CHAPTER 2 INDUSTRY PROFILE & REVIEW OF LITERATURE

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CHAPTER 2

INDUSTRY PROFILE & REVIEW OF LITERATURE

2.1 HISTORY AND EVOLUTION OF GOLD

From the first discoveries of gold in ancient times, its beauty and the ease with which

it could be worked have inspired craftsmen to use it to create ornaments, not just for

adornment, but as potent symbols of wealth and power. The first pure gold coins were

struck by King Croesus of Lydia (present-day Turkey) during his reign between 560

and 547 BC and gold coins have continued as legal tender since that time. The forms

of jewellery used in the ancient period are quite different from what we use today.

The earliest form of jewellery discovered in the Indian continent are described as

ancient jewellery and it includes earrings, beads, amulets, seals, and much more.

The history of jewellery can be traced back over 300 BC and gold jewellery was

found in the tombs of Tutankhamen. Jewellery has been a part of Indian civilization

for many centuries. Gold ornaments have been discovered that date back as far as the

Harappa and Mohanjodaro civilisations, thousands of years BC. It was around 5,000

years in the ancient past that the need for decoration of human bodies conceptualized

the art of jewellery making in India. One of the first to start jewellery making were

the peoples of the Indus Valley Civilization. Unlike many other cultures, Indus Valley

jewellery was never buried with the dead. Instead, jewellery was passed down to

children or family. Jewellery was crafted not only for humans but also for the Gods.

For the rulers, jewels were a statement of power, prosperity and prestige. But for the

Indian woman, jewellery was and is, even today in many parts considered as a

security, the value of which will almost always accentuate, never depreciate.

The next records are of the ancient Assyrians who, in the year 2470 B.C., conquered

their neighbours and carried away stolen gold. The Greek and Roman kings also loved

gold. During the Middle Ages, men were so anxious to have gold that they tried to

find a way to change other metals to gold. The Sumerians, Minoans, Mycenaeans,

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http://en.wikipedia.org/wiki/Indus_Valley_Civilization

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Egyptians, Etruscans, and other Mediterraneas earned reputations as highly skilled

artisans and goldsmith's. It is widely agreed that the height of goldsmithing in ancient

times advanced in Egypt from 1700 to 2100 B.C., Crete in the 1500's B.C. and

Etururia in 600 B.C. The first coins made purely from gold are minted in Lydia in

560 B.C , a kingdom of Asia Minor. After a victorious campaign in Gaul in 58 B.C,

Julius Caesar brought back enough gold to give 200 coins to each of his soldiers and

repay all of Rome’s debts.

In 1299 A.D. Marco Polo wrote of his travels to the Far East, where the “gold wealth

was almost unlimited.” During 1284 A.D. Great Britain issued its first major gold

coin, the Florin, which was followed by the Noble, the Angel, Crown, and Guinea.

The Royal Commission, composed of Isaac Newton, John Locke, and Lord Somers,

recommends a recall of all old currency, issuance of new specie with gold/silver ratio

of 16-to-1. The gold price thus established in Great Britain lasted for over 200 years.

From the 16th

to 18th

century mines were established in Mexico, Brazil and Russia,

Brazil supplying over 1/3 of the world's supply at that time. In 1868 A.D. George

Harrison, while digging up stones to build a house, discovered gold in South Africa –

since then, the source of nearly 40% of all gold ever mined is from South Africa. In

1898 A.D. Two prospectors discovered gold while fishing in Klondike, Alaska,

spawning the last gold rush of the century. The discovery of gold anywhere in the

world has always caused a rush of people to that place. Gold was discovered in

California in 1848 and the Gold Rush of ‘49 followed. The same thing happened

when gold was discovered in Australia in 1851, in British Columbia in 1856, in South

Africa in 1886, and in Alaska in 1896.

In 1913 A.D. Federal Reserve Act specifies that Federal Reserve Notes be backed

40% in gold. In 1931 A.D. Great Britain abandons the gold bullion standard. In 1944

A.D. The Bretton Woods agreement, ratified by the U.S. Congress in 1945,

establishes a gold exchange standard and two new international organizations, the

International Monetary Fund (IMF) and the World Bank. The new standard involved

setting par values for currencies in terms of gold and the obligation of member

countries to convert foreign official holdings of their currencies into gold at these par

values. In 1968 A.D. London Gold Market closed for two weeks after a sudden surge


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in the demand for gold. In 1980 A.D. IMF sold one-third of its gold holdings, 25

million troy ounces to IMF members at SDR 35/ounce in proportion to members’

shares of quotas on August 31, 1975, and 25 million troy ounces at a series of public

auctions for the benefit of developing member countries.

In 1978 A.D. Japan lifted ban on gold exports, touching off a “gold rush” among

investors who can sell as well as buy. In1982 A.D China introduced the Panda

bullion coin. In 1987 A.D. The World Gold Council is established to sustain and

develop demand for the end uses of gold and in 1992 A.D. World Gold Council

introduced the Gold Mark as an international identification mark for gold jewellery.

In 1993 A.D. Germany lifted its value added tax restrictions on financial gold, causing

a resurgence of private demand of gold and in the same year India and Turkey

liberalized their gold markets. In 1994 A.D. Russia formally established a domestic

gold market.

The process of producing gold can be divided into six main phases:

finding the ore body

creating access to the ore body

removing the ore by mining or breaking the ore body

transporting the mined material from the mining face to the plants for

treatment

processing

refining

This basic process applies to both underground and surface operations.

2.2 GOLD JEWELLERY

Gold jewellery designs were inspired by forms of nature like flowers, animals, birds,

gods and holy symbols etc., coins were an important form, which carried a delicate

artistry. These coins provide a brief of the social and religious culture that might have

existed during those times. Leg and arm ornaments were integral part of individual


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personality. Head ornaments highlighted the Indian culture since ages. The jewellery

consisted of bindis, tikkas, forehead ornaments, nose rings, ear ornaments as well as

the earrings. The same is inherited by the present generation. Turban jewellery was

considered as an important part of jewellery for the rulers. The historical India has

provided various explanations about the different dynasties that have come and gone

and have left their mark on the Indian soil. The turban jewellery helps to trace many

of historical things, as the gemstones and fine artwork of jewellery was choice of

every particular king. Pendants and necklaces have been an epic chapter in the history

if Indian jewellery. The recent generation too is captivated with these ornaments

following same designs and patterns coming back to life.

Few appearances which indicate the evolution of gold jewellery and the process of

making gold jewellery over a period of time.

A sketch from 1856 showing goldsmiths at work. The

artisan on the left is using a blow tube to introduce

oxygen to increase the heat, and in manipulating the

metal with tongs in his right hands. Hammers and

anvils appear at his feet. During 19th century it was

Figure 2-3: Travelling Goldsmith

Goldsmiths working in the mid of 17th

century. Jewellery which is ready is hanged

on windows.

Figure 2-2 : Goldsmiths of 17th Century

An ancient wall painting depicting a deity in

all types of jewellery. Jewellery was

designed for gods and goddess to decorate

their body.

Figure 2-1 : Ancient Fresco with gold jewellery


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Figure 2-6 : Goldsmiths

common for goldsmiths to travel to the home of the patron where he would realize

commissions or rebuild existing pieces.

A fairly modern family of goldsmiths found

throughout Urban, semi-urban and rural parts

of India. Nothing much has changed. The

techniques shown here is similar to the sketch

from 150 years ago.

A brief background of goldsmith community

Maharaja of Alwar, Jey Singh

Kachwaha, is counter balanced by coins

in a traditional gesture. His weight in

gold coins is distributed to his subjects

and the poor.

Maharaja Bhupendra Singh, taken circa 1911. His

turban piece called sarpech, is diamonds and

emeralds and was made by Cartier, Paris. He also

wears fourteen strands of matched natural pearls of

gigantic sizes. Medals honored to him from England

and other countries were symbol of Pride to the

maharaja His turban piece called sarpech, is

diamonds and emeralds and was made by Cartier,

Paris. He also wears fourteen strands of matched

natural pearls of gigantic sizes. Medals honored to

him from England and other countries were symbol

of Pride to the maharaja.

Figure 2-4 : Counter Balance of Maharaja

Figure 2-5 : Maharaja Bhupendra Singh wearing sarpech and medals


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Figure 2-7: Bride decorated with jewellery

comes from Vishwa Brahmin the term used in India for a caste of priests, engineers,

architects, sculptors, temple builders and artists. The term is applied to five sub-

castes; blacksmiths, carpenters, coppersmiths, goldsmiths and sculptors. They connect

themselves as Pancha janas (people) of Vedic period and worship various forms of

Visvakarma [ The god of creation] . This community is spread widely throughout

India and played a vital role in the village economy. Their socioeconomic status

varied from a very high level to the low level in different parts of India, as they earned

high wages in towns because of their factory employment and low wages in villages.

Methods of fabrication have changed little during last few years. Some goldsmiths are

still stratified in a guild system and tend to practice only one type of jewelry

technique. There are shops that focus specifically on enamel, stone setting or casting.

The larger shops will have all processes done in-house, but the artisans tend to

practice only their particular skill sets.

In India jewellery was crafted not only for humans but also for Gods and Goddess

( kavachas, ornaments, chatri’s ). Different regions of India have unique jewellery

making style. Design innovations through collections is inspired from various

jewellery traditions. In India Chettinad, Rajputana, Tajmahal, Mughal, Temple,

Tarkashi, Minakari, Kundan, Thewa, Nakkashi, etc., has been explored to a greater

extent. Ancient inspirations are now crafted with modern technology in new forms

with different brand names by different manufacturers / companies. Transgressing

through time and history, Indian gold jewellery has not remained just a craft, but

evolved into an art - both in design and workmanship.

