoured, as the mindset does not accept low purity goldProjectsformba.blogspot.com 10 * 11. Projectsformba.blogspot.com jewellery. The logic is that the jewellery is primarily bought as an investment in gold, and investing in a low purity product does not appeal to the Indian consumers. However for the studded gold jewellery, 18 karat has become acceptable.SECTOR PROFILEBRANDED JEWELLERY V/S NON-BRANDED JEWELLERY TRADITIONAL JEWELLERY/ NON-BRANDED JEWELLERY BRANDED JEWELLERYName and reputation attached to any item gives Traditional Jewellery will also be around wherea degree of confidence to the consumer. by consumers tailor-make their jewelry according to their preferences.Branded Jewellery comes with a written There is no written lifetime guarantee. Trust islifetime guarantee, keeping in mind the purely based on individuals trust in hisemotional quotient of the consumer. jeweller.Excellent quality, quality of finish, packaging, Minimum efforts in packaging, finishing, salessales force and selling policies and backup and low advertising.service for their jewellery.Gives value for money, good quality, good Jewellery buying is largely done on trust. A lotservice, and variety of products and has a good of people who have been buying from theiradvertising & continue to do so. family jeweler for years marketing campaign.Manufactured in modern factories with A one-off item painstakingly crafted by a singledifferent departments, each devoted to one person. Traditional jewellery can beaspect of the manufacturing process. Branded handcrafted in several styles.jewellery generally comes only in safe styles.Projectsformba.blogspot.com 11 * 12. Projectsformba.blogspot.comCan be bought at any time of the year, could Is bought for specific occasions like marriage,also be impulsive buying. festivals etc.Manufactured by the lost wax casting process Manufactured by the "Babus" or the cottagewhich is more machine based. industry kind of manufacturers.Run by experienced and new breed Run by traditional jewellers.manufactures that have prior marketingbackground from their business in the exportmarkets.Has a more contemporary, stylish and classic Is usually traditional, bulky and ornate.outlook, which easily segments itself amongthe traditional ones.Most branded jewellery is diamond-studded Traditional jewellery is primarily gold.jewellery.Most diamond jewelry is certified for gold and Need not necessarily be certified and comesdiamond content and is sold at an MRP without with a complete break up of the gold anda break up of the gold and diamond content. diamond content, including making and wastage charges.A mark up for the department store/jeweller Is devoid of all these costs.and a basic markup to cover brand buildingcosts.Available in multiple outlets. Available only in the traditional jewellers outlets.A large section of gold buyers though, still favor small jeweller families. But huge brand-building exercises are making people buy jewellery off the counter. Focused advertising,display and astute salesmanship are being combined to take on traditional jewellers.Projectsformba.blogspot.com 12 * 13. Projectsformba.blogspot.comPricing for jewellery is based on the designs, quality of material (metal and diamonds)and category. By and large branded jewellery does carry a premium over traditionaljewellery but then it offers a quality and assurance of purity that is reliable andguaranteed. However, all said and done, if all quality of diamonds, purity of the metaland quality of manufacturing is taken into account and we compare an apple for an apple,then the premium on branded jewellery would be in the range of 8- 10%.Brands offers the consumer distinctive values. This is true in every product category,including jewellery. These values could range from trust, distinctive design, specificproduct benefits or superb shopping experience. Over a course of time, brands buildstrong, long-term affiliations with their consumers because these distinctive values cometo possess timeless appeal. Consumers trust brands, and remain loyal to their favoritebrands. FAMOUS INDIAN JEWELERY BRANDS Giving glitter a name Readymade and branded jewellery are becoming increasingly popular, especially among the young. But there are also some who continue to trust only the good goldsmith. Buying jewellery is about trusting people with: dreams and hard-earned money. So, the choice of the jewellery is not a non- issue. But there has been a marked change in the tradition of jewellery-making and buying trends in the last two decades, with readymade jewellery becoming increasingly popular. The past few years have also seen the arrival of branded pure gold, diamondProjectsformba.blogspot.com 13 * 14. Projectsformba.blogspot.comand platinum jewellery at the market. While the recently introduced brands project theirquality and designer value, the older jewellers fall back on their experience and trust builtup over the years.Many manufacturers have launched jewellery brands in the past 4-5 years but are all ofthem clearly identified and focused? This could generally speaking go well for theindustry as this kind of a thrust on branding gives a momentum to the product segmentand the promotions and advertising that goes with it invariably expands the market.Though in the long run there could be a shake out and a few of the brands may fold over,the market expansion may stop or even shrink a little but is always far more than themarket size before the branding thrust.Its the DTC brand strategies for site holders to start new brands and also regional playersthat are increasingly looking at launching their own brands, expanding into new markets,adopting new retail formats and hiring jewellery designers to improve their productrange. However, one of the reasons behind indigenous brand launches could be the desireto get ready for the foreign brands that could flood the market.To woo the consumer further, the local players are now setting aside promotional budgetsto entice the brand and quality conscious consumers looking for products backed byhallmark and guarantee certifications. Freebies and loyalty clubs are the order of the day.These could range from chauffeur-driven car service to free airline tickets in lieu ofcertain spend. Local brands are also tying up with fashion houses to appeal to a wider,discerning audience. Just like darzis disappeared once the ready-to-wear garments marketmatured, smaller jewellery players will close shop and what can we say. ..may the fittestsurvive! The demand for branded jewellery is growing in India following theinternational trends.Nakshatra - Powerful Floral DesignsNakshatra was among the first diamond jewellery brands to be launched in India by DTCand has today become an iconic brand. The brand has a halo effect on the whole category.The growth of Nakshatra diamond jewellery over the years has been in line with theannual growth in the diamond jewellery market i.e. about 15%.Projectsformba.blogspot.com 14 * 15. Projectsformba.blogspot.comNakshatra has become a benchmark and a point of reference for all other brands enteringthe market today and has been instrumental in the growth of branded diamond jewelleryin India. The floral design is a very powerful design concept and has worked well to givethe brand a distinct identity. The consumers can identify e brand very easily and thismakes them more confident of their purchase. Besides this Nakshatra offers a uniquebrand experience to the consumer at the point of purchase.Asmi - For the Modern Indian Woman DTCs other brand Asmi on the other hand is an offering for the modem Indian Woman. Launched in the year 2002, the Asmi woman is between the age group of 25 to 40. Asmi is a collection of diamond designs, inspired by the fusion of the East and the West, and is characterized by an elegant curve studded with tiny diamonds highlighting a single diamond as its core.Sangini - For Special MilestonesDTCs brand Sangini is an offering for the married segment of the market. It has beenpositioned as the ultimate gift on special milestones and occasions like anniversaries,birthdays etc. The brand derives its design from the concept of being the special one tothe spouse. The centre stone of every piece of Sangini Diamond Jewellery is of slightlylarger size than the other diamonds within the piece. This centre stone is also setdifferently; its unique Bezel Setting clearly makes it stand out from the other stones setwithin the same piece.Arisia - Diamond SolitairesArisia, the niche brand of Diamond Solitaires was launched in 2001. This brand targetsthe huge segment of the super elites in India, which incidentally, is also the segment withthe highest rate of diamond acquisition. Arisia comprises diamondsolitaires, from I carat and above in round, princess and emerald cut withIGI certification.Projectsformba.blogspot.com 15 * 16. Projectsformba.blogspot.comTanishq - Purity PersonifiedTanishq is market leader in Indias nascent but rapidly growing market for brandedjewellery. Within eight years of its launch in 1996, Tanishq has built a nationwidenetwork of 67 exclusive jewellery boutiques in 52 cities and towns across India. Over thepast four years, Tanishq has also grown rapidly, and is today Indias largest retailer ofjewellery in the organised branded sector. Tanishq awarded the coveted IFA-Images"Most admire brand" award for two years consecutively. Last World chose to featurethree Indian brands, transformed the branded space for a woman in Iru was one of thesethree chosen brands. Karatmeter stores offer consumers the most reliable non-destructiveway of determining the purity of gold.Gili - SuperbrandGitanjali Group is one of the earliest diamond houses in India and today is one of thelargest diamond exporting companies in India. Along with this they also have facet-shopsbased on shop concepts. Their collection is doing extremely well with over 1000 outletsall over India. They believe in creating brands for everyone, through all the ranges.Recently Gili, was awarded the status of a "Superbrand for its long-standing tradition ofcustomer service and constant focus on quality and innovation in design. Each brand hasbeen introduced keeping in mind the target clientele that it caters to. One of their USPs istheir commitment level with respect to consumers.Intergold & ORRAIntergold is part of the Rosyblue Group- the worlds largest diamond manufacturingcompany with a presence across fifteen countries headquartered in New York. It is thelargest sight holder of DTC. The Group has been the largest jewellery exporter for twelveyears consecutively. Intergold is the only jewellery company in India which has tie upswith the three leading jewellery organizations namely, DTC, PGI & WGC. CurrentlyIntergold has 24 stand-alone stores across 15 cities. Intergold showrooms are spreadacross the country from Mumbai, Delhi, Chandigarh, Hyderabad, Chennai, Coimbatore,Rajkot, Baroda, Surat, Ahmedabad, Mumbal, Goa, Pondicherry, Pune, Bangalore, andKolkata. Recently InterGold ran campaigns of changing its brand name to Orra afterProjectsformba.blogspot.com 16 * 17. Projectsformba.blogspot.comwhich they realized that this was a wrong step on their part so they planned to keep thetwo as separate brand identities.Ddamas -Adding a Hint of GlamourD,damas is one of the major brands from the Gitanjali group. On the lines of internationaltrends, where brand ambassadors are roped in to help design the product itself, jewelleryfirm, Ddamas, roped in Hollywood stars to help design jewellery under the name ‘IIFAGlitterati collection,’ with the different lines being named after the stars themselves.Their designers spent ample time with the stars in order to design the jewellery in linewith their personality. The signatures of the stars is laser inscribed in each piece ofjewellery , which has used both white and yellow gold, and the entry-level pricing is Rs15,000. The company is a joint venture between Gemplus Jewellery and Damas, whichclaims to be the largest retailing jewellery brand chain in the West Asia.Adora -Affordable DiamondsAdora was born on July 3, 2003 with a big event in Mumbai. Within a month of thelaunch, Adora created 3 world records, which was duly endorsed by Limca Books ofRecords namely. The 3 records were Biggest Rakhi, Expensive Rakhi & AdoraInteractive Kiosk with an onboard computer with touch screen and Internet to delivermultiple marketing, sales and promotional functions. The brand was launched in phasemanners. Phase I was Mumbai launch, Phase II was National launch in 9 cities, Phase IIIwhich is currently going on is launch in semi metros and towns of India & Phase IVwould be International launch. The USP of Adora is easy availability, choice &affordability.Kiah - From a Beautiful PlaceA sight holder with DTC, Sheetal Manufactunng Co (SMC) has the status of being theworlds largest volume manufacturer of polished diamonds with an annual turnover of 1.5million carats. The company has recently bagged the outstanding export performanceaward in the DTC category and has also become a Star Trading House, a recognitionawarded to them by the Government of India. The first retail brand will be "KIAH anAustralian aboriginal term, which means “from a beautiful place.”Projectsformba.blogspot.com 17 * 18. Projectsformba.blogspot.comOyzterbay - Jewellery for the LivingOyzterbay is in retailing apart from running signature stores that showcase preciousmetals, gemstones and crafted jewellery designs. It is a young brand at the forefront ofchange in the jewellery industry. It was the first to launch a brand catering to the youngnew woman of today, with contemporary wearable designs. Oyzterbays byline,"Jewellery for the Living”, epitomizes the ethos of the brand. With 29 stylish andexclusive stores across the country, and another 20 outlets in department stores, it is thefastest growing jewellery brand in the country. To date, Oyzterbay, in just over threeyears has sold close to 300,000 pieces of jewellery, indicating tremendous acceptabilityof the product and the brand.Carbon - Stylish Designs Carbon has been an important factor in initiating and bringing about excitement into this personal domain. Established in 1996, Carbon launched its first fashion accessory collection ‘Venus’ at the first Carbon outlet in Shoppers Stop, Bangalore and recently opened its exclusiveboutique in Bangalore. Exploring with accessories that nudged jewellery out of the vaultand into the wardrobe, collections examined the world of fashion, emotion, lifestyle andhelped consumers elevate their personal sense of style.Design is the sole factor that led to the birth of Carbon, the brand. The Carbon designstudio regards material and technology as a tool or means of expressing the intangiblefashion and lifestyle needs of consumers.Agni - Anmol... Alp hi ki tarahaAgni is a brainchild of the House of Shoors, nationally renowned jewellers, originallyfrom Jalandhar, Punjab and presently based in Mumbai. Over a decade and a half ofexcellence in creating a range of exclusive gold jewellery gave them a clear insight intothe heart and mind of the Indian customer.Projectsformba.blogspot.com 18 * 19. Projectsformba.blogspot.comAs pioneers of the branded gold jewellery segment with Agni, the Shoors intend to drivetheir head start across the country to make a beginning towards creating a product thatfocuses solely on the customers benefit and interest.For the first time in India Agni makes gold jewellery available with MRP regulation.Platinum Guild International - Promoting Brand PlatinumPlatinum is the most precious metal used for branded jewellery. Platinum is pure, anexpression of integrity, a reflection of inner truth. Platinums purity endows it with abrilliant white luster. This helps to reflect the true radiance of diamonds. It is rare, thecoveted treasure of discerning individuals. There is very little platinum on this earth andit is found in very few places around the world. Its density and weight make it moredurable, than other jewellery metals. In addition to its strength and density, platinum hasanother remarkable quality -pliability. The Platinum Guild International worldwide underthe Pt logo promotes platinum jewellery.Cygnus - Diamonds for allCygnus is a brand of 18K gold and diamond jewellery in the domestic market. Priced inthe range of Rs.1, 000-30,000, Cygnus is being retailed at lifestyle stores, traditionaljewellers and exclusive franchise outlets. The brand is promoted by Rs.1, 000 croreLaxmi Diamond Group. The group was set up in 1972, and is the second largest exporterof polished diamonds in the country.Ishis - Fusion Diamond JewelleryIshis (which means the Goddess of Wealth) includes a range of diamondjewellery for the Indian and West Asian markets, with an accent on fusiondesign, incorporating traditional designs with modem designs. It is part ofthe Suashish Group, which is one of the largest manufacturing site holdersof De Beers. Ishi’s is currently available through its signature outlets inMumbai, and Dubai, besides shop-in-shops stores. It plans to have 70 outlets by the endof the year, and be present in over 500 outlets across the world in the next 10 years.Bulaire - Champagne Diamond JewelleryProjectsformba.blogspot.com 19 * 20. Projectsformba.blogspot.comBulaire Champagne diamond jewellery is rare, precious-set in alluring designs to embodyyour inner desires, ambitions and aspirations and includes pendants, rings, earrings andbracelets. The shop-in-shops are located in prominent shopping malls and traditionaljewellery stores. The company hopes it will make sales of $1.1 million within a year fromthe jewellery.Signity -Trendsetters in Cubic ZirconiaSignity is a world-leading brand of Swarovski and Golay specializing in precision-cutgenuine and created gemstones. Signity believes that the finest diamond look-alike everdeveloped has to be cut to standards equivalent to those applied for the finest cut genuinediamonds. So, they asked their most experienced cutters and engineers to determineprecise ideal proportions for their cubic zirconia. To test the validity of their findings,they send their cubic zirconia stones to a respected independent gemological laboratoryspecializing in the machine measurement of diamond brilliance.Nirvana - Invisible Set DiamondsNirvana is targeted at contemporary independent- thinking women. This exquisite butmid-priced range of pendants, rings and earrings, bracelets is available from Rs.3, 000onwards. Nirvana uses ‘Invisible-setting’ wax-based setting, which helps set diamondtogether without any gaps or