bheema thesis
TRANSCRIPT
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THE INDIAN INSTITUTE OF PLANNING AND MANAGEMENT
HYDERABAD
A THESIS ON
Submitted in Partial Fulfillment of the requirement for the Award of the degree of
Masters in Business Administration
SUBMITTED TO:
KANCHAN YADAV
UNDER THE GUIDANCE OF:
Debapriyo
SUBMITTED BY:
NAME: - Y BHEEMA REDDY
ALUMNI ID:
BATCH:-PGP/SS/09-11
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Report On
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DECLARATION
I here by declare that the project report titledFactors affecting the choice of retail diamond
jewellery in Indore is carried out by me for the partial fulfillment of MBA and is submitted to IIPM,
HYDERABAD and not submitted this to any other University/ Institute for any degree.
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THESIS TOPIC APPROVAL LETTER
This is to inform that the thesis topic " Factors affecting the choice of retail diamond jewellery inIndore ".as proposed by you,has been approved. This email is an official confirmation that youwould bedoing your thesis work under the guidance of Mr.Kapil Jaseja. Make it acomprehensiveand complete work;the primary objective of a thesis should be value additiontothe existing knowledge base.Please ensure that the objectives as stated byyou in your synopsisare met using the appropriate research design and methodology.
Remember to register yourself with Mrs Kanchan Yadav,attheacademicsdepartment by giving details about your specialization and batch details andget for
yourself an Alumni ID Number. If you are visiting the campus, you canas well take a print out ofthis mail and produce it in front of the librarianfor easier registration. Alternatively, you can co-ordinate with him overemail. You must always use the thesis title and id number as approvedandregistered with us. Do not forget to attach this letter including the signatureof anydepartmental member or any other internal guide for eventualauthentication of the final thesis.
You are required to correspond with us by sending at least six response [email protected](format attached along with this mail) at regular intervals,before the lastdate for thesis submission). Fine for late submission will be applicable inyour case,as per the institutional norm.
Lastly, also please do remember to communicate with the thesis department andany and all otherthesis related affairs at [email protected] disregard the earlieremail ids that you have corresponded with.
Best
Prof Debapriyo
The Department of Academics
IIPM, IIPM Tower
6-3-252/2, Erramanjil
Banjara Hills
mailto:[email protected]%3E,atmailto:[email protected]%3E,atmailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]%3E,at -
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CERTIFICATE
This is certify that the thesisFactors affecting the choice of retail diamond jewellery in Hyderabad
submitted by Y BHEEMA REDDY for the award of master of business administration degree by the IIPM,
INDORE, is his original work and it has not previously formed the basis for the award of any degree
diploma associate ship, fellowship or any other similar title and it represents wholly his independent
work.
Signature of the Faculty Supervisor
Name: Kapil jaseja
Designation: Director
Center: Indore
Signature of the Center head
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ACKNOWLEDGEMENT
The credit of completion of the Management Thesis I report Factors affecting the choice of retail
diamond jewellery in Indore not only relies on me, the credit goes to all the persons who stood behind
me to do this project. The project will be incomplete if I wont convey my regards to all those people.
I express my deepest gratefulness to Mr Debapriyo, Faculty guide
The support he gave me at various stages of the project was invaluable.
I thankMr. Kapil Jaseja, for his continuous support to the students.
I sincerely thank all my friends, and also the employees who are working at Tanishq outlet
the information shared by them was very valuable in putting up this report.
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1. Introduction .1
2. Objectives..5
3. Scope of the study.....5
4. Research and methodology ..6
5. Limitation..7
6. Investing India..8
7. Indian Jewellery Retail..14
8. Organized Retailer.21
9. Review Of Literature.....24
10.Analysis & Interpretation...31
11.Findings.............42
12.Suggestion.43
13.Conclusion.46
14.Appendix
15.Bibliography
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Introduction
The Indian gems and jewellery industry is one of the fastest growing segments in the Indian
economy with an annual growth rate of approximately 15 per cent. The domestic market is
estimated to be around US$ 16.1 billion and the All India Gems and Jewellery Trade Federation,
a nodal agency representing 300,000 jewellers across the country, expects it to grow to US$ 25.2
billion in two to three years. The country is also the largest consumer of gold in the world. It
consumes nearly 800 tonnes of gold that accounts for 20 per cent of world gold consumption, of
which nearly 600 tonnes go into making jewellery. India is also emerging as the world's largest
trading centre for gold targeting US$ 16 billion by 2010. The industry has the best skilled
manpower for designing and producing high volumes of exquisite jewellery at low labour costs.
Let us at first take a look at the evolution of the Indian Gold Market. India was never in dearth of
Gold Reserves. History had been a witness of the fact that India was always self sufficient in all
its natural resources and more so in case of gold. It was this abundance in availability of such
precious metals that lured foreign invaders from all parts of the globe as well as from time to
time to come to India and plunder as much of it as was possible for them to do. However there
were a significant number of such intruders who, after entering the country, fell for the land and
its cultural heritage which eventually led them to settle and establish their
empire in India .
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As a inevitable consequence of the lavish livelihood exhibited by the Indian rulers, the Gold
reserves in India gradually diminished. The arrival of the British in the hierarchy in the middle of
the eighteenth century announced the decline of India's Gold Reserves even further. The colonial
status given to India by the British crippled the economy which once boasted of its wealth in
gold. Huge quantities of the precious metal was carried to England right after their extraction. As
a result a major proportion of India's Gold Reserves was 'vanishing' without even entering into
the economy.
By the time India gained independence, a huge vacuum had already been created as far as Gold
Reserves in India was concerned. Slowly, after several decades have gone by India has finally
started to fill up the vacuum in a big way. After reaching a new height in the form of 8 % growth
in Gross Domestic Product (GDP) for the year 2005-06, India is being recognized as one of the
fastest emerging economies of the world. India's growing prospects can also be noticed in the
gold market as well. India is viewed as the largest consumer of gold in recent times. According
to the figures presented by the estimates of the World Gold Council (WGC), India's total demand
for gold in the year 2001 was 243.2 tonnes which comprised 26.2 % of the total world demand.
