Consumer Attitude Towards Gold Ornaments

www.final-yearprojects.co.cc | www.troubleshoot4free.
com/fyp/
Consumer attitude towards gold ornaments

CHAPTER - 1
INTRODUCTION
1. Introduction
In India, gold is religion.
India’s love affair with gold is timeless, spanning centuries and millennia.
“Gold to us Indians is that ultimate love object... not only does it adorn our bodies, it also
acts as a good investment... Gold is ancestral. From mother to daughter to
granddaughter, (father to son to grandson) gold has a tendency of getting passed down
from generation to generation. So for Indians at gold will never lose its ”.
Jewellery designs ary in different regions of India making the style unique to each
region. In south India the designs are inspired by nature – paisley motif of the mango,
rice grains, melon and cucumber seeds, etc. In western and northern India the Mughals
influenced the meenakari (enamelling) and kundan (seeting of precious and semi-
precious stones in gold) styles to give just give a few examples. Jewellery is crafted not
just for humans but also for the deities, ceremonial elephants, and horses. Hence the
varieties of gold jewellery in India are truly mind-boggling and bears testimony to the
excellent skills of Indian jewellers.
As long as women are fascinated with gold, goldsmiths will make money. The
only difference being that some will make more money than others. The jewellery
industry is going through a period of with more players scaling up operations, increasing
their global footprint through outsourcing and/or venturing into the most touted growth
area the domestic retail business.
India-made jewellery gained momentum in the US markets in the recent past and
industry experts believe that several global retail gaints like Wal-Mart and JC Penney are
likely to source jewellery from India. Besides players are now turning out to newer
markets like EU countries and South East Asian markets where Indian jewellery is more
lucrative than those from other countries.
India also has the cost advantage apart from skilled and cheaper force, which
makes it an attractive outsourcing option for global players. India’s market share in the
jewellery sector was $2.5 billion, which is just 4 per cent of the world market. So there is
significant scope to increase jewellery exports. However, the sustained rise in the rupee
is likely to eat into profit margins of exporters.
1.1 Gold
Gold is described and known as a precious metal. The combination of gold’s
relative scarcity and its obvious beauty has made it a very valuable commodity
Final Year Project's is One place for all Engineering Projects, Presentation, seminar,
summer training report and lot more.
NOTE:-This work is copyright to its Authors. This is only for Educational Purpose.
www.final-yearprojects.co.cc | www.troubleshoot4free.com/fyp/
throughout the history of humanity. It is most probably the oldest precious metal known
to man. Wars have been fought over it and countless numbers have died trying to gain it
or protect it. Scientifically speaking, gold is an element, a metal, with an atomic number
79. Its physical and chemical properties make it ideal for a number of applications. It is
very stable and as a result seldom combines with other elements. In other words, it does
not corrode or rusi. It conducts electricity very well (only silver is a better conductor of
electricity). It conducts heat very well. Gold is very malleable which means it can be
hammered into shapes. Gold is so malleable that it can be hammered into a sheet so thin
that wires: a wire thread approximately 50 miles long can be drawn from a single troy
ounce of gold (31.1 grams). It is also one of the densest metals: a cubic foot of gold
weighs over 1,200 pounds. Gold’s chemical symbol is Au. It comes from the Latin word
aurum which means shining dawn, a reference to its bright yellow color and shiny luster.
The English has word gold its origins in Middle English.
How big is a tonne of gold?

Gold is traditionally weighed in Troy Ounces (31.1035 grammes). With the density of
gold at 19.32 g/cm3, a troy ounce of gold would have a volume of 1.61 cm3. A metric
tonne (equals 1,000kg = 32,150.72 troy ounces) of gold would therefore have a volume
of 51,762 cm3 (i.e. 1.61 x 32,150.72), which would be equivalent to a cube of side
37.27cm (Approx. 1’3”).
1.2 An Overview of Gold

