A

Project Report

On

“A STUDY OF GEMS AND JEWELLERY

EXPORT”

At

Gosil Exports Pvt. Ltd.

Submitted in partial fulfillment of the requirements of

Post Graduation Diploma in Management

2008-2010
Ajay Yadav

SUBMITTED TO
 SINHGAD INSTITUTE OF MANAGEMENT AND COMPUTER
APPLICATION (SIMCA), PUNE

DECLARATION

I, the undersigned, hereby declare that the Project

Report entitled “A Study of Gems and Jewellery
Export” written and submitted by me to the Sinhgad
institute of management and computer application
(Pune) in partial fulfillment of the requirements for the
award of Post Graduation diploma in Management
under the guidance of Prof. Kanak Tara is my original
work and the conclusions drawn therein are based on
the material collected by myself.

Date:
Research Student
Place: Pune
Ajay Yadav

2
 CERTIFICATE

This is to certify that the Project Report entitled “A Study

of Gems and Jewellery Export“ which is being
submitted here with for the award of the Post Graduation
Diploma in Management, Pune is the result of the original
research work completed by Mr. Ajay Yadav. He
completed the work under my supervision and guidance,
and to the best of my knowledge and belief the work
embodied in this Project Report has not formed earlier the
basis for the award of any degree or similar title of this or
any other University or examining body.

3
Dr. Apoorva Palkar Prof. Kanak
Tara
(Director SIMCA) (Project
Guide)

Date :

Place :

ACKNOWLEDGEMENT

Words are indeed inadequate to convey my deep sense of

gratitude to all those who have helped me in completing
this summer project to the best of my ability. Being a part
of this project has certainly been a unique and a very
productive experience on my part.

I am really thankful to Mr. Kailash Agarwal (Managing

Director) for making all kinds of arrangements to carry
the project successfully and for guiding and helping me to
solve all kinds of quarries regarding the project work. His
systematic way of working and incomparable guidance
has inspired the pace of the project to a great extent.

I extend my warm thanks to Mr. Prakash Rijhvani

(Manager), who guided me with their expert advice,
which proved to be worth full for my project without which
the project could have not at all been easy.

4
Last but not least I would like to thank all the employees
of Gosil Exports Pvt. Ltd. who have directly or indirectly
helped me with their moral support for the completion of
my project.

I would also like to thank my course project guide and

mentor Prof. Kanak Tara for assigning me a project of
such a great learning experience and acquainting me with
real life project financing and appraisal.

TABLE OF CONTENT

Executive Summary

Chapter ~ 1 Introduction

 Gems & Jewellery Sector

 Classification

Chapter ~ 2 Objectives of the Study

Chapter ~ 3 Literature Review

 Gems & Jewellery Sector in India

 Diamond processing

 High-end jewellery

 Gems and Jewellery/ Background

5
  Structural Characteristics

 Market Players in Gems & Jewellery Industry

 Diamond

 Exports in Gems & Jewellery Industry

Chapter ~ 4 Gosil Exports Pvt. Ltd.

Chapter ~ 5 Research Methodology

 Nature of Data

 Data Collection

 Tools of Analysis

Chapter ~ 6 Data Presentation

 Present state of the industry:

 Diamonds

 Future prospective:

 Questionnaire Analysis

Chapter ~ 7 Conclusions

Bibliography

Annexure

6
 EXECUTIVE SUMMARY

Diamonds, gems and Jewellery have been a part of the Indian civilization since its

recorded history, the significance of the gems and Jewellery industry in the Indian

economic scenario is a development of the last three or four decades. In 1966-67, the

export turnover of the Gems & Jewellery industry was just Rs 220 m representing a 3

per cent of total merchandise exports. However, it has now grown to become one of

the leading export oriented industries in India recording an export turnover of around

Rs 91617.53 Crore during 2008-09, making it a significant foreign exchange earner

for the country.

The gems and jewellery sector, which has seen a substantial fall in exports since 2007

due to the withdrawal of a 6 per cent duty concession under the Generalized System

7
of Preferences on jewellery exports to the US, has been severely affected by the

economic meltdown.

As a result, India’s share of gems and jewellery exports to the US has come down

from 36 per cent in 2006 to 20 per cent in 2009.

The UAE was the largest importer of gems and jewellery from India in 2008-09, with

a share of 31 per cent. This was followed by Hong Kong with a 25 per cent and the

US with 20 per cent. The gems and jewellery sector accounted for 13 per cent of

India’s total merchandise exports.

During April 2009, the total gems and jewellery exports of the country was $1,144

million, as against $1,740 million during the same period last fiscal, a fall of about 34

per cent.

CHAPTER~1

INTRODUCTION

Gems & Jewellery Sector

Diamonds, gems and Jewellery have been a part of the Indian civilisation since its

recorded history, the significance of the gems and Jewellery industry in the Indian

economic scenario is a development of the last three or four decades. In 1966-67, the

export turnover of the Gems & Jewellery industry was just Rs 220 m representing a 3

8
per cent of total merchandise exports. However, it has now grown to become one of

the leading export oriented industries in India recording an export turnover of around

Rs 875 bn during 2006-07 and contributing 16 per cent of total exports, making it a

significant foreign exchange earner for the country.

Classification:
Gems & Jewellery Sector

1. Polished Diamonds: India is one of the best markets in the world in the polished

diamonds for its world-class quality of diamonds as well as exquisite cutting

skills. Over 83 per cent of India's Gems & Jewellery cut and polished diamonds

account for exports. Jaipur and Surat are famous as world class polishing and

designing centers.

2. Gem Stones: This category refers to the stones other than diamonds, these stones

comes under two basic categories that are precious stones and Semi precious

stones. There is a huge demand for these gemstones especially of Sapphire,

Emerald and Ruby. India's exports of gems have crossed 5000000 carats this year.

3. Gold and Jewellery: This category represents the gold and Jewellery, which is

used in the manufacturing of various ornaments. Indian is the country that is the

9
 largest consumer of gold in the world, In the year 2007 gold consumption in India

was 850 tons 33% up from the last year.

4. Synthetic Stones: Synthetic diamond is diamond produced through chemical or

physical processes in a laboratory. Like naturally occurring diamond it is

composed of a three-dimensional carbon crystal. Synthetic diamonds are also

called cultured diamonds. Synthetic diamond is not the same as diamond

imitation, which can be made of other material. This is an upcoming market in

India.

