The Government has viewed the gems & jewellery industry, as a core area for export promotion.
We are focused to become the world’s preferred source of fine jewellery in the next couple of years.
We are also centred to increase our exports from the current USD 35 billion to USD 75 billion in the next few years.
So, all in all, this sector has been contributing in a huge way to India’s foreign exchange earnings and the economy, obviously – Opines Hirav Shah, Business Strategist and Thought Leader.
Why Diversification in Gems and Jewellery Industry
Famed Business Astrologer and Leading Astro-Strategist, Hirav Shah Suggests
COVID-19 pandemic has changed the business world, hence for the gems & jewellery sector, diversification will help the industry build stability. If you concentrate too heavily on a single product, you risk volatility in revenue and resources, as demand rises and falls. If your business stretches across many industries or categories, you may have more predictability.
Hirav Shah Pens Down Aspects To Look Into, While Diversification !
The prospects offered by cross border e-commerce are huge and could become an effective tool to overcome adverse effects of the pandemic on the G & J sector. Today, distribution of products through e-commerce is driving businesses across the globe by creating a 24X7 shop for consumers across different geographies and gaining popularity amongst millennials due to its inherent benefit of being convenient and cost effective, due to reduction in the number of intermediaries between manufacturer and consumer. In the post-COVID scenario, in wake of the new health protocols, e-commerce is further expected to rise globally.
Presently, Indian exports of G&J are mainly done through B2B trade. If G&J exports are promoted through e-commerce and aimed directly at the end users i.e., B2C, it would result in higher value addition and become cost effective for the exporters. In this context, it is pertinent to highlight that USA, which is one of the major markets for Indian jewellery, levies zero customs duty on consignment valued below USD 800. Thus, e-commerce exports present new opportunities to G&J industry.
3. Global Boom
Indian G&J industry has not yet been able to take advantage of this e-Commerce boom, due to various policy related hurdles hindering its usage. Government intervention is required to facilitate ease of doing business and reducing cost of operations, etc. This will provide a conducive environment for promoting B2C exports of G&J through e-commerce and will also encourage exporters to adopt this medium.
4.Time to Diversify
Deciding when to expand depends on your volume. The decision is dependent on your skill level, production size and cost-effectiveness. If you cannot make your jewellery by yourself well enough or fast enough, then you need to outsource. There are contract shops in many major cities, and many work by mail as well, so you don’t have to physically be there.
In fact, the world of jewellery design is rife with options. In terms of what’s hot, be aware of the fashion trends in your area.
But, long-term success comes from developing your own unique style through which you can interpret the ever-changing tide of trends, Says Hirav Shah.
While the government is looking at framing of an overall e-commerce policy, there is a need for bringing various government bodies along with G&J Industry and E-commerce companies on the same platform.
Devising detailed SOPs, ensuring complete end-to-end tracking, especially of returned goods, and creating an enabling environment is the need of the hour, Asserts Hirav Shah, Business Strategist, Thought Leader & Astro-Strategist.
A phased and well-thought implementation Strategy can be immensely beneficial in promoting exports and in carving a new direction in the current scenario. This can give impetus to the industry, reeling under the COVID impact, Opines Shah.
Hirav Shah Further Adds-
Not just G&J, But For Any Business to Grow, A Key Element Is Required – A Strong Foundation. A Base On Which Business Owners & Entrepreneurs Can Build, Towards A Profitable Future. This Requires Careful Planning and Effective Implementation Of A Business Strategy, For Which Taking an Expert Business Strategist’s Opinion is Imperative.
And Hirav Shah Is Not Just A Strategist. He Is The Most Influential & Visionary Astrologer In The Field Of Business In The Country . He Has Been A Mentor, Guide, Consultant & Adviser For Many Struggling Businessmen & Established Entrepreneurs.
One More Thing Is, He Is Extremely Approachable & He Is Just A Question Away From You.
Now, You Know Where To Ask !!