INDEX

CHAPTER
NO
CHAPTER NAME
PAGE
NO
1 INTRODUCTION
Executive summery 1
Research objectives 3
Research design and methodology 4
Significance of the study 6
Justification of the study 7
2 BACKGROUND OF TOPIC
ndustry introduction !
"he emergence of branded gold je#ellery $
%old je#ellery mar&et in ndia 1'
%old je#ellery becomes fashion accessory 13
Strategies for #ooing customers 14
(rand a))eal 1*
ndian customers sho#ing interest in branded je#ellery 17
"raditional v+s branded je#elers 1!
,rgani-ed v+s traditional retail 1$
.hanges in gems / je#ellery retail 0'
3 PROFILE OF THE ORGANISATION
S121JE3E44ERS 00
4 ANALYSIS OF DATA
5nalysis and 6indings 03
5 CONCLUSION
.oncl usi on 34
6 APPENDICES
78ES",995RE 36
((4,%R52:; 3!
Executive Summery
1
Society is a diversified in all as)ects1 3e see this among consumers< mar&eters< )roducers
and even among consumer behavior from theoretical as)ects1
"he study of consumer behavior enables mar&eter to )redict a consumer behavior in the
mar&et= it also )roduces understanding of the role that consum)tion has in the lives of
individuals1
.onsumer behavior is defined as a behavior that consumers dis)lay #hile searching for
)urchase< using< evaluation and dis)osal of )roducts< services and ideas that they to satisfy
their needs1 "he study of consumer behavior is concerned not only #ith #hat consumers buy<
but also #ith #hat they buy it< #hen< from #here and ho# they buy it and ho# often they
buy it1 t is concerned #ith learning the s)ecific meanings that )roducts hold for consumers1
.onsumer research ta&es )lace at every )hase of the consum)tion )rocess= before the
)urchase< during the )urchase and after )urchases1
.onsumer behavior is the study of ho# )eo)le buy< #hat they buy< #hen they buy and #hy
they buy1 t attem)ts to understand the buyer decision )rocesses+buyer decision ma&ing
)rocess< both individually and in grou)s1 t studies characteristics of individual consumers
such as demogra)hics< )sychogra)hics< and behavioral variables in an attem)t to understand
)eo)le>s #ants1 t also tries to assess influences on the consumer from grou)s such as family<
friends< reference grou)s< and society in general1
3hat #e buy< ho# #e buy< #here and #hen #e buy< in ho# much ?uantity #e buy de)ends
on our )erce)tion< self conce)t< social and cultural bac&ground and our age and family cycle<
our attitudes< beliefs< values motivation< )ersonality< social class and many other factors that
are both internal and external to us1
.onsumer behavior is interdisci)linary= i1e1 it is based on conce)ts and theories about )eo)le
that have been develo)ed by scientist in such diverse disci)lines as )sychology< sociology<
0
social )sychology< cultural anthro)ology and economics1 .onsumer research is the
methodology used to study consumer behavior1
"he study of consumer behavior is the study of ho individuals ma&e decision to s)end their
available resources on consum)tion elated items1 t includes the study of #hat< #hy< #hen
and form #here they buy etc1
.onsumer behavior is a relatively ne# field of study emerged in late 1$6's #ith no history or
body of research of its o#n unli&e branches of economics1 @any early theories concerning
consumer behavior #ere based on economic theory on the notion that individuals act to
maximi-e their benefits in the )urchase of goods and services1
"here are number of reasons #hy the study of consumer behavior develo)ed as a se)arate
mar&eting disci)line1 5s sum as the mar&eting researchers began to study the buying
behavior of customers< they reali-ed that< des)ite a something Ame tooB a))roach to fashions<
many consumer rebelled at using the identical )roducts everyone else used1 "he )rimary
)ur)ose or studying as )art of a mar&eting curriculum is to understand #hy and ho#
consumers ma&e their )urchase decisions1 "hese insights enable mar&eter to design more
effective mar&eting strategies1
.onsumer behavior has become an integral )art of strategic mar&et )lanning1 believe that
ethics and res)onsibility should also be integral com)onents of every mar&eting conce)t<
#hich calls on mar&eter to fulfill the needs of their target mar&et in #ays that im)rove
society as a #hole1
Objective of study
3
"he objective to study the AA comparative study on the consumer`s preference towards
branded jewellery over non branded jewellery in Mumbai.B is to find out
1C "he consumerDs buying )references
0C "he reach of branded je#elerDs
3C (rand a#areness of various brands in the je#elerDs mar&et
Research Methodology
4
Research is initiated by examining the secondary data to gain insight into the )roblem1 "he
)rimary data is evaluated on the basis of the analysis of the secondary data1
DEVELOPING THE RESEARCH PLAN
"he data for this research )roject #ould be collected through ?uestionnaire1 5 structured
?uestionnaire #ould be framed as it is less time consuming< generates s)ecific and to the )oint
information< easier to tabulate and inter)ret1 @oreover res)ondents )refer to give direct ans#ers1
(oth ty)e of ?uestions i1e1 ,)en ended and closed ended< #ould be used1
COLLECTION OF DATA
a) Secondary Data: t #as collected from internal sources1 "he secondary data #as collected
from the articles< ne#s )a)ers< management boo&s< and the internet1
b) Primary data: "hey #ere the main source of 2rimary data1 "he method of collection of
)rimary data #ould be direct )ersonal intervie# through a structured ?uestionnaire1
SAMPLING PLAN
Since it is not )ossible to study #hole )o)ulation< it is necessary to obtain re)resentative sam)les
from the )o)ulation to understand its characteristics1
1) Sampling Units: #ould com)rise of men and #omen1
2) Research Instrument: Structured 7uestionnaire
SAMPLE SIZE
*' res)ondents1
"he )rimary data #ould be collected from
1C "he )o)ulation of @8@(5 city
*
"he secondary data #ould be collected fromE
1C (oo&s
0C @aga-ines+ 2roject re)ort
3C nternet
4C 5rticles
"he ?uestionnaireDs res)onse format for the )o)ulation #ould be close ended ?uestions #ith a
mixture of ?uestions such as ran&ing< multi)le choices to chec&list ?uestions1 "he attitude of the
res)ondents #ould be measured by itemi-ed category scales< )ictorial scale1
:y)othesis F
"he null hy)othesis #ould beE A*'G of the consumer )refers buying branded je#ellery1B
"he alternative hy)othesis #ould beE A@ore than *'G of the consumer )refers buying non
branded je#ellery1B
Significance of the study
6
"he gems and je#ellery industry occu)ies an im)ortant )osition in the ndian economy and is
one of the fastest gro#ing industries in the country1
:ence the research conducted #ould hel) me
1C 8nderstand the consumerDs )reference #hile )urchasing je#elleryH
0C :o# much im)act does a brand have on their )urchase decisionH
3C Ioes )rice )lay an im)ortant role in guiding their )urchase decisionH
7
1ustification of the study
"he )revious research done on branded and non branded je#ellery mar&ets are
1C ndian %ems and Je#ellery @ar&et J 6uture 2ros)ects to 0'11
0C "he im)act of recession on the je#ellery industry
3C "he gro#th of the (randed je#ellery mar&et in ndia
9o study has been done to find out the )reference of consumerDs bet#een branded and non
branded je#elers1 "he study #ould also hel) to find out the consumer )reference and their
buying behavior to#ards branded and non branded je#elerDs< this #ould hel) both the retailers to
&no# #hat are the consumer )reference and #hat strategies should they ada)t to grab the mar&et1
!