India, the largest democracy in the world, with its consistent growth/performance and
abundant skilled manpower provides enormous opportunities for investment, both domestic and
foreign. India is the fourth largest economy in terms of Purchase Power Parity and the tenth most
industrialized country in the world. Major initiatives such as industrial decontrol, simplification
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of investment procedures, enactment of competition law, liberalization of trade policy, full
commitment to safeguarding intellectual property rights, financial sector reforms, liberalization
of exchange regulations etc., have been taken, which provide a liberal, attractive, and investor
friendly investment climate.
The Government of India reviews the foreign direct investment (FDI) policy on an ongoing
basis. Important policy initiatives taken in the recent past include raising FDI equity limit in
domestic airlines sector to 49 per cent and placing it under the automatic route; allowing FDI up
to 100 per cent under the automatic route for the development of townships, housing, built-up
infrastructure and construction development projects; procedural simplification for approval of
proposals for new joint ventures, technology collaborations with existing joint ventures,
technology transfer/trade marks agreement in India and transfer of shares from existing Indian
companies. The manual, 'India: FDI Policy and Procedures', is aimed at providing investors up-
to-date information on the policies and procedures relating to FDI.
The growing rate of internet users in India Provides a developing market prospects to the
retailers to concentrate on Internet retailing. Internet retailing is the one of the critical issues of
Retiling sector in India. Because customers love Internet retailing for so many reasons,
comparison shopping, saving time, eases of purchase.
Today, India is having highest growing population of youth segment in the world and the
users of Internet tremendously increased. Customers have created an attitude of getting anything
on the table. So they are interested in online retailing.
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For Indian people jewellery is one of the major sources of investment. The attitudes of
Indian consumers Jewellery purchasing are interconnected with culture. But now organized
retailers wants to break the concept of trust based purchasing in jewellery. The next stage of this
retailing is to be an online retailing.
Normally Indian people are not much aware of internet retailing especially in jewelry
retailing because Indian people strongly believe in human touch and Trust among the retailers.
At present online jewellery retailing have grown so strong in India but its having highest
compounded growth rate because of growing population and increasing individual level of
income and technology growth of the country.
So in this study we are focusing on online purchasing behavior of customers, factors
influencing consumers while purchase jewelry on internet and Online retailers perceptions about
consumers expectations, consumers expectations. As in the final result of this study would help
to get a clear idea about consumers expectations, evaluations and management perceptions
about consumers expectations and develop right strategy to enhance online jewellery retailing.
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Research Design
Objective of the Study:
To identify the buying motivation and concerned factors while consumers to
select jewellery retailers.
To study about consumers purchasing behaviors.
Scope of the Study:
The gems and jewellery industry occupies an important position in the
Indian economy. It is a leading foreign exchange earner and also one of the fastest
growing industries in the country.
The two major segments of the sector in India are gold jewellery and
diamonds
This study is about find out the most influencing factors while consumers to
select jewellery retailers and create suitable plan based on results obtained from research.
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Research methodology:
Research Design:
The research is carried out by the method of description of various problem. So
the research was taken as descriptive method.
Sources of data collection:
Secondary data:
The secondary data for this study has been collected from the internet. The data collected
includes identification of online services offered by major jewellery brands in India.
Primary data
The data has been collected from the respondents through the personal interview
Method of data collection
Personal interviews with the retailer service providers of respective jewellery brands. And
Personal interviews with the jewelry consumer purchasers.
Sampling unit:
The consumers of internet retailing offered by major jewellery brands in Indore.
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Sampling Technique
Here the Judgmental sampling method has been adopted under the non-probability sampling
technique.
Sampling size
The number of qualified respondents of this study is 100.
Limitations of this Study:
It cant be assured that this study is applicable for all other cities.
The no of respondents were limited to 100
The respondents are only jewellery consumers.
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Tanishq: a sparkling journey
The Tanishq saga began in the early 1990s, primarily fuelled by the fabled Tata
entrepreneurial spirit and partly forced by circumstance.
The splendid Titan watches success story was already up and running, and happened to need
more foreign exchange to purchase the imported components and machines required to keep up
with the burgeoning watch production. But with India going through a foreign exchange crisis,
there was no help coming in, forcing Titan to search for a business that would earn them the
required foreign currency.
The first precision engineered watch, Tanishq created with 103 diamonds and pure 18 carat gold.
Indian-made jewellery was already a big foreign currency earner and being strongly supported
by the central government, and also happened to be a very good fit with the watch business as
articles of adornment.The best known brand names in both Europe and America had watches and
jewellery together, offering further proof that the two industries are intrinsically linked.
It was a business with a huge wealth potential and it added a very feminine offering to Tatas
long line of products that appealed mostly to the opposite gender. It also called for an
organization that inspired trust and had high order design, manufacturing, marketing and
retailing skills, and Tata fit the bill on all accounts.
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A revolution in Gold Purity Standards across the country.
Tanishq was coined from a combination of Tata/Tamil Nadu and Nishq (meaning a necklace
of gold coins) and, again, from Tan, meaning body and Ishq, meaning love.
It was launched in 1994 as a range of jewellery and jewellery watches meant for the European &
American markets. But things began to change globally around this time, and the West entered a
protracted period of slow economic growth followed by recession. Supplying jewellery to the
Americans & Europeans suddenly no longer seemed an attractive proposition.
Initially, the criticism for Titans foray into jewellery was loud and often bitter. Eventually,
however, the critics were silenced. Tanishq, today, is perhaps the only major Tata brand with a
strong appeal for women. Very importantly, Tanishq has brought to the market a whole new
standard of business ethics and product reliability, in the process bringing about a transformation
in the manner in which jewellery is bought and sold in India.
It has created a revolution in the Indian jewellery trade and in jewellery buying behaviour, and
continues to set new parameters of excellence for others to follow.
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The recent, 22000 sqft showroom at Usman Road, Chennai.
The Indian market, on the other hand, opened its doors to the world, and was now flooded with
foreign currency. By the time Tanishq established its manufacturing facility and entered the
market, the premises on which the project was based had altered substantially.
Foreign currency was no longer an issue, import licences were easy to obtain and the global
demand-supply equation for jewellery had shifted in favour of buyers. Tanishq, therefore,
switched tracks and shifted its focus to the Indian market and develop a somewhat grandiose
vision of the brand as a composite avatar of Cartier, Tiffany, Esprit, and Ernest Jones all rolled in
one.