Gold is the mostly highly prized of all metals. Its bright yellow glitter and
malleability has made it, since the dawn of history, the metal most treasured. The earliest
craftspeople used gold to fashion decorative pieces of all kinds. In the middle Ages,
artisans were trained as goldsmiths to create jewelry and ornaments of the highest order,
some surpassing work done by the craftsmen of today.
Gold found in its native state is rarely pure 24k, but is usually associated with
silver and often with mercury. In its natural state of pure gold, the substance is very
malleable and can be hammered into very thin sheets. When the silver content is a high
percentage of naturally-occurring gold mass, the metal is called electrum, a natural alloy.
Gold is also found in tellurides and ore containing quartz wherein it is either visible, or
enclosed in particles of sulfide minerals such as chalcopyrite, pyrrhotite, pyrite and
arsenopyrite. In some high – production gold mines, the gold is not visible and can be
seen only on a highly polished surface when viewed through a high – powered
microscope.
Gold has no oxides and is not affected by oxygen in the atmosphere, as are other
metals. This is why gold does not tarnish – tarnish is the result of metal reacting with
oxygen in a process called oxidation.
Since gold alone is too soft to hold a form, gold is alloyed (combined with other
metals) in order to make jewelry. When gold is alloyed, its ductility is diminished, but its
malleability remains constant, except when large percentages of copper are added to the
alloy.
Where does the word Gold come from?

The word gold appears to be derived from the Indo-European root ‘yellow’,
reflecting one of the most obvious properties of gold. This is reflected in the similarities
of the word gold in various languages: Gold (English), Gold (German), Guld (Danish),
Gulden (Dutch), Goud (Afrikanns), Gull (Norwegain) and Kulta (Finnish).
1.3 Karat Content of Gold and Gold Alloys

Gold quality is determined by karat content of fineness, and each karat is 1/24th
part of the entire substance. Pure gold is 24 karats and as it is alloyed with other metals,
the gold content decreases. For example, 18k gold is 18 parts pure gold and 6 parts of
alloy metals: 14k gold is 14 parts pure gold and 10 parts other metals.
Red or pink gold (also called rose gold) contains large percentages of copper and
a small amount of silver in addition to gold. Green gold is usually gold alloyed with
additional silver or with silver that has a small percentage of copper. White gold is
primarily 75% gold with the balance nickel, or both nickel and zinc. Gold alloyed with
silver alone minus nickel or zinc will be less hard than a nickel and zinc alloy and also a
lighter yellow color.
Copper alone added to gold makes the pure gold harder and more difficult to
work; therefore, some percentages of copper and silver are usually combined in the alloy.
White gold-formerly made of an alloy consisting of gold, silver, and/or palladium (from
the platinum family)-is now also alloyed with nickel, copper and zinc to produce more
ideal melting characteristics.
What is a Karat?
A Karat (Karat in USA & Germany) was originally a unit of mass (weight) based
on the Carob seed or bean used by ancient merchants in the Middle East. The Carob seed
is from the Carob or locust bean tree. The carat is still used as such for the weight of gem
stones (1 carat is about 200mg). For gold, it has come to be used for measuring the purity
of gold where pure gold is defined as 24 carats.
How and when this change occurred is not clear. It does involve the Romans who
also used the name Siliqua Graeca (Keration in Greek, Qirat in Arabic, now Carat in
modern times) for the bean of the Carob tree. The Romans also used the name Siliqua for
a small silver coin which was one-twentyfourth of the golden solidus of Constantine.
This latter had a mass of about 4.54 grammes, so the Siliqua was approximately
equivalent in value to the mass of 1 Keration or Siliqua Graeca of gold, i.e the value of
1/24th of a solidus is about 1 Keration of gold, i.e 1 carat.
Why is Gold Measured in Karats?

This stems back to ancient times in the Mediterranean Middle East, when a carat became
used as a measure of the purity of gold alloys (see next Question 5). The purity of gold is
now measure also in terms if fineness, i.e. parts per thousand. Thus 18 karats is 18/24 of
1000 parts + 750 fineness.
Uses
Most gold is used to make jewelry and other art items. Because it is chemically
stable and conducts electricity so well, it is very important in electronics. Electronic
applications represent a significant amount of the United States annual gold consumption,
by dentistry and a variety of other applications.
Gold has been very important as the standard for currency. In 1792 the United
States Congress established gold and silver as the standard for the nation’s money. The
U.S. Department of the Treasury holds a major stockpile of gold.
1.4 Substitutes and Alternative Sources

Palladium, platinum and silver have been substituted for gold. Alloys (mixtures)
of gold and other base metals are extensively used in jewellery and electronics to reduce
the amount of gold used while assuring the positive features for which gold is desired.
Traditional mining of lode and placer deposits and by-product production of gold
from copper and silver mining will continue to be the main sources of gold. There is gold
in seawater, but recovering this gold is unlikely to ever be profitable. Recycling gold
from used electronics will provide only a very small amount of gold, though some do find
this venture profitable.
1.5 The Popularity of Gold