Introduction
"ill the early 1$$'s< the average ndian bought je#ellery for investment rather than for
adornment1 Je#ellery made of 1!J&arat gold #as not favored as it #as considered a )oor
investment1
.onfidence in the local je#eler #as the hallmar& of the gold je#ellery trade in ndia1 5 je#eler
or goldsmith in a local area had a fixed and loyal clientele1 "he buyer had im)licit faith in his
je#eler1 5dditionally< the local je#eler catered to the local taste for traditional je#ellery1
:o#ever< since the late 1$$'s< there #as a shift in consumer tastesE #omen #ere increasingly
o)ting for fashionable and light#eight je#ellery instead of traditional chun&y je#ellery1 "here
#as a rise in demand for light#eight je#ellery< es)ecially from consumers in the 16 to 0* age
grou)< #ho regarded je#ellery as an accessory and not an investment1 "he ne# millennium
#itnessed a definite change in consumer )references1
(randed je#ellery also gained acce)tance forcing traditional je#elers to go in for branding1
%iven the o))ortunities the branded je#ellery mar&et offered= the number of gold retailers in the
country increased shar)ly1 (randed )layers such as "(K< "anish?< ,y-terbay< Lisna< Reliance
Je#els and .arbon o)ened outlets in various )arts of the country1 "raditional je#elers also began
to bring out light#eight je#ellery< and some of them even launched their inJhouse brands1
:o#ever< the share of branded je#ellery in the total je#ellery mar&et #as still small Mabout Rs1
1' billion of the Rs1 4'' billion )er annum je#ellery mar&et in 0'10C< though gro#ing at a )ace
of 0' to 3' )ercent annually1 "he branded je#ellery segment occu)ied only a small share of the
total je#ellery mar&et because of the mindset of the average ndian buyer #ho still regarded
je#ellery as an investment1 @oreover< consumers trusted only their family je#elers #hen buying
je#ellery1 .onse?uently< the branded je#ellery )layers tried to change the mindset of the )eo)le
and #oo customers #ith attractive designs at affordable )rices1
$
:o#ever branded je#ellery )layers #ill continue to face lot of com)etition from local je#elers1
n order to gain mar&et share< they #ill have to come u) #ith designs that customers #ant and
#in the trust and confidence of consumers by hallmar&ing and demonstrating the )urity of the
gold used by them1 "o com)ete #ith traditional )layers< branded )layers must also find some
#ay to differentiate themselves1 3hile the success of a )articular brand #ill de)end on
differentiation< affordability and ?uality #ill be a &ey element in sustaining a brand
n addition< branded )layers re?uire focused advertising and astute salesmanshi) to com)ete #ith
traditional je#elers1 (esides the major brandsJ "(K< "anish?< ,y-terbay< Lisna< Reliance Je#els
and "rendsmith J several regional )layers have o)ened branches to leverage the trust and
re)utation that they have built u) over the years1
The emergence of branded gold jewellery
n the late 1$$'s< the ndian je#ellery mar&et #itnessed a shift in consumer )erce)tions of
je#ellery1 nstead of being regarded as only an investment o)tion< je#ellery #as being )ri-ed for
its aesthetic a))eal1 n other #ords< the focus seemed to have shifted from content to design1
"rendy< affordable and light#eight je#ellery soon gained familiarity1 (randed je#ellery also
gained acce)tance forcing traditional je#elers to go in for branding1 Even the o))ortunities the
branded je#ellery mar&et offered= the number of gold retailers in the country increased shar)ly1
(randed )layers such as "(K< "anish?< ,y-terbay< Lisna< Reliance Je#els and .arbon o)ened
outlets in various )arts of the country1 "raditional je#elers also began to bring out light#eight
je#ellery< and some of them even launched their inJhouse brands1 :o#ever< the share of branded
je#ellery in the total je#ellery mar&et #as still small Mabout Rs1 1' billion of the Rs1 4'' billion
)er annum je#ellery mar&et in 0'10C< though gro#ing at a )ace of 0' to 3' )ercent annually1
"he branded je#ellery segment occu)ied only a small share of the total je#ellery mar&et because
of the mindset of the average ndian buyer #ho still regarded je#ellery as an investment1
@oreover< consumers trusted only their family je#elers #hen buying je#ellery1 .onse?uently<
the branded je#ellery )layers tried to change the mindset of the )eo)le and #oo customers #ith
attractive designs at affordable )rices1
1'
Gold 1ewellery Market in India
(efore the liberali-ation of the ndian economy in 1$$1< only the @inerals and @etals "rading
.or)oration of ndia M@@".C and the State (an& of ndia MS(C #ere allo#ed to im)ort gold1
"he abolition of the %old .ontrol 5ct in 1$$0< allo#ed large ex)ort houses to im)ort gold freely
Ex)orters in ex)ort )rocessing -ones #ere allo#ed to sell 1' )ercent of their )roduce in the
domestic mar&et1 n 1$$3< gold and %old ornaments mining #ere o)ened u) for )rivate investors
and foreign investors #ere allo#ed to o#n half the e?uity in mining ventures1 n 1$$7< overseas
ban&s and bullion su))liers #ere also allo#ed to im)ort gold into ndia1 "hese measures led to
the entry of foreign )layers li&e Ie(eers< "iffany and .artiers into the ndian mar&et1
n the 1$$'s< the number of retail je#ellery outlets in ndia increased greatly due to the abolition
of the %old .ontrol 5ct1 "his led to a highly fragmented and unorgani-ed je#ellery mar&et #ith
an estimated 1''<''' #or&sho)s su))lying over 3*'<''' retailers< mostly familyJo#ned< single
sho) o)erations1 n 0''1< ndia had the highest demand for gold in the #orld= !** tons #ere
consumed a year< $*G of #hich #as used for je#ellery1 "he bul& of the je#ellery )urchased in
ndia #as designed in the traditional ndian style1
Je#ellery #as fabricated mainly in 1!< 00 and 04Jcarat gold1 5s :allmar&ing #as not very
common in ndia< underJcarat age #as )revalent1 5ccording to a survey done by the (ureau of
ndian Standards M(SC< most gold je#ellery advertised in ndia as 00Jcarat #as of a lesser
?uality1 ,ver !'G of the je#elers sold gold je#ellery ranging from 131* carats to 1! carats as 00J
carat gold je#ellery1
"he late 1$$'s sa# a number of branded je#ellery )layers entering the ndian mar&et1 "itan sold
gold je#ellery under the brand name "anish?< #hile S121Je#ellers Je#els< a @umbaiJbased
je#ellery ex)orter< sold 1!Jcarat gold je#ellery under the brand name Lisna1 S121Je#ellers
Je#els also started selling 04Jcarat gold je#ellery in association #ith a "hai com)any< 2randa1