10
 STATEMENT ABOUT THE PROBLEM

India has been one of the most important countries for the production of Gems And

Jewellery. One of the highlights is the production of Studded Jewllery. Studded

Jewellery trading in India is age old as it is established by the fact that in 1650 A.D.,

sources report the employment of more than 60,000 workers in the Eluru mines,

where they dug and washed the precious stones. Today though India has almost no

raw Studded Jewllery left within her own soil still we produce 70% of the World

gems in terms of quantity and 45% in terms of value. India is the original country

which discovered gems and initiated gem craft. The gems produced here gave birth to

a fabulous industry and global trade.

Indian Gems and Jewellery Industry have achieved a premier position in the

International market. Today India has been recognized as a significant manufacturing

exporting center apart from its traditional strengths in handmade jewellery, the

country has niche for itself in machine made commercial jewellery arena. The export

industry has come of age and is now entering a new phase of development. Gearing

up to achieve further growth, the industry has already captured a 55% share of world

market by the turn of this century.

India is a primary source of imports for the developed countries, mainly because of

abundant availability of skilled and cheap labor, but now this no longer remains the

competitive edge for India as heavy competition is faced by various countries like

China, Thailand and Sri Lanka. But at the same time, India has managed to keep its

position healthy and have brighter prospects ahead.

11
CHAPTER~2

OBJECTIVES OF THE STUDY

 To review the present status of the Indian Gems and Jewellery Sector & Analyze

its contribution to the economy.

 To critically evaluate the export performance of Indian Gems And Jewellery

sector over the years and its share in the global trade in Gems And Jewellery

 To study about the competitive position of Indian Gems and Jewellery export.

 To find out who is better potential importers of Indian Gems & Jewellery product.

 To analysis the vital steps for improving the Gems & Jewellery export.

 To understand the importance and effectiveness of export in present market

situation.

 To examine in detail the Europe as a market for Gems And Jewellery and India’s

current performance in the market, with particular focus on Gosil Exports(Jaipur)

12
CHAPTER~3
LITERATURE REVIEW
GEMS & JEWELLERY SECTOR IN INDIA
Gems and jewellery play a significant role in Indian customs and traditions, making

this sector integral to the economy and one of the fastest growing industries in the

country.

Worldwide, the gems and jewellery industry has been growing at a good pace and is

currently estimated at over US$ 130 billion. In India, it accounts for nearly 20 per

cent of total Indian exports. It provides employment to 1.3 million people directly and

indirectly.

Apart form being the world’s largest diamond processing (cutting and polishing)

country with an 80 per cent share in world market India’s favorable trade policies

have made India the hub for gems and jewellery.

Leading Branded jewellery is the new mantra in the market, having rapidly acquired a

niche over the past few years. Increasing purchasing power and disposable incomes of

India’s middle class has resulted in consumption growth of this industry by about 11

per cent in the five-year period preceding 2006-07. Add to that the insatiable Indian

craving for gems and jewellery, and the demand will skyrocket to US$ 20 billion by

2010 and US$ 30 billion in 2015, according to industry experts.

India’s gems and jewellery industry has been allowed 51 per cent foreign direct
investments by the government in single brand retail stores attracting both global and
domestic players to this sector. The burgeoning retail industry in India is instrumental
in innovatively marketing and branding diamonds and traditional jewellery, making
inroads in this sector and contributing to the nation’s economy. According to a report

13
released by Technopak Advisors on Changing Retail Landscape in India, the

jewellery and watches market is pegged at about US$ 13.52 billion. It is expected to

register a 12 per cent growth by 2012, touching US$ 23.54 billion.

India’s economic boom in the country has translated into a large consumer market for

jewellery and other luxury products, offering a lucrative opportunity for major brands

to make their foray into the Indian market and establish their presence. Experts

believe that by 2013, India will become the biggest consumer of jewellery.

The history of the Indian gem and jewellery, a $30-billion industry, began and

flourished in the two leading States of Maharashtra and Gujarat. Exports from the

industry fetched $17.1 billion in 2006-07 against $16.64 billion in 2005-06, showing a

growth of 26 per cent. But in past 1 year we have seen some decline due to recession.

The journey of a diamond is said to begin with mining of roughs followed by sourcing

them by trading firms after which they trade it with the processors who then process

the rough diamonds to manufacture cut and polished diamonds which then end with

the trade of the polished diamonds.

Diamond processing
Today, India houses the worlds’ largest diamond processing (cutting and polishing)

industry with an estimated 1,000,000 processors. India processes over 57 per cent of

the world’s rough diamonds by value. It is said that 11 out of 12 stones (diamonds) set

in jewellery are cut and polished in India. Surat in Gujarat is home to a majority of

these diamond processors. India’s exports of cut and polished diamonds in calendar

year 2008 stood at Rs 48,905.57 crore or 349.389 lakh carats down 9.25 per cent from

Rs 53,892.02 crore or 419.9 lakh carats during same period in 2007.

14
Processing is done on rough diamonds in full range of sizes and qualities, including

stones larger than 10 carats.

Diamond trading hub

After making its mark in the world diamond processing industry, the industry

fraternity has taken up the motto to make ‘India the diamond trading hub’. Thus

Mumbai, the financial capital of the country, is said to be Indian Antwerp in the

making.

The current format of diamond trade has four different types of channels involved in

the sourcing and trading of diamonds namely, centralised distribution, direct selling,

rough trade and brokerage. Bharat Diamond Bourse, a service oriented non-profit

guarantee company, is an 18 lakh sq. ft. complex in Mumbai. It was set up with the

primary objective of establishing necessary infrastructural facilities for promotion of

export of diamonds, including jewellery from India and to make India an international

trading centre. Instituted to cater to all the needs of the diamond trade, the bourse is

anticipated to deal with over 30,000 people a day. The facilities here will include

offices of diamond traders, strong rooms, lockers, customs clearance facilities with all

the modern facilities required to carry day-to-day business.

High-end jewellery
As the gem and jewellery companies are based out of Mumbai, the city is home to

various types of jewellery from the traditional to the high-end designer fashion

jewellery. It is one of the largest producers and exporters of jewellery, which is

estimated to be over $13 billion. Prominently, it accounts for over 15 per cent of the

world jewellery fabrication pie.

15
Not only this, India is one of the fastest growing markets for jewellery, growing at the

rate of 10.20 per cent per annum over the last five years. Today, the Indian consumer

market for jewellery is said to be $13.1 billion, an increase of close to 8 per cent over

the previous year. A study by KPMG says that India is set to realise total jewellery

sales of $21 billion by 2010 and $37 billion by 2015. Currently, out of the eight key

world retail markets, the US is number one accounting for 31 per cent of the jewellery

sales. India and China follow with 8.3 and 8.9 per cent respectively.