Gold and silver have been sought and prized since prehistoric times. They have
also been both a cause of war and a medium of exchange.
Gold is the standard by which the value of anything is assessed; it is universally

accepted. Silver does not lag behind in global trade markets and as an investment. In the
code of Menes, and Egyptian ruler of 3100 BC, it is declared that one unit of gold is
equal to two-and-a-half units of silver in value. Silver was actually more widely
employed as the standard of value until the nineteenth century.
Indians faith in God and gold dates back to the Vedic times; they worshipped
both. The historian Pliny complained that ancient Romes bullion resources were drained
by her Indian trade. Indian merchants always demanded payment in silver during the
times of the East India Company; so much silver was exported from London that East
India Company teetered on the brink of financial disaster. According to the World Gold
Council Report, India stands today as the world’s largest single market for gold
consumption. In developing countries, people have often trusted gold as a better
investment than bonds and stocks.
Gold and silver have been popular in India because historically these acted as a
good hedge against inflation. In that sense these metals have been more attractive than
bank deposits or gilt-edged securities.
Deposit recent hiccups, gold is an important and popular investment for many
reasons
? In many countries gold remains an integral part of social and religious customs,
besides being the basic form of savings. Shakespeare called it the saint-seducing gold.
? Superstition about the healing powers of gold persists. Ayurvedic medicine in
Indian recommends gold powder and pills for many ailments.
? Gold is indestructible. It does not tarnish and is also not corroded by acid except
by a mixture of nitric and hydrochloric acids.
? Gold had aesthetic appeal. Its beauty recommends it for ornament making above
all other metals.
? Gold is so malleable that one ounce of the metal can be beaten into a sheet
covering nearly a hundred square feet.
? Gold is so ductile that one ounce of it can be drawn into fifty miles of thin gold
wire.
? Gold is an excellent conductor of electricity; a microscopic circuit of liquid gold
printed on a ceramic strip saves miles of wiring in a computer.
? Gold is so highly valued that a single smuggler can carry gold worth Rs. 50 lakh
underneath his shirt.
? Gold is so dense that all the 90,000 tonnes estimated to have been mined through
history could be transported by one single modern super tanker.
? Finally, gold is scam-free. So far, there have been no Mundra-type of Mehta-type
scams in gold.
Thus, the lure of this yellow metal continues.

On the other hand, it is interesting to note that apart from its aesthetic appeal gold
has no intrinsic value. You cannot eat it, drink it, or even smell it. This aspect of gold
compelled Henry Ford, the founder of Ford Motors, to conclude that gold is the most
useless thing in the world.
1.6 Why People Buy Gold

a) Industrial applications take advantage of gold high resistance to corrosion, its
malleability, ductility, high electrical conductivity and its ability to adhere firmly to other
metals. There is a wide range of industries, from electronic components to porcelain,
which use gold. Dentistry is an important user of gold. The jewellery industry is
another.
b) Acquisition of gold because of its long-proven ability to retain value, and to
appreciate in value.
c) Purchases by the central banks and international monetary organizations like the
international Monetary Fund (IMF).
1.7 Sources and Price of Gold

South Africa produces 72% of the gold in the free world, whereas India’s
contribution is just around 0.3%. The production of gold by the former USSR was
considerable, but the quantities produced were a state secret. Many experts used to think
that the Soviet State Bank had large reserves of gold. But after the fall of the communists
in 1991, the Soviet State Bank had a hearty laugh; it had no gold stocks at all. After that
experience, Bank of England insisted on physical delivery of gold by Reserve Bank of

India during the foreign exchange crisis in early 1991.
As South Africa depends on gold sales to balance her budget, her balance of
payment position influences the gold market in the world.
1.8 The Price of Gold

During the 50s gold appreciated marginally; from Rs. 99 in 1950 to Rs. 111 in
1960. The next decade, 1960-70, it moved up to Rs. 184.
Between 1970 and 1980 came the massive rise from Rs. 184 to Rs. 1,330. During the
80s, it moved up another 240%. The trend of gold prices in India in the last few years is
given in table.
Value of Gold (Year) Rates of Gold (10gm)

1980 1330
1985 2130
1990 3200
1995 4658
1996 5713
1997 4750
1998 4050
1999 4220
2000 4395
2001 4410
2002 5030
2003 5540
2004 6400
2005 7570
2006 9850
2007 13.800
2008 11.400
2009 15.500
1.9 Gold in India