joints. The ‘pressure-setting’ technology helps set rounddiamonds in amazing designs without any clasps. The absence of visible support gives alarger/ bigger look and adds luster and fire to the diamond. As proof of its commitment toquality, Nirvana also offers consumers a lifetime warranty & exchange proposition.Trendsmith - Bold and Unconventional Trendsmith, a TBZ-promoted chain of jewellery retail stores holds the distinction of hosting the largest number of branded and designer jewellery under a single roof. Trendsmith broke new ground by transforming jewellery buying from being a traditional investment into a fashion statement. Trendsmith is an exciting, innovative endeavor from the House of TBZ-Nirmal Zaveri, a name with almost hundred and fifty years of expertise in theProjectsformba.blogspot.com 20 * 21. Projectsformba.blogspot.comjewellery business. The Trendsmith style of jewellery is renowned for being bold andunconventional.Sveni -Creating RipplesBrand Sveni from the company Shrenuj created ripples in the market and is doing verywell. The brand comprises solitaire rings, earrings, pendants and bangles in gold andplatinum. Sveni Solitaire jewellery comes in the range of 0.50 to 0.89 carat with laserinscription and IGI certification. Bhavya brand from the same company was alsolaunched. Bhavya has solitaire rings, earrings and pendants in gold and platinum. Theirsolitaire jewellery comes in the range of 0.20 to 0.50 carat with laser inscription and IGIcertification.Imagem - Jewellery beyond ImaginationThe jewellery manufactured by Imagem is a work of art. It is vibrant and made as perInternational Standards. Imagem is all about expressions and dreams. Imagem is‘jewellery beyond imagination’ with the right mix of classic, contemporary and moderndesigns. Imagem creations are suited to all preferences from classic to contemporary,causal to bridal wear. It is the change in the buying patterns of consumers today, who arewilling to posses not just jewellery, that stagnates in the bank lockers but jewellery thatcan be adorned and appreciated on a regular basis and yet also be passed downgenerations. All collections are backed with a theme that relates to expressions anddreams.Sogni Ooro - Rising Star on the Indian Horizon SogoiDOro is the brand name of Italindi. It is ltalian jewellery on the name Italindi that is being imported from ltaly-the hub of jewels and fashion Sogni DOro or in other words “golden dreams” is exactly what the brand name suggests - that one would want to own for its sheer beauty and technicality. The jewellery collections are extremely innovative bold andunconventional. All pieces of jewellery at Sogni DOro are either handcrafted or machineProjectsformba.blogspot.com 21 * 22. Projectsformba.blogspot.commade that are legally imported from Italy to India. It is manufactured and procured fromall major jewellers who are from famous jewellery towns of Italy namely Vicenza andArezzo.Hammer Plus - Branding SpiritualityHammer Plus Jewellery as a brand believes in creating market focusedflint jewellery brands as per the market requirements for the retailers.Hammer Plus believes in the ideology of “We make it happen for you”by not just creating jewellery but also adding brand value to its products.Each brand of Hammer Plus has its individual characteristics, a distinctidentity and an image of its own targeted at an audience, based on themarket requirements congruent with merchandising at specific pricepoints. The brands with adequate support of the various elements of marketing, consumerresearch and visual merchandising give each brand a character of its own. Hammer Plushas a production capacity of nearly 10,000 pieces per month & a total manpower of 200people in the production department manufacturing brands like Divya Vinayak, Karma,Ekkam, Tamorri & Vallaya.Swarovski -The Fashion BrandAlthough the company is more than 100 years old, the jewellery range was launched onlyin 1977. It specializes in imported crystal components and extensive palette of Swarovskicrystal products to enjoy, towear, to give and to receive. Today the creations are bothfashion/trend inspired as well as a classic range with jewellery designs of the highestquality. Swarovski in India is on an expansion mode. The product range keeps changingwith time and trends that are forecasted for the forthcoming seasons.Ciemme - Jewel-in-the-crown Ciemmeis synonymous with exquisitely designed diamond studded jewellery. This internationalflagship brand of diamond jewellery is itself a jewel-in-the-crown of the C. MahendraDiamond Product Group, catering to the medium to high price market segments. With itsstate-of-the art infrastructure and hi- tech manufacturing facilities, Ciemme consistentlymeets stringently high quality requirements and delivers never-ending customerProjectsformba.blogspot.com 22 * 23. Projectsformba.blogspot.comsatisfaction. The Ciemme collection includes, unique designs, generated along conceptlines, featuring rings, pendants, earrings, bracelets, and many more.Vanshi - One for EveryoneVanshi Diamond Jewellery is catering to all range of customers. It is positioned as “Onefor everyone.” Vanshi Diamond Jewellery is recognized as “Value for Money” apartfrom that Vanshi Diamond Jewellery is well known for its unique designs. It is differentfrom all other brands in terms of designs, craftsmanship, purity etc.STRATEGIES FOR WOOING CUSTOMERSTANISHQIn the late 1990s, players in the branded gold jewellery market formulated strategies forwooing customers. According to Jacob Kurian (Kurian), Chief Operating Officer ofTanishq, the challenges were many. As the jewellery market was highly fragmented,lacked branding, and allowed many unethical practices to flourish, Tanishq worked hardon a two-pronged brand-building strategy: cultivate trust by educating customers aboutthe unethical practices in the business and change the perception of jewellery as a high-priced purchase. Said Kurian, "We are changing the attitudes of customers from blindtrust to informed trust."To increase its market share, Tanishq formulated a strategy for luring people away fromtraditional neighborhood jewellers. Tanishqs strategy was to create differentiation andbuild trust. According to Kurian, the first part of the strategy was "to provide a point ofdifferentiation in a highly commoditized category - which is the whole point ofbranding." The second part of the strategy was to project Tanishq as an unimpeachablemark of trust. According to Kurian, "If differentiation plays the role of primary attraction,trust takes care of lifelong loyalty."One way to create differentiation was through design. The emphasis had to be on designbecause local jewellers could offer to design any pattern according to the customersProjectsformba.blogspot.com 23 * 24. Projectsformba.blogspot.comspecifications. For a national brand a generic design concept with regional variations hadto be evolved. (Refer Exhibit I for Tanishqs design). For this, Tanishq set up a sevenmember in-house design team and also outsourced designs from freelance designers.The designers traveled the length and breadth of the country to get feedback on Tanishqsdesigns and learn about customer preferences. On the basis of this feedback, eachshowroom could select the designs it would carry. To stay ahead of competition fromlocal jewellers, Tanishq decided to focus on quality control. In 1999, it introducedcaratmeters, which showed the purity of gold. In fact, Tanishqs USP was the purity of itsgold. Accordingly, the companys ad campaigns emphasized the purity aspect of allTanishq ornaments. (Refer Exhibit II for Tanishqs Ad Campaign)In November 2002, Tanishq introduced a new collection of jewellery calledLightweights. The collection featured neckwear, earrings, bangles, rings and chains in22 karat gold with prices starting at Rs 1,100. It also launched Lightweight Diamonds,with prices starting at Rs 3,000. Tanishq focused not only on urban markets, but smalltown markets as well. Real estate was less expensive in the small towns than in largeurban centers. Besides, competition from stores in small towns was less stiff thancompetition from the large jewellery stores in the metropolitan cities. According toKurian, the best returns on investment came from small towns.CARBONCarbons focus had always been to move jewellery from the vault to the dressing tableand bring the selling of jewellery out of heavily guarded jewellery stores. This wasachieved by persuading a few lifestyle stores to add branded jewellery to their vast arrayof products. Besides selling from lifestyle stores, Carbon also sold its products as giftitems over the Internet.Like Tanishq, Carbon laid emphasis on design. Students at the National Institute ofFashion Technology (NIFT) through the diploma programme, which the companysponsored, contributed most of its designs. In addition, Peakoks team of six designers,(headed by Rajeswari Iyer, an alumnus of a German design school who had worked in theProjectsformba.blogspot.com 24 * 25. Projectsformba.blogspot.comU.K., Germany and India) turned out around 180 to 200 styles in a year, with 75 designsper style. At any point in time, there were around 600 designs of Carbon on sale, and onan average, 300 to 400 pieces per design were sold. In 2002, Carbon launched its SunSign collection, which was based on the symbols of the Zodiac. This collection was a setof 12 pendants designed in a blend of 18 carat white and yellow gold (Refer Exhibit III).While 18 carat gold was commonly used in Carbon products, some of the designs alsoused white gold, titanium and steel. Diamond was the preferred precious stone, but othercolored stones were also used. Comprising items of everyday use, (rings, chains,bracelets, ear studs, tie-pins and cuff links) Carbon items were an impulse purchases.(Refer Exhibit IV) The brand had no off take cycles in the year, like the marriage season,unlike traditional jewellery. The creation, manufacture and marketing of Carbon weredifferent from the making and selling of traditional jewellery. Carbon was attempting toeliminate the low productivity, quality inconsistencies and high precious metal lossassociated with traditional jewellery making. It has instituted modern manufacturingpractices such as self- contained small groups in the assembly area, self-inspection by theoperators, the Japanese Kaizen approach to improvements in operational practices and thelike. The brand has brought down their manufacturing loss of gold to 6.8 per cent. Theaverage in the traditional Indian jewellery shop is as high as 22 per cent, while the worldaverage is only 2 per cent.As the profile of the average customer likely to purchase a Carbon item was a well-paidurban professional, 24 to 38 years old, having a credit card, it was decided that Carbonshould not be placed in the usual jewellery shops but made available at `shop-in-shopoutlets in large lifestyle stores (such as Shoppers Stop, Ebony, Globus, The BombayStore, Lifestyle and Taj Khazana) and some premium boutiques (such as the Helvetica inChennai). Said Rao, "We are looking at cross-promoting Carbon jewellery with otherbranded lifestyle products such as perfumes, clothing and cosmetics." Carbon productswere priced between Rs. 2,750 and Rs. 20,000 per piece. While the cost of traditionaljewellery was negotiable, the cost of Carbon items was fixed and nationally uniform.OYZTERBAYProjectsformba.blogspot.com 25 * 26. Projectsformba.blogspot.comOyzterbay, with its tag line "Jewellery for the Living", had become synonymous with theentire gamut of occasions where modern young women would like to wear stylish andaffordable jewellery. Oyzterbays collection comprised over 1200 designs in 18, 22 and24 carat gold and sterling silver, with natural colored gemstones. The price of thejewellery ranged between Rs. 500 and Rs.30000.The initial focus of Oyzterbay was to give a lifestyle value to jewellery instead of thetraditional investment value. In the second year of its launch, Oyzterbay emphasised onmarketing and advertising strategies to give the necessary thrust for growth. In order totransform itself from a youth brand to a brand for all occasions, Oyzterbay launchedmedia campaigns in August 2002 highlighting the new look. The new communicationstrategy focused on addressing the 18 to 34 age group instead of the earlier 18 to 24 agegroup. The new campaign focused on positioning Oyzterbay as jewellery for office wear,evening wear or even a fitness session. (Refer Exhibit V) The broadening of focus toinclude an older segment was the result of market research which showed that the brandappealed to middle-aged working women and affluent housewives. The investment in thenew campaign was Rs 50 million.Where Oyzterbay scored over others was its simple and refreshing designs andaffordability, making it distinct from the usual gold jewellery stocked in standardjewellery showrooms and contemporary jewellery offered by traditional jewellery housestrying to cater to the trend. Priyadarshi Mohapatra, Marketing Manager, Oyzterbay, said"We began by selecting a completely different reach - everyday jewellery for the workingwoman and jewellery for the youth. We felt that jewellery should be brought out of thelocker. So we positioned (it) to accessorize the dress of the young, college-going crowd,which otherwise sported junk jewellery. The second segment was the working woman forwhom we sought to build a wardrobe of jewellery by making it affordable, so that shecould pick up pieces regularly." Oyzterbay later extended the same brand values todiamonds too, the idea being to target a niche market.Oyzterbay refurbished its collection every few months, keeping in mind internationaltrends. By so doing, they were able to offer exclusive products to clients. As part of theOyzterbay Summer 2002 collection, it offered pendants, earrings, finger rings, bracelets,Projectsformba.blogspot.com 26 * 27. Projectsformba.blogspot.comneckwear, and chains with natural gemstones set in white gold, as white gold wasevolving as a fashion statement across the world.Although Ozyterbay was known for its jewellery in gold and sterling silver embellishedwith natural gemstones, it decided to launch Your First Diamond, a complete range ofdiamond jewellery set in white, pink, and yellow gold. The price of the collection startedfrom Rs. 500 with the most expensive piece not exceeding Rs. 12,000.GILIGili distributed its jewellery priced between Rs. 500 and Rs. 40,000 through lifestyle anddepartment stores across the country to increase accessibility among its target segment,the 15 to 30 age group. The companys products were also made available through a mail-order catalogue. In 1997, Gili launched a collection of traditional Indian ornaments madeof 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 camewith a guarantee of diamond and gold quality.When research conducted in February 2000 showed that there was a big gap between theRs. 1000 and Rs. 10000 price segment and keeping in view the teenage population, andthe kind of pocket money they had, Gili brought out a collection targeting teens. In 2000,Gili launched its diamond heart collection targeted at teenagers and priced between Rs500 and Rs.2500. The collection was promoted at college campuses with banners,pamphlets and a few advertisements targeted at teens. Gili soon realized that just pushingits product was not enough; it also had to customize its products for special occasions.Following this, it launched a Diamond Heart Collection specially designed forValentines Day. This collection consisting of tiny, heart-shaped diamond jewellery waswell received by teens (Refer Exhibit VI). Special packaging, catchy advertising andextensive press coverage contributed to the success of the collection. Gili also madespecial promotional offers during festive seasons like Christmas and Diwali.Having captured the low price point market of Rs.2000 to Rs.10,000, in 2000, thecompany focused on penetrating the premium market of customized jewellery. For this,Projectsformba.blogspot.com 27 * 28. Projectsformba.blogspot.comGitanjali jewels opened a jewellery salon, Gianti, to provide customized jewellery toclients in India.Projectsformba.blogspot.com 28 * 29. Projectsformba.blogspot.comRECOMMENDATIONSProjectsformba.blogspot.com 29 * 30. Projectsformba.blogspot.comCONCLUSIONS The dissertation will help to study the consumer preference over branded and non- branded jewellery. The main objectives of the study were to compare between Branded and Non-Branded Jewellery, to know Consumer perception towards Jewellery, to know the Major Players of Jewellery industry, to have an idea about parameters consumer consider while buying Jewellery, to have knowledge about demographic segments, to know the Marketing strategies used by various jewellery brands. India is growing at a very fast pace and jewellery sector is one which is registered to achieve 65% international market by 2010. The jewellery sector is largely unorganized in India but is changing into organized business because of many major and influential players entering into the market and have started organizing the market and focusing all segments of customers such as Tanishq by TATA and Gili by Gitanjli jewellers etc. The branded jewellery sectors is only 2-3% of the total jewellery market in India but most of the brands have been able to make a mark on consumers with their highly satisfying marketing strategies. The local jewellers or the unbranded jewellers do not provide any guarantee of the purity and quality but brands such as Tanishq introduced karometer in their outlets which help the consumer to test the purity of the jewellery. As jewellery sector is changing, consumer is also changing today they are more aware, have greater disposable income and want to be more secure. That is why when given a preference between branded and non- branded jewellery most respondents choose branded jewellery. The booming economy along with the rapid increase in income levels is estimated to further accelerate the growth of this industry. According to a KPMG study, India’s growing importance in the global jewellery market is only expected to increase in the future with total estimated jewellery sales of US$ 21 billion by 2010 and US$ 37Projectsformba.blogspot.com 30 * 31. Projectsformba.blogspot.com billion by 2015. Diamond jewellery consumption in India is also estimated to jump by 78 per cent in 2010.Projectsformba.blogspot.com 31 * 32. Projectsformba.blogspot.comBIBLIOGRAPHYThe magazines and journals referred:-Solitaire InternationalJournal of Gem IndustryWeb sources:-www.retailbiz.comwww.business-standard.comwww.valuenotes.comwww.indiandata.comwww.google.comwww.proquest.comProjectsformba.blogspot.com 32
