Jewellery Industry Analysis

Jewellery Industry Analysis

Introduction
The Indian Gems and Jewellery Industry is the backbone of the economy by being one of the contributions towards the export-led growth of India. The industry has gained global popularity because of its talented craftsmen, its superior practices in cutting and polishing fine diamonds and precious stones, and its cost efficiencies.
The two major segments of the industry are gold jewelry (which covers around 80% of the jewelry market) and diamonds. India is one of the world's largest manufacturers of cut and polished diamonds with an aggregate contribution of approx. 60% of the supply in terms of value and 80% in terms of volume. The industry contributes more than 14% of the total export in India and provides employment to 1.3 million.
Despite the fact, the sector is highly unorganized, has tough competition from China, faces the currency and exchange rate problem, dominance from the U.S. market, and competition from the luxury goods, the outlook for the Gems and jewelry sector is positive. On account of global rescission and economic slowdown, the sector has been facing many contemporary problems. Cash Your Jewellery is one of the best showrooms in Gold Buyer in Delhi. As a result, the retailers both traditional, as well as branded jewelers, face a problem coping with the changing trends, customers' likes and dislikes concerning jewelry designs, customers changing preferences with modernization, and exposure to western culture leading to dynamic obsolesce in jewelry design. Given the above facts, there is a need for the systematic and scientific study of changing trends and the factors responsible for such changes in the gems and jewelry Industry in India. Therefore the problem entitled “CHANGING TRENDS IN GEMS AND JEWELLERY INDUSTRY” is chosen for the present study.
OBJECTIVES
To make the present study scientific and systematic the researcher has framed the following objectives:
1. To evaluate the changing pattern of gems and jewelry
2. To identify different factors affecting the changing trends in gems and jewelry in the Indian market.
3. To evaluate the impact of such factors affecting the trends of gems and jewelry.
4. To analyze the preferences of customers concerning jewelry design in the Indian market.
5 . To analyze the jewelry which is in demand all over the year.
6. To suggest an action plan for the retailers to cope up with the changing trends in India.

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