India has been a traditional gold hoarder. Indians love gold.
In addition to the 9,000 MT of gold with the people of India the government of
India has about 80MT of confiscated gold. Future, the reserve Bank of India has gold
reserve as well. These official gold reserves helped India to tide over its foreign
exchange creses in 1991. Indias stock of gold of about 9000 tones was uolved at Rs.
450,000 crore which perhaps is an indication of the extent of blcak money in the country.
Legal imports of about 500 tones of gold in 1998-99 were valued at about Rs. 20,000
crore. In comparison India’s trade defult that year was only around Rs. 15,000 crore.
Today India imports gold more than any other commodity.
In 1963, the Gold Control Order was promulgated under the Defense of India Act
in the light of the India-China war. Under the Gold Control Scheme, the maximum
purity of all ornaments to be made in the country, whether from remolten old ornaments
of higher purity of from gold in any other form, was restricted to 14 carats in place of the
earlier 22 carats. Since its inception, the Gold Control Act of 1963 has had to be
amended, diluted and whittled down. Eventually in 1990, the Finance Minister repealed
the Gold Control Act. It was very widely welcomed by one and all, for understandable
reasons.
Gold smuggling into India was rampant as the gold price in India has been
historically higher than the international parity price. For example, on 27 April 1990, the
price of gold (10 gm) in Bombay was Rs. 3,400, whereas the New York price was only
Rs. 2,065. In other words, the Indian price of gold was nearly 65% higher.
The central problem of bullion trade in India is the excess of demand over supply.
As there was a total ban on import of gold, the excess demand was met through large
scale smuggling. According to the Bombay Bullion Association, more than half of the
annual requirement of gold in India (estimated to be around 200 MT) was met by
smuggled gold. However, the situation changed totally after 1992. The ban on gold
imports was lifted in March 1992. All returning NRIs can now bring gold up to 10 kg per
person. They have to pay a fixed duty. This measure is expected to reduce, if not
eliminate, gold smuggling, bring in revenue for the government and reduce the disparity
between international and domestic prices of gold.
1.10 The Prospects for Gold

Many investors have forgotten that when gold price went up during the late 1970s
it was just trying to catch up with prices of other things which had already gone up. In
1970, when the price of gold was $35 an ounce (due to the gold standard then followed in
USA) it was unquestionably undervalued. When gold hit $850 an ounce in January 1980
it was again, unquestionably, overvalued. If the increase in gold price had kept the same
pace in 1980s and 1990s as it did in 1970s, it would have become $20,000 an ounce by
2000. With a number of Central Banks selling off huge chunks of their gold reserves, the
international price of gold has come down in the last few years.
Timothy Green, a well-known gold expert, reminds us of a historical truth: The

great strength of gold throughout history has not been that you make money by holding it,
but rather you do not lose. That ought to remain its best credential. A research study on
gold established a remarkable consistency in the purchasing power of gold over four
centuries. Its purchasing power in the mid-twentieth century was found to be nearly the
same as in the middle of the seventeenth century.
You can safely invest in gold. But take care to keep your jewellery in bank
lockers. You can also raise loans on gold for your other portfolio investments. If the
Indian economy continues to be liberalized and unshackled fast, several new options may
emerge for investors to invest in gold bars, gold coins, gold funds, gold mining
companies and gold options. It will also lead to the eventual equalization of domestic
and international prices.
1.11 Why Central Banks Hold Gold

