• Jewellery Business Plan

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Jewellery Business Plan

Jewellery is a viable business that hands on the creatives. Inside the wedding business, client tastes are moving to not so much conventional but rather more individual, expanding interest for littler originators working in elective and more affordable materials. An industry once ruled by top of the line creators and gigantic chain retailers has a couple of opening spots on the world class list if people to attend. One Most do a lot of research before starting a jewellery business. The Indian Jewelry Business can be partitioned into various sorts as takes after Retail Jewellery Shops, Online Jewellery Retail, Gold Trading, Gold Importers, Jewellery Manufacturer.

Once the segment of business is chosen, Business plan is required in order to establish and sustain in the market. Writing Business plan helps to understand, to visualize, to plan and to identify risks even before making any investments in the business. Preparing a business plan involves detailed research so that all the aspects of the given business are evaluated and appropriate decisions are made. Know your customer and the trends which is going on in the market, that will help you in establishing the market easily. India has colossal hunger for gold and precious stone adornments – making one of the biggest markets on the planet for gems.

India is the biggest import of gold in India and the pearls and gems part contributes almost 6-7% of the Indian GDP – making it an area. With India having a blasting working class and developing economy, the interest for gold is set to additionally bring up in the coming years. In this way, adornments business holds a ton of guarantee in the coming years. In this article, we take a gander at the strategy for beginning an adornments business in India. India's local pearls and gems industry was assessed to have a market size of about Rs.251,000 crores in 2013 with the possibility to develop to Rs.500,000 crores by 2018. The whole pearls and adornments industry is set to witness an extremely solid Compounded Annual Growth Rate (CGAR) of around 15.95% making it exceptionally appealing for speculations.

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All organizations are made up of group of capabilities that are coming from People, Processes and Systems. These capabilities are working together in a seamless manner to deliver the requisite capabilities to the customer. The various capabilities that need to be addressed in a jewellery business plan are given below:

People

Owner / General Manager, Sales Manager, Purchase Manager, Chief Accountant, Sales Executive, Purchase Executive, Accounting Executive and Security.

Process

Production management, Inventory Management, customer Requirement Management, Operation Management, Resource Management, IT Management and Quality Management.

Systems

Laser Marking Machine (For hallmarking of Jewellery), XRF Machine, Assay Balance (0.001mg accuracy) & Other Balances, Tools/Equipment’s for Sampling and Assaying, Balling Pliers, Cupels, Scrapping Tools/Micro Drilling Machine, Tongs & Forceps for handling cuples/ assay pieces, Fuming cupboard, Laboratory Furnaces: Cupellation Furnace, Annealing Furnace (Range up to 800 oC), Platinum Trey (Parting Tray) with Platinum Thimbles, Strong Room/Safe (for storage & security of jewellery), CCTV system & other arrangements for safety of Jewellery under processing (assaying & hallmarking) and Certified reference Materials/Chemicals and Safe Locker.

Most of the businesses have professional bodies across the globe and being associated with these organizations tremendously helps in understanding the current trends in business. Some of the professional bodies are listed below for your reference:

The Gem & Jewellery Federation
P & S Corporate House, Plot No. A-56, Road No. 1, 6th Floor, Near Tunga International, Midc, Andheri (East), Mumbai – 400093

The National Association of Jewellers
Head Office: Federation House 10 Vyse Street, Birmingham, B18 6LT, UK

Jewelers of America
120 Broadway, Suite 2820 New York, NY 10271

The Fashion Jewelry and Accessories Trade Association
Brent Cleaveland 25, Sea Grass Way, N. Kingstown, RI 02852

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