Jewellery carries great significance to

marriage ceremonies in India, both as dowry

and in a cultural context. A bride in all her

fine jewellery exhibiting her love of

jewellery.


http://en.wikipedia.org/wiki/Visvakarman

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2.2.1The jewellery manufacturing process consists of the following stages :

Stage1- Designing: designers develop and create new designs for jewellery products

in consultation with merchandisers to cater to latest trends and meet specific customer

requirements.

Figure 2-8 : The jewellery manufacturing process

Designing

Model Making and

Mould making

Waxing and Wax

setting

Casting

Polishing

Filling

Sprue Grinding

Metal Setting

Rhodium polish


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Stage2- Model making and mould making: designs are sent to the model-making

section where the model for the jewellery is fabricated in other metal or rubber mould

and sent for approval.

Stage3- Waxing and wax setting: Wax is injected into the rubber mould to produce

wax jewellery pieces. These wax jewellery pieces are provided finishing touches and

precious stones are then studded onto these wax pieces, and the wax tree produced is

forwarded to the casting department.

Stage4- Casting: Investment is done in this department for the wax tree in the casting

flask. The flask after drying is placed in the burnout furnace to melt and/or vaporize

the wax to create a cavity in the investment flask. Thereafter, the cavity is filled with

the relevant metal in which the jewellery is required to be manufactured.

Stage5- Sprue grinding: The metal jewellery pieces are separated from the tree. Any

sprue remaining after such separation is ground at this stage.

Stage6- Filling: At this stage of the manufacturing process, the excess metal in the

grooves and channels in the jewellery pieces are removed. Thereafter the jewellery

pieces are cleaned for casting dust and the removal of any scratches.

Stage7- Polishing: Following these procedures, the jewellery is then polished to

develop the final surface finish.

Stage8- Metal setting: The relevant diamond and other precious stones are studded on

to the jewellery at this stage.

Stage9 -Rhodium polish: Following the studding of the jewellery and polishing of the

jewellery, the jewellery is provided with rhodium treatment. The jewellery pieces then

undergo final quality checks and are then forwarded to the packing division.

Jewellery accounts for the largest proportion of gold fabrication and consumption

demand. Jewellery demand covers all newly-made carat jewellery and now-a-days

even gold watches, whether plain gold or combined with other materials.


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2.3 GLOBAL GOLD JEWELLERY MARKET OVERVIEW

Jewellery accounts for the largest proportion of gold fabrication and consumption

demand. A total of 1,74,100 tonnes5 of gold have been mined since the beginning of

civilisation. The employment supported by gold mines is an alternative measure of

economic contribution in gold mining countires. Three countries stand out: South

Africa has an estimated 1,45,600 gold mining employees, Russia 1,34,000 and China

is estimated to have 98,000 employees. Total direct employment in gold mining

across the 15 largest gold mining countries is estimated to be 5,27,900 in 2012. Gold

Demand as of 2012 was 4361 tonnes whereas supply was 4408 tonnes including the

recycled gold. Since the 1880s, South Africa has been the source for a large

proportion of the world's gold supply, with about 50% of all gold ever produced

having come from South Africa. Production in 1970 accounted for 79% of the world

supply, producing about 1,480 tonnes. The United States and China are the two

largest exporters although extensive gold trading inflates the volume of gold exports.

Table 2-1: Top 10 Gold Miners

Rank Company 2012 Production

(tonnes )

1 Barrick 210.4

2 Newmont 141.1

3 AngloGold Ashanti 111.81

4 Goldcorp 67.93

5 Kinross 65.14

6 Newcrest 58.77

7 Gold Fields 92.25

8 Polyus Gold 47.57

9 Yamana 33.71

10 Eldorado Gold 18.69

Source : Lawrence Williams company announcements

5 Gold Fields Mineral Services as of 2012


http://en.wikipedia.org/wiki/Tonne

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China is the world's largest producer of gold for the sixth straight year even as it

remained the second largest consumer of the yellow metal after India. Major demand

for gold comes from jewellery sector. The past year saw global demand for jewellery

at 1895 tonnes of gold. India’s Gem and Jewellery Exports have reached US$

11986.63 million (Rs. 54919 crores) during the year 2011.

Table 2-2 : Gold Supply and Demand

Particulars 2010 2011 2012

Supply

Total Mine Supply

Recycled Gold

2,633

1,711

2,849

1,649

2,817

1,591

Total Supply 4,344 4,498 4,408

Demand

Jewellery fabrication1

Technology

Total bar & coin demand

ETFs & similar

Official sector purchases

2,020

465

1,208

382

77

1,975

452

1,513

185

457

1,895

407

1,247

279

533

Gold Demand 4,152 4,582 4,361

1. Fabrication is the first transformation of gold bullion into semi-finished or finished product.

Source: LBMA, Thomson Reuters GFMS, World Gold Council

Much of this demand takes place in the wedding season, which falls between October

and January, and April and May, though a good many purchases will be made well in

advance of the wedding.

There is a huge mismatch between demand and primary supply in India, the balance is

being made up by imports. The story of gold accumulation in India is as old as history


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itself. This is certainly not something unique to India - many of the ancient

civilizations exhibit this feature. The only major gold mine currently in production is

the Hutti mine, owned by state owned Hutti Gold Mines Company Limited, Kolar,

Karnataka with 2 tonnes per annum. It is Asia’s oldest and deepest mines. Since the

last ten years though its production capacity has decreased it is still able to make

profits due to rising gold prices. It produced the highest 3507.61 kilograms during the

year 2004-2005. Profits for the year 2011-12 was highest with 188 crore rupees by

mining 2181 kilograms of gold.

Hindustan Copper also produces some gold as a by-product, but its output is small, at

just 0.2 tonnes a year. Still, there is scope for some catch up in the future, as the

geological terrain of India is very similar to other major gold producing countries,

like South Africa and Australia, and as the government has now opened the mining

sector to foreign direct investment.

2.4 MARKET STRUCTURE

The major demand for gold jewellery comes from emerging markets like India, China,

Latin America, Middle East and South East Asia. These regions are expected to

develop as the largest consuming markets for both traditional as well as branded

jewellery and overtake the United States in gems and jewellery consumption by next

decade. In 2012 China has overtaken countries which were in the top gold producing

list.

Table 2-3 : Major gold producing countries (2012)

Country Production Share of global gold production

Tonnes %

1 China 413 14.4

2 Australia 250 8.7

3 United States 231 8.1

4 Russia 230 8.0

5 Peru 185 6.5

6 South Africa 178 6.2

7 Canada 108 3.8

8 Ghana 96 3.3


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9 Mexico 95 3.3

10 Indonesia 89 3.1

11 Uzbekistan 73 2.6

12 Brazil 67 2.4

13 Papua New Guinea 57 2.0

14 Argentina 55 1.9

15 Tanzania 49 1.7

Source: Thomson Reuters GFMS Gold Survey 2013, PwC analysis

Table 2-4: Exports of gold by major gold producing countries (2012)

Country Exports

US $ millions

United States 33,730

China 22,890

Australia 16,000

Canada 15,340

Peru 9,620

Gold is a highly-traded commodity, and many countries import and export large

quantities of gold at different stages of the fabrication process, independently of

mining it. The United States and China are the two largest exporters, with export

earnings in 2012 of US$33.7 billion and US$22.9 billion respectively.

Table 2-5 Major gold consuming countries (tonnes, 2012)

Country Fabrication demand

(Jewellery, bar and coin

and technology)

Consumption

demand

(Jewellery and

bar and coin only)

India 942 864

China 840 784

United States 147 162

Turkey 113 110

Thailand 95 81

Vietnam 76 77

Russia 70 70

Indonesia 58 52

Saudi Arabia & Yemen 49 62

Switzerland 45 81 Source: World Gold Council, Thomson Reuters GFMS Gold Survey 2013


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The world gold council expects India's cumulative annual demand to increase to more

than 1,200 tonnes by 2020. The gems and jewellery industry accounts for nearly 20

per cent of the total Indian exports and employs over 1.3 million people, directly or

indirectly.

Figure 2-9:The Gold Value Chain

The global gem and jewellery industry over the past decade has witnessed significant

changes and exhibited growth, on account of increasing income as well as demand

from the emerging economies across the world. Gold has held the leading position in

most of the jewellery markets across the world because of its value as well as

tradability factor.

The emerging markets, like China, India which are traditional jewellery centers of

consumption, are expected to develop as the largest consumption markets for both

traditional as well as branded jewellery. The structure of the industry is global in

nature, the source of the raw material are Africa, Canada, Russia & Australia.

Primarily India, China, Turkey & Italy are the countries which are involved in

jewellery manufacturing & diamond processing and the retail market are spread over

US, Europe, Far East, Middle East and Asia.


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2.4.1 International major gold market

The gold market is a place where focus is on trading gold, and exists in around the

gold exchange. Gold Exchanges are generally in various international financial

centers, as an important part of the international financial markets. Currently, there

are more than 40 gold markets around the world, and is forming the global market

framework. The international gold market is as the core, and the local gold market is

as the auxiliary. The four major important international gold exchange markets are:

London Gold Market, America Gold Market, Zurich Gold Market and Hong Kong

Gold Market. However, London gold market prices have a greater influence on the

world gold market price.

A. London Gold Market

London gold market or London bullion market is the largest world gold market with a

long history. In 1804, London replaced Amsterdam as the center of world gold

trading. In 1919, the London gold market was officially established, twice fixing gold

price in a business day. The London fixing price affects trading in New York and

Hong Kong. The London bullion market is a over-the-counter market for gold and

silver trading. The bullion is traded among members of the London Bullion Market

Association (LBMA), regulated by the Bank of England. London gold priced is in

U.S. dollars, using the unit of ounces.