Monetary authorities have long held gold in their reserves. Today their stocks
amount to some 32,000 tones – very similar to their holdings 50 years ago. It is
sometimes suggested that maintaining such holdings is inefficient in comparison to
foreign exchange. However, there are good reasons for countries continuing to hold gold
as part of their reserves. These are recognized by central banks themselves although
different central banks would emphasize different factors.
• Diversification: In any asset portfolio, it rarely makes sense to have all your eggs
in one basket. Obviously the price of gold can fluctuate – but so too do the exchange and
interest rates of currencies held in reserves. A strategy of reserve diversification will
normally provide a less volatile return than one based on a single asset.
• Economic Security : Gold is a unique asset in that it is no one else’s liability. It is
not directly influenced by the economic (monetary and fiscal) policies of any individual
country. Its status cannot therefore be undermined by inflation in a reserve currency
country. Nor is there any risk of the liability being repudiated. Gold has maintained its
value in terms of real purchasing power in the long run and is thus particularly suited to
form part of central bank’s reserves.
• Physical Security: Countries have in the imposed exchange controls or, at the
worst, total asset freezes. Reserves held in the form of foreign securities are vulnerable
to such measures. Where appropriately located, gold is much less vulnerable. Reserves
are for using when you need to. Total and incontrovertible liquidity is therefore essential.
Gold provides this.
• Unexpected needs: gold fulfils a “war chest” role. In emergencies countries may
need liquid resources. Gold is liquid and is universally acceptable as a means of
payment. It can also serve as collateral for borrowing.
• Confidence: The public takes confidence from knowing that its Government holds
gold – an indestructible asset and one not prone to the inflationary worries overhanging
paper money. Some countries give explicit recognition to its support for the domestic
currency. And rating agencies will take comfort from the presence of gold in a country’s
reserve.
• The IMFs Executive Board, representing the world’s government, has recognized
that the Fund’s own holdings of gold give a “fundamental strength” to its balance sheet.
The same applies to gold held on the balance sheet of a central bank.
• Income: Gold is sometimes described as a non income-earning asset. This is
untrue. There is a gold lending market and gold can also be traded to generate profits.
There may be an “opportunity cost” of holding gold but, in a world of low interest rates,
this is loss than is often thought. The other advantages of gold may well offset any such
costs.
• Insurance: The opportunity cost of holding gold may be viewed as comparable to
an insurance premium. It is the price deliberately paid to provide protection against a
highly improbable but highly damaging event. Such an event might be war, an
unexpected surge of inflation, a generalized debt crisis involving the repudiation of
foreign debts by major sovereign borrowers, a regression to a world of currency and

trading blocs, or the international isolation of a country.
How Much Gold?

This is a matter for countries and central banks to decide in the light of their
particular circumstances. The international average is about 9% at current market prices
but, in the EU it is over 25% and the USA holds around 60% of its reserves in gold.
Countries facing particular volatility in their economic and/or political circumstances will
want to consider the level of gold in their reserves.
1.12 Gold Quality

Gold’s purity is measured in karats. The term “karat” harks back to the ancient
bazaars where “carob” beans were used to weigh precious metals. 24 karat is pure gold,
but its purity means it is more expensive and less durable than gold that is alloyed with
other metals. Different alloys are used in jewelry for greater strength, durability and
color range.
The karatage of the jewelry will tell you what percentage of gold it contains: 24
karat is 100 percent, 18 karat is 75 percent, and 14 karat is 58 percent gold. When
comparing gold jewelry, the higher the number of karats, the greater the value.
Europeans have long embraced 18-karat gold as their metal of choice, and with
good reason. Its rich yellow color luxurious look and feel have an extraordinarily sensual
appeal; many European women treat 18-karat gold like a second skin, even wearing it to
the beach!.
1.13. Karat Marks

When buying gold jewelry, always look for the karat mark. In the United States,
14-karat gold, or 583 parts pure gold, is the most common degree of fineness. Nothing
less than 10 karats can legally be marked or sold as gold jewelry in the U.S. 18-karat gold
is 18/24ths, or three-quarters pure gold, and jewelry of this fineness is marked 18k or
750, the European designation meaning 75% gold.
Always look for the karat mark or “k” that appears on the back of the piece. By
U.S. law, if a karat mark appears you should also see the manufacture’s trademark to
assure you that the karat marking is accurate. The country of origin should also appear.
In addition to the karat mark, every piece of gold jewelry should be stamped with
a hallmark or trademark of its maker, and sometimes its country of origin. These
designations assure you that you are buying genuine karat gold jewelry.
1.14. Gold Colors

Yellow gold is alloyed with silver and copper. It is the most frequently used type
of gold there is Malleable, ductile and generally non-corrosive, it has a high melting point
and is not susceptible to compression.
White gold is alloyed with a large percentage of silver, or a selection of other

white metals. The percentage of gold naturally varies, according to the amount of other
metal used. White gold is highly reflective and not subject to tarnish. Its predates that of
Palladium and Platinum.
Rose gold is alloyed with copper and perhaps silver. The proportions are about
one part of copper to three parts of 24-karat gold.
1.15. Gold Pricing