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A project on consumer preference over branded jewellery and non branded jwellery (synopsis) Document Transcript * 1. Projectsformba.blogspot.com SYNOPSIS FOR DISSERTATION SUBMITTED TOWARDS THE PARTIAL FULFILLMENT OF POST GRADUATE DEGREE IN INTERNATIONAL BUSINESS CONSUMER PREFERENCE OVER BRANDED JEWELLERY AND NON- BRANDED JWELLERY SUBMITTED BY: AMITY INTERNATIONAL BUSINESS SCHOOL, NOIDAAMITY UNIVERSITY – UTTAR PRADESHProjectsformba.blogspot.com 1 * 2. Projectsformba.blogspot.comTABLE OF CONTENTSChapter No. Subject Page No.Ch.# 1.0 Introduction…………………..Ch.# 2.0 Research Methodology 2.1 Primary Objective(s)…………. ……… 2.2 Hypothesis……………………………. 2.3 Research Design…………………….... 2.4 Sample design………………………... 2.5 Data ………………………..................Ch.# 3.0 Critical Review of Literature…………...Ch.# 4.0 Sector Profile ……………………..........Ch # 5.0 Conclusion………………………………Ch.# 6.0 Recommendations……………………….Ch.# 7.0 Bibliography……………………………..Ch.# 8.0 ReferencesProjectsformba.blogspot.com 2 * 3. Projectsformba.blogspot.comINTRODUCTIONIndia has a historic relationship with Jewellery.Many kings, emperors and dynasties featuring countless wars, conquests and politicalupheavals have ruled the Indian sub-continent. Different dynasties ruled different parts ofIndia with different monetary systems. Jewellery acted as a common medium ofexchange or store of value across the monetary systems of different kingdoms across thesub-continent especially gold. Hence wealth could still be preserved in spite of wars andpolitical turbulence. Gold also helped preserve wealth through natural calamities anddisasters and for centuries was the only means of saving in rural India, land being theother main asset of economic value. This has largely helped formulate, or evolve, theIndian sentiment and fanatical passion for gold, which holds true even today. India isestimated to hold more than 11,000 tonnes of gold.Apart from its historical religious significance, Jewellery is valued as an importantsavings and investment vehicle in India. Even in present times, Jewellery remains theIndian bride’s `Streedhan’, the wealth she takes with her when she marries and whichremains hers. Gold jewellery is the preferred jewellery worn by women in Indiairrespective of their religious beliefs. In marriages, gold jewellery is the gift preferred bythe near relatives of the bride and the groom. Gold jewellery is very popular amongfarmers, with an upsurge in gold sales after a good agricultural season. Buying of gold isan important part of every stage of an Indian citizen’s life— at birth, marriage,construction of home, festivals, religious ceremonies, setting up of new business, anddeath.As India makes rapid progress in the retail arena, the Indian Jewellery market isundergoing a gradual metamorphosis from unorganised to organised formats. Thejewellery business in India is estimated to be at Rs 50,000 crore. According to theindependent estimation studies conducted by World Gold Council and McKinsey, out ofthe overall market share, the share of organised jewellery market is less than Rs 1,000Projectsformba.blogspot.com 3 * 4. Projectsformba.blogspot.comcrore. This accounts to about 2-3 per cent of the total market share. But given that this isa relatively new segment of the market, it is poised to grow. Jewellery retailing is movingfrom a ‘storehouse of value’ to a precious fashion accessory. Plain gold is graduallyeasing its stranglehold on the Indian consumer psyche to give way to diamonds, platinumand coloured gemstones. The way jewellery was worn before is undergoing a tremendouschange. Traditional designs are yielding to modern jewellery, heavy gold is giving way tolight and simple designs. Consumers are more quality conscious than ever before. Thejewellery market is one of the largest consumer sectors in the country – larger thantelecom, automobiles, apparel, and perhaps second only to the foods sector. Interestingly,organised retailers have attempted to understand the market, anticipate social changes andstrategise appropriately. They have ceaselessly endeavored to derive the formulae of‘What the consumer wants?’The young Indian woman who is the prime market for the organised retailers differsfrom the traditional jewellery customer in many ways as enumerated below. • She is well educated and more in tune with international trends • Increase in working women with high disposable incomes • Greater mobility • Less constrained by traditions.All these reasons and more ensure that the modern Indian woman is looking for jewelleryfrom a perspective different from the past. In addition, organised retailing offers qualityproducts, follows standardised practices and uniform pricing strategy. Organised retailformats work on transparent policies that are not necessarily available at the traditionaljewellery shops. Today, goods and services offered by any retailer are strongly driven bytheir identified Target Group (TG). There are several examples of retailers who aredrawing in consumers either across a wide swathe or a segment of socio-economicclassification, clearly defined by them. This has been the first step towards organisedjewellery retailing in India. In a short span of time, organised retailers have successfullyimplemented a change in the buying pattern of the Indian consumer. This is evident fromProjectsformba.blogspot.com 4 * 5. Projectsformba.blogspot.comthe shift from the traditional jeweller to the jeweller with an identity. This shift clearlyindicates a change in viewpoint of jewellery as a commodity to brand identification.RESEARCH METHODOLOGYStatement of objectives 1. To compare between Branded and Non-Branded Jewellery. 2. To know Consumer perception towards Jewellery. 3. To know the Major Players of Jewellery industry. 4. To have an idea about parameters consumer consider while buying Jewellery. 5. To have knowledge about demographic segments. 6. To know the Marketing strategies used by various jewellery brands.RESEARCH AND SAMPLE DESIGN:This research will accomplish chiefly through qualitative approach that is based on thesecondary information as well as quantitative studies like surveys etc. are also consideredand taken into account.Qualitative research includes the reviewing and analysis of the articles, research papers,interviews and other published information in order to gain a deeper understanding of theprevailing scenario. These methods will help to understand the opinion and views ofeminent and learned academicians and leading businessmen and provide an idea of futuredevelopments in Jewellery sector.Also, quantitative information, in which survey reports etc done on the basis ofquestionnaires was beneficial in the way that it provides a comparative insight into theProjectsformba.blogspot.com 5 * 6. Projectsformba.blogspot.comconsumer perception for branded jewellery and non-branded jewellery and theirpreferences over it. It is good for examining consumer behaviour in the current trends ofjewellery sector.TYPE OF RESEARCH: EXPLORATORY QUALITATIVESAMPLING FRAME: NOIDA DELHI REGIONS SUCH AS LAJPAT NAGAR,SOUTH EXTENSION,NEW FRIENDS COLONY,SAKET ETCData Collection The research study will be accomplished through in-depth review and analysis of secondary information available in the published form, which includes data from textbook, journals, management reports seminar papers etc. The electronic data and results of surveys conducted by organizations were also important data sources for the report. To gather all the information that my report need, I will find related information by accessing reference books business magazines and journals & Web sources. Primary data was basically collected by conducting survey through a questionnaire (Sample size=50-100) and area of conducting survey was New Delhi AND NCR. The research design was exploratory and descriptive.Projectsformba.blogspot.com 6 * 7. Projectsformba.blogspot.comCRITICAL REVIEW OF LITERATUREGems and JewelleryThe Gems & Jewellery Industry is one of the fastest growing industries in the country.The growth in purchasing parity of the middle class and surging income levels haveresulted in consumption growth of gems and jewellery by about 11 percent in the five-year period preceding 2006-07. It also contributes over 15 per cent of India’s totalexports and provides employment to 1.3 million people directly and indirectly.The two major segments of the sector in India are gold jewellery and diamonds. Goldjewellery forms around 80 per cent of the Indian jewellery market, with the balancecomprising fabricated studded jewellery that includes diamonds as well as gemstonestudded jewellery.India consumes nearly 800 tonnes of gold accounting for about 20 per cent of the worldgold consumption, of which nearly 600 tonnes goes into making jewellery. The Indianjewellery market, estimated to be US$ 13.5 billion in fiscal 2006-07, accounts for 8.3 percent of world jewellery sales, according to a study by KPMG.The industry is well supported by Government policies and the banking sector -- around50 banks provide nearly US$ 3 billion credit to the Indian diamond industry. In addition,India is expected to have a diamond bourse soon.India AdvantageIndia is the world’s largest diamond processing (cutting and polishing) country with anestimated 1 million processors handling over 57 per cent of the world’s rough diamondsby value. According to industry estimates, 11 out of 12 stones (diamonds) set in jewelleryare cut and polished in India. Processing is done on rough diamonds in full range of sizesand qualities, including stones larger than 10 carats.Projectsformba.blogspot.com 7 * 8. Projectsformba.blogspot.comIn terms of carat, Indias share in this sector is about 80 per cent of the world market.Employing over 90 per cent of the global diamond industry workforce, India alsoaccounts for 90 per cent of the volume of diamonds processed in the world.ExportsAfter making its mark in the world diamond processing industry, India is well on its wayto becoming the leading global gems and jewellery hub. India’s gems and jewelleryindustry is now on a high growth trajectory.Exports from the industry fetched US$ 17.1 billion in 2006-07 against US$ 16.64 billionin 2005-06, showing a growth of 26 per cent. While diamonds accounted for 64 per centof the total exports, gold jewellery accounted for 30.47 per cent, coloured gem stones andothers accounted for 1.44 per cent and 1.04 per cent respectively last year.Cut and polished diamond segment exports were US$ 10.90 billion, while gold jewelleryexports fetched US$ 5.21 billion last year. Coloured gemstone exports yielded US$246.48 million last fiscal, against US$ 232.35 million in 2005-06.The growth momentum has continued into the current fiscal. The gems and jewelleryexport industry grew by a robust 27 per cent export during the first half of the currentfiscal at US$ 9.4 billion, as compared to US$ 7.4 billion in the corresponding period of2006, according to the Gems and Jewellery Export Promotion Council (GJEPC).The growth in diamond exports was 28 per cent, in jewellery it was 21 per cent and incoloured gemstones, it was 22 per cent. The major destinations for exports have been theUS, UAE, Hong Kong, Belgium and Israel. In fact, the US, UAE and Hong Kongtogether accounted for over 70 per cent of the total exports in the previous fiscal year.ConsumptionProjectsformba.blogspot.com 8 * 9. Projectsformba.blogspot.comThe increasing levels of disposable household income have resulted in recordconsumption levels in the domestic market. Indian jewellery demand rose by 70 per centduring the first half of 2007 compared with the same period last year. Jewellery demandincreased to 387 tonnes from 227 tonnes during the period.Also, gold consumption during the first six months of 2007 grew by 70 per cent to 528tonnes compared to 307 tonnes in the same period last year. India’s total goldconsumption in 2006 was slightly over 700 tonnes. While jewellery accounted for around73 per cent of gold demand, investments in the forms of coins and bars accounted for therest.According to the World Gold Council (WGC), India’s gold consumption this year couldin fact cross the 1,000-tonne mark for the first time.The booming domestic market along with export advantage of the industry and theGovernments decision to allow foreign direct investment of up to 51 per cent in singlebrand retail stores has attracted a large number of players to the sector. • Swarovski, the global crystal goods manufacturer and marketer, is on an expansion spree in India and hopes to achieve 5 to 10 per cent of its global turnover from the country in the next 10 years. The company plans to set up 30 stores by 2009, from the current 13. • Damas India, part of one of the largest jewellery retail outlets in the world, is adding 16 new stores to its present dozen stores in India. • Morgan Stanley, Citigroup, Goldman Sachs and BSMA Ltd. collectively purchased a 7 per cent stake in Gitanjali Gems for around US$ 27.8 million. • Goldman Sachs and UBS Securities have acquired 6.28 per cent in Shrenuj & Co at around US$ 2.07 million and US$ 2 million, respectively. • Gemology Headquarters International (GHI), a US-based gemological grading and research laboratory, has opened its first Indian branch at Opera House, Mumbai.Projectsformba.blogspot.com 9 * 10. Projectsformba.blogspot.com • Reliance Retail is planning an aggressive entry into the jewellery retail market through its about 400 to 500 jewellery retail outlets across the country.Looking AheadThe booming economy along with the rapid increase in income levels is estimated tofurther accelerate the growth of this industry. According to a KPMG study, India’sgrowing importance in the global jewellery market is only expected to increase in thefuture with total estimated jewellery sales of US$ 21 billion by 2010 and US$ 37 billionby 2015. Diamond jewellery consumption in India is also estimated to jump by 78 percent in 2010.STRUCTURE OF JEWELLERY IN INDIA • Plain gold Jewellery • Studded Jewellery • Silver Jewellery • Costume Jewellery As was stated earlier, India is the largest consumer of Gold in the world with annual demand close to 800 tons. It is believed that 90% of this deman is directed towards manufacturing of jewellery. The bulk of the Indian jewellery buying is still rooted in tradition and jewellery is sold in traditional designs. Jewellery designs vary in different regions of India, making the style unique to each region. In South India the designs are inspired by nature - paisley motif of the mango, rice grains, melon and cucumber seeds, etc. In Western and Northern India, the Mughal influence can be seen in the meenakari (enamelling) and kundan work. Jewellery is crafted not just for humans but also for the deities, ceremonial elephants, and horses. Hence the variety of gold jewellery in India is truly mind-boggling and bears testimony to the excellent skills of Indian jewellers of today. Ornaments are made practically for every part of the body - nose rings, bangles, necklaces and special jewellery for the head, ankles, waistbands, and so on. Plain gold jewellery is fabricated mainly in 22-karat gold and even 18-karat is not favoured, as the mindset does not accept low purity goldProjectsformba.blogspot.com 10 * 11. Projectsformba.blogspot.com jewellery. The logic is that the jewellery is primarily bought as an investment in gold, and investing in a low purity product does not appeal to the Indian consumers. However for the studded gold jewellery, 18 karat has become acceptable.SECTOR PROFILEBRANDED JEWELLERY V/S NON-BRANDED JEWELLERY TRADITIONAL JEWELLERY/ NON-BRANDED JEWELLERY BRANDED JEWELLERYName and reputation attached to any item gives Traditional Jewellery will also be around wherea degree of confidence to the consumer. by consumers tailor-make their jewelry according to their preferences.Branded Jewellery comes with a written There is no written lifetime guarantee. Trust islifetime guarantee, keeping in mind the purely based on individuals trust in hisemotional quotient of the consumer. jeweller.Excellent quality, quality of finish, packaging, Minimum efforts in packaging, finishing, salessales force and selling policies and backup and low advertising.service for their jewellery.Gives value for money, good quality, good Jewellery buying is largely done on trust. A lotservice, and variety of products and has a good of people who have been buying from theiradvertising & continue to do so. family jeweler for years marketing campaign.Manufactured in modern factories with A one-off item painstakingly crafted by a singledifferent departments, each devoted to one person. Traditional jewellery can beaspect of the manufacturing process. Branded handcrafted in several styles.jewellery generally comes only in safe styles.Projectsformba.blogspot.com 11 * 12. Projectsformba.blogspot.comCan be bought at any time of the year, could Is bought for specific occasions like marriage,also be impulsive buying. festivals etc.Manufactured by the lost wax casting process Manufactured by the "Babus" or the cottagewhich is more machine based. industry kind of manufacturers.Run by experienced and new breed Run by traditional jewellers.manufactures that have prior marketingbackground from their business in the exportmarkets.Has a more contemporary, stylish and classic Is usually traditional, bulky and ornate.outlook, which easily segments itself amongthe traditional ones.Most branded jewellery is diamond-studded Traditional jewellery is primarily gold.jewellery.Most diamond jewelry is certified for gold and Need not necessarily be certified and comesdiamond content and is sold at an MRP without with a complete break up of the gold anda break up of the gold and diamond content. diamond content, including making and wastage charges.A mark up for the department store/jeweller Is devoid of all these costs.and a basic markup to cover brand buildingcosts.Available in multiple outlets. Available only in the traditional jewellers outlets.A large section of gold buyers though, still favor small jeweller families. But huge brand-building exercises are making people buy jewellery off the counter. Focused advertising,display and astute salesmanship are being combined to take on traditional jewellers.Projectsformba.blogspot.com 12 * 13. Projectsformba.blogspot.comPricing for jewellery is based on