SuJRaj MndiaC 4td1 launched its collection of %old ornaments and 00Jcarat gold je#ellery in
1$$71
11
"he @umbaiJbased grou)< (eautiful< #hich mar&eted the "iffany range of )roducts in ndia<
launched its o#n range of studded 1!Jcarat je#ellery< Iagina1 .artiers entered ndia in 1$$7 in a
franchise agreement #ith Ravissant1 ,ther )layers #ho entered the ndian branded gold
je#ellery mar&et during the 1$$'s and 0'''J'1 included ntergold %em 4td1< ,y-terbay< .arbon
and "ribhovandas (himji Kaveri M"(KC1
LisnaE n 1$$4< Lisna Je#ellery #as established as a distinct brand by S121Je#ellers Je#els< soon
after the abolition of the %old .ontrol 5ct by the ndian government1 Lisna offered a #ide range
of 1!Jcarat )lain gold and %old ornamentsJstudded je#ellery< designed for the contem)orary
ndian #oman1 "he designs combined both the ndian and #estern styles and motifs1 3ith sales
of Rs1'114 billion for the year 0'''J'1< Lisna had a '1'3 )ercent share of the 4'' billion
je#ellery mar&et in ndia and a 114 )ercent share of the branded je#ellery mar&et1
"anish?E n 1$!4< 7uestar nvestments 4imited Ma "ata grou) com)anyC and the "amil 9adu
ndustrial Ievelo)ment .or)oration 4imited M"I.,C jointly )romoted "itan 3atches 4imited
M"itanC1 nitially involved in the #atches and cloc&s business< "itan later ventured into the
je#ellery businesses1 n 1$$*< "itan changed its name from >"itan 3atches 4td1> to >"itan
ndustries 4td1> in order to change its image from that of a #atch manufacturer to that of a
fashion accessories manufacturer1 n the same year< it also started its je#ellery division under the
"anish? brand1
5mong the branded je#ellery )layers in the ndian mar&et< "anish? is considered to be a
trendsetter1 3hen it #as launched in 1$$*< "anish? began #ith 1!Jcarat je#ellery1 Reali-ing that
such je#ellery did not sell #ell in the domestic mar&et< the 1!Jcarat je#ellery range #as
ex)anded to include 00 and 04Jcarat ornaments as #ell1 3hen "anish? #as launched< it sold
most of its )roducts through multibrand stores1 n 1$$!< "anish? decided to set u) its o#n chain
of retail sho#rooms to create a distinctive brand image1
(y 0''0< "anish? retailed its je#ellery through *3 exclusive stores across 41 cities1 "o meet
increasing demand< "anish? )lanned to o)en 7' stores by the end of 0''3 and offer a range of
>#earable> )roducts #ith )rices starting at Rs1 4''1 3ith sales of Rs1 0166 billion in 0'''J'1<
10
"anish? had a '166 )ercent share of the total je#ellery mar&et and a 07 )ercent share of the
branded je#ellery mar&et1
.arbonE n early 1$$1< the (angalore based 2ea&o& Je#ellery 2vt1 4td1< M2ea&o&C #as
incor)orated and @ahesh Rao MRaoC #as a))ointed director1 2ea&o& reali-ed that the ndian
consumer>s relationshi) #ith gold je#ellery #ould gro# beyond an investment need to#ards a
lifestyle and )ersonality statement1 n 1$$6< #ithin the 2ea&o& fold a ne# brand of 1!Jcarat goldJ
based je#ellery called .arbon #as launched1
n 0'''J'1< #ith sales of Rs1 '114 billion< carbon had a '1'3 )ercent share of the je#ellery
mar&et and a 114 )ercent share of the branded je#ellery mar&et1 "he com)any ex)ected .arbon
sales to touch Rs1 11* billion by 0''*J'6 and ex)orts to start by 0''!1 "he brand #as available at
4' outlets in 16 cities in 0''0 and #ould be made available in 03 cities by 0''*1
,y-terbayE ,y-terbay #as founded by Nasant 9angia and his team in July 0'''1 t began
o)erations in @arch 0''11 (y 9ovember 0''0< the com)any had 41 outlets across the country1
,y-terbay see&s to build a national brand in the je#ellery industry in ndia and as)ires to be the
largest branded je#ellery com)any in the country #ith a chain of 1'' stores and several hundredJ
distribution )oints by 0''41 3ith sales of Rs1 '117 billion in 0'''J'1< ,y-terbay had a '1'4
)ercent share of the Rs14'' billion je#ellery mar&et and a 117 )ercent share of the branded
je#ellery mar&et
"rendsmithE @umbaiJbased "ribhovandas (himji Kaveri M"(KC< #hich had been in the je#ellery
business since 1!64< sa# tremendous sco)e in the branded segment and o)ened its ne# conce)t
store >"rendsmith> in @umbai in Iecember 0''11 Encouraged by the res)onse to#ards its first
store< the Kaveris )lanned to ta&e "rendsmith MndiaC 2vt1 4td1 all over the nation by o)ening as
many as *' stores by 0''61 "rendsmith offered eight lines of exclusive designer je#ellery from
#ellJ&no#n ex)ort je#ellery manufacturers and designers from @umbai and Ielhi1
13
(R59IEI %,4I JE3E44ER; @5RLE" M@5J,R 245;ERSC
(rand @ar&et share M0'10J13C in GC
"anish? 371'
,y-terbay 717
Lisna 1'14
.arbon *14
SourceE .65 .entre for @anagement Research1
14
Gold 1ewellery Becomes Fashion Accessory
"ill the early 1$$'s< the average ndian bought je#ellery for investment rather than for
adornment1 Je#ellery made of 1!J&arat gold #as not favored as it #as considered a )oor
investment1 .onfidence in the local je#eler #as the hallmar& of the gold je#ellery trade in ndia1
5 je#eler or goldsmith in a local area had a fixed and loyal clientele1 "he buyer had im)licit faith
in his je#eler1 5dditionally< the local je#eler catered to the local taste for traditional je#ellery1
:o#ever< since the late 1$$'s< there #as a shift in consumer tastesE #omen #ere increasingly
o)ting for fashionable and light#eight je#ellery instead of traditional chun&y je#ellery1 "here
#as a rise in demand for light#eight je#ellery< es)ecially from consumers in the 16 to 0* age
grou)< #ho regarded je#ellery as an accessory and not an investment1 "he ne# millennium
#itnessed a definite change in consumer )references1 5ccording to Samrat Kaveri< .E, of
"rendsmith< OResearch sho#s that the ndian je#ellery sector is in the transition )hase #ith
consumers> desire for )ossession of je#ellery for its aesthetic a))eal and not as a form of
investment1O
n ,ctober 0''0< "rendsmith conducted a survey to understand the shifting needs< motivations
and as)irations of consumers in the je#ellery mar&et< and to identify ne# trends and
o))ortunities1 "he research study arrived at the follo#ing conclusionsE
P "he ndian mar&et #as #itnessing an accelerated shift from vie#ing je#ellery as an investment
to regarding it as aesthetically a))ealing ornaments1 "he focus had shifted from content to
design1
P "he younger generation #as loo&ing at trendy< contem)orary je#ellery and clearly avoiding
heavy< traditional gold je#ellery1
P "he consumer #anted a #ider selection at a single convenient location and ex)ected an