B. American Gold Market

American gold market was developed in the middle of 1970s, mainly the Commodity

Exchange (COMEX) division of New York Mercantile Exchange, and later is

incorporated the CME. American gold market is mainly in gold futures trading,

currently it becomes the world's largest trading volume and most active gold futures

market, it also is the most efficient and complex futures trading organization. The

major trading objects of American gold market are gold, silver, copper, and some

financial derivatives, gold futures and gold options trading are in the first of the

world, and are recognized as precious metals trading center. At present, the varieties

of transactions are gold futures, Mini options, options and funds. The New York


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Mercantile Exchange (NYMEX) is a commodity futures exchange. In 1975, the New

York Commodity Exchange (COMEX) started forward trading of gold, and became

the center of the forward trading of gold in the world.

C. Zurich Gold Market

Zurich gold market was developed after World War II. Since the 1960s, Zurich has

become the world's second largest gold trading market. Zurich gold market has no

formal organizational structure. Zurich gold market is without gold price fixing

system. In the any given time of each trading day, the trading price is agreed based on

the supply and demand, that prices is for Zurich official gold price. Whole day

fluctuation in the gold price on this basis is not subject to price limits restrictions.

Switzerland is not only the world's largest new gold transit station, it is also the

world's largest private gold storage center. Zurich gold market’s position in the

international gold market is after London.

D. Hong Kong Gold Market

Hong Kong gold market is with more than 90 years of history, and the most important

is Chinese Gold and Silver Exchange Society (CGSE) which was opened in 1910 as

the Gold and Silver Exchange Company and changed its name in 1918. Hong Kong

Gold Market mainly consists of three parts: the Hong Kong Gold and Silver Exchange

which developed on the basis of the traditional gold market, the local London gold

market is established by the London and Zurich branches gold dealers, as well as the

Hong Kong Mercantile Exchange gold futures market. The CGSE plays an important

role in Hong Kong's gold market. In the time difference, Hong Kong Gold Market

fills empty time of the New York, Chicago and London markets. It can be coherent in

Asia, Europe, and the United States, so as to form a complete world gold market,

which promotes Hong Kong to become one of main world gold market. Hong Kong

gold market is the only one area to have physical gold trading, the invisible market

and the futures market.

The global gold market is a cross continents trading network with 24 hours of

continuous operation. In addition to the above four international gold markets, Tokyo,


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Sydney, Dubai, Singapore, Mumbai, Rio de Janeiro, Shanghai are world famous gold

markets.

E. World Gold Council

The World Gold Council is the gold industry’s key marketing body and 35% of gold

producers are members of the World Gold Council. It was founded in 1987, the World

Gold Council is the marketing organisation formed and funded by the world’s leading

gold mining companies, represents 24 companies and around 40% of total gold

production. The World Gold Council is an international, not for profit organisation,

with offices in India, China, Japan, the Middle East, Turkey, Western Europe and

North America. WGC works closely with jewellery retailers, manufacturers,

wholesalers, banks, investment companies and distribution specialists to promote the

use of gold in all its forms, be it jewellery, investment or industrial applications.

2.4.2 Policies and Regulations Affecting Jewellery Business In India

The number of retail jewellery outlets has increased greatly since the abolition of gold

control, as has the number of Indians possessing gold jewellery.

In 1990, the Gold (Control) Act was abolished, which had forbidden the

holding of gold in bar form.

In 1993, the GOI (Government of India) permitted non-resident Indians

(NRIs) to bring 5 kg of gold into the country twice yearly on the payment of

import tax of Rs. 250 per 10 grams; this allowance was raised to 10 kg per trip

in January 1997. In 1997, the GOI also permitted import and export of gold

under Open General Licence.

In the trade policy (2004-09) issued in April 2006, the GOI has allowed import

of precious metal scrap and used jewellery for melting, refining and re-export

of jewellery for higher utilisation of melting, refining and jewellery-making

production capacity.

SEZs and Gems and Jewellery Parks have been set up to promote investments

in the sector


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Cutting and polishing of gems and jewellery treated as manufacturing for the

purposes of exemption under Section 10A of the Income Tax Act

The Rs 3-lakh crore domestic jewellery industry was in jitters during Union

Budget 2012-13 proposed a 1% excise duty on unbranded jewellery and a 1% tax

on all purchases exceeding Rs 2 lakh. This led to 21-day strike by jewellers

across the country in March 2013. Retailers were worried over the extensive book

keeping that imposing the excise duty would entail.

Gem and Jewellery Export Promotion Council – GJEPC

The Government of India has designated the Gem and Jewellery Export Promotion

Council (GJEPC) as the importing and exporting authority in India in keeping with its

international obligations under section IV (b) of the Kimberley Process Certification

Scheme (KPCS). The Kimberley Process is a joint government, international diamond

and civil society initiative to stem the flow of conflict diamonds, which are rough

diamonds used by rebel movements to finance wars against legitimate governments.

The Kimberley Process comprises participating governments that represent 98% of

the world trade in rough diamonds. The KPCS has been implemented in India from

January 1, 2003 by the Government of India through communication No. 12/13/2000-

EP (GJ) dated November 13, 2002. The GJEPC has been notified as the nodal agency

for trade in rough diamonds under para 2.2, chapter 2 of the Export-Import Policy of

India (2002-2007). Accordingly, the verification and issuance of Kimberley Process

certificates is administered though the Mumbai and Surat offices of GJEPC.

Hallmarking practice established

The value of jewellery is directly related to purity of gold earlier. But now with the

value, its design, elements, Hallmarking, etc., also matter most while purchasing a

branded gold jewellery. The world's first hallmarking system, scrutinizing and

guaranteeing the quality of precious metal, was established at Goldsmith's Hall in

London - where London's Assay Office is located.


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Since the price of gold was fixed, the gold jewellers tried to compromise on purity of

the jewellery. This came to attention of the Ministry of Consumer Affairs in the late

1990s, which was concerned about the lower purity of gold jewellery being sold in the

Indian market under the guise of higher caratage gold. The standing committee on

gold and precious metals at the Reserve Bank of India decided that an organization

with the relevant infrastructure and competence should monitor and control the purity

of gold jewellery sold in India. As a result in January 1999, the Bureau of India

Standards (BIS) was designated as the sole agency to operate a hallmarking scheme

for gold jewellery. On 11 April 2000, the BIS launched its hallmarking scheme. The

basic objectives of the scheme were Consumer Protection, to enhance exports, to

improve the quality and purity of gold jewellery produced and to monitor any loss to

the economy due to the improper caratage.

The Indian hallmark consists of five marks: the first mark is the standards mark which

is very similar to the BIS corporate Logo. The second mark, which is put on the

hallmarked jewellery by the hallmarking centres, is the fineness marks, 916. Purity

can be marked for different fineness such as 916 for 22 carat, 750 for 18 carat, or in

the case of lower caratage, there is a provision in the standard to mark six caratages

starting form 23 carat to 9 carat. The third mark, which is on of the component of the

hall mark is the assaying and hallmarking center’s logo. The fourth mark is the

jeweller’s logo and the last one is the year of marking which is denoted by a letter.

When the scheme started in 2000, the mark used was “A”, 2001 was “B”, 2002 was

“C” and so on.

Indian Standard on Gold and Gold alloys

IS 1417 Grades of gold and gold alloys, Jewellery/Artefacts-Fineness and

Marking

IS 1418 Assaying of Gold in Gold Bullion, Gold alloys and Gold Jewellery/

Artefacts - Cupellation (Fire Assay Method)

IS 2790 Guidelines for manufacture of 23, 22,21,18,14 and 9 carat gold alloys

IS 3095 Gold Solders for use in manufacture of Jewellery


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2.5 JEWELLERY RETAILING IN INDIA

Retailing in India is one of the pillars of its economy and accounts for 14 to 15

percent of its GDP. Indian retail market is estimated to be US$ 450 billion and one of

the top five retail markets in the world by economic value. In January 2012, India

approved reforms for single-brand stores welcoming anyone in the world to innovate

in Indian retail market with 100% ownership, but imposed the requirement that the

single brand retailer source 30 percent of its goods from India.

Gold jewellery retail industry in India is witnessing a structural transformation with

organized retailing gaining prominence. Indian gold jewellery industry is the largest

globally, valued at USD 40 billion including recycled volumes. It is driven by a gamut

of cultural, social and demographic factors. Contribution of organized retail to total

jewellery consumed in India has grown to 15% from less than 5% over the past

decade. Organized players have steadily chipped away market share from

unorganized retailers by addressing the need for enhanced experience of a demanding

customer base, which is marked by shifting demographic and socio-economic

profiles. Organized Jewellery retailing in India, refers to trading activities undertaken

by licensed retailers, International Brands, National Brands, Regional Brands and

Local Brands.

Top 10 International Jewellery Global Brands

1. Cartier

2. Harry Winston

3. Van Cleef & Arpels

4. Tiffany & Co.

5. Piaget

6. Bvlgari

7. Mikimoto

8. Graff

9. Buccellati

10. Chopard


40

2.5.1 BRANDED GOLD JEWELLERY IN INDIA

Tiffany, Dolce Vita, Bvlgari, Chopard, Cartier and Harry Winston have a presence in

India. Other international players such as Thailand-based Pranda Jewelry and

Christian Dior are said to be foraying into the Indian jewellery retail sector soon.

According to a World Gold Council (WGC) report, the market is primarily segmented

among branded players (11,000 crores), big family/regional players (14,200 crores),

and small fragmented players (30,800 crores), which is the mass market, clearly

characterized by individual/family jewellers, poor shopping experience, transaction

driven by relationships, lack of transparency, and unsure quality.

Emergence of the organized jewellery retail sector and factors underpinning the

sector's growth are:

- Cultural and socio-economic demand drivers

- Demographic factors that have driven volumes

- Expansion in the retail network that supported growth

- Shifting preferences - from un-branded to branded jewellery

Apart from the above market characteristics like Value for money, Changing

consumers’ attitude, Retail experience, Easy payment options are also attracting

customers towards branded or retail gold stores. The mainstay of the concept lies in

professionalism, an integrated supply chain, appropriate store design, and dedicated

franchisees. The factors that will distinguish the brand from the competitors in the

market will be consumer awareness, the product, innovative services, and a

connection with the society.