the designs, quality of material (metal and diamonds)and category. By and large branded jewellery does carry a premium over traditionaljewellery but then it offers a quality and assurance of purity that is reliable andguaranteed. However, all said and done, if all quality of diamonds, purity of the metaland quality of manufacturing is taken into account and we compare an apple for an apple,then the premium on branded jewellery would be in the range of 8- 10%.Brands offers the consumer distinctive values. This is true in every product category,including jewellery. These values could range from trust, distinctive design, specificproduct benefits or superb shopping experience. Over a course of time, brands buildstrong, long-term affiliations with their consumers because these distinctive values cometo possess timeless appeal. Consumers trust brands, and remain loyal to their favoritebrands. FAMOUS INDIAN JEWELERY BRANDS Giving glitter a name Readymade and branded jewellery are becoming increasingly popular, especially among the young. But there are also some who continue to trust only the good goldsmith. Buying jewellery is about trusting people with: dreams and hard-earned money. So, the choice of the jewellery is not a non- issue. But there has been a marked change in the tradition of jewellery-making and buying trends in the last two decades, with readymade jewellery becoming increasingly popular. The past few years have also seen the arrival of branded pure gold, diamondProjectsformba.blogspot.com 13 * 14. Projectsformba.blogspot.comand platinum jewellery at the market. While the recently introduced brands project theirquality and designer value, the older jewellers fall back on their experience and trust builtup over the years.Many manufacturers have launched jewellery brands in the past 4-5 years but are all ofthem clearly identified and focused? This could generally speaking go well for theindustry as this kind of a thrust on branding gives a momentum to the product segmentand the promotions and advertising that goes with it invariably expands the market.Though in the long run there could be a shake out and a few of the brands may fold over,the market expansion may stop or even shrink a little but is always far more than themarket size before the branding thrust.Its the DTC brand strategies for site holders to start new brands and also regional playersthat are increasingly looking at launching their own brands, expanding into new markets,adopting new retail formats and hiring jewellery designers to improve their productrange. However, one of the reasons behind indigenous brand launches could be the desireto get ready for the foreign brands that could flood the market.To woo the consumer further, the local players are now setting aside promotional budgetsto entice the brand and quality conscious consumers looking for products backed byhallmark and guarantee certifications. Freebies and loyalty clubs are the order of the day.These could range from chauffeur-driven car service to free airline tickets in lieu ofcertain spend. Local brands are also tying up with fashion houses to appeal to a wider,discerning audience. Just like darzis disappeared once the ready-to-wear garments marketmatured, smaller jewellery players will close shop and what can we say. ..may the fittestsurvive! The demand for branded jewellery is growing in India following theinternational trends.Nakshatra - Powerful Floral DesignsNakshatra was among the first diamond jewellery brands to be launched in India by DTCand has today become an iconic brand. The brand has a halo effect on the whole category.The growth of Nakshatra diamond jewellery over the years has been in line with theannual growth in the diamond jewellery market i.e. about 15%.Projectsformba.blogspot.com 14 * 15. Projectsformba.blogspot.comNakshatra has become a benchmark and a point of reference for all other brands enteringthe market today and has been instrumental in the growth of branded diamond jewelleryin India. The floral design is a very powerful design concept and has worked well to givethe brand a distinct identity. The consumers can identify e brand very easily and thismakes them more confident of their purchase. Besides this Nakshatra offers a uniquebrand experience to the consumer at the point of purchase.Asmi - For the Modern Indian Woman DTCs other brand Asmi on the other hand is an offering for the modem Indian Woman. Launched in the year 2002, the Asmi woman is between the age group of 25 to 40. Asmi is a collection of diamond designs, inspired by the fusion of the East and the West, and is characterized by an elegant curve studded with tiny diamonds highlighting a single diamond as its core.Sangini - For Special MilestonesDTCs brand Sangini is an offering for the married segment of the market. It has beenpositioned as the ultimate gift on special milestones and occasions like anniversaries,birthdays etc. The brand derives its design from the concept of being the special one tothe spouse. The centre stone of every piece of Sangini Diamond Jewellery is of slightlylarger size than the other diamonds within the piece. This centre stone is also setdifferently; its unique Bezel Setting clearly makes it stand out from the other stones setwithin the same piece.Arisia - Diamond SolitairesArisia, the niche brand of Diamond Solitaires was launched in 2001. This brand targetsthe huge segment of the super elites in India, which incidentally, is also the segment withthe highest rate of diamond acquisition. Arisia comprises diamondsolitaires, from I carat and above in round, princess and emerald cut withIGI certification.Projectsformba.blogspot.com 15 * 16. Projectsformba.blogspot.comTanishq - Purity PersonifiedTanishq is market leader in Indias nascent but rapidly growing market for brandedjewellery. Within eight years of its launch in 1996, Tanishq has built a nationwidenetwork of 67 exclusive jewellery boutiques in 52 cities and towns across India. Over thepast four years, Tanishq has also grown rapidly, and is today Indias largest retailer ofjewellery in the organised branded sector. Tanishq awarded the coveted IFA-Images"Most admire brand" award for two years consecutively. Last World chose to featurethree Indian brands, transformed the branded space for a woman in Iru was one of thesethree chosen brands. Karatmeter stores offer consumers the most reliable non-destructiveway of determining the purity of gold.Gili - SuperbrandGitanjali Group is one of the earliest diamond houses in India and today is one of thelargest diamond exporting companies in India. Along with this they also have facet-shopsbased on shop concepts. Their collection is doing extremely well with over 1000 outletsall over India. They believe in creating brands for everyone, through all the ranges.Recently Gili, was awarded the status of a "Superbrand for its long-standing tradition ofcustomer service and constant focus on quality and innovation in design. Each brand hasbeen introduced keeping in mind the target clientele that it caters to. One of their USPs istheir commitment level with respect to consumers.Intergold & ORRAIntergold is part of the Rosyblue Group- the worlds largest diamond manufacturingcompany with a presence across fifteen countries headquartered in New York. It is thelargest sight holder of DTC. The Group has been the largest jewellery exporter for twelveyears consecutively. Intergold is the only jewellery company in India which has tie upswith the three leading jewellery organizations namely, DTC, PGI & WGC. CurrentlyIntergold has 24 stand-alone stores across 15 cities. Intergold showrooms are spreadacross the country from Mumbai, Delhi, Chandigarh, Hyderabad, Chennai, Coimbatore,Rajkot, Baroda, Surat, Ahmedabad, Mumbal, Goa, Pondicherry, Pune, Bangalore, andKolkata. Recently InterGold ran campaigns of changing its brand name to Orra afterProjectsformba.blogspot.com 16 * 17. Projectsformba.blogspot.comwhich they realized that this was a wrong step on their part so they planned to keep thetwo as separate brand identities.Ddamas -Adding a Hint of GlamourD,damas is one of the major brands from the Gitanjali group. On the lines of internationaltrends, where brand ambassadors are roped in to help design the product itself, jewelleryfirm, Ddamas, roped in Hollywood stars to help design jewellery under the name ‘IIFAGlitterati collection,’ with the different lines being named after the stars themselves.Their designers spent ample time with the stars in order to design the jewellery in linewith their personality. The signatures of the stars is laser inscribed in each piece ofjewellery , which has used both white and yellow gold, and the entry-level pricing is Rs15,000. The company is a joint venture between Gemplus Jewellery and Damas, whichclaims to be the largest retailing jewellery brand chain in the West Asia.Adora -Affordable DiamondsAdora was born on July 3, 2003 with a big event in Mumbai. Within a month of thelaunch, Adora created 3 world records, which was duly endorsed by Limca Books ofRecords namely. The 3 records were Biggest Rakhi, Expensive Rakhi & AdoraInteractive Kiosk with an onboard computer with touch screen and Internet to delivermultiple marketing, sales and promotional functions. The brand was launched in phasemanners. Phase I was Mumbai launch, Phase II was National launch in 9 cities, Phase IIIwhich is currently going on is launch in semi metros and towns of India & Phase IVwould be International launch. The USP of Adora is easy availability, choice &affordability.Kiah - From a Beautiful PlaceA sight holder with DTC, Sheetal Manufactunng Co (SMC) has the status of being theworlds largest volume manufacturer of polished diamonds with an annual turnover of 1.5million carats. The company has recently bagged the outstanding export performanceaward in the DTC category and has also become a Star Trading House, a recognitionawarded to them by the Government of India. The first retail brand will be "KIAH anAustralian aboriginal term, which means “from a beautiful place.”Projectsformba.blogspot.com 17 * 18. Projectsformba.blogspot.comOyzterbay - Jewellery for the LivingOyzterbay is in retailing apart from running signature stores that showcase preciousmetals, gemstones and crafted jewellery designs. It is a young brand at the forefront ofchange in the jewellery industry. It was the first to launch a brand catering to the youngnew woman of today, with contemporary wearable designs. Oyzterbays byline,"Jewellery for the Living”, epitomizes the ethos of the brand. With 29 stylish andexclusive stores across the country, and another 20 outlets in department stores, it is thefastest growing jewellery brand in the country. To date, Oyzterbay, in just over threeyears has sold close to 300,000 pieces of jewellery, indicating tremendous acceptabilityof the product and the brand.Carbon - Stylish Designs Carbon has been an important factor in initiating and bringing about excitement into this personal domain. Established in 1996, Carbon launched its first fashion accessory collection ‘Venus’ at the first Carbon outlet in Shoppers Stop, Bangalore and recently opened its exclusiveboutique in Bangalore. Exploring with accessories that nudged jewellery out of the vaultand into the wardrobe, collections examined the world of fashion, emotion, lifestyle andhelped consumers elevate their personal sense of style.Design is the sole factor that led to the birth of Carbon, the brand. The Carbon designstudio regards material and technology as a tool or means of expressing the intangiblefashion and lifestyle needs of consumers.Agni - Anmol... Alp hi ki tarahaAgni is a brainchild of the House of Shoors, nationally renowned jewellers, originallyfrom Jalandhar, Punjab and presently based in Mumbai. Over a decade and a half ofexcellence in creating a range of exclusive gold jewellery gave them a clear insight intothe heart and mind of the Indian customer.Projectsformba.blogspot.com 18 * 19. Projectsformba.blogspot.comAs pioneers of the branded gold jewellery segment with Agni, the Shoors intend to drivetheir head start across the country to make a beginning towards creating a product thatfocuses solely on the customers benefit and interest.For the first time in India Agni makes gold jewellery available with MRP regulation.Platinum Guild International - Promoting Brand PlatinumPlatinum is the most precious metal used for branded jewellery. Platinum is pure, anexpression of integrity, a reflection of inner truth. Platinums purity endows it with abrilliant white luster. This helps to reflect the true radiance of diamonds. It is rare, thecoveted treasure of discerning individuals. There is very little platinum on this earth andit is found in very few places around the world. Its density and weight make it moredurable, than other jewellery metals. In addition to its strength and density, platinum hasanother remarkable quality -pliability. The Platinum Guild International worldwide underthe Pt logo promotes platinum jewellery.Cygnus - Diamonds for allCygnus is a brand of 18K gold and diamond jewellery in the domestic market. Priced inthe range of Rs.1, 000-30,000, Cygnus is being retailed at lifestyle stores, traditionaljewellers and exclusive franchise outlets. The brand is promoted by Rs.1, 000 croreLaxmi Diamond Group. The group was set up in 1972, and is the second largest exporterof polished diamonds in the country.Ishis - Fusion Diamond JewelleryIshis (which means the Goddess of Wealth) includes a range of diamondjewellery for the Indian and West Asian markets, with an accent on fusiondesign, incorporating traditional designs with modem designs. It is part ofthe Suashish Group, which is one of the largest manufacturing site holdersof De Beers. Ishi’s is currently available through its signature outlets inMumbai, and Dubai, besides shop-in-shops stores. It plans to have 70 outlets by the endof the year, and be present in over 500 outlets across the world in the next 10 years.Bulaire - Champagne Diamond JewelleryProjectsformba.blogspot.com 19 * 20. Projectsformba.blogspot.comBulaire Champagne diamond jewellery is rare, precious-set in alluring designs to embodyyour inner desires, ambitions and aspirations and includes pendants, rings, earrings andbracelets. The shop-in-shops are located in prominent shopping malls and traditionaljewellery stores. The company hopes it will make sales of $1.1 million within a year fromthe jewellery.Signity -Trendsetters in Cubic ZirconiaSignity is a world-leading brand of Swarovski and Golay specializing in precision-cutgenuine and created gemstones. Signity believes that the finest diamond look-alike everdeveloped has to be cut to standards equivalent to those applied for the finest cut genuinediamonds. So, they asked their most experienced cutters and engineers to determineprecise ideal proportions for their cubic zirconia. To test the validity of their findings,they send their cubic zirconia stones to a respected independent gemological laboratoryspecializing in the machine measurement of diamond brilliance.Nirvana - Invisible Set DiamondsNirvana is targeted at contemporary independent- thinking women. This exquisite butmid-priced range of pendants, rings and earrings, bracelets is available from Rs.3, 000onwards. Nirvana uses ‘Invisible-setting’ wax-based setting, which helps set diamondtogether without any gaps or joints. The ‘pressure-setting’ technology helps set rounddiamonds in amazing designs without any clasps. The absence of visible support gives alarger/ bigger look and adds luster and fire to the diamond. As proof of its commitment toquality, Nirvana also offers consumers a lifetime warranty & exchange proposition.Trendsmith - Bold and Unconventional Trendsmith, a TBZ-promoted chain of jewellery retail stores holds the distinction of hosting the largest number of branded and designer jewellery under a single roof. Trendsmith broke new ground by transforming jewellery buying from being a traditional investment into a fashion statement. Trendsmith is an exciting, innovative endeavor from the House of TBZ-Nirmal Zaveri, a name with almost hundred and fifty years of expertise in theProjectsformba.blogspot.com 20 * 21. Projectsformba.blogspot.comjewellery business. The Trendsmith style of jewellery is renowned for being bold andunconventional.Sveni -Creating RipplesBrand Sveni from the company Shrenuj created ripples in the market and is doing verywell. The brand comprises solitaire rings, earrings, pendants and bangles in gold andplatinum. Sveni Solitaire jewellery comes in the range of 0.50 to 0.89 carat with laserinscription and IGI certification. Bhavya brand from the same company was alsolaunched. Bhavya has solitaire rings, earrings and pendants in gold and platinum. Theirsolitaire jewellery comes in the range of 0.20 to 0.50 carat with laser inscription and IGIcertification.Imagem - Jewellery beyond ImaginationThe jewellery manufactured by Imagem is a work of art. It is vibrant and made as perInternational Standards. Imagem is all about expressions and dreams. Imagem is‘jewellery beyond imagination’ with the right mix of classic, contemporary and moderndesigns. Imagem creations are suited to all preferences from classic to contemporary,causal to bridal wear. It is the change in the buying patterns of consumers today, who arewilling to posses not just jewellery, that stagnates in the bank lockers but jewellery thatcan be adorned and appreciated on a regular basis and yet also be passed downgenerations. All collections are backed with a theme that relates to expressions anddreams.Sogni Ooro - Rising Star on the Indian Horizon SogoiDOro is the brand name of Italindi. It is ltalian jewellery on the name Italindi that is being imported from ltaly-the hub of jewels and fashion Sogni DOro or in other words “golden dreams” is exactly what the brand name suggests - that one would want to own for its sheer beauty and technicality. The jewellery collections are extremely innovative bold andunconventional. All pieces of jewellery at Sogni DOro are either handcrafted or machineProjectsformba.blogspot.com 21 * 22. Projectsformba.blogspot.commade that are legally imported from Italy to India. It is manufactured and procured fromall major jewellers who are from famous jewellery towns of Italy namely Vicenza andArezzo.Hammer Plus - Branding SpiritualityHammer Plus Jewellery as a brand believes in creating market focusedflint jewellery brands as per the market requirements for the retailers.Hammer Plus believes in the ideology of “We make it happen for you”by