Gold pricing is based on a number of factors, including karatage, gram weight,
design and craftsmanship. The karatage and gram weight tell you how much gold is in a
piece, but don’t rely on these alone to determine price. Remember, a price based solely
on gram weight does not reflect the work that has gone into the piece.
Other important factors to consider are the jewelry’s construction and design.
The techniques of construction can make a piece more durable and flexible for added
comfort. A well-made piece in a classic design will give you years of wear and
enjoyment and, if cared for properly, will last a lifetime. Unique design, intricate details,
gemstones or a special clasp may add to the price. Gold jewelry is mainly produced by
machine. Any additional hand finishing or textural interest raises the cost. Similar
looking pieces may have vastly different price tags. This is because different pieces may
have specific characteristics that make them unique.
1.16. Gold Care

Gold is durable, sturdy, dependable, and makes an ideal setting for your precious
diamond jewelry. However, to get a lifetime of enjoyment from your jewelry, be sure to
keep it clean and safe. Do not wear jewelry during rough work or when handling harsh
chemicals. Store it in a fabric-lined box away from other pieces to preserve it from
getting scratched.
Finally, check the diamond settings periodically for any damage to the gold
prongs or bezels. If you see a loose prong, or if the setting looks out of line, bring it to a
professional jeweler for repair at once.
1.17 Types of Testing Gold Ornaments

1.17.1 Fire Assay
The most accurate method, with an accuracy of 2-3 parts per ten thousand
(0.02%), is the Fire Assay (Cupellation) method. This involves taking a small scraping
from the article, typically about 250 milligram’s, weighing it accurately, wrapping it in
lead foil with some added silver, compelling it in a furnace at about 11000C to remove all
base metals and then placing the resulting gold-silver alloy button in nitric acid to
dissolve out the silver (known as ‘parting’) and re-weighing the resulting pure gold. This
is the standard reference technique used by the national Assay laboratories worldwide for
Hallmarking and is covered in the International Standard, ISO 11426:1993. A good
description of the process is given in an article in Gold Technology, No 3, and January

1991.
A simplification of this technique involves omitting the initial cupellation stage

and just melting the sample with added silver and/or copper, rolling to a thin sheet and
then dissolving out the silver and base metals with nitric acid. This is satisfactory only
when there are no other impurities present, but will be less accurate.
1.17.2 Inductively Coupled Plasma Spectrometry

Fire Assay is closely followed for accuracy by Inductively Coupled Plasma (ICP)
Spectrometry, which involves taking a smaller sample of about 20 milligrammes,
dissolving in acid and subjecting a sample to analysis in an ICP (Inductively Coupled
Plasma) Spectrometer – an expensive instrument. This technique has an accuracy of 1
part per thousand but requires use of comparative standard reference alloy samples of
known Composition. This technique is accepted for Hallmarking purposes and has the
advantage in that it also measures the other alloying constituents.
1.17.3 X-ray Fluorescence

X-ray fluorescence (XRF) is a non-destructive technique that is suitable for
normal assaying requirements such as in-house quality control in manufacturing or for
‘certifying’ gold content in retail outlets. It has an accuracy of, typically, 2-5 parts per
thousand under good conditions, i.e. where the surface of the jewellery being measured is
relatively flat and sufficiently large. On curved surfaces, the gold X-rays generated and
measured are scattered and accuracy is reduced significantly. It is a quick technique, an
assay taking about 3 minutes, and the result can be automatically printed out by the
computer. It also measures the content of the other alloying metals present. However, it
only measures the gold content of a thin surface layer, so accuracy is severely
compromised where the jewellery article has had a chemical surface treatment (to
enhance color) or has been electroplated with a layer of pure gold.
The more accurate XRF instruments measure the intensity of the generated gold
X-rays by wavelength dispersion analysis. The use of energy dispersive analyses results
in cheaper instruments but reduced accuracy. Reference alloy standards, of known
composition close to that of the test piece, are needed if accuracy is required in XRF
testing.
There are several instruments appearing on the market developed specifically for
gold jewellery assaying, such as the X-tester, and these are more reasonably priced. A
major retailer in India has equipped each of their stores with such instruments. The gold
content of each piece of jewellery is measured as it is sold, printing off a Certificate,
thereby guaranteeing carat age conformance and providing consumer confidence in a
country where national Hallmarking regulations do not exist.
1.17.4 Touchstone Testing