According to the KPMG study, India’s growing importance in the global jewellery

market is only expected to increase in the future. The total demand is expected to

reach $18.25 billion in 2010 and to $ 28.28 billion in 2015. Diamond jewellery

consumption in India is estimated to jump by 78 per cent in 2010.

Forecast
India and China together are predicted to emerge as a market equivalent to that of the

US by 2015, according to the KPMG report on the global gems and jewellery industry

– Vision 2015: Transformation for Growth. The industry can see capital infusion of

around $ 10 billion, according to experts.

As per forecasts, by the year 2015, the industry will witness a good fragmentation in

the jewellery retail business while keeping the area of diamond mining, sourcing,

processing within the confines of either niche or mass players.

Mining is at the heart of the gem and jewellery industry as the activity is the only
natural source of raw material for the industry. The Geological Survey of India has
stated that India has a great potential for diamond deposits. Based on this and
independent analyses, some of the diamond exploration companies are making efforts

16
to make India another target destination for diamond exploration. Maharashtra

features on the list of potential states for diamond exploration.

The Gem and Jewellery Export Promotion Council (GJEPC) is primarily involved in

introducing the Indian gem & jewellery products to the international market and

promoting exports. To achieve this, the Council provides market information to its

members regarding foreign trade inquiries, trade and tariff regulations, import duties,

and information about jewellery fairs and exhibitions. It also takes up relevant issues

with government and agencies connected with exports and submit documents for

consideration and inclusion in the EXIM Policy. There are a lot of opportunities from

setting up factories to retailing through showrooms for a prospective investor

Gems and Jewellery/ Background

The two major segments of the gems & jewellery (GJ)

business in India are gold and diamond jewellery. The GJ

industry has an important role in the Indian economy.

While a predominant portion of gold jewellery

manufactured in India is for domestic consumption, a large

portion of rough, uncut diamonds processed in the form of either polished diamonds

or finished diamond jewellery is exported. With an estimated consumption of around

800 tonnes during 2007 (including jewellery consumption), India is the largest

consumer of gold in the world. India is also estimated to hold nearly 14,000 tonnes of

gold, accounting for nearly 9% of the world’s cumulative mine production. Apart

from its historical religious significance, gold is valued as an important savings and

investment vehicle.

17
Gold in Indian families remains the Indian bride’s `Streedhan’, the wealth she takes

with her when she marries and which remains hers. Gold jewellery is the preferred

jewellery worn by women in India irrespective of their religious beliefs. Gold

jewellery is very popular among farmers, with an upsurge in gold sales after a good

agricultural season. Buying of gold is also an 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, and death.

SIZE

 Large market for Gems & Jewellery with domestic sales of over $10 billion

 4% of the global Gems and Jewellery market

 Exports of over US $15.5 billion; over 18% of India’s exports. According to

recent statistics of the Gems & Jewellery Export Promotion Council (GJEPC),

India's exports of gems & jewellery (GJ) aggregated Rs. 15787.09 Crores

(US$3958.64million) during the month April-May- 08.

 India is the largest consumer of gold jewellery in the world

 Accounts for about 20% of world consumption

 India is the largest diamond cutting and polishing centre in the world, i.e., 60%

value share, 85% volume share and 92% share of the world market by number of

pieces

18
 The Indian domestic diamond jewellery market was estimated at around Rs. 76

billion during 2005.

 China ranks sixth in the world in terms of diamond jewellery retail value, ahead of

India which is in seventh place. India ranks third in terms of diamond value, while

China holds the seventh position.

 Indian diamond jewellery industry is the third largest consumer of polished

diamonds after USA and Japan

Structural Characteristics

 The Indian Gems & Jewellery industry is highly fragmented with a large

number of domestic private sector companies. The bulk of the GJ industry in India

is concentrated in the unorganised sector.

 The majority of India’s diamond workforce is employed by small units that

process diamonds on a job-lot basis. The number of gold jewellery manufacturing

units is put at 0.1 million.

 India is the largest diamond cutting & polishing centre in the world, followed

by Israel and employs an estimated 2 million workers serving over 0.45 million

goldsmiths, and around 0.1 million diamond processing units.

 India has several well recognised strengths which have made it a significant

force in the global Gems and Jewellery business, like i) highly skilled, yet low-

cost labour, and ii) established manufacturing excellence in jewellery and

diamond polishing.

19
POLICY

 In 1990, the Gold (Control) Act was abolished, which had forbidden the

holding of gold in bar form.

 In 1993, the GOI also permitted non-resident Indians (NRIs) to bring 5 kg of

gold into the country twice yearly on the payment of import tax of Rs. 250 per 10

grams; this allowance was raised to 10 kg per trip in January 1997. In 1997, the

GOI also permitted import and export of gold under Open General Licence.

 In the trade policy (2004-09) issued in April 2006, the GOI has allowed

import of precious metal scrap and used jewellery for melting, refining and re-

export of jewellery for higher utilisation of melting, refining and jewellery-

making production capacity.

 Jewellery is permitted to be exported on a consignment basis, allowing

exporters who have had to deal with the problem of unsold jewellery in foreign

markets to now re-import the unsold pieces. steps taken include allowing

exporters to re-import the rejected precious metal jewellery subject to refund of

duty exemption benefits on the inputs only and not the duty on jewellery as was

being done earlier; reduction in value addition norms for export of gold & silver

jewellery from 7% to 4.5%.