Unorganized retailing on the other hand, refers to the traditional formats of low-cost

retailing and is highly fragmented. These include jewellery shops owned by small

and medium business owners or enterprises. They sell their products with their own

names and do not abide the norms as followed by organised retail shops. Jewellery

retail in the country has largely been an unorganised affair with 85% of the market

still controlled by unorganised sector. The major factor hindering their growth and


41

survival is Lack of transparency in their transactions and consumers shift in

preferences which they are unable to meet.

According to the International Monetary Fund, about 15,000 tones of gold are

privately held in India. It is also estimated that around 13000 tonnes of gold is owned

by the temples of India. Gold jewellery is donated to Gods and Goddess in various

ornamental forms, puja utensils and Chariots form.

Figure 2-10: India Regional Demand for Gold

Source : Gems and Jewellery Trade Federation

The overall demand for gold from North, East, South, West is 24%, 12%, 35% and

29% respectively. South India dominates the regional demand for gold jewellery.

Few of the characteristics with respect to gold jewellery found are :

Plain 22 carat jewellery is the core of consumption especially in the rural

areas, where gold is important in judging a family's status at a marriage. A

basic marriage set for a bride is two earrings, one nosepin, one ring, one

necklace and two bangles, all in 22 carat gold and weighing up to 200 grams.

Studded 18 carat jewellery is increasingly popular in the cities


42

Medallions, charms and small gift items account for up to half of what is

loosely called jewellery. These items are popular as gifts at weddings and

other family events.

Gold thread, known as Jari used in high quality saris worn at weddings and

special occasions

Hallmarking does exist in India but under-caratage is commonplace, although

not yet widely used, Hallmarking is becoming more popular.

Figure 2-11 : Clusters in Indian gems and Jewellery industry

Source : KPMG Analysis

Jaipur is a key centre for polishing precious and semi-precious gemstones.

Delhi and its neighbouring states are famous for manufacturing silver jewellery and

articles.

Calcutta is popular for its lightweight plain gold jewellery.

Hyderabad is the centre for precious and semi-precious studded jewellery.

Nellore is a source for hand made jewellery that has been supplying the Chennai

market for quite a few decades.


43

Belgaum in Karnataka and Nellore together, specialize in studded jewellery using

synthetic or imitation stones.

Coimbatore in Tamil Nadu specialises in casting jewellery.

Trichur in Kerala is another source for lightweight gold jewellery and diamond

cutting.

Mumbai is the centre for machine made jewellery.

2.5.2 MAJOR JEWELLERY BRAND PLAYERS INDIA

There is lot of confusion in the Rs 2,00,000-crore domestic jewellery industry in

India. The definition of brands which is nearly 50 years old means - all jewellery

with a mark, whether a house mark or trade mark or brand mark, will be considered as

branded gold jewellery. The national jewellery Brands are present all over India and

some of them operate overseas.

The Top 5 Gold Jewellery Brands in India 6 are:

1. Tanishq: A Tata group initiative is the top jewelry brand and has an obvious edge

over the others. Tanishq pioneered the concept of jewellery as a 'brand' in India and

they are obviously reaping the benefits now.

2. Thribhuvandas Bhimji Zaveri (TBZ): An inspiring story of a household jeweller

turning into a nation wide jewellery chain. After 150 years of being in business, today

it is one of the top jewellery brands in India with their base in Mumbai.

3. D'Damas: A joint venture of the indigenous Gitanjali Jewellers and the UAE bases

Damas group. D'Damas is famous for its unconventional gold jewellery designs.

4. P. C. Chandra Jewellers: P.C Chandra is a brand from the east, specialized in

Bengali gold jewellery designs. Indians are pretty finicky about gold and the designs

they wear are highly culture specific.

6 Source : Credit Analysis and Research Ltd., (Care) The Indian Retail Sector 2013


44

5. Jos Alukkas: One of the top jewellery brands from down south, based in Thrissur,

Kerala. Their stores are spread all across the 4 southern states. They are doing very

well in wedding jewelry.

2.5.3 BRANDED GOLD JEWELLERY - BANGALORE

Bangalore or Bengaluru is known for its easygoing and hassle-free living as most of

the people who live here are migrants from different parts of India. The city has rich

and diverse culture in all aspects. Dominated by IT / BT offices it is surrounded by

the swanky new malls that dot the landscape. The spending power of the people of

Bangalore is very high. Most people here belong to the new wave of IT professionals

and have disposable incomes handy. Jewellery is seen as an essential part of the

wardrobe to be changed as per the apparel and is a fast selling item here. The

jewellery scene speaks of fierce competition and strong development.

Bangalore city has a very interesting history of jewellery manufacture which dates

back to 300 years ago. The neighbouring city Mysore was the manufacturing centre

for jewellery primarily because the Royal Palace was in Mysore, monarchs like Tipu

Sultan and the Wodeyars were quite fond of jewellery. At that time, the Bangalore

manufacturing scenario saw a lot of repousse work (embossing work) that still

remains famous. Also, jewellery designs produced in Bangalore saw the advent of

closed setting work, which was similar to the Rajasthani closed setting work with

enameling, but the use of enameling in these pieces was very sporadic. From 1880

onwards, open setting designs which were more European in style became popular

here – the twist was that even with the European form, the designs remained

predominantly traditional. Till around Independence, these three design influences –

repousse, closed setting, open European setting remained the major products.

From 1960 onwards, there was a huge change – fashionable jewellery became the

norm. This was mainly because the city was rapidly becoming cosmopolitan in nature.

In the ’90s of course, with the software boom, the city’s development was very fast

and this was the time when the jewellery became very design oriented. The jewellery

manufacturing business in Bangalore is estimated Rs. 1500 crores annually.

The jewellery retail business has transformed from the traditional way. Today there


45

are many players who do jewellery business with their own brands as well as have

established chain of outlets. The major brand players in Bangalore are:

Tanishq

C Krishniah Chetty & Sons (CKC)

Bhima Jewellers

Malabar Gold

Prathibha Jewellery

Abarana

Jos Allukas

GRT Jewellers

Khazana jewellery

Davanam Jewellers

Shubh

Kalyan Jewellers

CKC, Prathibha, Abarana, Davanam have their branches only in Bangalore all other

players have their distribution network and outlets all over India and overseas. There

are a large number of local brand players like Navarathan, Sri Ganesh, Lakshmi Gold

Palace, Sai Gold Palace who are popular in Bangalore having unique sales

proposition. Small players who won individual business constitute around . Bangalore

also has The jewellers’ Association Bangalore, which was established in 1941. Many

Jewellery sellers and Jewellery workers and Goldsmiths are members of this

association. Around 1500 jewellery shops are operating in Bangalore which fall under

small jewellery shops owned by individuals.

Bangalore has a good business atmosphere to promote jewellery trade among Gold

smiths, Traders and Customers. It encourages the Designers and Craftsman involved

in Jewellery designing process. The city also has 4 Colleges offering Jewellery study

related courses.


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2.6 REVIEW OF LITERATURE

Numerous recent studies emanating from academic circles show that there is a strong

influence of brand factors on consumer perceptions during gold jewellery purchase.

A vast amount of literature is derived to understand the link between Gold jewellery,

Luxury products, and purchase decision behavior. These studies had focused on

various aspects of perceptions influencing buying behavior.

Kemp, Simon ( 1998)1

This study determines the rate of various products on the luxury scale. Types of goods

which were perceived to be luxurious and how consumers interpret information

collected by them about brands, models, features , benefits and then make intelligent

and careful decisions while buying a new luxury good. The study also explores how

new-luxury purchases are driven by women as an impact of their raise in income,

change in lifestyle, new requirements of working women. The findings of the study

revealed that Independent women spend more on luxury products.

Stephen Harmston (1998 )2

A very long period is considered for study of the return on gold in isolation compared

with other assets in different countries like United States during 1796 – 1997, Britain

during 1596 – 1997, France during 1820 – 1997 , Germany during 1873 – 1997 and

Japan during 1880 – 1997. The level of volatility for a US investor trading in gold is

similar to that which would be experienced by a British or French investor buying

gold with their own currency. The findings state that the real returns from holding

gold were not positively correlated with those on other assets, gold would have had a

useful place in a diversified portfolio. Buying and selling out of an equity portfolio

that contained gold would have afforded, on average, a higher return with decreased

risk.


47

Craddock PT, Ramage A (2000)3

This study examines how gold is extracted from mines auriferous quartz or direct

panning in alluvial deposits provided powder, pellets and nuggets and how goldwork

is carried on melted and refined raw material to produce goldwork. Refining

techniques changed over time. Separation of precious metals from other elements

present in native gold was achieved by cupellation and parting. Documents dating

mostly from the Middle Ages reveal very mystified processes of refining and

processing that several authors have been trying to decipher and experiment.

Ahmad Jamal; Mark M H Goode (2001)4

This research indicates that the self-image product image congruity (commonly

known as self-image congruence) can affect consumers' product preferences and their

purchase intentions. Self-image congruence can also facilitate positive behavior and

attitudes toward products. It further explores that brand preference and satisfaction in

the precious jewellery market in the UK. A sample of 500 consumers of precious

jewellery in five major cities of the UK were studied through questionnaire. Results

indicate that self-image congruity was a very strong predictor of consumers brand

preferences and a good predictor of consumer satisfaction. Respondents with higher

levels of self-image congruity were more likely to prefer the brand and enjoy higher

levels of satisfaction with the brand as compared to those with lower levels of self-

image congruity. The results of the study show the implications for brand managers so

that they can position their brands in an effective way.