Tanishq Diamond
Finding your perfect piece of diamond jewelry is an exhilarating and unique experience. As with
any significant purchase, it is important that you make an educated decision.Cut and crafted with
utmost care, Tanishq diamonds come with a certificate of authenticity, stating the caratage,
colour and clarity of the stone, to enable you to know exactly what you are paying for.No
gemstone expresses human emotions more powerfully than a diamond and Tanishq transforms
these precious stones into breathtaking masterpieces, each unique and splendid in design. When
it comes to diamonds at Tanishq you will be spoilt for choice from many collections we have to
offer.
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Cut, Color, Carat & Clarity
The 4Cs are used throughout the world to classify the rarity of diamonds. Diamonds with the
combination of the highest 4Cs ratings are more rare, and consequently more expensive. Light is
the element that ignites a diamond's brilliance and fire. Its interplay with each of the 4Cs will
help explain why one diamond can appear more beautiful than another. The good news is that
you don't need to buy the rarest diamond to find one whose beauty speaks to you.
Cut is the only one of the 4Cs of diamonds that is influenced by the human hand. The rest (color,
clarity and carat) are created naturally as diamonds form in the earth. At Tanishq we ensure that
the most ideal cut diamonds are used, so that the facets when arranged in precise proportions
maximize brilliance and sparkle.
Tanishq diamonds are certified by its own team of skilled gemologists or diamond graders,
experts trained at GIA. The authenticity of each diamond is based on the GIA(Gemological
Institute of America) standard, the highest measure for diamond grading in the world. When
exchanged Tanishq provides you with the current value of diamonds, hence giving you the
benefit of appreciation over a period of time.
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Investing India
The gold market is undergoing radical change with investments in Europe and US taking
a lead over the traditional market Jewelry in India. While Indian Jewelry is still the worlds
biggest consumer, the market seems more diverse now. The Gold ETF (GLD) has become the
biggest market mover and there has been heavy demand for coins and bars. If this fundamental
change in consumer/investor choices continues, Gold could see a significant upward movement
in price in the short to medium term, and even a $1200/ounce is likely. It remains to be seen how
this change in behavior would continue after the end of this crisis (in 3-5 years). If it is a
permanent change, it is good for the gold industry as it gives a far wider/diverse base and
removes the quirkiness associated with Indian marriage seasons and domestic economy.
Indian consumption is the only bright aspect in the Jewelry scene, as Jewelry consumption of rest
of the world has gone down the toilet. This is most likely due to the fact that the world recession
has not come to India so far. However, Jewelry consumption could significantly tank once the
reality sinks in and Indian market goes faces economic winds.
In October 2008, when gold was below 700, I claimed that the metal will significantly go up.
And it has significantly gone up. But, I am moving to a neutral territory now. My personal
opinion is that $1000 is a good price for gold in the current scenario, but if there are new
surprises from financial markets, then we should cross $1200. Once the crisis is over and when
people start getting out of gold to stocks and homes, gold could fall to the sub-700 range. In
short, it is still a good investment for short to medium investors, and long term investors might
want to book profits now at around $950-1000.
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1. One of the biggest Individual gainer is the Gold ETF GLD. It has more than 1000
tonnes of gold in its management and has become a great market mover of the
underlying (it is now the tail wagging the dog).
Since the start of Jan 2008, GLD has had a more substantial lead in gold
holdings than similar ETFs.
Gold Investment in Europe has skyrocketed (by over 10 times) in the 2008.
Europe is now the biggest net retail investor in gold, while Vietnam and US
were leading this space till 2006.
In the US, gold investments declined in 2007 from 2006 and then strongly
rebounded in 2008. Now, over 75 tons are consumed for investment purposes
in the US
More people are buying gold for investment purposes than for other
consumption.
Bar and coin sales have grown more than twofold since last year, while sales
of Jewelry (biggest consumer) went down 6%
Consumption:
While Gold prices were choppy in 2008, measured in Dollars, gold prices
were more stable and smooth than measured in Euros.
1. India is still the worlds biggest consumer at 147 tons in Q4, followed by China, Europe
and the US (Figure 6). It had briefly ceded its lead to the US last year and now got it back
with a bang. It consumes 21% of world gold.
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Indian Jewelry consumption more than doubled in Q4 2008 compared to Q4
2007, while for Turkey it went down by 57%.
The US exports far more gold than it imports.
While Gold prices were choppy in 2008, measured in Dollars, gold prices
were more stable and smooth than measured in Euros (Figure 0).
1. India is still the worlds biggest consumer at 147 tons in Q4, followed by
China, Europe and the US. It had briefly ceded its lead to the US last year and
now got it back with a bang. It consumes 21% of world gold.
The US exports far more gold than it imports.
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The central banks have dramatically reduced their sales (-27%) and bar and coin sales have
grown by 247%. Mine production is almost unchanged at ~630 tons/year, while there is a
significant bump in old gold scrap. It is pretty likely that people are bringing up junk and cashing
in on the bullish markets.
World Gold Supply and Demand Statistics:
Demand Characteristic:
It is interesting to note that electronics and industrial usage has come down. Either they have
made significant technological progress to reduce the need for gold in their manufacturing
processes, or it is an indicator for a fundamental demand collapse in world markets for those
products. It is bad for the global economy, but for gold it is not that much of a problem given that
they consume a small portion of annual consumption. World mints are running out of coin
supply as consumers and investors are pounding them to get a hand at the most secure thing in
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the world. Jewelry sales have come down a bit, and are more of an indicator that consumers are
tightening their belts in US, and there are some fundamental alterations in consumer trends in
India, where many girls prefer platinum these days. It has not impacted gold sales in India that
much, but is of concern over the long term.