not just creating jewellery but also adding brand value to its products.Each brand of Hammer Plus has its individual characteristics, a distinctidentity and an image of its own targeted at an audience, based on themarket requirements congruent with merchandising at specific pricepoints. The brands with adequate support of the various elements of marketing, consumerresearch and visual merchandising give each brand a character of its own. Hammer Plushas a production capacity of nearly 10,000 pieces per month & a total manpower of 200people in the production department manufacturing brands like Divya Vinayak, Karma,Ekkam, Tamorri & Vallaya.Swarovski -The Fashion BrandAlthough the company is more than 100 years old, the jewellery range was launched onlyin 1977. It specializes in imported crystal components and extensive palette of Swarovskicrystal products to enjoy, towear, to give and to receive. Today the creations are bothfashion/trend inspired as well as a classic range with jewellery designs of the highestquality. Swarovski in India is on an expansion mode. The product range keeps changingwith time and trends that are forecasted for the forthcoming seasons.Ciemme - Jewel-in-the-crown Ciemmeis synonymous with exquisitely designed diamond studded jewellery. This internationalflagship brand of diamond jewellery is itself a jewel-in-the-crown of the C. MahendraDiamond Product Group, catering to the medium to high price market segments. With itsstate-of-the art infrastructure and hi- tech manufacturing facilities, Ciemme consistentlymeets stringently high quality requirements and delivers never-ending customerProjectsformba.blogspot.com 22 * 23. Projectsformba.blogspot.comsatisfaction. The Ciemme collection includes, unique designs, generated along conceptlines, featuring rings, pendants, earrings, bracelets, and many more.Vanshi - One for EveryoneVanshi Diamond Jewellery is catering to all range of customers. It is positioned as “Onefor everyone.” Vanshi Diamond Jewellery is recognized as “Value for Money” apartfrom that Vanshi Diamond Jewellery is well known for its unique designs. It is differentfrom all other brands in terms of designs, craftsmanship, purity etc.STRATEGIES FOR WOOING CUSTOMERSTANISHQIn the late 1990s, players in the branded gold jewellery market formulated strategies forwooing customers. According to Jacob Kurian (Kurian), Chief Operating Officer ofTanishq, the challenges were many. As the jewellery market was highly fragmented,lacked branding, and allowed many unethical practices to flourish, Tanishq worked hardon a two-pronged brand-building strategy: cultivate trust by educating customers aboutthe unethical practices in the business and change the perception of jewellery as a high-priced purchase. Said Kurian, "We are changing the attitudes of customers from blindtrust to informed trust."To increase its market share, Tanishq formulated a strategy for luring people away fromtraditional neighborhood jewellers. Tanishqs strategy was to create differentiation andbuild trust. According to Kurian, the first part of the strategy was "to provide a point ofdifferentiation in a highly commoditized category - which is the whole point ofbranding." The second part of the strategy was to project Tanishq as an unimpeachablemark of trust. According to Kurian, "If differentiation plays the role of primary attraction,trust takes care of lifelong loyalty."One way to create differentiation was through design. The emphasis had to be on designbecause local jewellers could offer to design any pattern according to the customersProjectsformba.blogspot.com 23 * 24. Projectsformba.blogspot.comspecifications. For a national brand a generic design concept with regional variations hadto be evolved. (Refer Exhibit I for Tanishqs design). For this, Tanishq set up a sevenmember in-house design team and also outsourced designs from freelance designers.The designers traveled the length and breadth of the country to get feedback on Tanishqsdesigns and learn about customer preferences. On the basis of this feedback, eachshowroom could select the designs it would carry. To stay ahead of competition fromlocal jewellers, Tanishq decided to focus on quality control. In 1999, it introducedcaratmeters, which showed the purity of gold. In fact, Tanishqs USP was the purity of itsgold. Accordingly, the companys ad campaigns emphasized the purity aspect of allTanishq ornaments. (Refer Exhibit II for Tanishqs Ad Campaign)In November 2002, Tanishq introduced a new collection of jewellery calledLightweights. The collection featured neckwear, earrings, bangles, rings and chains in22 karat gold with prices starting at Rs 1,100. It also launched Lightweight Diamonds,with prices starting at Rs 3,000. Tanishq focused not only on urban markets, but smalltown markets as well. Real estate was less expensive in the small towns than in largeurban centers. Besides, competition from stores in small towns was less stiff thancompetition from the large jewellery stores in the metropolitan cities. According toKurian, the best returns on investment came from small towns.CARBONCarbons focus had always been to move jewellery from the vault to the dressing tableand bring the selling of jewellery out of heavily guarded jewellery stores. This wasachieved by persuading a few lifestyle stores to add branded jewellery to their vast arrayof products. Besides selling from lifestyle stores, Carbon also sold its products as giftitems over the Internet.Like Tanishq, Carbon laid emphasis on design. Students at the National Institute ofFashion Technology (NIFT) through the diploma programme, which the companysponsored, contributed most of its designs. In addition, Peakoks team of six designers,(headed by Rajeswari Iyer, an alumnus of a German design school who had worked in theProjectsformba.blogspot.com 24 * 25. Projectsformba.blogspot.comU.K., Germany and India) turned out around 180 to 200 styles in a year, with 75 designsper style. At any point in time, there were around 600 designs of Carbon on sale, and onan average, 300 to 400 pieces per design were sold. In 2002, Carbon launched its SunSign collection, which was based on the symbols of the Zodiac. This collection was a setof 12 pendants designed in a blend of 18 carat white and yellow gold (Refer Exhibit III).While 18 carat gold was commonly used in Carbon products, some of the designs alsoused white gold, titanium and steel. Diamond was the preferred precious stone, but othercolored stones were also used. Comprising items of everyday use, (rings, chains,bracelets, ear studs, tie-pins and cuff links) Carbon items were an impulse purchases.(Refer Exhibit IV) The brand had no off take cycles in the year, like the marriage season,unlike traditional jewellery. The creation, manufacture and marketing of Carbon weredifferent from the making and selling of traditional jewellery. Carbon was attempting toeliminate the low productivity, quality inconsistencies and high precious metal lossassociated with traditional jewellery making. It has instituted modern manufacturingpractices such as self- contained small groups in the assembly area, self-inspection by theoperators, the Japanese Kaizen approach to improvements in operational practices and thelike. The brand has brought down their manufacturing loss of gold to 6.8 per cent. Theaverage in the traditional Indian jewellery shop is as high as 22 per cent, while the worldaverage is only 2 per cent.As the profile of the average customer likely to purchase a Carbon item was a well-paidurban professional, 24 to 38 years old, having a credit card, it was decided that Carbonshould not be placed in the usual jewellery shops but made available at `shop-in-shopoutlets in large lifestyle stores (such as Shoppers Stop, Ebony, Globus, The BombayStore, Lifestyle and Taj Khazana) and some premium boutiques (such as the Helvetica inChennai). Said Rao, "We are looking at cross-promoting Carbon jewellery with otherbranded lifestyle products such as perfumes, clothing and cosmetics." Carbon productswere priced between Rs. 2,750 and Rs. 20,000 per piece. While the cost of traditionaljewellery was negotiable, the cost of Carbon items was fixed and nationally uniform.OYZTERBAYProjectsformba.blogspot.com 25 * 26. Projectsformba.blogspot.comOyzterbay, with its tag line "Jewellery for the Living", had become synonymous with theentire gamut of occasions where modern young women would like to wear stylish andaffordable jewellery. Oyzterbays collection comprised over 1200 designs in 18, 22 and24 carat gold and sterling silver, with natural colored gemstones. The price of thejewellery ranged between Rs. 500 and Rs.30000.The initial focus of Oyzterbay was to give a lifestyle value to jewellery instead of thetraditional investment value. In the second year of its launch, Oyzterbay emphasised onmarketing and advertising strategies to give the necessary thrust for growth. In order totransform itself from a youth brand to a brand for all occasions, Oyzterbay launchedmedia campaigns in August 2002 highlighting the new look. The new communicationstrategy focused on addressing the 18 to 34 age group instead of the earlier 18 to 24 agegroup. The new campaign focused on positioning Oyzterbay as jewellery for office wear,evening wear or even a fitness session. (Refer Exhibit V) The broadening of focus toinclude an older segment was the result of market research which showed that the brandappealed to middle-aged working women and affluent housewives. The investment in thenew campaign was Rs 50 million.Where Oyzterbay scored over others was its simple and refreshing designs andaffordability, making it distinct from the usual gold jewellery stocked in standardjewellery showrooms and contemporary jewellery offered by traditional jewellery housestrying to cater to the trend. Priyadarshi Mohapatra, Marketing Manager, Oyzterbay, said"We began by selecting a completely different reach - everyday jewellery for the workingwoman and jewellery for the youth. We felt that jewellery should be brought out of thelocker. So we positioned (it) to accessorize the dress of the young, college-going crowd,which otherwise sported junk jewellery. The second segment was the working woman forwhom we sought to build a wardrobe of jewellery by making it affordable, so that shecould pick up pieces regularly." Oyzterbay later extended the same brand values todiamonds too, the idea being to target a niche market.Oyzterbay refurbished its collection every few months, keeping in mind internationaltrends. By so doing, they were able to offer exclusive products to clients. As part of theOyzterbay Summer 2002 collection, it offered pendants, earrings, finger rings, bracelets,Projectsformba.blogspot.com 26 * 27. Projectsformba.blogspot.comneckwear, and chains with natural gemstones set in white gold, as white gold wasevolving as a fashion statement across the world.Although Ozyterbay was known for its jewellery in gold and sterling silver embellishedwith natural gemstones, it decided to launch Your First Diamond, a complete range ofdiamond jewellery set in white, pink, and yellow gold. The price of the collection startedfrom Rs. 500 with the most expensive piece not exceeding Rs. 12,000.GILIGili distributed its jewellery priced between Rs. 500 and Rs. 40,000 through lifestyle anddepartment stores across the country to increase accessibility among its target segment,the 15 to 30 age group. The companys products were also made available through a mail-order catalogue. In 1997, Gili launched a collection of traditional Indian ornaments madeof 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 camewith a guarantee of diamond and gold quality.When research conducted in February 2000 showed that there was a big gap between theRs. 1000 and Rs. 10000 price segment and keeping in view the teenage population, andthe kind of pocket money they had, Gili brought out a collection targeting teens. In 2000,Gili launched its diamond heart collection targeted at teenagers and priced between Rs500 and Rs.2500. The collection was promoted at college campuses with banners,pamphlets and a few advertisements targeted at teens. Gili soon realized that just pushingits product was not enough; it also had to customize its products for special occasions.Following this, it launched a Diamond Heart Collection specially designed forValentines Day. This collection consisting of tiny, heart-shaped diamond jewellery waswell received by teens (Refer Exhibit VI). Special packaging, catchy advertising andextensive press coverage contributed to the success of the collection. Gili also madespecial promotional offers during festive seasons like Christmas and Diwali.Having captured the low price point market of Rs.2000 to Rs.10,000, in 2000, thecompany focused on penetrating the premium market of customized jewellery. For this,Projectsformba.blogspot.com 27 * 28. Projectsformba.blogspot.comGitanjali jewels opened a jewellery salon, Gianti, to provide customized jewellery toclients in India.Projectsformba.blogspot.com 28 * 29. Projectsformba.blogspot.comRECOMMENDATIONSProjectsformba.blogspot.com 29 * 30. Projectsformba.blogspot.comCONCLUSIONS The dissertation will help to study the consumer preference over branded and non- branded jewellery. The main objectives of the study were to compare between Branded and Non-Branded Jewellery, to know Consumer perception towards Jewellery, to know the Major Players of Jewellery industry, to have an idea about parameters consumer consider while buying Jewellery, to have knowledge about demographic segments, to know the Marketing strategies used by various jewellery brands. India is growing at a very fast pace and jewellery sector is one which is registered to achieve 65% international market by 2010. The jewellery sector is largely unorganized in India but is changing into organized business because of many major and influential players entering into the market and have started organizing the market and focusing all segments of customers such as Tanishq by TATA and Gili by Gitanjli jewellers etc. The branded jewellery sectors is only 2-3% of the total jewellery market in India but most of the brands have been able to make a mark on consumers with their highly satisfying marketing strategies. The local jewellers or the unbranded jewellers do not provide any guarantee of the purity and quality but brands such as Tanishq introduced karometer in their outlets which help the consumer to test the purity of the jewellery. As jewellery sector is changing, consumer is also changing today they are more aware, have greater disposable income and want to be more secure. That is why when given a preference between branded and non- branded jewellery most respondents choose branded jewellery. The booming economy along with the rapid increase in income levels is estimated to further accelerate the growth of this industry. According to a KPMG study, India’s growing importance in the global jewellery market is only expected to increase in the future with total estimated jewellery sales of US$ 21 billion by 2010 and US$ 37Projectsformba.blogspot.com 30 * 31. Projectsformba.blogspot.com billion by 2015. Diamond jewellery consumption in India is also estimated to jump by 78 per cent in 2010.Projectsformba.blogspot.com 31 * 32. Projectsformba.blogspot.comBIBLIOGRAPHYThe magazines and journals referred:-Solitaire InternationalJournal of Gem IndustryWeb sources:-www.retailbiz.comwww.business-standard.comwww.valuenotes.comwww.indiandata.comwww.google.comwww.proquest.comProjectsformba.blogspot.com 32
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A project on consumer preference over branded jewellery and non branded jwellery (synopsis) Document Transcript * 1. Projectsformba.blogspot.com SYNOPSIS FOR DISSERTATION SUBMITTED TOWARDS THE PARTIAL FULFILLMENT OF POST GRADUATE DEGREE IN INTERNATIONAL BUSINESS CONSUMER PREFERENCE OVER BRANDED JEWELLERY AND NON- BRANDED JWELLERY SUBMITTED BY: AMITY INTERNATIONAL BUSINESS SCHOOL, NOIDAAMITY UNIVERSITY – UTTAR PRADESHProjectsformba.blogspot.com 1 * 2. Projectsformba.blogspot.comTABLE OF CONTENTSChapter No. Subject Page No.Ch.# 1.0 Introduction…………………..Ch.# 2.0 Research Methodology 2.1 Primary Objective(s)…………. ……… 2.2 Hypothesis……………………………. 2.3 Research Design…………………….... 2.4 Sample design………………………... 2.5 Data ………………………..................Ch.# 3.0 Critical Review of Literature…………...Ch.# 4.0 Sector Profile ……………………..........Ch # 5.0 Conclusion………………………………Ch.# 6.0 Recommendations……………………….Ch.# 7.0 Bibliography……………………………..Ch.