Ekant Veer and Karen Fernandez (2001)5

This paper examines what jewellery means to Indian consumers living in New

Zealand and Pakeha New Zealanders, who acquire jewellery as gifts and are unlikely

to sell them because of the personal, private meanings attached to the gift. It narrates

how value dimensions of jewellery differ across cultures and ethnic groups. It also

reviews how Indians are a particularly interesting comparison group when studying

the relationship of self and possessions because the Western concept of possessive

individualism is notably absent in India. Depth interviews were conducted with a


48

small sample of 10 respondents with their partners and data collected was analysed

on various aspects like disposal, value, quality, content . It highlights that gold

jewellery is preferred in its pure form preferably 18 karats.

Ganesan Kannabiran, Saumen Bhaumik (2005)6

This paper aims to examine how creative industries can adopt supply chain

management (SCM) approaches to achieve business excellence. It is based on case

research of supply chain (SC) integration in a jewellery-manufacturing organisation.

Organisations in the creative industries such as jewellery can achieve superior

performance through systematic supply chain planning and implementation.

Integrating SC planning with business planning, persistent commitment of the top

management and making use of cross-functional teams for implementation are some

of the key determinants of SCM. The paper presents a basis for understanding the

scope for adopting SCM approaches in creative industries. The research has the

generic limitation of generalisability. However, it provides an insight into

understanding the issues of SCM adoption in a developing country context.

Hari Chauhan (2005)7

The Author attempts to explore the love for jewellery by the Indian woman. The

research highlights how jewellery serves as adornment as well as financial security.

The Indian woman has always been very creative in her expression of jewellery and

design. In keeping with India's rich heritage of diversity, jewellery also takes on

regional nuances. It is the ultimate and most-personal expression of region specific

culture and art of lifestyles and heritage. It draws inspiration from architecture, dance

and even religious customs. The paper describes the traditional jewellery worn by the

women of Pabbar valley of Himachal Pradesh, one of the northern states of India.

Rian Raghavjee (2005)8

Different people from different regions of word have different reasons for purchasing

different types of product. This paper explores how India, Asian markets, Italy,

Turkey behave towards gold jewellery consumption. Rian explains how Turkish

people like to invest in gold jewellery rather than gold. Further Turkish market is also

the tourist market . Italy has remained at the forefront of the gold jewellery industry.


http://www.emeraldinsight.com/search.htm?ct=all&st1=Ganesan+Kannabiran&fd1=aut

http://www.emeraldinsight.com/search.htm?ct=all&st1=Saumen+Bhaumik&fd1=aut

49

The Italian Renaissance coincided with the discoveries of the New World sources of

gold, and wealthy Italian patrons encouraged goldsmiths as they did painters and

sculptors. Italian designs are the most sought in US market. The author observes how

in India festival campaigns created 30 tonnes of fine gold demand in a single day in

the month of April. Markets are segmented based on priority to link the consumer

proposition with a product or brand image.

Richard Michaud, Robert Michaud, Katharine Pulvermacher (2006)9

The objective of this paper was to examine the importance of gold in contemporary

institutional strategic asset allocation. The appropriate allocation to gold is dependent

on the risk level of the portfolio. Empirical findings show that a small allocation to

gold, in the order of 1 to 2%, is a significant and useful component of low risk

portfolios. Gold is a long-term or strategic investment for U.S. institutional investors.

The role of gold in asset management is currently very topical . The research also uses

the Ledoit estimator in all but the first case to improve the reliability of the correlation

estimates and optimisation results. The evidence indicates that gold is a statistically

significant strategic asset at the 10% level of significance for most strategic asset

allocations for the last thirty-two years of inflation adjusted historical risk-return data.

Amit Sahdev, Priyanka Gautama (2007)10

A test was conducted focusing on various gender, nationality and materialism to

understand brand value by consumer. The study explored whether materialistic

tendencies difference between: males and females, between Indians and Non-Indians,

brand perceptions of high priced fashion clothing between males and females, Indians

and Non-Indians. It also explores an association between consumers’ materialism and

his/her perception of brand image and personal satisfaction. The methodology was

based on the development and administration of a self-administered questionnaire

using a convenience sample of 211students under the age of 26 at various B-Schools

in Mumbai. Materialism was measured using the Richins and Dawson (1992) 18-item

measure focusing on happiness, centrality and success. From this study, it has been


50

observed that there is a difference in the materialistic tendencies of males and females

where as there is no difference between Indians and Non-Indians in this aspect.

Jayne Wallace (2007)11

This research explores the possible integration of digital technologies and

contemporary jewellery towards the development of digital jewellery; jewellery

objects embedded with electronic components. The relationship between an individual

and a piece of jewellery can therefore be personally meaningful. Wearable digital

objects are providing comfort in communication and information. These digital

objects when finely crafted and designed in form of jewellery attracts a segment of

customers who are continuously using digital objects. These objects are supported by

computing technology for their intended purpose. Companies like IBM, Philips,

IDEO, Nokia, Nike are designing such devices. The motivations behind contemporary

jewellery objects and gadgets are poles apart. The findings demonstrated that the

jewellery objects to be intensely personal.

Kevin J. Clancy , Samuel Rabino ( 2007)12

The research study was designed to explore the reliability and validity of

attribute/benefit desirability and brand perception measures among a cross-sectional

sample of 700 adults. It discovered how the choice of stimulus had little effect on

desirability and brand perception ratings, even for intangible, emotional product

characteristics. The data from this study were analyzed in two ways: on the

individual respondent level using repeated measures analysis of variance and on the

aggregate level using test-retest (pairwise) correlations that the use of visual stimuli in

marking research studies, in conjunction with verbal statements, does not enhance the

desirability or brand perceptions for tangible and intangible attributes and benefits.

Lisa De Propris, Luciana Lazzeretti (2007)13

An historical analysis which intends to demonstrate Birmingham Jewellery Quarter , a

Marshallian industrial district at the turn of the twentieth century over the period

1880–1920. This historical analysis is based on (a) historical records and information


51

from 1750 to 1920 (e.g. employment figures) and (b) a unique database constructed

by the authors containing historical data (1880–1920). Most of the jewellery trade was

dependant on hand labour and craft which later underwent through production

technology driven by mechanization with the introduction of gas-powered machinery.

This lead to a process of diversification in production activities. Many Jewellery

school were also opened like : School of Art, Jewellery School, Victoria School of

Jewellery and Silversmiths. In 1908–1909 the University of Birmingham began to

organize a course on jewellery management. All this resulted in employment creation.

World War I and II had its impact on jewellery industry then. World war II hit

jewellery industry so badly that it was very difficult for recovery. Marshallian

industrial district later had manufacturing activities increasingly becoming intertwined

with design, innovation, marketing and retailing activities.

Maria De Silva(2007) 14

This research investigates the development of an industrial cluster from its early

beginnings as 1920 at the start of the twentieth century, to the end of 2003 period,

illustrating the major turning points in the industry cluster and the responses of the

sector to those occurrences of jewellery industry in South Africa. Data was collected

from historical documentary evidence, Gold Fields Mineral Services (GFMS) annual

gold surveys and few people who lived during this period. Industrial clusters were

formed with small and medium firms. Cluster development and support have

undergone restructuring with the help of government recently.

Maria Filomena Guerra (2008)15

This paper reveals the role of scientific technology like x-ray based techniques of gold

alloys. X-ray based techniques have always played an important role in the study of

cultural heritage and, in particular, of gold work. Two applications illustrate both the

potential of examination techniques to identify the authenticity of gold jewellery and

the importance of combining examination techniques and elemental analysis to

describe the fabrication stages of gold work. Elemental analysis gives further


52

information on certain manufacturing techniques composition of a soldering or of a

gilding foil, Gold work consists of various stages like hammering or casting and

afterwards decorated by chasing, engraving, stamping or by addition of other

materials— gems setting, gilding, niello inlaying, etc. X-ray radiography and SEM-

EDS are main tools for jewellery studies.

Padma Srinivasan, R Subramaniam(2008)16

This research paper explored the risk factors that influence the gems and jewelry

business in Bangalore and the practices of family-based jewellers and branded

retailers. The sample consisted 190 family based jewelers and 10 retailers were

observed for a period of three years from 2004-07. Various risks like Geographic

Concentration Risk, Raw Materials Risk–Gems and Gold, Debtors’ Risk, Seasonality

Risk, Labor Risk, Wastage Risk, Financial Risk are studied with Risk Management

Practices. It concludes with SWOR analysis and suggestions for jewelers with help of

collaboration and technology.

Heather A. Wier (2009) 17

This research examines the information content of historical cost and fair value

reporting using a sample of gold firms. Completion of this study required data to be

hand-collected from firm annual reports from Canadian firms in a single industry

belonging to "precious metals" industry . A sample of 164 firm-year observations for

29 firms with up to eight years of data, from 1996 up to and including 2003 data

comprised a pooled cross-sectional time-series sample of firm-year observations. It

examined trade-offs between mark-to-market accounting and historical cost

accounting. This result conforms well to the intuition that for a commodity such as

gold, where the price is set in well-established markets, firm value should be more

related to the selling price of the commodity than to its cost. Findings revealed the

balance sheet amount of finished goods inventory of gold is more value-relevant for

firms using the production method of revenue recognition, which involves marking

inventory to market, than is the gold inventory of firms using the historical cost-based

sales method.


53

Henrik Hagtvedt, Vanessa M. Patrick (2009)18

This research proposes a feelings-based account of brand extension evaluation and

demonstrates that the promise of pleasure (hedonic potential) associated with luxury brands is

a key driver of brand extendibility. They compare luxury brand with a value brand. Both

brand concepts lead to equally favorable brand evaluations, but the luxury brand concept

results in more favorable brand extension evaluations due to the hedonic potential inherent in

this concept. However, the luxury brand is shown to be sensitive to inconsistent brand cues,

leading to diminished hedonic potential and consequently decreased brand and brand

extension evaluations.