Gold Holdings in the ETF-GLD
The worlds biggest Gold ETF fund (to keep it simple, assume that it buys gold for its
warehouses and sells shares on its store) has been seeing a huge increase in their assets. Holding
gold as an ETF is the most cost effective thing, as trading costs are very minimal and you dont
need to worry about assaying and value estimation, security, etc. While the end of the world
pessimists might be reluctant to use an ETF for their most secure investment, for most practical
investors this is the way to go. It might make some sense to have gold in bars and coin for
emergency situations. GLD is the most heavily traded ETF and it has been buying gold in
gobbles and now hold more than a 1000 tonnes of gold (worth about 30 billion USD). GLDs
asset increase has coincided exactly with the increase in gold price and thus it is reasonable to
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assume that Gold is mainly moved by this .
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Indian Jewellery Retail:
India and diamonds are the best known combination throughout the diamond industry. Though
India was known to have diamond mines many centuries ago - the fabulous Kohinoor is an
Indian diamond - it has virtually no mines today. However, India has continued to maintain its
tradition of diamond cutting and thousands of people are involved in this skilled occupation.
Today, with its cut and polished diamonds, colored gemstones, gold jewellery, pearls, non-gold
jewellery and fashion jewellery, India accounts for almost 50% of the international market. The
gems and jewellery sector contributes nearly 55% of the worlds net exports of cut and polished
diamonds in value, 90% in terms of pieces and 80% in terms of carats. Every 11 of 12 diamonds
sold around the globe are processed in India, irrespective of where these are mined. With the
right policy and regulatory framework, India could establish itself as a brand in the international
Gems & Jewellery market, increase employment and create new breed of entrepreneurship.
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Apart form being the worlds largest diamond processing (cutting and polishing) country with an
80 per cent share in world market Indias favorable trade policies have made India the hub for
gems and jewellery. 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 nations economy.
The Indian consumer has lately become the focus of every retailer's eye, proof being the
international brands flocking in to set up franchises in India. Economic boom coupled with retail
sales explosion has made a smooth pathway for all those who understand the art of retail in India.
Due to the Economic boom in the country, India is emerging as a very big Consumer Market for
jewellery and other luxury products and offering a very lucrative opportunity for major brands to
establish presence in the Indian market. The booming domestic market along with export
advantage of the industry and the Government's decision to allow foreign direct investment of up
to 51 per cent in single brand retail stores has attracted a large number of players to the sector.
Players like Reliance, pantaloons, Wal-Mart, etc have already set up shops in India. The Reliance
group plans to spend $5 billion in new retail formats including malls and combined service and
retail formats along the evolving Indian highway system. Global behemoth Wal-Mart has also
officially entered India with a strategic tie-up with the Bharti group. Wal-Mart will provide the
back-end services such as sourcing and supply-chain management for the Bharti groups planned
retail formats across the country as well as an initiative to supply the countless small,
convenience stores that dot the countryside all across India- reaching out directly to the
consumer.
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Branded jewellery is the new mantra in the market, having rapidly acquired a niche over the past
few years. Increasing purchasing power and disposable incomes of Indias middle class has
resulted in consumption growth of this industry by about 11 per cent in the five-year period
preceding 2006-07. Add to that the insatiable Indian craving for gems and jewellery, and the
demand will skyrocket to US$ 20 billion by 2010 and US$ 30 billion in 2015, according to
industry experts. Focused marketing creating awareness and demand for the products, innovative
product range creating excitement and expanding the category as well as transparency and
adherence to best practices will help build consumer confidence.
The surprising thing about retail investment is that about 20 per cent of retail effort in a
planned manneris targeted at rural areas, which is defined as towns with a population of less
than a million. India has seen a significant growth in disposable incomes as a result of the
economic growth that it has been enjoying. This income is spread in the rural areas also.
According to the Tata Statistical Outline of India 2005-06, around 60 per cent of the rural
income is from north and east. Depending on the size of the market, retailers work with multiple
formatscurrently they are partnering with local jewellers and these jewellers retail their brands,
commonly known as the shop in shop. These stores would carry a merchandise mix and are in
the range from 600- to 1,000 square feet.
Retailers are also looking at mobile store concepts and thinking of innovative ways to connect to
the consumer. Brand building, and creating brand identity is the focus of every retailer in India at
present. Indian retailers see a huge jewellery consumer market in India but there is a slight
speculation that they might soon face stiff competition from within as well as from international
brands who are rapidly setting up chain stores.
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India consumes nearly 800 tonnes of gold accounting for about 20 per cent of the world gold
consumption. Out 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. However the export of diamond-studded jewellery from India is merely 4 per cent of the
total export of gems and jewellery worth US$ 18.06 billion. Since the demand of diamond-
studded jewellery among Indian consumers has risen sharply, the industry should focus on the
domestic market. Diamantaires, in Surat's US$ 11.29 billion diamond industry, are eyeing
jewellery manufacturing in a major way, after DTC has decided to prune supply of rough
diamonds to India. If India becomes a manufacturing hub for jewellery as well as a consumption
market it will just prove Indias strength in both sectors.
The government has offered some concession to the industry by lowering import duty on
platinum from US$ 13.82 per 10 gms to US$ 5.03 exempting rough colored precious gems
stones from customs duty at the first stage itself, instead of claiming reimbursements later.
Rough, semi-precious stones are already exempt, a move aimed at further promoting the exports
of studded jewellery and platinum jewellery. Duty-free import of consumables for metals other
than gold and platinum up to 2 per cent of f.o.b. value of exports and duty-free import
entitlement for rejected jewellery up to 2 per cent of f.o.b. value of exports. There is increased
duty-free import of commercial samples of jewellery to US$ 2.50 and import of gold of 18 carat
and above under the replenishment scheme.
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The Indian retail scene is set to flourish and there is no looking back for those who know how to
sell jewellery to a Indian women, since jewellery is a part of Indian tradition and customs.
Indian organized retail market is growing at a fast pace due to the boom in the India retail
industry. In 2005, the retail industry in India amounted to Rs 10,000 billion accounting for about
10% to the country's GDP. The organized retail market in India out of this total market
accounted for Rs 350 billion which is about 3.5% of the total revenues.
Retail market in the Indian organized sector is expected to cross Rs 1000 billion by 2010.
Traditionally the retail industry in India was largely unorganized, comprising of drug stores,
medium, and small grocery stores. Most of the organized retailing in India have started recently
and is concentrating mainly in metropolitan cities.
