Project report for Jewel shop
Project report for Jewellery shop is as follows:
The Gems and Jewellery sector plays a significant role in the Indian economy, contributing around 7 per cent of the country’s GDP and 15 per cent to India’s total merchandise exports. It also employs over 4.64 million workers and is expected to employ 8.23 million by 2022. One of the fastest growing sectors, it is extremely export oriented and labour intensive. Based on its potential for growth and value addition, the Government of India has declared the Gems and Jewellery sector as a focus area for export promotion. The Government has recently undertaken various measures to promote investments and to upgrade technology and skills to promote ‘Brand India’ in the international market. Jewelry includes ornaments that are worn for personal adornment. Jewelries are made of gold, diamond, and other precious metals such as platinum, silver, and gems. Jewelries play an important role in the lifestyle of Indian people and they associate jewelries with a number of reasons such as status, long-term investment, and hedge against inflation.
Market potential & Strategy
India is deemed to be the hub of the global jewellery market because of its low costs and availability of high-skilled labour. India is the world’s largest cutting and polishing centre for diamonds, with the cutting and polishing industry being well supported by government policies. Moreover, India exports 75 per cent of the world’s polished diamonds. Gold demand in India rose to 523.93 tonnes between January to September 2018. India's gems and jewellery exports stood at US$ 28.52 billion between Apr 2018 –Feb 2019. During the same period, exports of cut and polished diamonds stood at US$ 21.95 billion, thereby contributing about 76.96 per cent of the total gems and jewellery exports in value terms. Exports of gold coins and medallions stood at US$ 686.51 million and silver jewellery exports stood at US$ 765.98 million between April 2018 - February 2019. India is one of the largest exporters of gems and jewellery and the industry is considered to play a vital role in the Indian economy as it contributes a major chunk to the total foreign reserves of the country. In the coming years, growth in Gems and Jewellery sector would be largely contributed by the development of large retailers/brands. Established brands are guiding the organised market and are opening opportunities to grow. Increasing penetration of organised players provides variety in terms of products and designs.