 100% FDI is permitted in the Gems & Jewellery sector through the automatic

route

20
  SEZs and Gems and Jewellery Parks have been set up to promote investments

in the sector

 Cutting and polishing of gems and jewellery treated as manufacturing for the

purposes of exemption under Section 10A of the Income Tax Act

Outlook

 India is the fastest-growing jewellery market in the world

 Branded jewellery likely to be the fastest-growing segment in domestic sales

 The sector is expected to grow at 40% p.a. to $2.2 billion by 2010

 Exports expected to grow from $15.5 billion in 2005 to over $25 billion by

2010

 India is the most technologically advanced diamond cutting centre in the

world and has the opportunity to address one of the world’s largest and fastest-

growing Gems and Jewellery markets

 Indian industry has been gaining prominence as an international sourcing

destination for high quality designer jewellery

 Wal-Mart, JC Penney etc. are increasingly procuring jewellery from India

21
 India's Exports of Gems & Jewellery (2000-03 to 2006-07)
(In US$ million)

ITEMS 2002-03 2003-04 2004-05 2005-06 2006-07

Cut & Polished

6187 5972 7111 8627 11182
Diamonds

Coloured
203 183 192 178 193
Gemstones

Gold Jewellery 1150 1167 1513 268 3813

Pearls 3 3 4 4 3

Non-Gold
56 64 85 99 129
Jewellery

Synthetic Stones 2 2 1 1 1

Costume/Fashion
10 10 10 10 -
Jewellery

sales to Foreign
12 13 13 18 -
Tourist

TOTAL 7622 7414 8929 11620 15320

Exports to Rough
157 142 241 536 358
Diamonds

Net Exports 7779 7556 9170 12156 15678

SOURCE: GJEPC, India

22
MARKET PLAYERS IN GEMS & JEWELLERY INDUSTRY
In the recent years a large number of players have been attracted to the Indian gems

and jewellery retail sector:

⇒ Reliance Retail is planning an aggressive entry into the jewellery retail market

through its about 400 to 500 jewellery retail outlets across the country.

⇒ 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.

⇒ Swarovski, the global crystal goods manufacturer and marketer plans to set up 30

stores by 2009, from the current 13.

⇒ The Gitanjali Group bought 'Nakshatra', the premium brand of jewellery promoted

by Diamond Trading Company (DTC)

⇒ Mumbai-based Vardhaman Developers plans to build four more jewellery malls in

the city and is already set to launch Jewel World-Mumbai’s first jewellery mall.

⇒ Dubai-based Joy Alukkas has recently opened its largest showroom in Chennai.

⇒ Viswa and Devji Diamonds a partnership between the Indian group and the top

jewellery retailer in UAE opened its first diamond retail outlet.

⇒ Gitanjal Gems Ltd opened its first luxury jewellery mall in Gurgaon, where a

number of international brands have started their retail business.

⇒ Gold Souk India has plans for bringing 100 Souks in 100 months

23
GOLD
The gems and diamonds industry contributes over 15 per cent of India's total exports.

The industry is jewellery industry is predominantly divided into two segments: Gold

jewellery and fabricated studded jewellery (diamonds as well as gemstone studded

jewellery)

⇒ India consumes nearly 800 tonnes of gold accounting for about 20 per cent of the

world gold consumption.....of which nearly 600 tonnes goes into making

jewellery.

⇒ According to The World Gold Council (WGC) total gold supply in the second

quarter this year stood (Q2FY08) at 840 tonnes, whereas the demand was 944

tonnes.

⇒ A study by KPMG reveals the Indian jewellery market to be US$ 13.5 billion in

fiscal 2006-07, accounting for 8.3 per cent of world jewellery sales.

DIAMOND
The Indian diamond trade generates over US$ 4 billion per annum in exports, its large

labor force is integral to catapulting the country as the biggest diamond cutting center

for small roughs. India was known to have diamond mines many centuries ago and

has continued to maintain its tradition of diamond cutting with an estimated 1 million

processors handling over 57 per cent of the world’s rough diamonds by value.

⇒ 11 out of 12 stones (diamonds) set in jewellery are cut and polished in India

(processing is done on rough diamonds in full range of sizes and qualities,

including stones larger than 10 carats).

24
⇒ India's share in this sector is about 80 per cent of the world market.

⇒ India also accounts for 90 per cent of the volume of diamonds processed in the

world.

⇒ India employs over 90 per cent of the global diamond industry workforce.

'Diamond jewellery consumption is likely to jump to nearly 80 percent in 2010 and

over 95 per cent between 2010 and 2015,' according to Assocham..

India to develop jewellery industry :a global market

India has offered technical support and skill-training help to top diamond and gold

producing African nations, including South Africa, to develop their gem and jewellery

industry. India believes it would be beneficial for the African nations, the largest

producers of rough diamonds and gold, as well as India, which is its biggest

consumer.

Employment
Almost the entire gold and diamond sold or processed in India is imported. Having

futuristic arrangements and agreements with top diamond and gold producing nations

will help this crucial sector to thrive. The aim is to make India a global hub for

diamond market.

Africa alone accounted for nearly 50 per cent of the world's total diamond production,

India was specifically looking at South Africa, Botswana, Ghana, Namibia and

Angola for rough diamonds. Most of the rough diamonds came from Antwerp in

25
Belgium, but now major suppliers had shown keen interest in supplying uncut stones

directly to Indian companies.

Diamond imports
India's diamond imports in 2006-07 stood at $9 billion, while that of gold was $11

billion. Interestingly, India is the largest diamond cutting and polishing centre in the

world. India is also the world's top gold consumer, accounting for about 20 per cent of

global demand at 800 tonnes annually.

Joint venture initiatives

India has also proposed to develop the gem and jewellery industry of these Africa

nations, besides providing skill training. Then there could be joint venture initiatives

between the companies and trade bodies of India and African nations.

26
CHAPTER~4

GOSIL EXPORTS PVT LTD.

HISTORY OF GOSIL EXPORTS

Gosil Exports pvt. ltd. (established in 1998) is a premier fine jewelry

manufacturer serving the needs of wholesale customers. Based in India Gosil is

renowned for its commitment to expertise creativity, quality, value and

professionalism.

Gosil commits being the leading color stone jewelry manufacturers through a

pledge of exceptional selections, professional service and excellent value. We promise

the legacy of trust earned over 9 years of selling fine jewelry, which will be nurtured

in an environment where customer satisfaction is paramount. We promise to be as

dependable as the diamonds and color stone Jewelry we sell.

Gosil exports pvt.ltd. brings to you exclusive designs that are an amalgamation of

regal antiquity and contemporary trends.

Our current manufacturing strength could produce up to 30,000 to 40,000 articles per

month under different process and with variety of colored gemstone combinations

which is a major key strength for us, be it a regular calibrate gemstone or one under

the exotic gemstone category.

27
Our management principles are based on the natural evolution processess where in

each member tries to achieve the next level of betterment for the overall benefit of the

society.

Our jewels are created like art objects. In our unique creations, Gosil Exports has

drawn inspirations from many sources- from the nature, from the ancient cultures and

civilizations. Gosil Exports has a whole gamut of designs and techniques, involving

the mix of gold with rich stones- emeralds, rubies and sapphires and most famously

with diamonds that work so well on gold. We are a reputed manufacturer, exporter

and trader of a vast collection of jewellery including Diamond Jewellery, Gemstones

Jewellery Gold Jewellery, and Precious Stone.