John R. Bryson & Michael Taylor (2009)19

Manufacturing firms located in high-cost production locations have developed a series

of complex inimitability strategies in response to intensive competition from low-cost

producers. This paper draws upon the resource-based view of the firm to explore

inimitability, as a strategy firms deploy in response to imitation. The analysis is based

upon in-depth interviews with lock, jewellery and whistle manufacturers located in

the West Midlands, UK. Many of these firms have been transformed into niche

manufacturers whose competitiveness is based around a process of customisation

through a co-production relationship with customers, the delivery of service

experiences and a continual process of design-intensive innovation.

Anandkumar G Patil (2010)20

This paper reviews how fashion jewellery is changing in modern times. The practice

of soft tissue piercings like nose, ear, eyebrows with ornaments and body tattooing are

ages old started in Egypt, china and medieval around 5000 years back. Oral

jewellery, which consists of soft tissue piercings and/or objects attached to teeth. Oral

jewellery makes teeth glamorous, unique, and fashionable, tantalize the persons teeth.

It is painless and has no risk of infection, and adds sparkle to a smile. It is also

solution for tooth fracture and gum recession and gives confidence to the person.

Today it is regaining momentum as fashion and style statement among youth and

celebrities.


54

Dirk G. Baur, Brian M. Lucey(2010)21

The author conducts an empirical analysis on three large financial markets U.S., U.K. and

German stock and bond returns and gold returns to investigate gold as a hedge and a safe

haven. Different currencies (U.S.dollar, U.K. pound and the Euro) examine the

differences and similarities of the role of gold in these markets . The data consist of

daily prices of MSCI- Morgan Stanley Capital International stock and bond indices

and U.S. closing spot gold. An Econometric approach with the regression model is

used to test whether gold is a hedge, a diversifier or a safe haven. Gold is chosen as a

candidate since anecdotal evidence and the financial media suggest that gold serves as

a safe haven in financial markets. Findings of the study reveal that gold is a hedge

against stocks on average and a safe haven in extreme stock market conditions and

gold is generally not a safe haven for bonds in any market.

Laurence E. Blose (2010)22

It discusses how changes in expected inflation affect gold prices. Using unexpected

changes in the Consumer Price Index (CPI) this paper shows that surprises in the CPI

do not affect gold spot prices. The results indicate that investors anticipating changes

in inflation expectations should design speculation strategies in the bond markets

rather than the gold markets. Additionally, investors cannot determine market

inflation expectations by examining the price of gold

Anu Singh Lather and Puja Khatri (2011)23

This paper is a deliberate effort from the board members of the Titan Industries,

Bangalore to research the potential of semi-urban and rural markets for their brand

‘Tanishq’ which was considered as ‘Not for Me’ Brand from semi-urban and rural

markets. The outcome was “GoldPlus”, a concept presented in one of the Future

Shocks in 2004-05. “Future Shock,” in which middle and senior management of the

Titan Industries present future business opportunities to a jury. Based on the

recommendations of the jury and evaluation by the board, the company evaluates the

opportunities. The consequence was GoldPlus was launched at Bheemavaram and at


55

15 places across Tamil Nadu, Madhya Pradesh, Andhra Pradesh, and Maharashtra and

has received resounding acceptance from the consumers.

V. Vijay Durga Prasad (2010) 24

This research paper examines the role of Hallmarking in curbing the cheating on

caratage of gold jewellery. A study was carried out to understand the perception of

customers purchasing gold ornaments and their awareness levels on the concept of

hallmarking. Though Government of India in April 2000 introduced voluntary hall

marking of gold jewellery through Bureau of Indian Standards most of the jewelers

are selling partial of stock with hallmark. Questionnaire was administered to a random

sample of 285 respondents from in Vijayawada city in Andra Pradesh. Cross

Tabulation, Chi-Square Test for testing of Independence between two attributes.

Suggestions were offered to create more awareness among customers as findings

revealed that few were aware about BIS Hallmarking.

Eunju Ko, Carol M. Megehee ( 2011)25

It summarizes each of the fifteen articles included in this special issue on fashion

marketing of luxury brands and provides a rationale for the inclusion of each article.

The articles are grouped by topic—luxury status/values, luxury consumer behavior,

luxury brand management, and luxury brand counterfeiting—even though many of

the articles include information relevant to at least one other topic. With authors

representing thirteen different countries (and probably more if country of origin were

to be considered), this issue on marketing of luxury brands is truly international in

scope.

Jeanny Y. Liu, University of La Verne(2011) 26

This paper is concerned with high-income metropolitan area and challenges of

establishing a brand within the jewellery industry where appropriate positioning of the

business and establishing a credible brand are the main emphasis for new business


56

entrants and understanding luxury consumer segment, consumer behavior, and

creating an integrated marketing and communications plan. There are numerous

challenges and hurdles to start a new business especially during an economic

downturn, however, there are also opportunities for specialty retailers to gain market

share. The female demographic facts and communication strategies are studied before setting

up the store at metropolitan area of Chicago.

Klaus Heine, Michel Phan ( 2011)27

This paper addresses the current lack of consensus on what defines a luxury product.

It demonstrates the adequacy of a consumer-oriented approach anchored in a list of

product attributes. These attributes were identified from the literature and a study of

31 German millionaires with high spending on luxury goods. A combination of five

research methodologies was employed including open interview, the repertory grid

method (RGM), the preference differences technique, the critical incident technique

and the projective technique. The findings suggest that consumers distinguish luxury

products using six major characteristics: price, quality, aesthetics, rarity,

extraordinariness, and symbolic meaning. The paper concludes with practical

implications for luxury brand managers and for those who wish to trade up their mass-

market goods. Six major dimensions that determine the luxuriousness of a product are

revealed as the outcome of the study. The Dimensions are price, quality, aesthetics,

rarity, extraordinariness, and symbolism.

Urvashi Soni-Sinha (2011)28

The paper is an ethnographic study examining the gendering of jewellery production

in the villages of Medinipur, West Bengal, India. The jewellery (primarily hand

woven silver chains) is marketed nationally and internationally and the villages are

linked to the domestic and the global markets through a series of subcontractors. The

paper is a critical analysis and deconstruction of the gendered division of labour

where women's work in chain-weaving is constructed as ‘leisure activity’, requiring

little training and carried out at home. The women are rendered invisible as workers

through the discursive practices of control over their sexuality, restricting their


57

mobility geographically and in the job hierarchy, and earn a low average wage of INR

1.35/hour for chain-weaving. Men engage in the soldering and finishing of chains,

which is constructed as ‘tough’, requiring long training, carried out in the visible

spaces of the workshops and are paid an average wage of INR 5/hour. The discourses

feed into the subjective identities of men as bread-winners and constitute women as

housewives. However, women challenge the construction of chain-weaving as

‘leisure’. In their affirmation of chain-weaving as ‘work’ they present a fragmentation

to their subjective identities as housewives and navigate their paradoxical situation; an

ambivalence created by what they do, how they view what they do and how they are

viewed in doing it. In addition, some women cross the gendered division of labour

and engaged in soldering, thus challenging its construction as particularly ‘tough’ for

women. Although how this disruption is currently negotiated mutes its resistive effect,

the fact of it has created new discursive practices by which the crossing of the gendered

divide is achieved.

Yann Truong, Rod McColl (2011)29

Despite the dramatic growth of the luxury market over the past two decades, luxury

consumer research remains fragmentary and scant. To address this knowledge gap,

this study investigates consumers' intrinsic motivations for purchasing luxury goods.

Data were collected from 587 consumers and analyzed using structural equation

modeling. The results show that consumers who are primarily intrinsically motivated

tend to purchase luxury products for superior quality and self-directed pleasure. The

findings also demonstrate that self-esteem, an important concept in psychology and

consumer behavior but rarely studied in luxury research, relates strongly to self-

directed pleasure.

Anber Abraheem Shlash Mohammad(2012)30

The author explores the role of perceived values and brand trust as marketing tools for

building brand loyalty. Sample was randomly drawn from the population of female

consumers of shampoo in Amman, the capital city of Jordan and data collected was

analysed using SPSS. The author proposes a model that describes the relationship


58

between brand trust, perceived value and brand loyalty. The scales were submitted to

exploratory factor analysis. The results of statistical analysis shows that trust in a

brand is important and is a key factor in the development of brand loyalty and

Perceived value significantly enhanced brand loyalty.

Aysegul Ozsomer (2012)31

This research investigates the extent to which local brand iconness can help sway

global preferences in an emerging and mature country setting. Consumer samples

from Turkey, an emerging market and two mature markets, Singapore and Denmark

were considered for the research. The relationship between consumers’ likelihood of

purchasing the global brand in the presence of a local brand is analyzed. The

hypotheses are tested using Hofstede’s dimensions of individualism, uncertainty

avoidance, and power distance and masculinity. The results indicate that perceived

brand globalness is positively related to local iconness in an emerging market, but the

relationship is negative in advanced markets.

Dr. Bushan D. Sudhakar; Arun Kumar. Parise (2012)32

This study investigates Indian consumer migration towards Luxury brands from value

middle tier brands. Descriptive research method is used to explore different dimension

factors which effect consumer preference for brands. Face – to – face Interviews

were conducted with a sample of 100 respondents with help of a structured

questionnaire in Chennai city. This research is special as many studies concentrate on

changing consumer behavior trends while this study is all about migration of

consumers from middle tier brands to luxury brands. Analysis was done by using both

descriptive as well as factor analysis and multivariate analysis. The findings suggest

that there is significant difference with the gender difference, social status, price,

quality to purchase a luxury good.