international sho))ing ex)erience1
P "he ndian consumer #as #illing to ex)eriment #ith ne# designs1
"he late 1$$'s and early 0'''s< #ith the increase in the number of designers from design schools
such as the 9ational nstitute of 6ashion "echnology M96"C< a #ide range of ne# designs1
1*
Strategies for Wooing Customers
TANISHQ
n the late 1$$'s< )layers in the branded gold je#ellery mar&et formulated strategies for #ooing
customers1 5ccording to Jacob Lurian MLurianC< .hief ,)erating ,fficer of "anish?< the
challenges #ere many1 5s the je#ellery mar&et #as highly fragmented< lac&ed branding< and
allo#ed many unethical )ractices to flourish< "anish? #or&ed hard on a t#oJ)ronged brandJ
building strategyE cultivate trust by educating customers about the unethical )ractices in the
business and change the )erce)tion of je#ellery as a highJ)riced )urchase1 Said Lurian< O3e are
changing the attitudes of customers from blind trust to informed trust1O
"o increase its mar&et share< "anish? formulated a strategy for luring )eo)le a#ay from
traditional neighborhood je#elers1 "anish?>s strategy #as to create differentiation and build trust1
5ccording to Lurian< the first )art of the strategy #as Oto )rovide a )oint of differentiation in a
highly commoditi-ed category J #hich is the #hole )oint of branding1O "he second )art of the
strategy #as to )roject "anish? as an unim)eachable mar& of trust1 5ccording to Lurian< Of
differentiation )lays the role of )rimary attraction< trust ta&es care of lifelong loyalty1B
,ne #ay to create differentiation #as through design1 "he em)hasis had to be on design because
local je#elers could offer to design any )attern according to the customer>s s)ecifications1 6or a
national brand a generic design conce)t #ith regional variations had to be evolved1
6or this< "anish? set u) a seven member inJhouse design team and also outsourced designs from
freelance designers1 "he designers travelled the length and breadth of the country to get feedbac&
on "anish?>s designs and learn about customer )references1 ,n the basis of this feedbac&< each
sho#room could select the designs it #ould carry1
MSourceEhtt)E++###1icmrindia1org+freeG0'resources+casestudies+brandedJgoldJje#ellery11htmC
16
Brand appeal:
(randed je#ellery has found a niche for itself in the tough ndian mar&et< and its increasing
gro#th rates sho# that before long it #ill corner a significant share of the je#ellery mar&et1
3": the retail industry in ndia burgeoning< several com)anies have made inroads into the
traditional je#ellery industry< selling the )roduct that #as never really Omar&etedO in ObrandO
ne# #ays1 So much so that branded je#ellery is the ne# mantra in the mar&et< having ra)idly
ac?uired a niche over the )ast fe# years1
Some of the com)anies have even cleverly )layed on ndian customs and tradition to advertise
and establish their brands1 Je#ellery is no# mar&eted for every occasion= even Nalentine>s Iay
calls for Oa s)ecial something Q%old ornamentsR for a s)ecial someoneO1
n s)ite of )essimism about the mar&etability of branded je#ellery in a country rooted in buying
ornaments from the traditional goldsmith< 3' brands #ere launched in 0''41 :o#ever< this does
not ta&e a#ay from the fact that ndia is a tough mar&et1 5ccording to @ehul .ho&si of the
I>Iamas and S121Je#ellers %rou)< branded je#ellery has #itnessed more than *' )er cent
gro#th in the last three years1 "he %old ornaments branded je#ellery< he says< is es)ecially
im)ressive #ith the segment #itnessing a 0' )er cent rise annually as against 1' )er cent a
decade ago1
5lthough branded je#ellery accounts for less than 1' )er cent of the Rs14'<'''Jcrore je#ellery
mar&et< a study has concluded that it is gro#ing in )o)ularity at a tremendous )ace of 0'J3' )er
cent annually1 Such is the )otential of this industry that the consulting firm @cLinsey estimates
the branded je#ellery mar&et in ndia to gro# at the rate of 4' )er cent )er annum to touch
Rs11'<''' crores by 0'1'1
(ig drivers of this &ind of je#ellery are the numerous malls o)ening across the country #ith the
emergence of an affluent class follo#ing the successful gro#th of the ne# economy com)anies1
n the )ast decade< the country has seen a section of the )o)ulation gaining ex)osure to designer
#ear< fashion accessories and globally branded )roducts1 O3hy not have accesses to themHO as&s
17
Rima Lhan< a brand executive1 O,f course je#ellery is harder to brand but it has done #ell given
the tough com)etition<O she says1
,ne of the reasons branded je#ellery is doing #ell is that no# anyone can #al& into a mall<
#indo# sho) and decides at their o#n #hat they #ould li&e to buy1 "he entire culture of
sho))ing has changed #ith attentive and hel)ful attendants and #ellJdis)layed )roducts1 O;ou no
longer have the sales staff #ho loo& at you and decide #hether you are #orth serving or not1
Everyone is a )otential customer in the ne# mar&et<O says Rima Lhan1 ;et the most im)ortant
)art of branded je#ellery is that you can get a )iece of je#ellery #ith a %old ornaments for as
little as Rs11<*''1 5nd as branded is e?uated #ith ?uality< you are assured of a good )roduct1
OSuddenly je#ellery has become accessible and affordable for all income brac&ets1O
"he shift #as visible in 0''4 #hen more than 3' )layers entered the mar&et1 "oday there are
more than *' brands< endorsed by models< film actors< s)orts celebrities and other #ellJ&no#n
faces1 Some designs of these brands are so )o)ular that local je#elers have begun to co)y them1
O3hile it is a com)liment to the industry that )eo)le li&e the )roduct< it could also affect the
com)any because the cost may be lo#er<O says Rima Lhan1
"he biggest challenge )erha)s is in educating the consumer1 .onsumers need to understand the
four .s J .ut< .arat< .olor and .larity1 .om)anies that brand their )roducts )lace a lot of
em)hasis on educating and therefore hel)ing the customer ma&e his )urchase1 O(uying je#ellery
is a very )ersonal thing and #e need to understand #hat #e are buying<O says Seema "ha&ur< an
attendant in a je#ellery store at a mall in @umbai1 O3e have an average of *' )eo)le on a #ee&
day and at least 1'' on a #ee&end #ho #al& in and loo& around the sho)1 f you ma&e the
)roduct loo& s)ecial< for instance< a))eal to a young gentleman to buy it for a loved one< he is
often interested1O 5nd the big selling )oint isE Of you can s)end Rs11<''' on t#o music .Is<
#hy not s)end for that s)ecial )erson in your life1O