Refined designs, combining the finest aesthetic looks with the highest quality are the

distinguishing elements that characterize our products. Each single piece is made with

the greatest care and attention. Among our top priorities are excellent customer

service and the final satisfaction. Everything that contributes towards reaching the

above objectives is a duty for us. Gosil exports have a huge client base from

international markets. Gosil exports believe in building long-term business

relationships with our customers.

For us, quality is the foremost concern and every step is taken diligently to ensure that

each product, besides being attractive, is also a specimen of the best quality. Gosil

Exports also customize specific designs as per the special needs/requirements of the

buyers. To ensure flawless quality, Gosil Exports subject our products to multiple

rounds of checks.

28
Our team of quality control professionals monitors each and every level of the

manufacturing stage, right from the procurement of raw material to the dispatch of

finished products in the market.

The Diamonds & gems stones, Gosil Exports use in our products are of superior

quality brought from different parts of the world so that Gosil Exports can guarantee

customer satisfaction. The design of our finest pieces of jewelry gives us another edge

over others.

Gosil Exports specialize in:

Diamonds, Rings, Pendant, Bracelet, Earrings and Ring Sets, Gemstone Rings,

Gemstone Pendant, Gemstone Bracelet, Gemstone Earrings, Gold, Precious Stones.

So Gosil Exports believe in building long-term business relationships with our

customers. Our whole team is dedicated to serve customers and provide them with

innovative jewelry designs that are liked by people of all age groups.

GOSIL EXPORTS (P) LTD.

E-70, EPIP, SITAPURA,
JAIPUR-303905,
INDIA.
TEL: +91-141-5142065
FAX: +91-141-2771064
Email: marketing@gosilexports.com

29
PRODUCTS OF GOSIL EXPORTS

30
GOSIL EXPORTS

Product Name : Rhodium Plated Bracelets

GOSIL EXPORTS

Product Name : Rhodium Plated Bracelets

31
GOSIL EXPORTS

Product Name : Rhodium Plated Bracelets

GOSIL EXPORTS

Product Name : Rhodium Plated Pendent Sets

CHAPTER~5

RESEARCH METHODOLOGY

32
The appropriate research design formulated is detailed below.

Exploratory research: this kind of research has the primary objective of development

of insights into the problem. It studies the main area where the problem lies and also

tries to evaluate some appropriate courses of action.

The research methodology for the present study has been adopted to reflect these

realties and help reach the logical conclusion in an objective and scientific manner.

The present study contemplated an exploratory research

NATURE OF DATA
Primary data: primary data will be collected through a questionnaire raised

among the Gems And Jewellery traders and manufacturers in

Jaipur

SAMPLE SIZE 100

SAMPLE AREA JAIPUR

SAMPLE UNIT GEMS AND JEWELLERY TRADERS &

MANUFACTURERS OPERATING IN JAIPUR, IN

PARTICULAR THE OWNERS, MANAGERS & OTHER

OFFICIALS OF GOSIL EXPORTS (JAIPUR)

SAMPLING TECHNIQUE RANDOM SAMPLING TECHNIQUE

Secondary data: secondary data that is already available and published .it could be

internal and external source of data. Internal source: which originates from the

33
specific field or area where research is carried out e.g. publish broachers, official

reports etc.

External source: This originates outside the field of study like books, periodicals,

journals, newspapers and the Internet.

DATA COLLECTION
Secondary data has been used which is collected through articles, reports, journals,

magazines, newspapers reports prepared by research scholars, universities and

internet

SAMPLING TECHNIQUE
Random sampling technique has been employed to extract the fruitful results.

CHAPTER~6

DATA PRESENTATION

34
 SWOT ANALYSIS OF INDIAN GEMS & JEWELLERY
INDUSTRY:

Strengths:
⇒ About one million craftsmen are associated with this industry. Their skills can be

utilized for designing and making modern Jewellery

⇒ Availability of abundance of cheap and skilled labor in India.

⇒ Presence of excellent marketing network spread across the world.

⇒ Supportive government industrial/ EXIM policy.

Weaknesses:
⇒ Small firms lacking technological/ export information expertise.

⇒ Low productivity compared to labor in china, Thailand and Sri Lanka.

⇒ As the major raw material requirements need to be imported, companies normally

stock huge quantities of inventory resulting high inventory carrying costs.

Opportunities:
⇒ New markets in Europe & Latin America

⇒ Growing demand in South Asian & Far East countries.

⇒ Rupee value depreciating resulting in a windfall increase in the profitability.

⇒ Industry moving from a phase of consolidation

Threats:
⇒ China, Sri Lanka and Thailand's entry in small diamond segment

35
⇒ Infrastructure bottlenecks, absence of latest technology

⇒ Unusual increase in the prices of gold and rough dia

PRESENT STATE OF THE INDUSTRY:

36
The year 2007-08 has witnessed a growth in all the major segments of the Gem and

Jewellery industry and the total exports stood at Rs.67500 crore, a growth of 29.27%

as compared to the previous year. Exports of diamond have continued to rise and the

Jewellery sector has turned in another record-breaking performance. India’s share of

the world's polished diamond market is 60 per cent in terms of value, 85 per cent in

terms of volume and 92 per cent in terms of pieces.

Global gold Jewellery consumption increased 33% in the year 2005, the buoyant

demand in countries like India, the Gulf States, China and Turkey pulled up the

overall figures. Since early 90's, the Jewellery has averaged a growth of over 30%,

making India the fastest growing Jewellery exporter in the world and also in the year

2004 the demand for gold Jewellery in India increased by 29% in value to become the

fastest growing Jewellery market in the world.

2004-05 2005-06 2006-07 2007-08

Diamonds

37
India enjoys domination in the world cut and polished diamond market and smaller

diamonds in particular, which was amply reflected in the export growth of diamond

industry with a total export of US$ 11181.48 million (48000 crore) for the year ended

31st March, 2008 as compared to US$ 8627.48 million (37000 crore) against the

corresponding period in last year.