The growth in the Indian organized retail market is mainly due to the change in the consumers
behavior. This change has come in the consumer due to increased income, changing lifestyles,
and patterns of demography which are favorable. Now the consumer wants to shop at a place
where he can get food, entertainment, and shopping all under one roof.
Retail market in the organized sector in India is growing can be seen from the fact that 1500
supermarkets, 325 departmental stores, and 300 new malls are being built. Many Indian
companies are entering the Indian retail market which is giving Indian organized retail market
a boost. One such company is the Reliance Industries Limited. It plans to invest US$ 6 billion in
the Indian retail market by opening 1000 hypermarkets and 1500 supermarkets.
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Pantaloons is another Indian company which plans to increase its retail space to 30 million
square feet with an investment of US$ 1 billion. Bharti Telecoms an Indian company is in talks
with Tesco a global giant for a 750 million joint venture. A number of global retail giants such
as Wal-Mart, Carrefour, and Metro AG are also planning to set up shop in India. Indian
organized retail market will definitely grow as a result of all this investments.
Gems & Jewellery
Gems and Jewellery sales and marketing received a facelift with theadvent of the supermarket
culture. As organized retail in India progresses to the next lap, Sad anand Subramanian checks
for Diamond World with some precious Industry players about their preparedness and strategy to
achieve maximum mileage.
As India reacts to a retail revolution, the hitherto sober gems and jewellery industry seems to
have jumped on the bandwagon with a clear plan of action. The industry has already made a
mark by capturing 3 per cent of the organized retail space thanks to the leadership shown by a
handful of companies prepared to dazzle the world. While organized retail under this segment
impressively grows at over 50 per cent annually, deliberations are on to arrive at what the
industry in general must do to keep the customer perennially delighted. The gems and jewellery
market in India is estimated to be about Rs.80,000 crore and the topmost agenda is to adopt the
right strategy to accelerate its growth keeping in mind current global dynamics. For now the
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industry faces keen competition from other luxury goods such as electronic innovations and
other personal accessories
The Indian gems and jewellery industry is one of the fastest growing segments in the Indian
economy with an annual growth rate of approximately 15 per cent.
The domestic market is estimated to be around US$ 16.1 billion and the All India Gems and
Jewellery Trade Federation, a nodal agency representing 300,000 jewellers across the country,
expects it to grow to US$ 25.2 billion in two to three years.
The country is also the largest consumer of gold in the world. It consumes nearly 800 tonnes of
gold that accounts for 20 per cent of world gold consumption, of which nearly 600 tonnes go into
making jewellery.
India is also emerging as the world's largest trading centre for gold targeting US$ 16 billion by
2010. The industry has the best skilled manpower for designing and producing high volumes of
exquisite jewellery at low labour costs.
Diamonds
India is the largest diamond cutting and polishing centre in the worldthe industry enjoys 60 per
cent value share, 82 per cent carat share and 95 per cent share of the world market in terms of
number of pieces. In other words, nearly 9 out of 10 diamonds sold worldwide are cut and
polished in India. India exported cut and polished diamonds worth US$ 14.18 billion in 2007-08.
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Due to the Indian consumers attraction for diamond for its high aspirational store value, Rio
Tinto has launched pink diamond for the first time in India on the occasion of its 20th
anniversary in the country.
Organized Retailers
Branded Jewellery:-
The journey of branded jewellery in India has been full of trials and tribulations. Branded
jewelers have had to coax consumers out of buying jewellery from their family jewelers to
trusting a product bought off the shelves. Furthermore, Indian consumers gravitate towards 22K
gold and have little tolerance to gold below 22K. Almost all branded jewellery is made from 18k
gold, which is an international standard. Finally, Indians purchase jewellery as an investment
option and hence are not overly concerned by designs, which is the USP
of branded jewellery.
Riding the Indian economic wave is a class of Nouveau Riche Indians.
Apart from possessing greater purchasing power, the Nouveau Riche
Indians are more adventurous and willing to try newer and trendier
products. Suddenly demand for branded jewellery in India is picking up
pace, driven predominantly by the Nouveau Riche Indians
The branded jewellery industry in India is poised for a period of sustained growth. A number of
individual players in the branded jewellery sector are recording close to 80 percent growth rate.
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Growth prospects for the Indian economy are extremely bright which would translate to greater
sales of branded jewellery.
The retail boom has spawned a large number of brands in the jewellery segment over the past
year with many more to come. These players have been aggressively and extensively focusing on
developing strong brands and large retail operations. Gitanjali Gems Ltd is one of India's leading
fully integrated jewellery groups. Gitanjali itself boasts of around 25 jewellery brands.
Organized Jewellery Retail in India:
India along with China is one of the fastest
growing economies of the world. In addition to
high GDP growth, India is the second most
populous nation in the world. Both these factors
work in favor of retail. Understandably, the AT
Kearney Global Retail Development Index
2008 (GRDI) placed India on top of its emerging retail destination chart. The GRDI analyzes
various parameters that are conducive to organized retail and ranks new markets to help retailers
make strategic investments.
About, 96% of Indian Jewellery Market is unorganized. The unorganized sector represents
300,000 traditional retailers or Family jewelers who are present only in one town. The
organized sector accounts to only 4 percent. However, Reliance, Tanishq and other Luxury
goods companies are exceptions to an otherwise unorganized sector. They represent the future of
jewellery retail in India
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Reliance is set to compete with Tatas jewellery arm Tanishq. Tanishq with 100 stores in over 53
cities is currently Indias first and largest jewellery retail store. According to analysts at
Technopak Advisors Indian jewellery market is poised to grow at 15 percent annually, while
branded jewellery is pegged to grow at 30 percent.
Luxury goods companies, which until recently had a very limited presence in India, are eagerly
seizing the opportunity to sell exclusive jewellery to rich Indians. Tiffany, Dolce Vita, Bvlgari,
Chopard, Cartier and Harry Winston have a presence in India. Other international players such as
Thailand-based Pranda Jewelry and Christian Dior are said to be foraying into the Indian
jewellery retail sector soon.
Malls and Online Shopping:
Organized retail, branded jewellery and online
shopping are going to be the biggest growth areas
for jewellery retail. Jewellery retailers have taken
notice of this opportunity and more retailers are
taking the organized retail approach, introducing
brands and creating a channel for online shopping.