# 8.0 ReferencesProjectsformba.blogspot.com 2 * 3. Projectsformba.blogspot.comINTRODUCTIONIndia has a historic relationship with Jewellery.Many kings, emperors and dynasties featuring countless wars, conquests and politicalupheavals have ruled the Indian sub-continent. Different dynasties ruled different parts ofIndia with different monetary systems. Jewellery acted as a common medium ofexchange or store of value across the monetary systems of different kingdoms across thesub-continent especially gold. Hence wealth could still be preserved in spite of wars andpolitical turbulence. Gold also helped preserve wealth through natural calamities anddisasters and for centuries was the only means of saving in rural India, land being theother main asset of economic value. This has largely helped formulate, or evolve, theIndian sentiment and fanatical passion for gold, which holds true even today. India isestimated to hold more than 11,000 tonnes of gold.Apart from its historical religious significance, Jewellery is valued as an importantsavings and investment vehicle in India. Even in present times, Jewellery remains theIndian bride’s `Streedhan’, the wealth she takes with her when she marries and whichremains hers. Gold jewellery is the preferred jewellery worn by women in Indiairrespective of their religious beliefs. In marriages, gold jewellery is the gift preferred bythe near relatives of the bride and the groom. Gold jewellery is very popular amongfarmers, with an upsurge in gold sales after a good agricultural season. Buying of gold isan important part of every stage of an Indian citizen’s life— at birth, marriage,construction of home, festivals, religious ceremonies, setting up of new business, anddeath.As India makes rapid progress in the retail arena, the Indian Jewellery market isundergoing a gradual metamorphosis from unorganised to organised formats. Thejewellery business in India is estimated to be at Rs 50,000 crore. According to theindependent estimation studies conducted by World Gold Council and McKinsey, out ofthe overall market share, the share of organised jewellery market is less than Rs 1,000Projectsformba.blogspot.com 3 * 4. Projectsformba.blogspot.comcrore. This accounts to about 2-3 per cent of the total market share. But given that this isa relatively new segment of the market, it is poised to grow. Jewellery retailing is movingfrom a ‘storehouse of value’ to a precious fashion accessory. Plain gold is graduallyeasing its stranglehold on the Indian consumer psyche to give way to diamonds, platinumand coloured gemstones. The way jewellery was worn before is undergoing a tremendouschange. Traditional designs are yielding to modern jewellery, heavy gold is giving way tolight and simple designs. Consumers are more quality conscious than ever before. Thejewellery market is one of the largest consumer sectors in the country – larger thantelecom, automobiles, apparel, and perhaps second only to the foods sector. Interestingly,organised retailers have attempted to understand the market, anticipate social changes andstrategise appropriately. They have ceaselessly endeavored to derive the formulae of‘What the consumer wants?’The young Indian woman who is the prime market for the organised retailers differsfrom the traditional jewellery customer in many ways as enumerated below. • She is well educated and more in tune with international trends • Increase in working women with high disposable incomes • Greater mobility • Less constrained by traditions.All these reasons and more ensure that the modern Indian woman is looking for jewelleryfrom a perspective different from the past. In addition, organised retailing offers qualityproducts, follows standardised practices and uniform pricing strategy. Organised retailformats work on transparent policies that are not necessarily available at the traditionaljewellery shops. Today, goods and services offered by any retailer are strongly driven bytheir identified Target Group (TG). There are several examples of retailers who aredrawing in consumers either across a wide swathe or a segment of socio-economicclassification, clearly defined by them. This has been the first step towards organisedjewellery retailing in India. In a short span of time, organised retailers have successfullyimplemented a change in the buying pattern of the Indian consumer. This is evident fromProjectsformba.blogspot.com 4 * 5. Projectsformba.blogspot.comthe shift from the traditional jeweller to the jeweller with an identity. This shift clearlyindicates a change in viewpoint of jewellery as a commodity to brand identification.RESEARCH METHODOLOGYStatement of objectives 1. To compare between Branded and Non-Branded Jewellery. 2. To know Consumer perception towards Jewellery. 3. To know the Major Players of Jewellery industry. 4. To have an idea about parameters consumer consider while buying Jewellery. 5. To have knowledge about demographic segments. 6. To know the Marketing strategies used by various jewellery brands.RESEARCH AND SAMPLE DESIGN:This research will accomplish chiefly through qualitative approach that is based on thesecondary information as well as quantitative studies like surveys etc. are also consideredand taken into account.Qualitative research includes the reviewing and analysis of the articles, research papers,interviews and other published information in order to gain a deeper understanding of theprevailing scenario. These methods will help to understand the opinion and views ofeminent and learned academicians and leading businessmen and provide an idea of futuredevelopments in Jewellery sector.Also, quantitative information, in which survey reports etc done on the basis ofquestionnaires was beneficial in the way that it provides a comparative insight into theProjectsformba.blogspot.com 5 * 6. Projectsformba.blogspot.comconsumer perception for branded jewellery and non-branded jewellery and theirpreferences over it. It is good for examining consumer behaviour in the current trends ofjewellery sector.TYPE OF RESEARCH: EXPLORATORY QUALITATIVESAMPLING FRAME: NOIDA DELHI REGIONS SUCH AS LAJPAT NAGAR,SOUTH EXTENSION,NEW FRIENDS COLONY,SAKET ETCData Collection The research study will be accomplished through in-depth review and analysis of secondary information available in the published form, which includes data from textbook, journals, management reports seminar papers etc. The electronic data and results of surveys conducted by organizations were also important data sources for the report. To gather all the information that my report need, I will find related information by accessing reference books business magazines and journals & Web sources. Primary data was basically collected by conducting survey through a questionnaire (Sample size=50-100) and area of conducting survey was New Delhi AND NCR. The research design was exploratory and descriptive.Projectsformba.blogspot.com 6 * 7. Projectsformba.blogspot.comCRITICAL REVIEW OF LITERATUREGems and JewelleryThe Gems & Jewellery Industry is one of the fastest growing industries in the country.The growth in purchasing parity of the middle class and surging income levels haveresulted in consumption growth of gems and jewellery by about 11 percent in the five-year period preceding 2006-07. It also contributes over 15 per cent of India’s totalexports and provides employment to 1.3 million people directly and indirectly.The two major segments of the sector in India are gold jewellery and diamonds. Goldjewellery forms around 80 per cent of the Indian jewellery market, with the balancecomprising fabricated studded jewellery that includes diamonds as well as gemstonestudded jewellery.India consumes nearly 800 tonnes of gold accounting for about 20 per cent of the worldgold consumption, of which nearly 600 tonnes goes into making jewellery. The Indianjewellery market, estimated to be US$ 13.5 billion in fiscal 2006-07, accounts for 8.3 percent of world jewellery sales, according to a study by KPMG.The industry is well supported by Government policies and the banking sector -- around50 banks provide nearly US$ 3 billion credit to the Indian diamond industry. In addition,India is expected to have a diamond bourse soon.India AdvantageIndia is the world’s largest diamond processing (cutting and polishing) country with anestimated 1 million processors handling over 57 per cent of the world’s rough diamondsby value. According to industry estimates, 11 out of 12 stones (diamonds) set in jewelleryare cut and polished in India. Processing is done on rough diamonds in full range of sizesand qualities, including stones larger than 10 carats.Projectsformba.blogspot.com 7 * 8. Projectsformba.blogspot.comIn terms of carat, Indias share in this sector is about 80 per cent of the world market.Employing over 90 per cent of the global diamond industry workforce, India alsoaccounts for 90 per cent of the volume of diamonds processed in the world.ExportsAfter making its mark in the world diamond processing industry, India is well on its wayto becoming the leading global gems and jewellery hub. India’s gems and jewelleryindustry is now on a high growth trajectory.Exports from the industry fetched US$ 17.1 billion in 2006-07 against US$ 16.64 billionin 2005-06, showing a growth of 26 per cent. While diamonds accounted for 64 per centof the total exports, gold jewellery accounted for 30.47 per cent, coloured gem stones andothers accounted for 1.44 per cent and 1.04 per cent respectively last year.Cut and polished diamond segment exports were US$ 10.90 billion, while gold jewelleryexports fetched US$ 5.21 billion last year. Coloured gemstone exports yielded US$246.48 million last fiscal, against US$ 232.35 million in 2005-06.The growth momentum has continued into the current fiscal. The gems and jewelleryexport industry grew by a robust 27 per cent export during the first half of the currentfiscal at US$ 9.4 billion, as compared to US$ 7.4 billion in the corresponding period of2006, according to the Gems and Jewellery Export Promotion Council (GJEPC).The growth in diamond exports was 28 per cent, in jewellery it was 21 per cent and incoloured gemstones, it was 22 per cent. The major destinations for exports have been theUS, UAE, Hong Kong, Belgium and Israel. In fact, the US, UAE and Hong Kongtogether accounted for over 70 per cent of the total exports in the previous fiscal year.ConsumptionProjectsformba.blogspot.com 8 * 9. Projectsformba.blogspot.comThe increasing levels of disposable household income have resulted in recordconsumption levels in the domestic market. Indian jewellery demand rose by 70 per centduring the first half of 2007 compared with the same period last year. Jewellery demandincreased to 387 tonnes from 227 tonnes during the period.Also, gold consumption during the first six months of 2007 grew by 70 per cent to 528tonnes compared to 307 tonnes in the same period last year. India’s total goldconsumption in 2006 was slightly over 700 tonnes. While jewellery accounted for around73 per cent of gold demand, investments in the forms of coins and bars accounted for therest.According to the World Gold Council (WGC), India’s gold consumption this year couldin fact cross the 1,000-tonne mark for the first time.The booming domestic market along with export advantage of the industry and theGovernments decision to allow foreign direct investment of up to 51 per cent in singlebrand retail stores has attracted a large number of players to the sector. • Swarovski, the global crystal goods manufacturer and marketer, is on an expansion spree in India and hopes to achieve 5 to 10 per cent of its global turnover from the country in the next 10 years. The company plans to set up 30 stores by 2009, from the current 13. • Damas India, part of one of the largest jewellery retail outlets in the world, is adding 16 new stores to its present dozen stores in India. • Morgan Stanley, Citigroup, Goldman Sachs and BSMA Ltd. collectively purchased a 7 per cent stake in Gitanjali Gems for around US$ 27.8 million. • Goldman Sachs and UBS Securities have acquired 6.28 per cent in Shrenuj & Co at around US$ 2.07 million and US$ 2 million, respectively. • Gemology Headquarters International (GHI), a US-based gemological grading and research laboratory, has opened its first Indian branch at Opera House, Mumbai.Projectsformba.blogspot.com 9 * 10. Projectsformba.blogspot.com • Reliance Retail is planning an aggressive entry into the jewellery retail market through its about 400 to 500 jewellery retail outlets across the country.Looking AheadThe booming economy along with the rapid increase in income levels is estimated tofurther accelerate the growth of this industry. According to a KPMG study, India’sgrowing importance in the global jewellery market is only expected to increase in thefuture with total estimated jewellery sales of US$ 21 billion by 2010 and US$ 37 billionby 2015. Diamond jewellery consumption in India is also estimated to jump by 78 percent in 2010.STRUCTURE OF JEWELLERY IN INDIA • Plain gold Jewellery • Studded Jewellery • Silver Jewellery • Costume Jewellery As was stated earlier, India is the largest consumer of Gold in the world with annual demand close to 800 tons. It is believed that 90% of this deman is directed towards manufacturing of jewellery. The bulk of the Indian jewellery buying is still rooted in tradition and jewellery is sold in traditional designs. Jewellery designs vary in different regions of India, making the style unique to each region. In South India the designs are inspired by nature - paisley motif of the mango, rice grains, melon and cucumber seeds, etc. In Western and Northern India, the Mughal influence can be seen in the meenakari (enamelling) and kundan work. Jewellery is crafted not just for humans but also for the deities, ceremonial elephants, and horses. Hence the variety of gold jewellery in India is truly mind-boggling and bears testimony to the excellent skills of Indian jewellers of today. Ornaments are made practically for every part of the body - nose rings, bangles, necklaces and special jewellery for the head, ankles, waistbands, and so on. Plain gold jewellery is fabricated mainly in 22-karat gold and even 18-karat is not favoured, as the mindset does not accept low purity goldProjectsformba.blogspot.com 10 * 11. Projectsformba.blogspot.com jewellery. The logic is that the jewellery is primarily bought as an investment in gold, and investing in a low purity product does not appeal to the Indian consumers. However for the studded gold jewellery, 18 karat has become acceptable.SECTOR PROFILEBRANDED JEWELLERY V/S NON-BRANDED JEWELLERY TRADITIONAL JEWELLERY/ NON-BRANDED JEWELLERY BRANDED JEWELLERYName and reputation attached to any item gives Traditional Jewellery will also be around wherea degree of confidence to the consumer. by consumers tailor-make their jewelry according to their preferences.Branded Jewellery comes with a written There is no written lifetime guarantee. Trust islifetime guarantee, keeping in mind the purely based on individuals trust in hisemotional quotient of the consumer. jeweller.Excellent quality, quality of finish, packaging, Minimum efforts in packaging, finishing, salessales force and selling policies and backup and low advertising.service for their jewellery.Gives value for money, good quality, good Jewellery buying is largely done on trust. A lotservice, and variety of products and has a good of people who have been buying from theiradvertising & continue to do so. family jeweler for years marketing campaign.Manufactured in modern factories with A one-off item painstakingly crafted by a singledifferent departments, each devoted to one person. Traditional jewellery can beaspect of the manufacturing process. Branded handcrafted in several styles.jewellery generally comes only in safe styles.Projectsformba.blogspot.com 11 * 12. Projectsformba.blogspot.comCan be bought at any time of the year, could Is bought for specific occasions like marriage,also be impulsive buying. festivals etc.Manufactured by the lost wax casting process Manufactured by the "Babus" or the cottagewhich is more machine based. industry kind of manufacturers.Run by experienced and new breed Run by traditional jewellers.manufactures that have prior marketingbackground from their business in the exportmarkets.Has a more contemporary, stylish and classic Is usually traditional, bulky and ornate.outlook, which easily segments itself amongthe traditional ones.Most branded jewellery is diamond-studded Traditional jewellery is primarily gold.jewellery.Most diamond jewelry is certified for gold and Need not necessarily be certified and comesdiamond content and is sold at an MRP without with a complete break up of the gold anda break up of the gold and diamond content. diamond content, including making and wastage charges.A mark up for the department store/jeweller Is devoid of all these costs.and a basic markup to cover brand buildingcosts.Available in multiple outlets. Available only in the traditional jewellers outlets.A large section of gold buyers though, still favor small jeweller families. But huge brand-building exercises are making people buy jewellery off the counter. Focused advertising,display and astute salesmanship are being combined to take on traditional jewellers.Projectsformba.blogspot.com 12 * 13. Projectsformba.blogspot.comPricing for jewellery is based on the designs, quality of material (metal and diamonds)and category. By and large branded jewellery does carry a premium over traditionaljewellery but then it offers a quality and assurance of purity that is reliable andguaranteed. However, all said and done, if all quality of diamonds, purity of the metaland quality of manufacturing is taken into account and we compare an apple for an apple,then the premium on branded jewellery would be in the range of 8- 10%.Brands offers the consumer distinctive values. This is true in every product category,including jewellery. These values could range from trust, distinctive design, specificproduct benefits or superb shopping experience. Over a course of time, brands buildstrong, long-term affiliations with their consumers because these distinctive values cometo possess timeless appeal. Consumers trust brands, and remain loyal to their favoritebrands. FAMOUS INDIAN JEWELERY BRANDS Giving glitter a name Readymade and branded jewellery are becoming increasingly popular, especially among the young. But there are also some who continue to trust only the good goldsmith. Buying jewellery is about trusting people with: dreams and hard-earned money. So, the choice of the jewellery is not a non- issue. But there has been a marked change in the tradition of jewellery-making and buying trends in the last two decades, with readymade jewellery becoming increasingly popular. The past few years have also seen the arrival of branded pure gold, diamondProjectsformba.blogspot.com 13 * 14. Projectsformba.blogspot.comand platinum jewellery at the market. While the recently introduced brands project theirquality and designer value, the older jewellers fall back on their experience and trust builtup over the years.Many manufacturers have launched jewellery brands in the past 4-5 years but are all ofthem clearly identified and focused? This could generally speaking go well for theindustry as this kind of a thrust on branding gives a momentum to the product segmentand the promotions and advertising that goes with it invariably expands the market.Though in the long run there could be a shake out and a few of the brands may fold over,the market expansion may stop or even shrink a little but is always far more than themarket size before the branding thrust.Its the DTC brand strategies for site holders to start new brands and also regional playersthat are increasingly looking at launching their own brands, expanding into new markets,adopting new retail formats and hiring jewellery designers to improve their productrange. However, one of the reasons behind indigenous brand launches could be the desireto get ready for the foreign brands that could flood the market.To woo the consumer further, the local players are now setting aside promotional budgetsto entice the brand and quality conscious consumers looking for products backed byhallmark and guarantee certifications. Freebies and loyalty clubs are the order of the day.These could range from chauffeur-driven car service to free airline tickets in lieu ofcertain spend. Local brands are also tying up with fashion houses to appeal to a wider,discerning audience. Just like darzis