Jewellery
The year 2007-08 was a good year for the global Jewellery sales as well as to the

Company. Demand was fuelled by good economic growth and improved demand

particularly from Asia and the Middle East. Gold Jewellery sales in United States of

America increased by 4% in 2007 to a huge 73000 crore. The Jewellery sector

recorded a massive growth of 49.23% for the year ended 31st March 2008. The

demand for the diamond Jewellery will continue to grow stronger due to continued

marketing support by the industry especially in the U.S., India and China. The

Jewellery has an ever-increasing market abroad and the company with its

manufacturing facility comparable to international standards has been able to capture

a reasonable portion of the same. While opportunities are abundant, political

uncertainty could affect this industry most.

Major Players:
⇒ Vaibhav Gems Ltd.

⇒ Classic Diamond (India) Ltd.

⇒ Shrenuj & Company Ltd.

⇒ Goldiam international Ltd.

38
 ⇒ Su-raj Diamonds & Jewellery Ltd.

⇒ Rajesh Exports Pvt. Ltd.

⇒ Financial Comparison

* Figures up to March 2008

Su-Raj
Shrenuj & Goldiam Rajesh Vaibhav Classic
Diamonds &
Topics Company International Exports Gems Diamond
Jewellery
Ltd. Ltd. Pvt. Ltd Ltd. (India) Ltd.
Ltd.
Adjusted EPS
10.24 14.95 125.42 7.62 13.39 17.19
(Rs)
Cash EPS (Rs) 12.61 15.78 127.47 8.31 14.56 20.11
Book Value (Rs) 104.46 102.83 211.62 121.56 60.54 204
Dividend Per
3 2.5 10 1.2 2.5 1.8
Share (Rs)
Return On Net
9.8 17.82 29.08 6.27 23.62 8.42
Worth (%)
Return On
Capital employed 8.99 15.2 73.1 8.76 24.49 8.56
(%)
Operating Profit
7.35 11.39 -1.43 4.41 10.04 6.8
Margin (%)
Gross Profit
6.82 10.77 -1.46 4.18 9.31 6.44
Margin (%)
Net Profit
2.28 13.48 1.01 2.98 9 2.12
Margin (%)
Current Ratio 6.39 4.44 16.51 3.57 7.56 5.82
Quick Ratio 2.92 3.83 15.3 2.93 4.47 3.47
Long term debt
2.26 0 0.2 0 0 2.17
to equity
Total Debt to
2.26 0 4.33 0.42 0.44 2.17
equity
Interest Cover
2.24 68.09 3.07 4.36 10.33 1.97
(times)

Assets Turnover
8.2 11.28 76.52 20.6 10.64 17.53
Ratio

39
Average Raw
Material Holding 0 34.47 0 20.77 97.44 0
(in Days)

Average Finished
Good Holding (in 0 5.26 4.83 33.2 1.66 0
Days)

Number of days
of net working 230.91 183.36 65.41 208.78 164.39 263.21
capital

Inventory
2.42 11.28 71.72 7 4.71 2.81
Turnover Ratio

Export as % of
0 100.61 99.17 94.35 99.64 0
Total Sales

Bonus
component in 0 70.42 0 26.2 69.07 0
Equity (%)

FUTURE PROSPECTIVE:

With the world economy doing well and increase in the personal disposable income of

the general public demand for the gems and Jewellery has increased worldwide. This

year Jewellery sector grew by 49%. Exports contribute 70% of the total sales of the

40
industry. With United States contributing most (35%) in the export bill. With rupee

value depreciating against the U.S. dollar there may be a windfall increase in the

profitability in the coming times for the industry. Many companies are on the hunt for

acquiring subsidiaries Indian companies will able to strengthen their retail network.

One of the areas of concern for the industry is the surge in the prices of rough

diamond pieces and India depends upon other countries but with the proposal of

increase in the FDI limit on mining from 74% to 100%, dependence on the other

countries will be reduced. Overall with the economic fundamentals looking good,

favorable government policies and exploration of the newer markets industry looks all

set for a good time ahead.

Government Policy:
⇒ Levy of two per cent excise duty on premium branded Jewellery.

⇒ 100 per cent Export Oriented Units (EOUs) and units in the Export Processing

Zones (EPZs)/Special Economic Zones (SEZs), enjoy a package of incentives and

facilities, which include duty free imports of all types of capital goods, raw

material, and consumables in addition to tax holidays against export.

⇒ Currently 74% FDI in Mining, 100% proposed.

41
 QUESTIONNAIRE ANALYSIS

1. Role of the Gems & Jewellery industry to the Indian economy.

⇒ Very Significant -------------------------------- 19 per cent

⇒ Significant -------------------------------------- 38 per cent

⇒ Insignificant ------------------------------------ 20 per cent

⇒ Very insignificant ----------------------------- 07 per cent

⇒ Do not know/ can not say -------------------- 16 per cent

40%

35%

30%

25%

20%

15%
Very Significant
10% Significant
5% Insignificant
Very insignificant
0% Do not know/ can not say
Very Significant 19%
Significant 38%
Insignificant 20%
Very insignificant 7%

Do not know/ 16%

can not say

42
Interpretation:
As may be seen from the above response that the Gems & Jewellery sector in India

contributes significantly to the Indian economy

43
2. Contribution of the Gems & Jewellery sector.

⇒ Employment ------------------------------------------- 72 per cent

⇒ Export -------------------------------------------------- 46 per cent

⇒ GDP---------------------------------------------------- 32 per cent

⇒ Other sectors ----------------------------------------- 25 per cent

⇒ Do not know/ can not say --------------------------- 07 per cent

80%

70%

60%

50%

40%

30% Employment
Export
20%
GDP
10% Other sectors
Do not know/ can not say
0%

Employment 72%
Export 46%
GDP 32%
Other sectors 25%
Do not know/ can 7%
not say

44
Interpretation:

Gems & Jewellery sector occupies an important place in the Indian economy as it

contributes significantly to employment generation and export earnings. The

economic importance of the sector also lies in its high employment potential, high

capital investment, high value addition and continuously increasing demand both in

the domestic and overseas markets.

45
3. The Impact of globalization and liberalization to the Gems &

Jewellery export.

⇒ Accelerated the export ------------------------------------ 76 per cent

⇒ Adversely affected the export --------------------------- 10 per cent

⇒ Did not affect the export --------------------------------- 07 per cent

⇒ Do not know/ can not say ------------------------------- 07 per cent

80%

70%

60%

50%

40%

30% Accelerated the export

20% Adversely affected the

export
10%
Did not affect the export
0%
Do not know/ can not say
Accelerated the 76%
export
Adversely 10%
affected the
export
Did not affect 7%
the export
Do not know/ 7%
can not say

46
Interpretation:

Indian Gems & Jewellery are now available in global markets, so also foreign crafts

in our shops. Gems & Jewellery constitute a significant segment of the decentralized

sector of our economy and its importance is being felt when it is assessed that it

provides employment to lakhs of jewellery –makers scattered especially in the weaker

sections of our society such as SCs, STs and the women, producing goods worth

thousands of Crores of Rupees per year.