59

G. Srinivasan (2012) 33

This article reveals the industry scenario when there was increase in duties and levies

on Gold in the budget. In the Budget, the Finance Minister levied the basic customs

duty to 1 per cent excise on branded jewellery to unbranded jewellery too and

platinum bars from 2 per cent to 4 per cent and on non-standard gold from 5 per cent

to 10 per cent. The customs duty on gold ore/concentrate and ore bars for refining was

increased from 1 per cent to 2 per cent. Bullion trade bodies across the country

protested by downing shutters continuously for three weeks incurring an estimated

loss of Rs.20,000 crore to business and also causing a revenue loss to the exchequer

of Rs.700 crore. Representatives of jewellers and bullion traders met the Finance

Minister to press for a rollback of the excise duty on unbranded jewellery. As a result

of this jewellers began selling jewellery without a brand name.

K. Balanaga Gurunathan, S. Muniraj(2012)34

This research investigates Impact of Customer awareness and buyer Behaviour on

Buying Jewellery Products–Special Reference to Tamil Nadu State. 100 respondents

were interviewed with help of a questionnaire. Various factors were identified under

two categories like: Customer Awareness Variables and Consumer Behaviour

Variables and Reliability test was conducted and validated.Hypotheses developed

were tested by correlation test. Findings showed that there was a significant

relationship between customer awareness and behaviour in Tamil Nadu.

Kittichok Nithisathian, Somchai Rattanakomut, John Walsh (2012)35

Thai fine gold jewellery is the main focus in this research, since it has high level of

value added from material, design, and production processes, each of which require

strategic alliances at every step. It is also one of the top five export industries of

Thailand. The principal benefits that Thailand obtains from the gem and jewellery

industry: high levels of employment both within the industry directly and from

ancillary industries, with approximately 1.3 million jobs (Chombudha, 2001); high

levels of value added and large amounts of money flowing from overseas (Kawsaard,


60

2002). The paper conclude discussing the nature of alliances in this industry to be

repeatedly created and dissolved and to be of a short-term nature.

Mary Shustack(2012)36

The author narrates how signature jewels are designed by designers. Designers are

evolving with classic and feminine but contemporary fresh designs. There is a

segment in market who look for such aspects. These designers sell their designs on-

line, trade shows, street fairs, arts festivals and charity events. The designer innovates

signature designs by travelling most of places and are aware of various cultural as

well as local ethnic influences on jewellery.

CASE STUDIES AND REPORTS

Training helps Salesforce to sparkle: Program develops listening skills at jeweler 37

This case study is about an award-winning training program that transformed the sales

culture at Aurum, Britain's biggest luxury jeweler. It reveals that shop staff

previously focused on the sale itself, they learned to concentrate on the customer and

his or her buying experience. They learned to listen to customers rather than simply

talk about the product. Managers learnt to support and coach their sales staff. It

further details an approach to sales training that puts the customer at the center of the

experience.

Himadri Bhattacharya(2002)38

The paper’s contemporary value lies in its being a case study on how reform measures

can be sequenced as the opening up of the economy gathers momentum: a valuable

insight for policy-makers elsewhere contemplating how to execute economic reform

and liberalise gold markets. The Bank for International Settlements (Annual Report,

1934-35), gold absorption in India between 1493 and 1930 was at least 14% of world

production. In one of the earliest research works on the subject (Rao, B S and

Nagabhushanam, K (1960), India’s Demand for Import of Non-Monetary Gold, Non-

Monetary Silver and Merchandise, 1901-1913) it was empirically established that,

during the period 1901 to 1913 (which was a sub-period of the gold exchange

standard era (1898-1914), (i) gold demand exhibited higher income elasticity than


61

both silver and merchandise, (ii) price elasticity for gold demand was negative, and

(iii) gold was preferable to silver.

A Passion for Gold: Realising Potential in the Gold Market (2005)39

This consumer research conducted in six key markets : China, India, Italy, Saudi

Arabia, Turkey and the USA was carried out in March and April 2005.Methodolgy

used was Qualitative research with a total of 9027 sample approximately 1,500 in

each market. Face to face interviews were conducted lasting at least 60 minutes in

length. The research was conducted with urban women aged 15-65 years where

minimum age of 16 years in Saudi Arabia and 18 years in India and Italy. These

women told about their behaviour and attitudes towards gold jewellery and other

luxury goods and services, as well as general information about their lifestyles and

motivations. The research reveals that there are positive shifts in consumer attitudes

and behaviours with gold becoming a more relevant and desirable product to a large

number of women.

What Women Want (2008)40

This report provides analysis and insight into two key aspects of the market for gold

jewellery in the world’s leading gold-buying countries collectively representing 73%

of global demand. Two aspects of: Gold in the context of other luxury items and

consumables and Consumers’ attitudes to gold, focusing on how women’s perceptions

of gold have changed since the last survey in 2005. The findings show that in spite of

two fold growth in price in the three years between the 2005 and 2008 surveys gold

retained and even strengthened its position, both in comparison to other competing

luxury goods and in terms of its own specific appeal. The reason was enduring

attributes of gold like longevity, purity and value two core target groups of female

consumers were identified in each market, based on their behaviour and attitudes

towards gold. The core groups were ‘passionate about their appearance and

accessories’ a key group and ‘self confident creative women’ - women who are

traditional and status-conscious in their outlook’. The survey findings confirm that

gold continues to have strong positive associations and remains an integral part of a

woman’s appearance and of her ability to look and feel good.


62

World Gold Council , Press Release, Bangalore, 31 March 2011 41

A detailed historical and econometric study by Dr. Kannan finds that India’s gold

demand is influenced not only by the price of gold, but by macroeconomic, monetary

and policy variables which include income, the interest rate, the exchange rate,

personal income tax, government spending and wealth. This is further endorsed by

proprietary research from the World Gold Council which shows that over the last five

years, future gold purchase intent in India has remained demonstrably stable, in spite

of rising gold prices during this period.

Newsletter

Idealcut42

Riding the Indian economic wave is a class of ‘Nouveau Riche’ Indians. Apart from

possessing greater purchasing power, the ‘Nouveau Riche’ Indians are more

adventurous and willing to try newer and trendier products. Suddenly demand for

branded jewellery in India is picking up pace, driven predominantly by the ‘Nouveau

Riche’ Indians.

Karats 43

The quarterly newsletter of The Jewellers’ association Bangalore revealed various

information through articles by the members of the Association. An update of 37th

annual general meeting, Gold Karatage, New Trade Policies affecting Gold Jewellery

Business, Jewellery events coming up and other important information were available.

Magazines

From the magazine “The Art of Jewellery” published on March-April 2005,

few articles with the following title and page number as mentioned below

quoted interesting facts about gold industry . They are :

1. “ How is the price of gold determined? ”, page 48

2. Amazing facts about gold, page 51

3. “Gold ETF’s : New Avenues in Gold Investment” page 54


63

4. “An estimated 13,000 tonnes of Gold rests in India which is about 9%

of Global Mine production”

5. Lets take a jump into the colour Plaette of Gold , Page 59

From the magazine “The Art of Jewellery” published on April - May 2005,

the following articles were referred to understand :

1. “India’s Gem and Jewellery exports rise by 29.27 per cent in FY 04-

05”. Page 52.

2. “IIJ, Mumbai holds its first passing out of jewellery technologist”,

page 105. – Today Indian consumers are getting more and more

demanding. They are willing to spend more on jewellery provided they

get the shopping experience they are looking for. With the increase in

consumer spends the jewellery industry is growing at the rate of 20 per

cent plus.

A special issue on Gold Jewellery India Internations Exhibition with the

magazine “The Art of Jewellery” published on May- June 2005 , an article

titled “Unprecedented consumer frenzy on Akshaya Thritiya” on page 47

some noteworthy facts were quoted about consumer behaviour.

From the magazine “All that Glitters”, Vol 01, published on issue 03, 2005,

the following articles were mentioned the details with title:

1. “Fashions fade, Style is eternal”. Indo-Western fusion with an

emphasis on Indian styles is already making waves …. Colour will be

the highlight this season. Page 21.

2. “Twinkling eyes with ‘Jewel Eye’. Body jewellery is one of the oldest

forms of adornment in all civilizations across the world.” Page 46

JCK 2006 AND JEWELS OF INDIA SPECIAL ISSUE magazine “The Art of

Jewellery”, VOL 05 ISSUE 09, it is interestingly found that :

1. 8th

Jewels of India, celebrating the exquisite diversity of jewellery art

in India. Excerpts from the interview with the convener, Mr. Sandeep

Bekal.

2. “Lok Sabha discussions – Status of Hallmarked jewellery.” Page 64.

3. An article carrying a title “Competition! GJ sector battles competing

categories for consumers’ disposable income”- in 2005, quoted “ The

international luxury market showed average growth of 10.9%


64

according to Unity Marketing’s Luxury Report 2006 … this includes

home luxuries, personal luxuries (including jewellery), automobile and

luxury experience ( such as travel and entertainment)”. Page 82

4. Impact of Changing Technology in jewellery sector by Navin

Sadarangani, page 92

5. Jewellery Retail : The sparkling sector by Vijay Jain, CEO-ORRA,

Page 120

6. “Challenges and opportunities for gold retailing in India”, by James

Jose, MD, Chemmanur Gold Refinery (P) Ltd.,

From the magazine ‘ Jewelbiz India ’ , Vol 03 published on March- April

2006 the article titled : “ In 2005 India contributed an estimated 14.3% of

global jewellery production” The following were quoted interestingly.

1. The Indian consumer if getting increasingly trend conscious. Indian

consumers are very fashion conscious. This segment is growing

between 15-20% every year.

2. Products and preferences, excerpts from the preferences segment of the

Jewel Biz India consumer study. Conducted by Synovate India

across 4 metros, 1200 respondents.