disappeared once the ready-to-wear garments marketmatured, smaller jewellery players will close shop and what can we say. ..may the fittestsurvive! The demand for branded jewellery is growing in India following theinternational trends.Nakshatra - Powerful Floral DesignsNakshatra was among the first diamond jewellery brands to be launched in India by DTCand has today become an iconic brand. The brand has a halo effect on the whole category.The growth of Nakshatra diamond jewellery over the years has been in line with theannual growth in the diamond jewellery market i.e. about 15%.Projectsformba.blogspot.com 14 * 15. Projectsformba.blogspot.comNakshatra has become a benchmark and a point of reference for all other brands enteringthe market today and has been instrumental in the growth of branded diamond jewelleryin India. The floral design is a very powerful design concept and has worked well to givethe brand a distinct identity. The consumers can identify e brand very easily and thismakes them more confident of their purchase. Besides this Nakshatra offers a uniquebrand experience to the consumer at the point of purchase.Asmi - For the Modern Indian Woman DTCs other brand Asmi on the other hand is an offering for the modem Indian Woman. Launched in the year 2002, the Asmi woman is between the age group of 25 to 40. Asmi is a collection of diamond designs, inspired by the fusion of the East and the West, and is characterized by an elegant curve studded with tiny diamonds highlighting a single diamond as its core.Sangini - For Special MilestonesDTCs brand Sangini is an offering for the married segment of the market. It has beenpositioned as the ultimate gift on special milestones and occasions like anniversaries,birthdays etc. The brand derives its design from the concept of being the special one tothe spouse. The centre stone of every piece of Sangini Diamond Jewellery is of slightlylarger size than the other diamonds within the piece. This centre stone is also setdifferently; its unique Bezel Setting clearly makes it stand out from the other stones setwithin the same piece.Arisia - Diamond SolitairesArisia, the niche brand of Diamond Solitaires was launched in 2001. This brand targetsthe huge segment of the super elites in India, which incidentally, is also the segment withthe highest rate of diamond acquisition. Arisia comprises diamondsolitaires, from I carat and above in round, princess and emerald cut withIGI certification.Projectsformba.blogspot.com 15 * 16. Projectsformba.blogspot.comTanishq - Purity PersonifiedTanishq is market leader in Indias nascent but rapidly growing market for brandedjewellery. Within eight years of its launch in 1996, Tanishq has built a nationwidenetwork of 67 exclusive jewellery boutiques in 52 cities and towns across India. Over thepast four years, Tanishq has also grown rapidly, and is today Indias largest retailer ofjewellery in the organised branded sector. Tanishq awarded the coveted IFA-Images"Most admire brand" award for two years consecutively. Last World chose to featurethree Indian brands, transformed the branded space for a woman in Iru was one of thesethree chosen brands. Karatmeter stores offer consumers the most reliable non-destructiveway of determining the purity of gold.Gili - SuperbrandGitanjali Group is one of the earliest diamond houses in India and today is one of thelargest diamond exporting companies in India. Along with this they also have facet-shopsbased on shop concepts. Their collection is doing extremely well with over 1000 outletsall over India. They believe in creating brands for everyone, through all the ranges.Recently Gili, was awarded the status of a "Superbrand for its long-standing tradition ofcustomer service and constant focus on quality and innovation in design. Each brand hasbeen introduced keeping in mind the target clientele that it caters to. One of their USPs istheir commitment level with respect to consumers.Intergold & ORRAIntergold is part of the Rosyblue Group- the worlds largest diamond manufacturingcompany with a presence across fifteen countries headquartered in New York. It is thelargest sight holder of DTC. The Group has been the largest jewellery exporter for twelveyears consecutively. Intergold is the only jewellery company in India which has tie upswith the three leading jewellery organizations namely, DTC, PGI & WGC. CurrentlyIntergold has 24 stand-alone stores across 15 cities. Intergold showrooms are spreadacross the country from Mumbai, Delhi, Chandigarh, Hyderabad, Chennai, Coimbatore,Rajkot, Baroda, Surat, Ahmedabad, Mumbal, Goa, Pondicherry, Pune, Bangalore, andKolkata. Recently InterGold ran campaigns of changing its brand name to Orra afterProjectsformba.blogspot.com 16 * 17. Projectsformba.blogspot.comwhich they realized that this was a wrong step on their part so they planned to keep thetwo as separate brand identities.Ddamas -Adding a Hint of GlamourD,damas is one of the major brands from the Gitanjali group. On the lines of internationaltrends, where brand ambassadors are roped in to help design the product itself, jewelleryfirm, Ddamas, roped in Hollywood stars to help design jewellery under the name ‘IIFAGlitterati collection,’ with the different lines being named after the stars themselves.Their designers spent ample time with the stars in order to design the jewellery in linewith their personality. The signatures of the stars is laser inscribed in each piece ofjewellery , which has used both white and yellow gold, and the entry-level pricing is Rs15,000. The company is a joint venture between Gemplus Jewellery and Damas, whichclaims to be the largest retailing jewellery brand chain in the West Asia.Adora -Affordable DiamondsAdora was born on July 3, 2003 with a big event in Mumbai. Within a month of thelaunch, Adora created 3 world records, which was duly endorsed by Limca Books ofRecords namely. The 3 records were Biggest Rakhi, Expensive Rakhi & AdoraInteractive Kiosk with an onboard computer with touch screen and Internet to delivermultiple marketing, sales and promotional functions. The brand was launched in phasemanners. Phase I was Mumbai launch, Phase II was National launch in 9 cities, Phase IIIwhich is currently going on is launch in semi metros and towns of India & Phase IVwould be International launch. The USP of Adora is easy availability, choice &affordability.Kiah - From a Beautiful PlaceA sight holder with DTC, Sheetal Manufactunng Co (SMC) has the status of being theworlds largest volume manufacturer of polished diamonds with an annual turnover of 1.5million carats. The company has recently bagged the outstanding export performanceaward in the DTC category and has also become a Star Trading House, a recognitionawarded to them by the Government of India. The first retail brand will be "KIAH anAustralian aboriginal term, which means “from a beautiful place.”Projectsformba.blogspot.com 17 * 18. Projectsformba.blogspot.comOyzterbay - Jewellery for the LivingOyzterbay is in retailing apart from running signature stores that showcase preciousmetals, gemstones and crafted jewellery designs. It is a young brand at the forefront ofchange in the jewellery industry. It was the first to launch a brand catering to the youngnew woman of today, with contemporary wearable designs. Oyzterbays byline,"Jewellery for the Living”, epitomizes the ethos of the brand. With 29 stylish andexclusive stores across the country, and another 20 outlets in department stores, it is thefastest growing jewellery brand in the country. To date, Oyzterbay, in just over threeyears has sold close to 300,000 pieces of jewellery, indicating tremendous acceptabilityof the product and the brand.Carbon - Stylish Designs Carbon has been an important factor in initiating and bringing about excitement into this personal domain. Established in 1996, Carbon launched its first fashion accessory collection ‘Venus’ at the first Carbon outlet in Shoppers Stop, Bangalore and recently opened its exclusiveboutique in Bangalore. Exploring with accessories that nudged jewellery out of the vaultand into the wardrobe, collections examined the world of fashion, emotion, lifestyle andhelped consumers elevate their personal sense of style.Design is the sole factor that led to the birth of Carbon, the brand. The Carbon designstudio regards material and technology as a tool or means of expressing the intangiblefashion and lifestyle needs of consumers.Agni - Anmol... Alp hi ki tarahaAgni is a brainchild of the House of Shoors, nationally renowned jewellers, originallyfrom Jalandhar, Punjab and presently based in Mumbai. Over a decade and a half ofexcellence in creating a range of exclusive gold jewellery gave them a clear insight intothe heart and mind of the Indian customer.Projectsformba.blogspot.com 18 * 19. Projectsformba.blogspot.comAs pioneers of the branded gold jewellery segment with Agni, the Shoors intend to drivetheir head start across the country to make a beginning towards creating a product thatfocuses solely on the customers benefit and interest.For the first time in India Agni makes gold jewellery available with MRP regulation.Platinum Guild International - Promoting Brand PlatinumPlatinum is the most precious metal used for branded jewellery. Platinum is pure, anexpression of integrity, a reflection of inner truth. Platinums purity endows it with abrilliant white luster. This helps to reflect the true radiance of diamonds. It is rare, thecoveted treasure of discerning individuals. There is very little platinum on this earth andit is found in very few places around the world. Its density and weight make it moredurable, than other jewellery metals. In addition to its strength and density, platinum hasanother remarkable quality -pliability. The Platinum Guild International worldwide underthe Pt logo promotes platinum jewellery.Cygnus - Diamonds for allCygnus is a brand of 18K gold and diamond jewellery in the domestic market. Priced inthe range of Rs.1, 000-30,000, Cygnus is being retailed at lifestyle stores, traditionaljewellers and exclusive franchise outlets. The brand is promoted by Rs.1, 000 croreLaxmi Diamond Group. The group was set up in 1972, and is the second largest exporterof polished diamonds in the country.Ishis - Fusion Diamond JewelleryIshis (which means the Goddess of Wealth) includes a range of diamondjewellery for the Indian and West Asian markets, with an accent on fusiondesign, incorporating traditional designs with modem designs. It is part ofthe Suashish Group, which is one of the largest manufacturing site holdersof De Beers. Ishi’s is currently available through its signature outlets inMumbai, and Dubai, besides shop-in-shops stores. It plans to have 70 outlets by the endof the year, and be present in over 500 outlets across the world in the next 10 years.Bulaire - Champagne Diamond JewelleryProjectsformba.blogspot.com 19 * 20. Projectsformba.blogspot.comBulaire Champagne diamond jewellery is rare, precious-set in alluring designs to embodyyour inner desires, ambitions and aspirations and includes pendants, rings, earrings andbracelets. The shop-in-shops are located in prominent shopping malls and traditionaljewellery stores. The company hopes it will make sales of $1.1 million within a year fromthe jewellery.Signity -Trendsetters in Cubic ZirconiaSignity is a world-leading brand of Swarovski and Golay specializing in precision-cutgenuine and created gemstones. Signity believes that the finest diamond look-alike everdeveloped has to be cut to standards equivalent to those applied for the finest cut genuinediamonds. So, they asked their most experienced cutters and engineers to determineprecise ideal proportions for their cubic zirconia. To test the validity of their findings,they send their cubic zirconia stones to a respected independent gemological laboratoryspecializing in the machine measurement of diamond brilliance.Nirvana - Invisible Set DiamondsNirvana is targeted at contemporary independent- thinking women. This exquisite butmid-priced range of pendants, rings and earrings, bracelets is available from Rs.3, 000onwards. Nirvana uses ‘Invisible-setting’ wax-based setting, which helps set diamondtogether without any gaps or joints. The ‘pressure-setting’ technology helps set rounddiamonds in amazing designs without any clasps. The absence of visible support gives alarger/ bigger look and adds luster and fire to the diamond. As proof of its commitment toquality, Nirvana also offers consumers a lifetime warranty & exchange proposition.Trendsmith - Bold and Unconventional Trendsmith, a TBZ-promoted chain of jewellery retail stores holds the distinction of hosting the largest number of branded and designer jewellery under a single roof. Trendsmith broke new ground by transforming jewellery buying from being a traditional investment into a fashion statement. Trendsmith is an exciting, innovative endeavor from the House of TBZ-Nirmal Zaveri, a name with almost hundred and fifty years of expertise in theProjectsformba.blogspot.com 20 * 21. Projectsformba.blogspot.comjewellery business. The Trendsmith style of jewellery is renowned for being bold andunconventional.Sveni -Creating RipplesBrand Sveni from the company Shrenuj created ripples in the market and is doing verywell. The brand comprises solitaire rings, earrings, pendants and bangles in gold andplatinum. Sveni Solitaire jewellery comes in the range of 0.50 to 0.89 carat with laserinscription and IGI certification. Bhavya brand from the same company was alsolaunched. Bhavya has solitaire rings, earrings and pendants in gold and platinum. Theirsolitaire jewellery comes in the range of 0.20 to 0.50 carat with laser inscription and IGIcertification.Imagem - Jewellery beyond ImaginationThe jewellery manufactured by Imagem is a work of art. It is vibrant and made as perInternational Standards. Imagem is all about expressions and dreams. Imagem is‘jewellery beyond imagination’ with the right mix of classic, contemporary and moderndesigns. Imagem creations are suited to all preferences from classic to contemporary,causal to bridal wear. It is the change in the buying patterns of consumers today, who arewilling to posses not just jewellery, that stagnates in the bank lockers but jewellery thatcan be adorned and appreciated on a regular basis and yet also be passed downgenerations. All collections are backed with a theme that relates to expressions anddreams.Sogni Ooro - Rising Star on the Indian Horizon SogoiDOro is the brand name of Italindi. It is ltalian jewellery on the name Italindi that is being imported from ltaly-the hub of jewels and fashion Sogni DOro or in other words “golden dreams” is exactly what the brand name suggests - that one would want to own for its sheer beauty and technicality. The jewellery collections are extremely innovative bold andunconventional. All pieces of jewellery at Sogni DOro are either handcrafted or machineProjectsformba.blogspot.com 21 * 22. Projectsformba.blogspot.commade that are legally imported from Italy to India. It is manufactured and procured fromall major jewellers who are from famous jewellery towns of Italy namely Vicenza andArezzo.Hammer Plus - Branding SpiritualityHammer Plus Jewellery as a brand believes in creating market focusedflint jewellery brands as per the market requirements for the retailers.Hammer Plus believes in the ideology of “We make it happen for you”by not just creating jewellery but also adding brand value to its products.Each brand of Hammer Plus has its individual characteristics, a distinctidentity and an image of its own targeted at an audience, based on themarket requirements congruent with merchandising at specific pricepoints. The brands with adequate support of the various elements of marketing, consumerresearch and visual merchandising give each brand a character of its own. Hammer Plushas a production capacity of nearly 10,000 pieces per month & a total manpower of 200people in the production department manufacturing brands like Divya Vinayak, Karma,Ekkam, Tamorri & Vallaya.Swarovski -The Fashion BrandAlthough the company is more than 100 years old, the jewellery range was launched onlyin 1977. It specializes in imported crystal components and extensive palette of Swarovskicrystal products to enjoy, towear, to give and to receive. Today the creations are bothfashion/trend inspired as well as a classic range with jewellery designs of the highestquality. Swarovski in India is on an expansion mode. The product range keeps changingwith time and trends that are forecasted for the forthcoming seasons.Ciemme - Jewel-in-the-crown Ciemmeis synonymous with exquisitely designed diamond studded jewellery. This internationalflagship brand of diamond jewellery is itself a jewel-in-the-crown of the C. MahendraDiamond Product Group, catering to the medium to high price market segments. With itsstate-of-the art infrastructure and hi- tech manufacturing facilities, Ciemme consistentlymeets stringently high quality requirements and delivers never-ending customerProjectsformba.blogspot.com 22 * 23. Projectsformba.blogspot.comsatisfaction. The Ciemme collection includes, unique designs, generated along conceptlines, featuring rings, pendants, earrings, bracelets, and many more.Vanshi - One for EveryoneVanshi Diamond Jewellery is catering to all range of customers. It is positioned as “Onefor everyone.” Vanshi Diamond Jewellery is recognized as “Value for Money” apartfrom that Vanshi Diamond Jewellery is well known for its unique designs. It is differentfrom all other brands in terms of designs, craftsmanship, purity etc.STRATEGIES FOR WOOING CUSTOMERSTANISHQIn the late 1990s, players in the branded gold jewellery market formulated strategies forwooing customers. According to Jacob Kurian (Kurian), Chief Operating Officer ofTanishq, the challenges were many. As the jewellery market was highly fragmented,lacked branding, and allowed many unethical practices to flourish, Tanishq worked hardon a two-pronged brand-building strategy: cultivate trust by educating customers aboutthe unethical practices in the business and change the perception of jewellery as a high-priced purchase. Said Kurian, "We are changing the attitudes of customers from blindtrust to informed trust."To increase its market share, Tanishq formulated a strategy for luring people away fromtraditional neighborhood jewellers. Tanishqs strategy was to create differentiation andbuild trust. According to Kurian, the first part of the strategy was "to provide a point ofdifferentiation in a highly commoditized category - which is the whole point