1!
"he branded je#ellery industry is still in its infancy< but increasing gro#th rates sho# that in a
short time it #ill corner a significant chun& of the mar&et1 2erha)s the best com)liment to the
branded segment is that old je#ellery sho#rooms have also begun to design je#ellery lines
under a brand name1
1$
Indian Customers Showing Interest in Branded 1ewellery
5s )er our recently )ublished research re)ort Andian %ems and Je#ellery @ar&et F 6uture
2ros)ects to 0'11B< gems and je#ellery mar&et in ndia )osses tremendous )otential for future
gro#th since it has an added advantage of lo# )roduction cost and highly s&illed labor that
se)arate it from its com)etitors1 t is )rojected that the overall gems and je#ellery mar&et #ill
gro# at a .5%R of around 14G during 0''$J0'101
ndia )ossesses #orldDs most com)etitive gems and je#ellery mar&et due to its lo# cost of
)roduction and availability of s&illed labor1 5s )er our ne# research re)ort Andian %ems and
Je#ellery @ar&et J 6uture 2ros)ects to 0'11B< highly s&illed and lo# cost man)o#er< along #ith
strong government su))ort in the form of incentives and establishment of SEKs< has been the
major driver for the ndian gems and je#ellery mar&et1 "he mar&et also )lays a vital role in the
ndian economy as it is a leading foreign exchange earner and accounts for more than 10G of
ndiaDs total ex)orts1 .urrently the ndian mar&et remains highly fragmented< but is ra)idly
transforming into an organi-ed sector1
.urrently< the industry is facing a slo#do#n due to global economic turmoil1 (ut due to various
government efforts and incentives cou)led #ith )rivate sector initiatives< the ndian gems and
je#ellery sector is ex)ected to gro# at a .5%R of around 4G from 0'10 to 0'1*1 5t )resent< the
ndian gems and je#ellery mar&et is dominated by the unorgani-ed sector= ho#ever< the trend is
set to change in near future #ith the branded je#ellery mar&et gro#ing at an ex)ected .5%R of
more than 41G in the coming four years1 5s )er our research re)ort< #ith its consum)tion
)egged at nearly 0'G< ndia remains #orldDs largest gold consumer and this share is ex)ected to
gro# further1
%iven the fact that majority of mar&et share is occu)ied by familyJo#ned je#elers< the
domination of unorgani-ed segment still continues on the ndian gems and je#ellery mar&et1
:o#ever< this scenario is gradually changing #ith the entrance of organi-ed )layers #ho
)rimarily focus on customer satisfaction by giving better and finer ?uality )roducts1 "hus<
0'
consumers are no# moving to#ards branded je#ellery #hich is more reliable in terms of ?uality
and design1
Traditional v/s Branded jewelers
%ems and Je#ellery sales and mar&eting received a facelift #ith the advent of the su)ermar&et
culture1 5s organi-ed retail in ndia )rogresses to the next la)< Sadanand Subramanian chec&s for
%old ornaments 3orld #ith some )recious ndustry )layers about their )re)aredness and strategy
to achieve maximum mileage1
5s ndia reacts to a retail revolution< the hitherto sober gems and je#ellery industry seems to
have jum)ed on the band#agon #ith a clear )lan of action1 "he industry has already made a
mar& by ca)turing 3 )er cent of the organi-ed retail s)ace than&s to the leadershi) sho#n by a
handful of com)anies )re)ared to da--le the #orld1 3hile organi-ed retail under this segment
im)ressively gro#s at over *' )er cent annually< deliberations are on to arrive at #hat the
industry in general must do to &ee) the customer )erennially delighted1 "he gems and je#ellery
mar&et in ndia is estimated to be about Rs1!'<''' crores and the to)most agenda is to ado)t the
right strategy to accelerate its gro#th &ee)ing in mind current global dynamics1 6or no# the
industry faces &een com)etition from other luxury goods such as electronic innovations and
other )ersonal accessories1 :o# far is it necessary for the gems and je#ellery sector to seriously
consider itH
"here is no doubt that things are a lot more organi-ed in stores inside malls1 "hey also sho#case
and )resent )roducts very attractively1 (ut in my o)inion< real sales ta&e )lace through traditional
je#ellery stores as je#ellery is mainly sold on trust1 %hanshyam Ihola&ia
"he urgency in the industry indicates ra)id changes in the #ay goods are )roduced and
mar&eted1 "he evolution of ne# formats for sale and the massive technology and to some extent<
si-eable infrastructural develo)ments ta&ing )lace all foretell a )ros)ect of gro#th #ay beyond
the current overall 1' )er cent1
01
"he ndian gems and je#ellery industry boasts a strength of over 3 la&h je#ellery retailers across
the length and breadth of this country1 "he huge number indicates strength in itself but it also
indicates a difficult diversity to gra))le #ith #hen ex)loring common grounds to formulate
united a))roaches to tac&le common concerns1
00
Organized V/s Traditional Retail
.om)arisons have al#ays been dra#n bet#een organi-ed retail and traditional retail1 5ttem)ts
have al#ays been made to define them1 Rooting for organi-ed retail< 9avneet %oen&a< NiceJ
.hairman of %oen&a %old ornaments and Je#els says< ARight no# organi-ed retail seems to
have #rested an edge over traditional retail1B %oen&a argues that the indications to this effect are
seen in the manner large )ro)ortions of the society are becoming lifestyle oriented< es)ecially the
younger generation1 3hen considering ndiaDs statistic of having the highest )ercentage of youth
in the #orld< this observation cannot be ta&en lightly1 %oen&a says that the gems and je#ellery
sector is one of the fastest gro#ing segments1 :e adds< A"he young generation today has more
dis)osable income and they are #illing to s)end it on luxuries of choice1B
%hanshyam Ihola&ia< )artner< :ari&risha Ex)orts holds a different vie# #ith regard to the tussle
for su)remacy over the t#o formats1 A"here is no doubt that things are a lot more organi-ed in
stores inside malls<B he concedes1 A"hey also sho#case and )resent )roducts very attractively1
(ut in my o)inion< real sales ta&e )lace through traditional je#ellery stores as je#ellery is
mainly sold on trust1B 3hile ex)laining his )oint of vie#< he adds< A"o the credit of traditional
je#ellery stores they also have u)graded themselves in various #ays including the overall
ambience in the last five to ten years1 "hey are also changing themselves in the matters of
)resentation and the customer a))roach1B Ihola&ia says that in )romotions and a#areness