According to ASSOCHAM, the current size of the retail jewellery trade in India is worth Rs
1,12,000 crore. The jewellery market has been undergoing a gradual metamorphosis and plain
gold is giving way to diamonds, platinum and colored gemstones. The current trend also reveals
a shift in the buying pattern where the family jeweler is being replaced by branded jewellery
makers
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This literature on consumer online purchasing decisions has mainly concentrated on identifying
the factors which affect the willingness of consumers purchase jewellery on internet this study
A study on internet retailing of major jewellery brands in India is focus on online jewellery
retailing and consumers perceptions & Experience about online jewellery retailing.
The classic consumer purchasing decision-making theory can be characterized as a continuum
extending from routine problem-solving behaviors, through to limited problem-solving behaviors
and then towards extensive problem-solving behaviors
[Journal of Electronic Commerce Research, VOL. 6, NO.2, 2005].
In traditionally consumer select the jewellery retailer based on the trust before services offered
by the online service providers.
The traditional framework for analysis of the buyer decision process is a five-step model. Given
the model, the consumer progresses firstly from a state of felt deprivation (problem recognition),
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to the search for information on problem solutions. The information gathered provides the basis
for the evaluation of alternatives. The development and comparison of purchasing evaluation
criteria result in the actual decision to buy. Finally, post-purchase behavior is critical in the
marketing perspective, as it eventually affects consumers perception of
satisfaction/dissatisfaction with the product/service. This classic five stage model comprises the
essence of consumer behavior under most contexts.
(Journal of Electronic Commerce Research, VOL. 6, NO.2, 2005)
New product development (NPD) and planning has assumed a heightened level of importance in the
modern world as organizations recognize the need to improve the NPD process and its outcomes (Allen
1993, Power 1993). In this part of the paper, the new product development literature will be reviewed
specifically that relating to the actual process of NPD. The section begins by exploring the nature of
innovation and what innovation is considered to be. The section then discusses what constitutes a new
product and the role extensions play. Next, the benefits & opportunities and the costs & risks of NPD for
organizations are presented. This is followed by a review of the evolution of generations of NPD
modelsthe generic (sequential) and various extension NPD models (stage-gate, fuzzy-gate, rugby,
activity blocks, multiple convergent processing, continuous learning, QFD, return maps, chaos approach)
that appear in the literature. Key NPD success factors are then profiled. The section concludes with a
summary and evaluation of the NPD models, including a table indicating the usefulness of each model
for NRCD.
As a myriad of uses and applications of retail meat price data exist, the quantification of the
shortcomings in the collection and reporting of the historical retail meat price data becomes an all-
encompassing task. Detecting the shortcomings in the current retail price data and making
suggestions for improvements begins with an examination of some of the applications of retail
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meat price data. To limit the scope of this study, only those applications of retail meat price data
as they apply to the process of academic research and policy analysis were considered. Past and
present research efforts will, therefore, provide the basis for a critical evaluation of the usability,
efficiency, and accuracy of retail meat price data.
Over the last 30 years, problems within the beef industry have necessitated changing the focus of
research efforts. As the research focus has changed, so have the data needed to conduct the
research. Table 2.1 is a summary of the main policy issues that have received attention over the
last three decades within the beef industry as well as the data needs associated with these issues.
During the 1980s and into the early 1990s, emphasis was placed on understanding the dramatic
changes and shifts in the demand for beef. Much of the literature focused on modeling demand
and developing econometric models of demand shifts to better identify and explain all the
factors that effect demand. (Brester and Wohlgenant, 1991; Capps and Nayga, 1990; Lusk, Fox,
Schroeder, Mintert and Koohmaraie, 1999; Purcell, 1998). Many of these research efforts
examined demand shifts in terms of price changes, demand elasticities, and other measures of
price. These research efforts served to focus attention on the effect of retail demand changes on
the farm-to-retail price spread for beef and the derived demand for beef cattle at the farm level.
Wohlgenant and Mullen (1987) and Bessler and Akleman (1998) focused on issues of price spreads in an
attempt to quantify the effects of various shifts in the demand and supply on, the retail-to-farm price
ratio, derived demand elasticities, and ultimately, the farmers share of retail food expenditures.
Researchers also started examining the issues of simultaneity and structural change, particularly as the
latter emerged as a driver of the U.S. demand for meat (Eales and Unnevehr, 1993). With this research,
researchers tried to account for apparent shifts in demand due to structural changes in supply. An
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example of such changes in supply that shifted the supply curves for meat steadily outward are increased
pork and broiler feed efficiency, higher beef carcass dressed weights, and the beef herd liquidation
following feed price escalations in the early 1970s. Such factors would have contributed to a false
appearance of demand growth, when the converse was true in some meat industries, particularly in the
beef sector.
Another prominent issue that came to light in the 1990s is price asymmetry (Goodwin and Holt, 1999 ;
Assam, 1999; Paul, 1998). That farm level prices have not kept up with changing prices at the retail level
led to research into this area as observers questioned the extent to which retail-level shocks are realized at
the farm level. An overall concern in this area is whether pricing patterns in food markets are cost or
demand driven. Since both prices and costs are involved, understanding both these aspects is
critical. In all aspects of the research topics and policy issues receiving prominence in the beef industry
over the last couple of decades, meat price data are an important input in the research process (Table 2.1).
The price data requirements may vary, but often the data needs include the price of beef at the farm,
wholesale, or retail level, or the price of substitute meats at the retail level. Weekly beef prices
producer prices, wholesale prices for boxed beef cutouts, retail beef prices are typically favored.
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Competitive advantage of Indian jewellery industry:
The factors leading to the Indian jewellery industrys growth are many. A near
dominance in diamonds and colored stones, manufacturing excellence, forward looking
entrepreneurs, liberalized government policies and an extensive international marketing network
has helped India establish itself as one of the leading jewellery centers in the world. Moreover,
its high consumption of gold, steady inflow of silver and growing interest in platinum enable
India to develop the entire range of jewellery, in plain metal and studded, that caters to the
desires of every market
The Indian jewellery industry is having competitive advantage in the world market due to its low
cost of production and availability of skilled labor. The Indian diamond industry has acquired
leadership position in cutting and polishing of rough diamonds. India has the worlds largest
cutting and polishing industry, employing around 8,00,000 people (constituting 94 per cent of
global workers) with more than 500 hi-tech laser machines. The industry is well supported by
government policies and the banking sector - around 50 banks provide nearly US$ 3 billion
credit to Indian diamond industry.