ofbranding." The second part of the strategy was to project Tanishq as an unimpeachablemark of trust. According to Kurian, "If differentiation plays the role of primary attraction,trust takes care of lifelong loyalty."One way to create differentiation was through design. The emphasis had to be on designbecause local jewellers could offer to design any pattern according to the customersProjectsformba.blogspot.com 23 * 24. Projectsformba.blogspot.comspecifications. For a national brand a generic design concept with regional variations hadto be evolved. (Refer Exhibit I for Tanishqs design). For this, Tanishq set up a sevenmember in-house design team and also outsourced designs from freelance designers.The designers traveled the length and breadth of the country to get feedback on Tanishqsdesigns and learn about customer preferences. On the basis of this feedback, eachshowroom could select the designs it would carry. To stay ahead of competition fromlocal jewellers, Tanishq decided to focus on quality control. In 1999, it introducedcaratmeters, which showed the purity of gold. In fact, Tanishqs USP was the purity of itsgold. Accordingly, the companys ad campaigns emphasized the purity aspect of allTanishq ornaments. (Refer Exhibit II for Tanishqs Ad Campaign)In November 2002, Tanishq introduced a new collection of jewellery calledLightweights. The collection featured neckwear, earrings, bangles, rings and chains in22 karat gold with prices starting at Rs 1,100. It also launched Lightweight Diamonds,with prices starting at Rs 3,000. Tanishq focused not only on urban markets, but smalltown markets as well. Real estate was less expensive in the small towns than in largeurban centers. Besides, competition from stores in small towns was less stiff thancompetition from the large jewellery stores in the metropolitan cities. According toKurian, the best returns on investment came from small towns.CARBONCarbons focus had always been to move jewellery from the vault to the dressing tableand bring the selling of jewellery out of heavily guarded jewellery stores. This wasachieved by persuading a few lifestyle stores to add branded jewellery to their vast arrayof products. Besides selling from lifestyle stores, Carbon also sold its products as giftitems over the Internet.Like Tanishq, Carbon laid emphasis on design. Students at the National Institute ofFashion Technology (NIFT) through the diploma programme, which the companysponsored, contributed most of its designs. In addition, Peakoks team of six designers,(headed by Rajeswari Iyer, an alumnus of a German design school who had worked in theProjectsformba.blogspot.com 24 * 25. Projectsformba.blogspot.comU.K., Germany and India) turned out around 180 to 200 styles in a year, with 75 designsper style. At any point in time, there were around 600 designs of Carbon on sale, and onan average, 300 to 400 pieces per design were sold. In 2002, Carbon launched its SunSign collection, which was based on the symbols of the Zodiac. This collection was a setof 12 pendants designed in a blend of 18 carat white and yellow gold (Refer Exhibit III).While 18 carat gold was commonly used in Carbon products, some of the designs alsoused white gold, titanium and steel. Diamond was the preferred precious stone, but othercolored stones were also used. Comprising items of everyday use, (rings, chains,bracelets, ear studs, tie-pins and cuff links) Carbon items were an impulse purchases.(Refer Exhibit IV) The brand had no off take cycles in the year, like the marriage season,unlike traditional jewellery. The creation, manufacture and marketing of Carbon weredifferent from the making and selling of traditional jewellery. Carbon was attempting toeliminate the low productivity, quality inconsistencies and high precious metal lossassociated with traditional jewellery making. It has instituted modern manufacturingpractices such as self- contained small groups in the assembly area, self-inspection by theoperators, the Japanese Kaizen approach to improvements in operational practices and thelike. The brand has brought down their manufacturing loss of gold to 6.8 per cent. Theaverage in the traditional Indian jewellery shop is as high as 22 per cent, while the worldaverage is only 2 per cent.As the profile of the average customer likely to purchase a Carbon item was a well-paidurban professional, 24 to 38 years old, having a credit card, it was decided that Carbonshould not be placed in the usual jewellery shops but made available at `shop-in-shopoutlets in large lifestyle stores (such as Shoppers Stop, Ebony, Globus, The BombayStore, Lifestyle and Taj Khazana) and some premium boutiques (such as the Helvetica inChennai). Said Rao, "We are looking at cross-promoting Carbon jewellery with otherbranded lifestyle products such as perfumes, clothing and cosmetics." Carbon productswere priced between Rs. 2,750 and Rs. 20,000 per piece. While the cost of traditionaljewellery was negotiable, the cost of Carbon items was fixed and nationally uniform.OYZTERBAYProjectsformba.blogspot.com 25 * 26. Projectsformba.blogspot.comOyzterbay, with its tag line "Jewellery for the Living", had become synonymous with theentire gamut of occasions where modern young women would like to wear stylish andaffordable jewellery. Oyzterbays collection comprised over 1200 designs in 18, 22 and24 carat gold and sterling silver, with natural colored gemstones. The price of thejewellery ranged between Rs. 500 and Rs.30000.The initial focus of Oyzterbay was to give a lifestyle value to jewellery instead of thetraditional investment value. In the second year of its launch, Oyzterbay emphasised onmarketing and advertising strategies to give the necessary thrust for growth. In order totransform itself from a youth brand to a brand for all occasions, Oyzterbay launchedmedia campaigns in August 2002 highlighting the new look. The new communicationstrategy focused on addressing the 18 to 34 age group instead of the earlier 18 to 24 agegroup. The new campaign focused on positioning Oyzterbay as jewellery for office wear,evening wear or even a fitness session. (Refer Exhibit V) The broadening of focus toinclude an older segment was the result of market research which showed that the brandappealed to middle-aged working women and affluent housewives. The investment in thenew campaign was Rs 50 million.Where Oyzterbay scored over others was its simple and refreshing designs andaffordability, making it distinct from the usual gold jewellery stocked in standardjewellery showrooms and contemporary jewellery offered by traditional jewellery housestrying to cater to the trend. Priyadarshi Mohapatra, Marketing Manager, Oyzterbay, said"We began by selecting a completely different reach - everyday jewellery for the workingwoman and jewellery for the youth. We felt that jewellery should be brought out of thelocker. So we positioned (it) to accessorize the dress of the young, college-going crowd,which otherwise sported junk jewellery. The second segment was the working woman forwhom we sought to build a wardrobe of jewellery by making it affordable, so that shecould pick up pieces regularly." Oyzterbay later extended the same brand values todiamonds too, the idea being to target a niche market.Oyzterbay refurbished its collection every few months, keeping in mind internationaltrends. By so doing, they were able to offer exclusive products to clients. As part of theOyzterbay Summer 2002 collection, it offered pendants, earrings, finger rings, bracelets,Projectsformba.blogspot.com 26 * 27. Projectsformba.blogspot.comneckwear, and chains with natural gemstones set in white gold, as white gold wasevolving as a fashion statement across the world.Although Ozyterbay was known for its jewellery in gold and sterling silver embellishedwith natural gemstones, it decided to launch Your First Diamond, a complete range ofdiamond jewellery set in white, pink, and yellow gold. The price of the collection startedfrom Rs. 500 with the most expensive piece not exceeding Rs. 12,000.GILIGili distributed its jewellery priced between Rs. 500 and Rs. 40,000 through lifestyle anddepartment stores across the country to increase accessibility among its target segment,the 15 to 30 age group. The companys products were also made available through a mail-order catalogue. In 1997, Gili launched a collection of traditional Indian ornaments madeof 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 camewith a guarantee of diamond and gold quality.When research conducted in February 2000 showed that there was a big gap between theRs. 1000 and Rs. 10000 price segment and keeping in view the teenage population, andthe kind of pocket money they had, Gili brought out a collection targeting teens. In 2000,Gili launched its diamond heart collection targeted at teenagers and priced between Rs500 and Rs.2500. The collection was promoted at college campuses with banners,pamphlets and a few advertisements targeted at teens. Gili soon realized that just pushingits product was not enough; it also had to customize its products for special occasions.Following this, it launched a Diamond Heart Collection specially designed forValentines Day. This collection consisting of tiny, heart-shaped diamond jewellery waswell received by teens (Refer Exhibit VI). Special packaging, catchy advertising andextensive press coverage contributed to the success of the collection. Gili also madespecial promotional offers during festive seasons like Christmas and Diwali.Having captured the low price point market of Rs.2000 to Rs.10,000, in 2000, thecompany focused on penetrating the premium market of customized jewellery. For this,Projectsformba.blogspot.com 27 * 28. Projectsformba.blogspot.comGitanjali jewels opened a jewellery salon, Gianti, to provide customized jewellery toclients in India.Projectsformba.blogspot.com 28 * 29. Projectsformba.blogspot.comRECOMMENDATIONSProjectsformba.blogspot.com 29 * 30. Projectsformba.blogspot.comCONCLUSIONS The dissertation will help to study the consumer preference over branded and non- branded jewellery. The main objectives of the study were to compare between Branded and Non-Branded Jewellery, to know Consumer perception towards Jewellery, to know the Major Players of Jewellery industry, to have an idea about parameters consumer consider while buying Jewellery, to have knowledge about demographic segments, to know the Marketing strategies used by various jewellery brands. India is growing at a very fast pace and jewellery sector is one which is registered to achieve 65% international market by 2010. The jewellery sector is largely unorganized in India but is changing into organized business because of many major and influential players entering into the market and have started organizing the market and focusing all segments of customers such as Tanishq by TATA and Gili by Gitanjli jewellers etc. The branded jewellery sectors is only 2-3% of the total jewellery market in India but most of the brands have been able to make a mark on consumers with their highly satisfying marketing strategies. The local jewellers or the unbranded jewellers do not provide any guarantee of the purity and quality but brands such as Tanishq introduced karometer in their outlets which help the consumer to test the purity of the jewellery. As jewellery sector is changing, consumer is also changing today they are more aware, have greater disposable income and want to be more secure. That is why when given a preference between branded and non- branded jewellery most respondents choose branded jewellery. The booming economy along with the rapid increase in income levels is estimated to further accelerate the growth of this industry. According to a KPMG study, India’s growing importance in the global jewellery market is only expected to increase in the future with total estimated jewellery sales of US$ 21 billion by 2010 and US$ 37Projectsformba.blogspot.com 30 * 31. Projectsformba.blogspot.com billion by 2015. Diamond jewellery consumption in India is also estimated to jump by 78 per cent in 2010.Projectsformba.blogspot.com 31 * 32. Projectsformba.blogspot.comBIBLIOGRAPHYThe magazines and journals referred:-Solitaire InternationalJournal of Gem IndustryWeb sources:-www.retailbiz.comwww.business-standard.comwww.valuenotes.comwww.indiandata.comwww.google.comwww.proquest.comProjectsformba.blogspot.com 32
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...Organizing a Research Paper Introduction A research paper is a combination and ultimate result of an involved procedure that entails source evaluation, critical thinking, planning and composition. No matter its objectives, any research paper must attain some common goals. As such, organizing a research paper requires a systematic approach that will enable the researcher to accomplish the intended objectives of the research. Apart from addressing the needs of the assignment, a research paper should have a clear purpose, thesis and discussing the quantity as well as quality of sources. In order to gain experience in research writing, an individual must be familiar with the whole process involved in organizing a research paper. There are two types of research paper namely; * Argumentative research * Analytical research Although each type has its own specified format, they bear seven similarities when it comes to their organization; a. Collect printed sources and evaluate them Assemble materials such as scholarly articles, state documents and other useful sources with regard to the research question. Skim through them to get hint on their importance. One can also evaluate online materials since most of them have useful although random information. b. Choose a method for keeping notes You should keep notes on different index cards and ensure to indicate the title or author as this will enable you to recheck the information obtained from the source material. c. Use...

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...Writing a Research Paper in Literary Studies1 The most important aspect to bear in mind is that you are writing a research paper and not an essay! This means that you are arguing a thesis with reference to secondary literature – it is essential that you conduct relevant research and that you integrate your findings into your paper. Things to keep in mind: • Your paper should have a well-defined topic and a precisely formulated argument. • Your approach should be recognizably systematic. • Your argument should remain relevant and clear-cut, consistent and coherent throughout. • Your secondary material should be discussed critically and documented accurately. • Writing is a process; you should constantly revisit and revise. DON’T FORGET TO PRINT, SIGN AND ATTACH THE “PLAGIATSHINWEIS”! First steps Many students neglect the preliminary work of the writing process, but if you give it sufficient attention the actual writing of your paper will be faster and more organized than if you just start writing. The most important thing is to be systematic in your approach. 1. Finding a topic Perhaps the most difficult part of any research paper is finding an adequate topic, formulating a title and making a coherent argument. Once you have decided on a topic or a title, which in literary studies will most likely involve a certain text, rephrase it as a question to guide your research. You should also think about the methodology you intend to apply to your analysis. • ...

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Research Paper

...are required to apply IFRS. Ten years have passed, what is the effect of mandatory IFRS adoption on these countries, and how IFRS affect on earning management. In the paper, I will discuss this question based on some previous finding. Next, I will use IFRS 9 as a specific case for my conclusion. Finally, I will give my opinion on the effect of mandatory IFRS adoption on earning management. Key Words: Accounting Standard, earning management, IFRS, Financial Instrument, bank, impairment of asset, IAS39, IFRS 9 I. The effect of mandatory IFRS adoption on earning management 1.1 In 2012, Yi Lin Chua, Chee Seng Cheong. And Graeme Gould publish a article named “The Impact of Mandatory IFRS Adoption on Accounting Quality: Evidence form Australis. This article examines the impact of IFRS on accounting quality by focusing on threes perspectives: (1) earning management, (2) timely loss recognition, and (3) value relevance. In my paper, I will focus on earning management. First, the author talk about the reason he choose Australia. Because Australia is one of the first countries located outside of the EU that has mandated IFRS and is also the first non-EU adopting country that had fully prohibited an early adopting of IFRS prior to the 2005 mandate. After that, the article propose the three research hypotheses: HI: Earnings management has changed following the mandatory adoption of IFRS in Australia. H2: Timely loss recognition has changed following the......

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Research Paper

...Catalfano Writing Mode: Persuasive Research Due: Please upload your essay to turnitin.com by the assigned due date. Late papers will incur the typical 10% per day late grade deduction. Length: Between 700 and 850 words for College Prep students; between 850 and 1000 words for Honors students. Format: Typed, double-spaced, 10-point Times New Roman font. Grading: 60 points, graded according to the standard rubric. (Note: this paper will also require two or three “checkpoints,” each of which is worth 10 points.) Topic Selection: What do you care about? This is a persuasive research paper, which means you are taking a position on a contemporary issue that you care about and setting out to prove that your position is correct with strong, convincing sources. How many sources? * at least four sources for College Prep students * at least six sources for Honors students Of course, you need to set out to support an idea that is capable and worthy of being supported—not something completely obvious. Because one of the major course objectives is to write about what you believe in (as you find your writing voice), you will be allowed to choose your own topic for this persuasive research paper, so long as it is not a topic you have written about already for another class (remember: your intellectual and personal integrity should be important to you, so research something new to you, which is most of the “fun” of research). I must also approve your......

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