GOLD JEWELLERY CASTING FACTORY

EIRI Team — Fri, 05 Jul 2019 06:45:56 +0000

Gold Jewellery Casting is having great demand and also having a bright future scope. There is a good export potential of these products. Jewellery is broadly defined as “ornament for the body”; it is ornament which can be worn and while this definition is frequently challenged and stretched by what are often referred to as “art jewellers” or “contemporary jewellers”, the majority of jewellery can be described as being wearable ornaments, often made from high-value materials such as precious metals and gemstones. The Gems and Jewellery industry in India, like other MSME industries, is a highly fragmented industry. This characteristic of the Gems & Jewellery industry leads to a high share of the unorganized sector as compared to the organized sector. The components of jewellery include not only traditional gold but also a variety of diamond and platinum. The industry also trades in varieties of precious and semi-precious stones. Gems and Jewellery form an important part of India’s rich culture. This culture is the primary reason for a flourishing Gems and Jewellery industry in India. The numbers also support this statement. India is the largest consumer of gold, with over 20% share of the total gold consumed in the world. The overall size of the industry is Rs. 12,400 crore. Its total exports add up to Rs. 78,100 crore annually. This comprises 4% of the global Gems and Jewellery market. India is also the largest diamond cutting and polishing centre in the world. On the domestic front the sales figure equals to Rs 73,500 crore. There are lot of advantages that India offers to the Gems and Jewellery market. India is the fastest growing branded jewellery market in the world. It is expected to grow at an annual growth rate of 40%. India also has a vast pool of highly skilled labour that is available at a low cost. Many design centres and training institutes have also blossomed. India holds a good reputation in the global market for being a top class manufacturer of jewellery. The technological environment for the industry is also advanced and comparable to the best in the world. A huge potential still remains to be harvested. To facilitate this government has allowed 100% FDI (through the automatic route), proposed Gems & Jewellery parks and supported the Gems and Jewellery Export Promotion Council in organizing the IIJS Signature, which is the largest jewellery show in Asia. Going forward the branded jewellery market is expected to grow to Rs. 10,100 crore by 2010. Exports are expected to grow from Rs. 78,100 crore in 2006 to over Rs. 1.2 lakh crore by 2012. A bright future awaits the Gems & Jewellery industry with large potential still untapped. India is the largest fabricator of gold for jewellery with more than 90% of this gold acquired for making jewellery Gold is valued in India for savings and investment purpose. It is the second preferred investment after bank deposits. This makes India the world’s largest consumer of gold in jewellery. Gold circulates within the system and roughly 30% of gold jewellery is made from recycled pieces. In India gold jewellery plays a dual role of beautifying as well as an asset. Here gold ornaments are made for every part of the body. The range of jewellery varies from religious to purely aesthetic one. Jewellery as investment and identity maker is evident from the plethora of ornaments worn by people. The settings of precious gems and stones in rings, pendants, necklaces and bracelets gained prominence due to the belief that these stones are associated with certain powers. This shows the importance of gold jewellery in Indian society. The Indian jewellery market is large and the production of gold jewellery takes place in all parts of India. It is worth over $10 billion a year, but it is largely fragmented and is not branded. Branded jewellery accounts for less than 2% by value. The rest of the market is in the hands of about 300,000 unorganised jewellers. The jewellery segment as opposed to the diamond segment is directed more towards the domestic market of India. It has lot of structural differences with the diamond segment. The jewellery retailers are generally present in all cities and they control the industry. The jewellery is manufactured in their units or it is outsourced from a lot of small units attached to them. At the distribution end, small and unbranded retailers predominate, with only a handful of branded retailers. In the middle, there are thousands of small traders whose trading relations are very private and largely invisible to the public, tending to hide information on procurement and sales destinations from their competitors. The jewellery exports instead, are more organized, have larger units and try to carry out almost all stages of production in-house to ensure better quality control.

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GOLD JEWELLERY CASTING FACTORY