47
4. The growth of e-commerce is beneficial to Gems & Jewellery sector.

⇒ Agree ------------------------------------------ 68 per cent

⇒ Disagree -------------------------------------- 20 per cent

⇒ Do not know/ Can not say ------------------ 12 per cent

80%
70%
60%
50%
40%
30% Accelerated the export

20%
Adversely affected the
10% export
Did not affect the export
0%

Accelerated the 76% Do not know/ can not say

export
Adversely 10%
affected the
export
Did not affect 7%
the export
Do not know/ 7%
can not say

Interpretation: With the growth of e-commerce strategy, the Indian Gems &

Jewellery marketing strategy has been strengthened, leading to increase in the volume

of trade in the Gems & Jewellery sector.

48
5. E-commerce is beneficial for the urban artisans instead of rural.

⇒ Agree ------------------------------------------- 68 per cent

⇒ Disagree --------------------------------------- 20 per cent

⇒ Do not know/ Can not say ------------------- 12 per cent

70%

60%

50%

40%

30% Agree
Disagree
20% Do not know/ Can not say

10%

0%

Agree 68%
Disagree 20%
Do not know/ 12%
Can not say

Interpretation: The e-commerce strategy in the Gems & Jewellery sector has

been of limited utility confining itself more in the urban sector. Its expansion to the

rural areas will be expanding its utility in a more effective manner.

49
6. Better potential importers of Indian Gems & Jewellery product.

⇒ USA -------------------------------------------- 52 per cent

⇒ UK --------------------------------------------- 22 per cent

⇒ Germany -------------------------------------- 15 per cent

⇒ Other countries ------------------------------ 11 per cent

70%

60%

50%

40%

30% Agree
Disagree
20% Do not know/ Can not say

10%

0%

Agree 68%
Disagree 20%
Do not know/ Can 12%
not say

Interpretation: The largest export market for Indian Gems & Jewellery is the
United States. In the changing world scenario, Gems & Jewellery products exported
to various countries form a part of lifestyle products in international market. The
impact is due to the changing consumer taste and trends.

50
7. Exported product from India to other country.

⇒ Diamond studded jewellery ------------------------ 15 per cent

⇒ Necklaces ---------------------------- 32 per cent

⇒ Bangles --------------------------------------------- 28 per cent

⇒ Rings & Other products ------------------------------------ 25 per cent

35%

30%

25%

20%

15% Diamond studded jewellery

Necklaces
10% Bangles
Rings & Other products

5%

0%

Diamond studded 15%

jewellery
Necklaces 32%
Bangles 28%
Rings & Other 25%
products

51
Interpretation: As far as the products which are exported out of the country, the
respondents felt that it is the Diamond studded jewellery, Necklaces, Bangles, Rings

& Other products which dominate the export composition of the Gems & Jewellery

products.

8. The challenges of the Gems & Jewellery export.

⇒ Better quality products from foreign companies -------- 33 per cent

⇒ Competition in the domestic sector ----------------------- 23 per cent

⇒ Lack of institutional support ------------------------------- 25 per cent

⇒ Other factors ------------------------------------------------- 12 per cent

⇒ Do not know/ can not say ---------------------------------- 07 per cent

52
 35%

30%

25%

20%

Better quality products from

15% foreign companies
Competition in the domestic
sector
10% Lack of institutional support

Other factors
5%
Do not know/ can not say

0%

Better quality 33%

products from
foreign companies
Competition in the 23%
domestic sector
Lack of institutional 25%
support
Other factors 12%
Do not know/ can 7%
not say

Interpretation: There are various problems and challenges that stand as barriers
to the export market of the Indian Gems & Jewellery products. These include better

competitiveness of the foreign companies followed by lack of institutional support,

competition in the domestic sector and other factors.

53
9. The vital steps for improving the Gems & Jewellery export.

⇒ Establishing Gems & Jewellery special economic zones -------- 30 per cent

⇒ Promotion of Gems & Jewellery in the rural areas --------------- 20 per cent

⇒ Special support to the Gems & Jewellery sector in the trade policy - 27

per cent

⇒ Institutional financing ---------------------------------------- 15 per cent

⇒ Other measures ------------------------------------------------- 08 per cent

54
 30%

25%

20%

Establishing Jems &

15% Jewellery special economic
zones
Promotion of Jems &
10%
Jewellery in the rural areas

5% Special support to the Jems

& Jewellery sector in the
trade policy
0% Institutional financing

Establishing Jems & 30%

Jewellery special Other measures
economic zones
Promotion of Jems 20%
& Jewellery in the
rural areas
Special support to 27%
the Jems &
Jewellery sector in
the trade policy
Institutional 15%
financing
Other measures 8%

Interpretation: Setting up Gems & Jewellery special economic zones accompanied

with institutional support and other promotional measures can be effective to improve

the export potential of the Indian Gems & Jewellery products.

55
10. Competition of India with china, Philippines and Thailand in regarding

Gems and Jewellery export.

⇒ Very competitive --------------------------------- 18 per cent

⇒ Competitive --------------------------------------- 35 per cent

⇒ Lacks competitive strength --------------------- 20 per cent

⇒ Not at all competitive --------------------------- 12 per cent

⇒ Do not know/ can not say ---------------------- 15 per cent

35%

30%

25%

20%

15%

10% Very competitive

Competitive
5% Lacks competitive strength
Not at all competitive
0%
Do not know/ can not say
Very competitive 18%
Competitive 35%
Lacks 20%
competitive
strength
Not at all 12%
competitive
Do not know/ 15%
can not say

56
11. Future of the market of the Gems & Jewellery export in India.

⇒ Very good ------------------------------------------- 24 per cent

⇒ Good ------------------------------------------------- 35 per cent
⇒ Not good -------------------------------------------- 20 per cent
⇒ Do not know/ can not say ------------------------ 31 per cent

35%

30%

25%

20%

15% Very good

Good
10% Not good
Do not know/ can not say
5%

0%

Very good 24%

Good 35%
Not good 20%
Do not know/ 31%
can not say

57
CHAPTER~7

CONCLUSION

Growth in global demand for jewelry may slow from the 5.2 percent Compounded

Annual Growth Rate (CAGR) it registered since 2000, to 4.6 percent by 2010 or

2015, unless appropriate collective action is taken by players in the industry.