creation< traditional retailers have reali-ed its im)ortance thereof and have started allocating
si-eable budgets for them1 .onse?uently this section has already started rea)ing the benefits of
?uality )romotions by creating a#areness about their )roducts and services1 Ihola&ia is
some#hat em)hatic #ith regard to modern day organi-ed retail citadels< An my )ersonal o)inion
malls mainly serve the )ur)ose of )romotion and sho# of )roducts1 donDt thin& a lot of gems
and je#ellery sale ta&es )lace in malls1B
5sh#in Shah< :ead of Retail at .1 @ahendra Ex)orts holds a similar vie# #ith regard to
je#ellery sales at modern sho))ing malls1 :e o)ines< A"he sales that ta&e )lace in a mall are of a
very different &ind1 ;ou can call it #indo# sho))ing if you li&e1B Shah elucidates his )oint< A"he
young generation often resorts to some im)ulse buying1B :e stresses that serious buyers #ho are
03
loo&ing for high value )urchases for occasions such as #eddings )refer to )lan their je#ellery
sho))ing and eventually )urchase from &no#n re)uted je#elers1
04
Changes in Gems & 1ewellery Retail
3hilst organi-ed retailers are ahead #hen it comes to ta&ing care of the different as)ects in the
mar&eting and sales value chain< those in traditional retail are also changing or ada)ting to the
needs of the modern customer in the areas of service and customer care1 "hey too are im)roving
their style of )resenting and dealing #ith customers1 An the )ast< je#elers didnDt have much
modern education1 "oday< there are a number of @(5Ds in these families and amongst &ey
)ersonnel em)loyed by them<B )oints out %hanshyam Ihola&ia1
Retailing the Organized Way
3hile com)lementing the )lanned a))roach by organi-ed retail< @ahesh %andaniJ:ead Retail<
:ari Lrishna Ex)orts says< A3e can see that times have changed and some#here along the #ay<
the #hole a))roach to mar&eting has also undergone transformation1B %andani says that for
branded %old ornaments je#ellery there is much )lanning involved1 :e says meticulous strategy
is charted out< and there is systematic )resentation of the )roduct1 5ll this goes on even as a
)roduct )ortfolio is made and )romotions are carried out1 %andani says creating brand a#areness
in the minds of the consumers is all about ado)ting a fe# strategic ste)s1 A,ne might say the
difference bet#een traditional and organi-ed is just doing and doing by )lanning1B
Recent develo)ments have been both a boon as #ell as a bane1 5ctually< this has s)urred us on to
become innovative #ith our offerings to suit the mar&et1 3e have actually managed to reduce
cost by ado)ting the strategy of reducing the volume of gold in some of our )roducts to ma&e it
affordable1 5sh#in Shah s)ea&ing about organi-ed retail< N1 @uraleedharan< gems and je#ellery
)rofessional and visiting faculty at #ell &no#n management institutes in @umbai says< A"he
number of foreign brands coming into ndia is sim)ly ama-ing1 (rands that #ere only heard of a
fe# years ago are today very much #ithin anyoneDs reach here1 @uraleedharan goes on to
ex)lain< ASo far )eo)le #ho had only seen traditional offerings have started ma&ing intelligent
international com)arisons #ith ndian )roducts and this has brought about real room for retail to
gro# a number of times1B
0*
3ell &no#n brands have al#ays insisted that #hen they tal& about a )articular grade< they are
certified1 @oreover the ?uality standard is confirmed and authori-ed and remains the same in any
laboratory in the #orld1 @uraleedharan says< An my o)inion the ?uality a brand ex)resses< and
the certification ma&e it easy for a customer to confidently buy the )roduct1B
"he Nalue 2ro)ositionE
A"oday everyone is loo&ing for value for money< a ne# design< a ne# conce)t< something very
creative and that is the conce)t of retail today1 t is not li&e yesterday #here the sho)&ee)er or
the manufacturer used to dominate1 "oday< the customer is going for customi-ed designs= the
#hole conce)t is changing<B says @uralidharan1 A"he consumer is loo&ing for value for money<
#hen they buy %old ornamentss1 "hey li&e to buy from re)uted )layers li&e exam)le "anish?<
S121Je#ellers< %oen&a< 9a&shatra< Liah and 9irvana1 5ll of #hom have achieved very organi-ed
)resence in the mar&et today1 Each one of them has a standard ?uality certification
internationally and that is #hat is going in the minds of the customer #hen they tal& about
buying from the organi-ed sector1B
06
Company Profile
S.P. 1EWELLERS
6ounded as a single com)any cutting and )olishing %old ornaments for the je#ellery trade at
@umbai< in 1$$*< the S.P.1ewellers became< many times over< a )ioneer among major %old
ornaments and je#ellery houses1
6irst major %old ornaments and je#ellery house to be launched and run by modern entre)reneurs
rather than dynastic je#ellers1 5n authorised I". Sightholder and loyal customer F and a
modern multinational business run on innovative insights1
5t the forefront of the global brea&through in %old ornaments je#ellery design and )roduction
brought about by ndiaDs ability to cut %old ornamentss considered un#or&able for je#ellery till
then1 :as the distinction of )roducing the #orldDs smallest heart sha)ed %old ornaments M'1'3
caratC< and develo)ing some 0* )atented facet )atterns1
(esides changing the face of manufacture< bro&e the mould of traditional je#ellery mar&etingE it
abandoned je#ellery trade convention by launching multi)le brands for multi)le mar&ets and
)rice segments1
(usiness model no# integrates all o)erations< from rough %old ornaments sourcing< cutting<
)olishing and distribution< and je#ellery manufacture< to je#ellery branding and retail< as #ell as
global lifestyle brands< in ndia and abroad1
,ffers je#ellery in diverse stylesE traditional< international classic< and casual1 6or consumers of
all age grou)s< tastes and budgets1 3ith a gro#ing ham)er of brands< some already global< and
each targeted to s)ecific consumer and mar&et segments1
07
Analysis and Findings
"he objectives of the study #as to understand the consumerDs buying )references< the reach of
branded je#elerDs< brand a#areness of various brands in the je#elerDs mar&et1 :ence the first
?uestion #as to find out the factors that guide a customer #hile )urchasing je#ellery #hich dealt
#ith nine attributes1 "he res)ondents #here just as&ed to tic& on the attribute that guided that
)urchase decision1
"he result is as follo#sE
1) Factors that guide you while purchasing jewellery?