Touchstone testing is an ancient method for measuring gold content where by a
rubbing of the jewellery is made on a special touchstone alongside rubbings of known
reference samples and treated with acids. The color of the reacted area is compared to
that of the reference samples. It is not sufficiently accurate (about 15 parts per thousand
at best) and is only useful as a sorting test to differentiate between different carat ages. It
is less accurate at high carat ages and with white gold. A more detailed description of the
technique can also be found in Gold Technology, No. 3, and January 1991.
1.17.5 Other Methods

The Electronic Gold Tester (or the so-called Gold Pen) is a cheap, although
portable technique based on the capacitance decay principle. Accuracy is poor, being
correct to only 1-2 carats (4-8%) and is compromised if the surface is gold-plated, for
example. It is useful only as a sorting test.
The density of carat gold’s reduces as carat age is lowered and this gives rise to
density measurement as a possible method of measuring gold content, using Archimedes
principle. However, density is also influenced by the other alloying constituents and so
the accuracy of the method is poor. Jewellery containing defects such as porosity would
further reduce the accuracy of density measurement. It is not recommended.
Summary
For high accuracy, consistent with marking/Hallmarking regulations, only Fire
Assay and ICP Spectrometry are sufficient. These techniques involve taking a physical
samples (a scraping) from the jewellery item.
For good accuracy, X-ray Fluorescence (XRF) analysis is suitable. Accuracy

depends on the shape (geometry) of the item; it is best on flat surfaces. This technique is
suitable for quality control in production and for certifying cartage conformance in a
retail environment. It is a quick technique (3-4 mins) and does not require technical
expertise to operate. Results are automatically displayed/printed out by the computer
control. Suitable bench-top instruments developed specifically for jewellery use are
available on the market. Reference standards are necessary.
For sorting jewellery into different carat ages, then the touchstone and electronic
gold pens are suitable cheap, quick techniques.
As summary of the techniques is given in the following table:

Comparison of Assaying Techniques
Technique Versatility Sample Size Accuracy Limitations Equipments
Cost
Fire Assay Only gold ~ 250 mg 0.02% Modifications for Ni and Pd
Moderate $50,000
ICP Complete analysis ~ 20 mg 0.1% - High $150,000
XRF Complete analysis Non-destructive 0.1 – 0.5% Surface layer, flat
samples Moderate $25,000+
Touchstone Only gold Almost non-destructive 1-2% Unsuitable for high
carat and white golds Low $100
Electronic Pen Only gold Non-destructive 4-8% Not consistent Low %200
Density Only gold Non-destructive Poor Only for binary alloys Low %
500
1.18 Marketing of Jewellery

Most people refer to the “hallmark” on their jewellery, but this term is often
loosely used. It is important to differentiate between a ‘Mark’ and a ‘Hallmark’. They
have different levels of guarantee of the carat age! A Hallmark is applied only by an
independent third party, typically an Assay Office, after the item has been assayed for
gold content.
It is also important to recognize that, in many countries, the caratages of jewellery

allowed to be sold is fixed by law. For example, one can sell 9, 14, 18 and 22 carat gold
jewellery in the U.K, but not 12, 19 or 21 carat, which are allowed in other countries.
1.18.1 Marketing
In most countries, national law requires gold jewellery to be marked with its
caratage or fineness. This is done by physically stamping the jewellery with a punch,
although laser engraving is also finding application. However, the caratage mark is no
guarantee of gold content in some countries where there is no independent system of
‘Hallmarkeing’. In such countries, undercarating is not uncommon! The USA, for
example, has laws that require jewllery, where market, to be marked with both the
caratege and the maker’s mark (for traceability) by the manufacturer or importer but they
are not policed or enforced strongly. Hence undercarating is not uncommon at the lower
end of the market.
Marking of jewellery is usually done by the manufacturer without any

independent check. Thus your caratage conformity is not guaranteed; you rely on the
jeweller’s integrity.
1.18.2 Hallmarking
In other countries, there is a legal requirement for all jewellery to be tested
(assayed) by an independent third party. If found to be within tolerance, then the Assay
Office marks the jewellery with a number of marks including the caratage or fineness, the
maker’s mark and the Assay Office mark. This is known as a Hallmark.
Usually, the Assay Office guarantees its mark by law, so the consumer has legal redress
against the Assay Office, if an item is subsequently found to be of substandard assay.
1.18.3 What is Marked?