(Numerical source from ibef.com)
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Precious Metals are used in Indian jewellery market:
Gold
The current consumption of gold in India is estimated at over 900 tones, used mostly in 20 / 22
carat jewellery. Nearly 95 per cent of gold is used to manufacture gold jewellery in the domestic
markets and the remaining 5 percent is exported. Gold consumption in India is primarily aimed
at investment.
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Silver
India annually consumes around 4,000 tones of silver. Silver jewellery and other articles for
personal use, especially in the rural areas, account for the bulk of the sales. India is also the third
largest industrial user of silver in the world, after the US and Japan.
Platinum
Platinum or white gold, targeted at the premium jewellery segment, is gaining preference of
designers and consumers globally. While Indias share in the global platinum jewellery market is
growing by 19 per cent annually, it continues to be is less than one per cent in the global
platinum jewellery market. Given the global growth and the maturing of the Indian market to
international trends, this represents an area for potential growth in India.
Gemstones
Indias gemstone industry has been growing due to the popularity Of gemstone-studded
jewellery across the globe, with an estimated turnover at US$ 0.220.26 billion. Jewellery
The Indian jewellery market is one of the largest in the world. The Indian market size at US$ 13
billion is second only to the US market of US$ 40 billion and is followed by China at US$ 11
billion.
(Source: Indian brand Equity foundation, ibef.com)
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Analysis and Interpretation
Confirmable Analysis
An analysis is made for a sample based on the processes followed for indenting at World of
Titan, the factors involved, the area in which the store is located, etc are also analyzed. The
Survey was conducted for Store managers, Store officers and Franchisee owners.
The sample is collected for 12 respondents (12 WOT Stores in Indore) and the analysis is drawn
for the questions. The Responses were varied from store to store as some were managed by the
franchisee themselves, few are flagship stores of TITAN, and others are being headed by the
store managers. The indenting followed by each store is varied based on experience. To avoid
biased answers, a Questionnaire has been drafted with close ended Questions and given to the
respondents to fill up.
As each stores response is important, and to understand the positioning of these stores in terms
of the indenting processes, SPSS Statistics 17.0 software has been used to draw up analysis. MS
Excel has also been used for summing up the solution for each question and draw up a chart.
Certain marks provided for each preferences and choices.
Results were ranked based on maximum marks obtained.
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Usual Purchase Place:
SL Particulars Total No.Of.Respodent
1Traditional Jewellery
Purchaser100 57
2Retail Store
purchaser100 43
Interpertation:
The most of the people buying the product Traditional Gold smith and 43% people are buying
retail show room
Traditional
Gold Smith
Purchaser
57%
Retail store
Purchaser
43%
Internet
Purchaser0%
Usual Purchase
Place
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Important Factors:
SL Particulars Total No.Of.Respodent
1 Design 100 17
2 Price 100 93 Purity 100 9
4 Brand Image 100 14
5 Ambience 100 6
6Promotionalactivities
100 14
7 variety 100 8
8 Display 100 8
9 Service 100 9
10family and friendsinfluence
100 6
Interpertation:
Consumer are given to mostly imporatant factors for buying, in this analysis find out the result
Design,Brand image, family and friends
02
468
1012141618
Important Factors
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What is that you purchase the most?
Interpretation:
The people mostly buying the product 22k Gold and Hall mark gold
22K gold
33%
hall mark gold
27%
Platinum
4%
Silver
14%
Diamond
9%
Pearl
10%
Others
3%
Product
SL Particulars Total No.Of.Respodent
1 22K gold 100 33
2hall markgold
100 27
3 Platinum 100 4
4 Silver 100 14
5 Diamond 100 9
6 Pearl 100 10
7 Others 100 3
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What are the most frequently purchased product?
SL Particulars Total No.Of.Respodent
1 Ring 100 23
2 Earring 100 173 chain 100 16
4 Necklace/Pendent 100 19
5 Bracelet 100 10
6 Matching sets 100 8
7 others 100 7
Interpretation:
Mostly and regularly buying ring and chain, earring.
Ring
23%
Earring
17%chain
16%Necklace/Pende
nt
19%
Bracelet
10%
Matching sets
8%
others
7%
FrequentlyPurchase
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What are your design preferences?
SL Particulars Total No.Of.Respodent
1 Basic 100 26
2 Classical 100 223 Modern 100 28
4UltraModern
100 24
Interpretation:
All Jewellery consumer now a days prefer modern and ultra modern.
Basic
26%
Classical
22%Modern
28%
Ultra Modern
24%
Design
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What are the main occasions you buy?
SL Particulars Total No.Of.Respodent
1 Birthday 100 27
2 Festival/New Year 100 20
3 Self-gratification 100 17
4 Wedding/engagement 100 33
5 Others 100 3
Interpretation:
People are buying gold now a days for only wedding and birthday occasions.
Birthday
27%
Festival/New
Year
20%
Self-
gratification
17%
Wedding/engag
ement
33%
Others
3%
Main occasions
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How many times you purchase in a year?
SL Particulars Total No.Of.Respodent
1 Zero 100 0
2 once 100 63 Twice 100 8
4 Three 100 12
5 Four 100 21
6 Five 100 25
7more thanfive timesa year
100 28
Interpretation:
They are buying gold more than five times in one year and middle class people buying four
times
Zero
0%
once6%
Twice
8%
Three
12%
Four
21%Five
25%
more than five
times a year
28%
Purchase
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What is the range you are mostly concerned when purchasing?
SL Particulars Total No.Of.Respodent
1High price &high quality 100 23
2High price &low quality 100 0
3Medium price& high quality 100 42
4Medium price& low quality 100 13
5Low price &high quality 100 16
6Low price &low quality 100 6
Interpretation:
People wanted in medium price high quality mostly prefer and like them also our self
High price &
high quality
23%
High price &
low quality
0%
Medium price &
high quality
42%
Medium price &
low quality
13%
Low price &
high quality
16%
Low price & low
quality
6%
Price
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What promotional activities influence your purchase?