Business world – Budget 2007, 12 march 2007

Outlook Profit, bulls. Bears. Billionaires, 12 june 2009 page 4…..83% Decline

in gold demand to 17.7 tonne in India , during the first quarter of 2009 owing

to a depreciating rupee and gloomy economic conditions. According to the

world gold council , total demand worldwide rose 38% to 1016 tonne valued

at $29.7 billion

Gems and Jewellery under threat, Devendra Mohan, Business India , July 12,

2009 Page 33

Please Note: Journals, Case Studies, Reports, Newsletter and Magazine References are

listed at the end of this Chapter.

Newspaper, Bulletins, Text Books and other references are included in the Bibliography

section.


65

2.6.1 RESEARCH GAP AND NEED FOR THE STUDY

Many studies have been conducted in the field of Gold, Gold Jewellery in various

countries focusing on conceptual aspects. Very limited studies are conducted relating

to gold jewellery brands. But there are no studies found in the context of Branded

Gold jewellery particularly towards the perception factors influencing the buying

decisions in the age group of 18 to 45 years of women in Bangalore. This study

fulfills the Gap of such a research and also gives scope for the need of research. An

attempt is made to explore various value dimensions which influence the perceptional

factors of women while buying branded gold jewellery.

References

1. Kemp, Simon (October 1998). Perceiving luxury and necessity. Journal of

Economic Psychology; ISSN: 01674870, Vol. 19 Issue 5, 591-605.

2. Stephen Harmston (November 1998 ). GOLD AS A STORE OF VALUE,

Centre for Public Policy Studies, World Gold Council, Research Study No.

22.

3. Craddock PT, Ramage A (2000). The platinum group element inclusions.

In King Croesus’ Gold: Excavations at Sardis and the History of Gold

Refining, British Museum Press: London, 238.

4. Ahmad Jamal; Mark M H Goode (November 2001). Consumers and

brands: a study of the impact of self-image congruence on brand

preference and satisfaction. Marketing Intelligence & Planning, Vol.19

No.7, 7 , 482-492.

5. Ekant Veer and Karen Fernandez (2001). All that Glitters must be 22 carat

gold: the Meaning of Jewellery for Indian Consumers, Proceedings of the

Australia New Zealand Marketing Educators Conference, Sylvie Chetty

and Brett Collins eds. Albany, New Zealand.

6. Ganesan Kannabiran, Saumen Bhaumik. (2005) Corporate turnaround

through effective supply chain management: the case of a leading


66

jewellery manufacturer in India. Supply Chain Management: An

International Journal, Vol. 10 Issue 5, 340 – 348.

7. Hari Chauhan. (2005). Indian Journal of Traditional Knowledge , Vol.

4(2) pp. 118-126

8. Rian Raghavjee (2005). AngloGold Ashanti Ltd, Paul Walker, GFMS Ltd,

Nick Speyer, UNO A ERRE Italia SpA, Report on Panel Discussion : Has

Jewellery Turned the Corner? The LBMA Precious Metals Conference,

Johannesburg, 61- 68

9. Richard Michaud, Robert Michaud, Katharine Pulvermacher,( September

2006) Gold as a Strategic Asset World Gold Council Report,

10. Amit Sahdev, Priyanka Gautama (8 April 2007). Are Consumer

Perceptions of Brand affected by Materialism? International Marketing

Conference on Marketing & Society, IIMK, Pages 459-461

11. Jayne Wallace (July 2007). Emotionally charged: A practice-centred

enquiry of digital jewellery and personal emotional significance. Doctoral

Thesis

12. Kevin J. Clancy , Samuel Rabino( March 2007). The Effects of Visual

Enhancement on Attribute/Benefit Desirability and Brand Perception

Measures: Implications for Reliability and Validity. Journal of Marketing

Research

13. Lisa De Propris, Luciana Lazzeretti (November 2007). The Birmingham

Jewellery Quarter: A Marshallian Industrial District, European Planning

Studies Vol. 15, No. 10, 295–331, ISSN 0965-4313

14. Maria De Silva (May 2007). From Dynamism to Dormancy: the Jewellery

Industry in Johannesburg from 1925-2003. Doctoral Thesis submitted to

the Faculty of Humanities of the University of the Witwatersrand,

Johannesburg

15. Maria Filomena Guerra (6 March 2008 ). An overview on the ancient

goldsmith’s skill and the circulation of gold in the past: the role of x-ray

based techniques. Wiley InterScience, Pages 317–327

16. Padma Srinivasan, R Subramaniam (2008). Risk Management Practices

Among the Gems and Jewelry Dealers in Bangalore. The ICFAI University

Journal of Risk & Insurance, Vol. V, No. 3.


67

17. Heather A. Wier, (2009). Fair Value or Conservatism: The Case of the

Gold Industry. Contemporary Accounting Research Vol. 26 No. 4 , 1207-

33.

18. Henrik Hagtvedt, Vanessa M. Patrick( October 2009). The broad embrace

of luxury: Hedonic potential as a driver of brand extendibility. Journal of

Consumer Psychology, Volume 19, Issue 4, 608-618.

19. John R. Bryson & Michael Taylor(2009). Competitiveness by design and

inimitability through service: understanding the dynamics of firm-based

competition in the West Midlands jewellery and lock industries, 583-596.

20. Anandkumar G Patil (October-December 2010). Tooth jewellery: A

simple way to add sparkle to your smile. Indian Journal Of Dental

Advancements, IJDA, 2(4), 356-358.

21. Dirk G. Baur , Brian M. Lucey (2010). Is Gold a Hedge or a Safe Haven?

An Analysis of Stocks, Bonds and Gold, The Financial Review 45, 217–

229.

22. Laurence E. Blose (January–February 2010). Gold prices, cost of carry,

and expected inflation. Journal of Economics and Business, Volume 62,

Issue 1, 35-47.

23. Anu Singh Lather , Puja Khatri (July - September 2011). Tata GoldPlus:

The Success Story of the ‘Nano’ of the Jewellery Market. VIKALPA •

Volume 36 • NO 3,119-129

24. Vijay Durga Prasad(May 2010). Hallmarking in India: A Major Quality

Initiative in the Largest Gold Jewellery Market in the World. International

Journal of Marketing Studies Vol. 2, No. 1.

25. Eunju Ko, Carol M. Megehee (8 November 2011). Fashion marketing of

luxury brands: Recent research issues and contributions . Journal of

Business Research.

26. Jeanny Y. Liu (2011) . Tzen Boutique Jewelry: Brand Building For A

Small Business. Journal of the International Academy for Case Studies,

Volume 17, Number 5, 73-84.

27. Klaus Heine, Michel Phan(May 2011). Trading-up mass-market goods to

luxury products, Australasian Marketing Journal (AMJ), Volume 19, Issue

2, Pages 108-114.


68

28. Urvashi Soni-Sinha (2011). Invisible Women A Study of Jewellery

Production in West Bengal, India. Journal of Gender Studies, Volume 20

Issue 2, 105

29. Yann Truong, Rod McColl (November 2011). Intrinsic motivations, self-

esteem, and luxury goods consumption. Journal of Retailing and

Consumer Services, Volume 18, Issue 6, 555-561.

30. Anber Abraheem Shlash Mohammad(2012). The Effect of Brand Trust

and Perceived Value in Building Brand Loyalty. International Research

Journal of Finance and Economics ISSN 1450-2887 Issue 85 (2012)

31. Aysegul Ozsomer (2012). The Interplay Between Global and Local

Brands: A Closer Look at Perceived Brand Globalness and Local Iconness.

Journal of International Marketing, American Marketing Association, Vol.

20, No. 2, 2012, 72–95.

32. Dr. Bushan D. Sudhakar; Arun Kumar. Parise (January 2012). Luxury’s

New Destination – Changing Paradigms Of The Indian Consumers – An

Empirical Study, EXCEL International Journal of Multidisciplinary

Management Studies Vol.2 Issue 1, ISSN 2249 8834.

33. G. Srinivasan (2012). Going for gold. Frontline, Volume 29 - Issue 08 :

Apr. 21-May, 04.

34. K. Balanaga Gurunathan, S. Muniraj (2012) . Impacts of Customer

Awareness and Buyer behavour on Buying Jewellery Products–with

Special Reference to Tamil Nadu State. European Journal of Social

Sciences – Volume 29, Number 3, 337-342.

35. Kittichok Nithisathian, Somchai Rattanakomut , John Walsh (March

2012). Empirical Investigation of the Proficiency of Selecting Partners in

the Thai Fine Gold Jewellery Industry . World Journal of Social Sciences

Vol. 2. No. 2, 61 - 73

36. Mary Shustack(January 16, 2012). Pam Older has crafted a second act in

jewelry design. Westchester County Business Journal-a division of

Westfair Business Publication, 8

Case Studies and Reports


69

37 Training helps salesforce to sparkle: Program develops listening skills at

jeweler, Human Resource Management International Digest, Emerald

Group Publishing Limited, Vol. 19 Iss: 1, 15 – 16

38 Himadri Bhattacharya(September 2002 ). Deregulation of Gold in India ,

A Case Study in Deregulation of a Gold Market. Published by Centre for

Public Policy Studies, World Gold Council.

39 World Gold Council - Consumer Research Summary (2005). “A Passion

for Gold: Realising Potential in the Gold Market” , 2005, GFK NOP The

research was undertaken by GfK Roper Consulting

40 What Women Want : Global Discretionary Spending Report (2008),

WGC, Page 1-4

41 World Gold Council , Press Release, Bangalore, 31 March 2011

Newsletter

42 Changing times of Jewellery Retail in India - Branded Jewellery, Malls

and Online Shopping, Idealcut, The newsletter of the gems and jewellery

export promotion council, Vol. No.: 1 | Issue: 3, July 2009

43 Karats, A Quarterly Newsletter for the Gem & Jewellery industry by the

jewellers’ association, Bengaluru December 2011 - vol 1 issue 3


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