Iesign 2rice 2urity mage Nariety Iis)lay
2romotion
and ,ffers
Service
6amily
and
6riends
!* $0 !7 6* 67 * 1' 0 10
6rom the above results an observation can be dra#n that out of the 1'' res)ondents $0 of them
feel that )rice is a major factor that guides their )urchase decision1 5)art from )rice )urity also is
considered im)ortant by !7 res)ondents< follo#ed by design #ith !* res)ondents feel it is an
im)ortant factor1 Nariety and image are the other im)ortant attributes that are considered #hile
ma&ing a )urchase decision1 5ttributes li&e family and friends< )romotions and offers are still not
very )o)ular among the res)ondents selected for this research1 "he attributes li&e service and
dis)lay have been selected only by 0 and * res)ondents res)ectively sho#ing that these are the
least im)ortant thing that guide an individual to )urchase je#ellery1
0!
"he diagram belo# sho#s the guiding factor of the res)ondents #hile )urchasing je#ellery in an
ascending manner1
7uestion t#o dealt #ith the a#areness of various brands of je#ellery available in the mar&et1
"his ?uestion #ould hel) find out the )ercentage of the res)ondents #ho are a#are about
branded je#ellery1
0$
2) Are you aware of the various jewellery brands available in the market?
;es 9o
$* *
6rom the above result it can be observed that there is $*G a#areness about branded je#ellery1
,ut of the $* res)ondents there is not a single res)ondent #ho is not a#are about branded
je#ellery1
3'
3) Tick against the brands that you are aware about in the jewellery market
"he third ?uestion #as to find out the )o)ularity of * brands1 "he res)ondents #ere as&ed to tic&
against the brands that they are a#are about1 "he * brands considered here are Lisna< "anish?<
Idamas< ,y-terbay< and "rendsmith1 "hese are the )rominent brands for gold je#ellery there are
many other )layers but the research is limited to gold je#ellery1
Brands Lisna "anish? Kaveri (a-ar (afna
No of Respondents` 3' 4' *' 1'
6rom the above table and figure inference can be dra#n that brands li&e Lisna< "anish? are
&no#n but the traditional @8@(5 outlets of Kaveri ba-ar is )referred1
31
"he fourth ?uestion #as to find out the reason #hy the res)ondent )urchases je#ellery that is the
reason for )urchasing1 s it )urchased as an investment o)tion or on occasions< festivals or as a
fashion statementH
4) You buy jewellery for.
nvestment 6ashion ,ccasions 6estivals
9o of
Res)ondents
34 3$ 11 16
34 res)ondents buy je#ellery for investment )ur)ose< 3$ res)ondents loo& out for fashion or the
latest trends #hile )urchasing je#ellery1 11 res)ondents buy je#ellery during occasions li&e
#eddings< anniversary< birthdayDs etc1 and 16 res)ondents buy je#ellery during festivals1
30
5) Which jewellery do you prefer?
2reference
(randed
Je#ellery
6amily
Je#eler
9o of Res)ondents 6$ 31
6rom the above table it can be observed that 6$ res)ondents )refer branded je#ellery and 31
res)ondents )refer family je#elers1 "his ma&es branded je#ellery more )o)ular among the
res)ondents1
33
6) Have you bought any branded jewellery?
,ut of the 1'' res)ondents 7! have bought branded je#ellery and 00 have not bought branded
je#ellery1 :o#ever even if these 00 res)ondents have not bought branded je#ellery they are
a#are of branded je#ellery being sold and also &no# the brands by their names1 Since the
sam)le consist of females and males the next set of ?uestion deals #ith #hether je#ellery is
bought for gifting )ur)ose
34
(randed Je#ellery (ought 9ot bought
9o of Res)ondents 7! 00
7) Do you buy jewellery for gifting purpose?
(uy je#ellery
for gifting
;es 9o
9o of
Res)ondents
3' 7'
3' res)ondents of the 1'' buy je#ellery for gifting )ur)ose among these 3' 10 are men1 7'G of
the res)ondents do not buy je#ellery for gifting )ur)ose1
3*
8) Where do you prefer to buy the jewellery from (for gifting)?
(randed 6amily je#eler
9o of Res)ondents 14 16
14 res)ondents out of 3' buy branded je#ellery for gifting and 16 out of 3' buy je#ellery from
their family je#eler for gifting1 2ercentage #ise 46G buy branded je#ellery for gifts and *4G
buy je#ellery for gifting from their family je#eler1
36
9) Given below are few characteristics of traditional family jeweler`s (or local jewellery
retail stores). Please give each characteristic some points based on your assessment,
such that the points range from 1 to 10. (1 being the lowest and 10 being the
highest).