SL Particulars Total No.Of.Respodent
1 Magazines 100 20
2 Newspaper 100 14
3 Radio 100 17
4 TV 100 28
5 Internet 100 3
6Word ofmouth
100 15
7 others 100 3
Interpretation:
In jewellery retailers for increase our sales some promotional activity. According to people
mostly heard TV, Radio, Newspaper
Magazines
20%
Newspaper
14%
Radio
17%
TV
28%
Internet
3%
Word of mouth
15%
others
3% Promotional
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What range of products do you like to purchase?
SL Particulars Total No.Of.Respodent
1 Rs.25,000 100 17
Interpretation:
People are buying Rs.10, 000 to Rs.25, 000 in this rate
Rs.25,000
17%
Range Of Products
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Findings
Most of the consumers to select jewellery shop based on the quality assurance of
product given by retailers.
Only higher- end consumers are purchasing jewellery in jewellery specialty and
organized retailers.
Most of the middle class and upper middle class people purchase jewellery from
family retailers.
The most important promotional tool for jewellery retailers are T.V media &
newspapers.
Word of mouth concept followed by traditional families and some of the
youngsters influenced by their friends.
The main motivating factor of Madurai consumers are purchase jewellery for
wedding/engagement.
Most frequently purchased product is ring.
The most people choose traditional gold smith because the retail show room now
only entire the market so people are would like traditional gold smith.
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Suggestion and Conclusion
Based on our research we divided consumers in to Floating people of Madurai, Madurai natives,
Female office workers and teenage girls, Business class people.
Designed different 4ps of different consumers.
Place:
Mainly at the Exhibition Hall that provides an interesting environment for
visitors and customers. The customers should be served with free food and drinks to encourage
them to stay longer and purchase more merchandise.
Price:
Make available products of all price ranges.
Product:
Make available products and services according to customer needs. Some jewellery should be
designed with Madurai traditional manner.
Promotion:
Distribute cash coupons to stimulate customer visits and spending, and to encourage repeat
purchases.
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Indore Natives:
Place: retail shop should be in specialty areas and bazaar areas.
Price: Make available products of all price ranges.
Product: Make available products of all designs and varieties.
Promotion: Advertise in all local T.V channels and radio. Create positive impression and
believes about the shop among Madurai people by utilize word of mouth concept.
Female office workers and teenage girls:
Place: Organized and jewellery specialty stores should have a simple decoration that gives
customers a sense of freedom to shop.
Price: Range from hundreds to thousands rupees .
Product: Emphasize on innovative and fashionable designs. Diamond and gemstones
merchandise should be as trendy as possible.
Promotion: Distribute membership cards to enhance brand loyalty and stimulate repeat
purchases; other promotional activities; advertisement in ladies magazines with coupons;
partnership with other merchants such as cosmetics retail shops and fitnesscentres.
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Business class people:
Place: Retail shops should be close to hotels or exhibition venues.
Price: High starting from thousands of rupees.
Product: Top ten sales products; small size and easy to carry
Promotion: Partnership with hotels or service departments; advertising on the magazines, leaflets
and intranets of hotels.
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Conclusion
Jewellery is also one of the investment avenues.
It is easily converted in to money.
Retailer should focuses on quality assurance of their product.
Consumers attitude towards jewellery slightly deviate, investment into fashion and
trends
Because most of female office workers and teenage girls taking decisions
independently.
So retailers should focuses on the new fashions and use advanced technology while
manufacturing products.
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RESPONSE SHEET - I
Name: Y BHEEMA REDDY
Thesis ID: HYD/MKT/7080
The Topic of the study: Factors affecting the choice of retail diamond jewellery in Indore
Date when the Guide was consulted:
The outcome of the discussion:
The guide discussed the company profile in detail.
The Progress of the Thesis:
The introductory chapter was formulated.
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RESPONSE SHEET - II
Name: Y BHEEMA REDDY
Thesis ID: HYD/MKT/7080
The Topic of the study: Factors affecting the choice of retail diamond jewellery in Indore
Date when the Guide was consulted:
The outcome of the discussion:
Guide threw a light on the retail diamond jwellery segment in Indore,
The Progress of the Thesis:
Online Jewel purchasing pattern of the Indore consumers was also discussed in the next session
the methodology for doing the research would be sketched out.
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RESPONSE SHEET - III
Name: Y BHEEMA REDDY
Thesis ID: HYD/MKT/7080
The Topic of the study: Factors affecting the choice of retail diamond jewellery in Indore
Date when the Guide was consulted:
The outcome of the discussion:
Research methodology was formulated
The Progress of the Thesis:
The questionnaire of the thesis is being prepared and will be shown to the guide to collect data.
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RESPONSE SHEET - IV
Name: Y BHEEMA REDDY
Thesis ID: HYD/MKT/7080
The Topic of the study: Factors affecting the choice of retail diamond jewellery in
Hyderabad
Date when the Guide was consulted:
The outcome of the discussion:
The external guide has suggested me to collect the information about the jwelley market in indre
and their buying behavior towards the diamond jwellery.
The Progress of the Thesis:
What are the outcomes of Investing in jwellery market in jwellery market in india was discussed
in detail with the guide also threw a light on the demand for diamond jwellery in india
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RESPONSE SHEET -V
Name: Y BHEEMA REDDY
Thesis ID: HYD/MKT/PGP7080The Topic of the study: Factors affecting the choice of retail diamond jewellery in Indore
Date when the Guide was consulted:
The outcome of the discussion:
The guide is very much satisfied with the result and has suggested a few changes which have
been included in the thesis
The Progress of the Thesis:
The Primary research required for the topic has been completed and now the next step is to
prepare a rough draft and present to the guide for final review
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RESPONSE SHEET - VI
Name: Y BHEEMA REDDY
Thesis ID: HYD/MKT/7080
The Topic of the study: Factors affecting the choice of retail diamond jewellery in
Hyderabad
Date when the Guide was consulted:
The outcome of the discussion:
The thesis has been approved by the guide .
The Progress of the Thesis: