TRADITIONAL JEWELRY

Indian Traditional Jewelry

India is well known and famous for its traditional jewelry. The types of jewelry that are available
in India are as varied as the regions in India! Every state has its own style of traditional jewelry
which is famous for its uniqueness and style. The traditional Indian jewelry becomes the
obvious choice for any traditional or auspicious occasion. It provides a very royal and ethnic
look to a person thus blending traditional look with the modern times.

The Indian ornaments have become popular in not just the Indian sub continent but also the
world over. Their vast variety makes sure that there is one special ornament/jewelry for every
occasion. These ornaments can be worn individually or can be combined with each other in
accordance to the attire and the occasion. The uniqueness combined with the traditional
quality and styling is what makes the Indian jewelry stand out among all other types of
jewellery.

Various Indian style Jewelry are: Anklets, Armlet Jewelry, Bangles, Bracelets, Earrings, Filigree
Jewelry, Finger Rings, Jadau Work, Kundan Jewelry, Mangalsutra, Meenakari, Necklace, Nose
Rings
Industry Dynamics

India is a connoisseur of precious stones and beautiful ornaments. Historically, the country’s
culture has always lent itself towards this art. Trade secrets have been passed down many
generations, ensuring that the traditional craft was sustained. Today, India has the world's
largest diamond cutting and polishing industry, blending modern techniques with the
traditional to cater to the world market.

India has a reputation of being a low-cost, high-quality manufacturer of diamonds. The country
possesses skilled workforce of over a million people, who are adept at fashioning beautiful
jewellery. This has attracted several international jewellery giants to set up base in the country.
Crystal major Swarovski had 67 outlets across India, as of June 2013. Swiss luxury and jewellery
watch brand de Grisogono also entered the Indian market in December 2008. Apart from being
the biggest diamond manufacturing hub and the number one consumer of gold, India also leads
in tanzanite and emerald production.

Exports

 Gems and jewellery exports touched US$ 39,033 million in FY 2012–13, constituting
around 13 per cent of India’s total merchandise exports.
 The gems and jewellery industry of India witnessed a growth of 11.9 per cent in a four-
year period, with exports of US$ 39,033 million in FY 2012–13 as against US$ 24,894
million in FY 2008–09.

Government Initiatives

 The Indian government has decided to float tenders to revive closed or unfeasible gold
mines in the country. A tender has already been floated for selling the assets of Bharat
Gold Mines Ltd. Mining giants, Indian as well as international, are queuing up for this
opportunity. Vedanta group, headquartered in London, and a mining company from
Australia are two of the frontrunners. India’s gold reserves are projected to be around
14,000 tonnes.
 In an effort to bring in more investments into the sector, gems and jewellery Special
Economic Zones (SEZs) have been established. The names of operational SEZs in the
sector are Santacruz Electronics Export Processing Zone (SEEPZ), Mumbai; Jaipur SEZ;
Manikanchan SEZ, West Bengal; and Hyderabad Gems SEZ Ltd. Also, 13 SEZs in the
sector have already received formal approval.
 Market Segmentation

Market segmentation is a marketing strategy that involves dividing a broad target market into

subsets of consumers who have common needs as well as common applications for the
relevant goods and services. Depending on the specific characteristics of the product, these
subsets may be divided by criteria such as age and gender, or other distinctions, such as
location or income. Marketing campaigns can then be designed and implemented to target
these specific customer segments, addressing needs or desires that are believed to be common
in this segment, using media that is used by the market segment.
Successful market segmentation and corresponding product differentiation strategy can give a
firm a commercial advantage, due to the more effective match between target customer and
product.

Types of Market Segmentation

 Psychographic segmentation
The basis of such segmentation is the lifestyle of the individuals. The individual’s
attitude, interest, value help the marketers to classify them into small groups.

 Behaviouralistic Segmentation
The loyalties of the customers towards a particular brand help the marketers to
classify them into smaller groups, each group comprising of individuals loyal towards
a particular brand.

 Geographic Segmentation
Geographic segmentation refers to the classification of market into various
geographical areas. A marketer can’t have similar strategies for individuals living at
different places.

CRITERIA FOR SEGMENTAING

An ideal market segment meets all of the following criteria:

 It is possible to measure.
 It must be large enough to earn profit.
 It must be stable enough that it does not vanish after some time.
 It is possible to reach potential customers via the organization's promotion and
distribution channel.
 It is internally homogeneous.
 It is externally heterogeneous, that is, potential customers from different segments have
different quality preferences.
 It can be reached by market intervention in a cost-effective manner.
Steps in Market Segmentation
1. Identify the target market
The first and foremost step is to identify the target market. The marketers must be very
clear about who all should be included in a common segment. Make sure the individuals
have something in common. A male and a female can’t be included in one segment as
they have different needs and expectations.

2. Identify expectations of Target Audience

Once the target market is decided, it is essential to find out the needs of the target
audience. The product must meet the expectations of the individuals. The marketer
must interact with the target audience to know more about their interests and
demands.

3. Create Subgroups
The organizations should ensure their target market is well defined. Create subgroups
within groups for effective results.

4. Review the needs of the target audience

It is essential for the marketer to review the needs and preferences of individuals
belonging to each segment and sub-segment. The consumers of a particular segment
must respond to similar fluctuations in the market and similar marketing strategies.

5. Name your market Segment

Give an appropriate name to each segment. It makes implementation of strategies
easier.

6. Marketing Strategies
Devise relevant strategies to promote brands amongst each segment. Remember you
can’t afford to have same strategies for all the segments. Make sure there is a connect
between the product and the target audience. Advertisements promoting female
toiletries can’t afford to have a male model, else the purpose gets nullified.

7. Review the behavior

Review the behavior of the target audience frequently. It is not necessary individuals
would have the same requirement all through the year. Demands vary, perceptions
change and interests differ. A detailed study of the target audience is essential.

8. Size of the Target Market

It is essential to know the target market size. Collect necessary data for the same. It
helps in sales planning and forecasting.
 MARKET RESEARCH

Market research is the process of systematically gathering, recording and analyzing data and
information about customers, competitors and the market. Its uses include to help create a
business plan, launch a new product or service, fine tune existing products and services, and
expand into new markets. Market research can be used to determine which portion of the
population will purchase a product/service, based on variables like age, gender, location and
income level.

For the growth and planning of a business there are a few things that are important:

Market information

Market information is making known the prices of the different commodities in the market, the
supply and the demand. Information about the markets can be obtained in several different
varieties and formats.

Examples of market information questions are:

 Who are the customers?

 Where are they located and how can they be contacted?
 What quantity and quality do they want?
 When is the best time to sell?

Market segmentation

Market segmentation is the division of the market or population into subgroups with similar
motivations. Widely used bases for segmenting include geographic differences, personality
differences, demographic differences, use of product differences, and psychographic
differences.

Market trends

The upward or downward movements of a market, during a period of time. The market size is
more difficult to estimate if you are starting with something completely new. In this case, you
will have to derive the figures from the number of potential customers or customer segments.

A few techniques are:

 Customer analysis
 Choice Modeling
 Competitor analysis