The projection is based on an assessment of the impact of eight key business trends

that the two bodies believe will affect the performance of the industry. These trends

include: the local beneficiation in the mining countries; fragmentation of supply

sources and an increase in rough supply; consolidation across the value chain; rise of

new centers for jewelry manufacturing; growth in the use of synthetics and non-

precious metals in jewelry; a decline in demand for plain gold jewelry; organization

and consolidation in the emerging markets of India and China; and intense

competition from other luxury goods.

Based on the findings, the report estimates that worldwide jewelry sales will rise from

$146 billion in 2005 to $185 billion in 2010 and $230 billion in 2015. However, it

stresses that if the industry as a whole focuses on “growing demand for jewelry as a

category” and “strengthening industry-level and enterprise-level capabilities” in the

“next 12-18 months,” sales could reach $280 billion in 2015, registering a CAGR of

6.7 percent.

Some of the statistical highlights include:

• Gold and diamond jewelry will continue to dominate the market, accounting

for about 82 percent of overall market share

58
• Diamond jewellery will be the slowest growth segment at a Compounded

Annual Growth Rate of 3.3 percent

• Synthetics will have sales of close to $2 billion at wholesale price by 2015,

and will impact sales of natural diamond jewelry to the extent of $6 billion at

the retail level

• Palladium is expected to establish itself as an alternative metal for jewelry

fabrication

• China (13 percent) and India (12 percent) together will emerge as a market

equivalent to that of the US share (26% percent)

• Middle East (9 percent) will be another large market

• China, Turkey and India will emerge as new centers for jewelry fabrication

• Value addition in diamond processing will increase from 29.3 percent to 34.1

percent

• India’s share in diamond processing will drop from about 57 percent by value

to 49 percent

• China’s share in diamond processing will rise to 21.3 percent

• About 9 percent of world’s diamond will be processed locally by mining

countries

• Centralized distribution of rough will drop from 55 percent in value to 40

percent

59
 • Rough sold through traders will account for 45 percent

BIBLIOGRAPHY

Daily newspapers

⇒ www.indiabulls.com

⇒ www.myiris.com

⇒ www.moneycontrol.com

⇒ www.google.com

⇒ www.altavista.com

60
 ANNEXURE

QUESTIONNAIRE

1. How do you perceive the contribution of the Gems & Jewellery industry

to the Indian economy?

⇒ Very Significant -------------------------------- 19 per cent

⇒ Significant -------------------------------------- 38 per cent

⇒ Insignificant ------------------------------------ 20 per cent

⇒ Very insignificant ----------------------------- 07 per cent

⇒ Do not know/ can not say -------------------- 16 per cent

2. Select the areas in which the Gems & Jewellery sector contribute

significantly. You can choose more than one option.

⇒ Employment ------------------------------------------- 72 per cent

⇒ Export -------------------------------------------------- 46 per cent

⇒ GDP---------------------------------------------------- 32 per cent

⇒ Other sectors ----------------------------------------- 25 per cent

⇒ Do not know/ can not say --------------------------- 07 per cent

61
3. How did the policies of globalization and liberalization affect the

export scenario of the Gems & Jewellery in India?

⇒ Accelerated the export ------------------------------------ 76 per cent

⇒ Adversely affected the export --------------------------- 10 per cent

⇒ Did not affect the export --------------------------------- 07 per cent

⇒ Do not know/ can not say ------------------------------- 07 per cent

4. Do you agree that with the growth of e-commerce strategy, Indian Gems

& Jewellery sector has been positively benefited from this?

⇒ Agree ------------------------------------------ 68 per cent

⇒ Disagree -------------------------------------- 20 per cent

⇒ Do not know/ Can not say ------------------ 12 per cent

5. Is it true that the e-commerce strategy has been more beneficial only in

the urban areas leaving the rural artisans out side the ambit of this

strategy?

⇒ Agree ------------------------------------------- 68 per cent

⇒ Disagree --------------------------------------- 20 per cent

⇒ Do not know/ Can not say ------------------- 12 per cent

62
6. Which countries are the better potential importers of Indian Gems &

Jewellery products?

⇒ USA -------------------------------------------- 52 per cent

⇒ UK --------------------------------------------- 22 per cent

⇒ Germany -------------------------------------- 15 per cent

⇒ Other countries ------------------------------ 11 per cent

7. What are the products which are exported from India to other countries?

⇒ Diamond studded jewellery ------------------------ 15 per cent

⇒ Necklaces ---------------------------- 32 per cent

⇒ Bangles --------------------------------------------- 28 per cent

⇒ Rings & Other products ------------------------------------ 25 per cent

8. What are the problems of the export of the Gems & Jewellery products
from India?

⇒ Better quality products from foreign companies -------- 33 per cent

⇒ Competition in the domestic sector ----------------------- 23 per cent
⇒ Lack of institutional support ------------------------------- 25 per cent
⇒ Other factors ------------------------------------------------- 12 per cent
⇒ Do not know/ can not say ---------------------------------- 07 per cent

63
9. What are the measures that can be taken for improving the export

potential of the Gems & Jewellery sector in India?

⇒ Establishing Gems & Jewellery special economic zones ---------- 30 per cent

⇒ Promotion of Gems & Jewellery in the rural areas ----------------- 20 per cent

⇒ Special support to the Gems & Jewellery sector in the trade policy - 27 per cent

⇒ Institutional financing ---------------------------------------- 15 per cent

⇒ Other measures ------------------------------------------------- 08 per cent

10. How do you compare the export potential of the Indian Gems & Jewellery
products when compared with other countries Gems & Jewellery
products like that of china, Philippines and Thailand?

⇒ Very competitive --------------------------------- 18 per cent

⇒ Competitive --------------------------------------- 35 per cent

⇒ Lacks competitive strength --------------------- 20 per cent

⇒ Not at all competitive --------------------------- 12 per cent

⇒ Do not know/ can not say ---------------------- 15 per cent

11. Future of the market of the Gems & Jewellery industry in India.

⇒ Very good ------------------------------------------- 24 per cent

⇒ Good ------------------------------------------------- 35 per cent

⇒ Not good -------------------------------------------- 20 per cent

⇒ Do not know/ can not say ------------------------ 31 per cent

64