Characteristics of
Family 1eweler`s
.onvenient "rust#orthy
%ood
nvestment
2rice
"raditional
design
Number of points 66' !$* 77* !7' 74*
"he res)ondents #ere as&ed to give )oints on a scale of 1 to 1' #here 1' #as the highest hence
the total figures are arrived by adding the )oints given by all the 1'' res)ondents1 :ence if the
SconvenienceD characteristic #as to be ta&en then it scored 66' out of the grand total of 1'''1
"he res)ondents have rated trust as)ect of family je#elers high hence it has scored !$*1 "he
res)ondents also feel that the )rice charged by the family je#elers is reasonable and hence have
given it decent )ointDs i1e1 !7'1 3hile )urchasing je#ellery from family je#elers the res)ondents
consider it to be a good investment1 6amily je#elers are )o)ular for traditional designs and the
res)ondents have given it )oints that add u) to 74*1
37
10)If you purchase branded jewellery then given below are a few characteristics. Please
give each characteristic some points based on your assessment, such that the points range
from 1 to 10. (1 being the lowest and 10 being the highest).
Characteristics of
branded jewellery
3ide range
of )roducts
under one
roof
Sho))ing
ex)erience
"rendy and
fashionable
je#ellery
2rice
Number of points 663 *$' 707 673
Res)ondents rate trendy and fashionable je#ellery highest #hen it comes to branded je#ellery1 t
scores 707 out of 7!'1 2rice also according to the res)ondents is justified hence it scores 6731
Sho))ing ex)erience #ise branded sho#room scores least among the other characteristics1 "his
could also be because #hen a customer goes to buy je#ellery he may not be loo&ing for the
ex)erience but #anting good trendy je#ellery #hich is )riced a))ro)riately1
3!
Conclusion
"he conclusions that can be dra#n from the study areE
11 "he guiding factor behind )urchasing je#ellery is )rice< )urity and design #hich score
the maximum1 ,ther factors are variety< the brand image< influence of family and friends1
"he least guiding factor for )urchasing je#ellery is the service and dis)lay1 :ence #hen a
customer goes to buy je#ellery they do &ee) the )rice in mind follo#ed by the )urity and
the design1 6actors li&e service given the sho) or by the je#eler and the dis)lay do not
have a very big im)act on the customers1
01 (randed je#ellery is extremely )o)ular since it has 1''G a#areness1 "his may be due to
the #ide s)read )ublicity ta&en u) by the various brands1 (rands li&e Lisna< Idamas< and
"anish? are again the most )o)ular brands1 "rendsmith is a brand by "ribhovandas
(himji Kaveri M"(KC #hich is not very )o)ular1
31 5s stated in the literature revie# that Sthere #as a shift in consumer tastesE #omen #ere
increasingly o)ting for fashionable and light#eight je#ellery instead of traditional
chun&y je#ellery1D s )roved to be correct by this research as res)ondents have selected
fashion over investment #hile )urchasing je#ellery1 9o# je#ellery is regarded as more
of an accessory and less of an investment1
41 (randed je#ellery is bought by more than 3+4
th
of the )o)ulation1 :ence it can be said
that the )o)ulation is a#are and has also tried these brands1
*1 3hen je#ellery is bought for gifting )ur)ose the )o)ulation still #ants to buy it from
their family je#elers1
61 3hen it comes to family je#elers the level of satisfaction that the )o)ulation has on a
scale of 1 to 1' is a little more than 71 "hese je#elers are also )o)ular because of the trust
that they have #ith their customers and also because they charge reasonable )rices1 "hese
family je#elers are also )o)ular for traditional designs hence #hen a customer is
3$
s)ecifically loo&ing out for traditional je#ellery they a))roach these je#elers1 "he
je#ellery bought from these je#elers is considered to be )ure and a good investment1
71 "he level of satisfaction that the )o)ulation has to#ards branded je#ellery is a little
higher than !1 "hese branded je#elers have become )o)ular for latest and trendy
je#ellery1 5lso the )rices that the branded je#elers charge is justified and they )rovide a
#ide range of )roducts under one roof1
!1 "he level of satisfaction that the )o)ulation has for branded je#ellery is higher then that
for non branded je#ellery ma&ing branded je#ellery more )o)ular1
$1 "he consumers )refer buying branded je#ellery over non branded je#ellery1 "his has
also been )roved by using the sign test1
:ence to conclude branded je#ellery is )referred over non branded je#ellery1
4'
QUESTIONNAIRE
9ameE
"ele)hone numberE 5geE
1'C 6actors that guide you #hile )urchasing je#elleryH
Iesign 2rice 2urity (rand mage
Nariety Iis)lay 2romotions and offers
Service 6amily and friends influence
11C 5re you a#are of the various je#ellery brands available in the mar&etH
;es 9o
10C "ic& against the brands that you are a#are about in the je#ellery mar&et
Lisna "anish? Kaveri ba-ar (afna
13C ;ou buy je#ellery forT
nvestment 6ashion ,ccasions 6estivals
41
14C 3hich je#ellery do you )referH
(randed 6amily Je#eler
1*C :ave you bought any branded je#elleryH
;es 9o
16C Io you buy je#ellery for gifting )ur)oseH
;es 9o
17C 3here do you )refer to buy the je#ellery from Mfor giftingCH
(randed 6amily Je#eler
40
1!C %iven belo# are fe# characteristics of traditional family je#elerDs Mor local je#ellery
retail storesC1 2lease give each characteristic some )oints based on your assessment< such
that the )oints range from 1 to 1'1 M1 being the lo#est and 1' being the highestC1
Characteristics of Family 1eweler`s Number of points
.onvenient
"rust#orthy
%ood nvestment
2rice
"raditional design
1$C f you )urchase branded je#ellery then given belo# are a fe# characteristics1 2lease give
each characteristic some )oints based on your assessment< such that the )oints range from
1 to 1'1 M1 being the lo#est and 1' being the highestC1
Characteristics of Branded 1eweler`s Number of points
3ide range of )roducts under one roof
Sho))ing ex)erience
"rendy and fashionable je#ellery
2rice
43
BIBLIOGRAPHY
Secondary data collected from the internet1 "he #eb sites areE
1C htt)E++###1icmrindia1org+freeG0'resources+casestudies+brandedJgoldJje#ellery11htm
0C htt)E++###1flonnet1com+fl0003+stories+0''*111!''3!'$!''1htm
3C SourceE htt)E++###1rncos1com+Re)ort+@14!1htm
4C htt)E++###1)ressabout1com+indianJcustomersJsho#ingJinternetJinJbrandedJje#elleryJ
04!6'+
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