Despite being an unorganised sector, The India’s gems and jewellery sector is one of the largest in the world, contributing around 29% to the global jewellery consumption. The market size is estimated to reach Rs. 6.99 lakh crore (US$ 100 billion) by 2025. The sector is home to more than 300,000 gems and jewellery players, contributing about seven% to India’s Gross Domestic Product (GDP) and employing over 4.64 million employees, Says Hirav Shah, Corporate Strategist and Business Astrologer.
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Description
India’s gems and jewellery sector contributes around 15% to India’s total merchandise export. The overall net export of gems and jewellery stood at US$ 29.01 billion lately, whereas, import was at US$ 26.05 billion in FY20. The Government of India is aiming at US$ 80 billion in jewellery export over the next five years.
India is the world’s largest centre for cut and polished diamonds and exports 75% of the world’s polished diamonds. Today, 14 out of the 15 diamonds sold in the world are either polished or cut in India. India exported cut and polished diamonds worth US$ 18.66 billion in FY20; this accounted for 52.4% of the total gems and jewellery export. In FY21** India exported cut and polished diamonds worth US$ 5.50 billion.
Planetary Association
These precious stones have been assigned to the planets listed below by Hirav Shah.
The Sun – Ruby
The Moon – Pearl
The Mars – Red Coral
The Mercury – Emerald
The Jupiter – Yellow Sapphire
The Venus – Diamond
The Saturn – Blue Sapphire
The Rahu – Gomed
The Ketu – Cat’s Eye
Different gemstones have different effects on the human being depending upon the planetary position of the horoscope. However, it is extremely important that you should consult a bonafide Astrologer for the correct analysis and prescription of the gemstone so that you can reap maximum beneficial results, Suggests Hirav Shah, Leading Business Astrologer of the Country.
Issues
Due to the highly unorganised market, workers who are the core of Indian G&J sector cannot be given due focus in terms of providing essential living facilities; and migration of such workers can be fatal for the industry when situation normalises. Lack of social sector schemes for such fringe workers is making the situation worse and will dissuade people from staying back or fresh ones from joining the sector.Another priority area is to improve productivity of the small and medium manufacturers and quality of finished goods manufactured by them by providing them access to technological advancement.
Need To Network :
1. Sector’s Networking & Association With The Government
To facilitate this, a scheme for setting up of Common Facility Centres (CFCs) for the G & J sector is being implemented by the Government of India through GJEPC. Four operational CFCs have already been set up at Visnagar, Palanpur, Amreli and Junagadh for the diamond sector. New CFCs are also being built at Coimbatore, Kolkata, Delhi, Jaipur, Hyderabad and Rajkot.
These CFCs are pooling resources and providing an opportunity to MSME manufacturers to use state-of-art technology/equipment at optimum cost. A one time grant of around Rs 3-5 crores is provided by GOI for setting up a CFC with requisite infrastructure. The self sustainable centres are operated and maintained by the local diamond/jewellery associations.
Based on the response the CFCs are attracting, steps are being taken for establishing Mega CFCs in Mumbai and Delhi. These Mega CFCs are being envisaged as an advanced model of existing CFCs, to address futuristic needs of the G&J sector.
2. Networking & Association With Technology
The Mega CFCs would provide end-to-end solutions for producing gems and jewellery items with technological advancement and facilitate large scale production at par with international standards, by making use of hi-tech machines, saving exporter’s time and costs. Mega CFCs will make the Indian G&J industry self-sustainable in terms of technology, by providing best possible support and make India the global leader in the field of innovations and ideas, along with R&D.
3.Networking & Association With E-Commerce Platforms
Further, 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 the 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 the G & J industry.
4.Networking for newer opportunities
When people start noticing you, it opens the door for newer opportunities. G & J Businesses and Businessmen, who have networked over time have been able to expand with minimal effort because of the avenue of newer opportunities opened to them through networking. Opportunities like meeting the right clients or even meeting people that are superior to your business path could be a stepping stone that could change your setup / business for the better.
Conclusion:
Hirav Shah Opines-Not just G&J, But For Any Business to Grow, A Key Element Is Required Aside Effective Networking, & that’s 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 Strategy, For Which Taking an Expert Business Strategist’s Opinion is Essential.
Indeed…
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.
The Best Part Is That, He Is Extremely Approachable & He Is Just A Question Away From You.
Now, You Finally Know Where To Ask !!