The marking of jewellery with its gold content varies from country to country.
Some mark with the caratage, typically 18 or 18 ct (or 18k in USA and some other
countries) and others mark with the fineness, e.g. 750 (e.g. in the U.K).
CHAPTER - 2
PROFILE OF SUBRAMANYA JEWELLERS
2.1 Birth and Growth

Subramanya Jewellers belongs to the well known Prabakar R Rayakar family of
Harihar. The persons belonging to Rayakar family are engaged in various business such
as import and export of jewellery, wholesale and retail of jewellery items, etc.
Rayakar is house hole name not only in Hairhar. but also in the entire state of
Karnataka for their good business practices, social service, educational institutions,
charitable trusts, temples etc.
The jewellery business of Rayakar family dates back to 1938 in Rayakar which is
in Harihar Taluk, in the name of Prakesh Jewellers by Rayakar
And in 1989 Rayakar family divided then in 1990 started a new show room in
Harihir City with the help of his elders of the family. At that time all the gold and silver
items were manufactures by them self. Their brother continued their own business of
Prakesh jewellery
Prabakar R Rayakar served about said well established firm for more than 18
years. In he though of starting his own business firm and obtained license. Since 1990,
Sri Prabakar R Rayakar, The proprietor, is carrying on the business with the vast
experience in jewellery business. The business is carrying on in a traditional way.
With his practical knowledge associated with theoretical knowledge, now he is

one of the very few expects in valuing the jewellery products, gems testing etc, and
attracting the class customers who give importance, for quality, uniqueness etc rather
then piece.
Since 1986, he never looked back every year there is growths in number of
satisfied customers, turnover and also project.
2.2 Sales Performance

The sales performance of a business is basic functions, particularly in a
commercial concern. The volume and the value of sales and the consequent margin of
profit ultimately gives the size of your business, its pattern of organisation, the financial
and personnel problems.
The sales management in the items applied to the process of distributing the
goods from the produce to the ultimate user of consumer. It covers selling advertising
and sales promotion and risk taking.
Sales management is utmost importance in the firms as the profits and customer
satisfaction cannot be ascertained without sales of the product.
2.3 Evaluation of Sales Performance

There are three reasons to evaluate or appraise the performance of sales people.
They are:
1. To measure performance against planned sales and marketing objectives.

2. To distribute rewards for performance.
3. To guide the development of sales force.
Target for sales performance are set and they act as criteria for comparison with
the actual accomplishment. Sales quotas, expense control, personal development
objectives are the casual targets for the purpose of evaluation. It is essential that all
evaluation should be forward – looking and aims at future and improved performance.
Performance evaluation should be done periodically and promotion, pay rise,

rewards should be offered to the deserving sales people. Forward looking and positive
evaluating and control enable salesman to severe self – advancement or developments.
2.4 Effective Sales Performance Measures

Sales man’s performance can be measured by number of factors, such as to ability
to sell a satisfactory volume, ability to sell at a profit, ability to sell at a low cost, ability
to plan and organise his time and efforts, knowledge or products. Polices, customers and
competition, ability to attract and hold customers etc.
2.5 Practical Problems Faced by Subramanya Jewellers

Inspite of advance mechanism in jewellery manufacturing Indian jewellery
involves more than 90% of handwork. Hence manpower and human skills all highly
involved. Human skills and manpower have their own limitations. Intricate and delicate
jewellery does more Man – hours and concentrations which sometimes course delay in
manufacturing.
Another important thing to be considered is the fluctuations in the gold price.

Though it is supposed o have relevance to international market price the local gold price
varies according to demand and supply (arrivals) or the primary bullion.
The most imported thing in jewellery that too jewellery made up with gold
product apart being a fancy luxury is also considered as an investments and savings. It
has been our ancient culture to invest money on gold, silver and precious stones. So at
time of necessity one thinks of setting gold, silver and precious stones in the first order as
they have easy liquidity and reselling value.
As gold, silver and precious stones have higher reselling value the margin of
profit of the seller is limited. Hence, discount allowance has it limitations.
CHAPTER - 3
ORNAMENT PROFILE
Jewellery Made of Natural Materials
In early India, people fashioned jewelry out of natural materials found in
abundance all over the country-seeds, feathers, leaves, berries, fruits, flowers, animal
bones, claws and teeth. Even today such jewelry is used by the different tribal societies.
It appears that both men and women of that time wore jewelry made of gold, silver,
copper, ivory and precious and semi-precious stones. By the third century B.C. India was
the leading exporter of gemstones, particularly diamonds. Gold was usually imported
into the country.
In India the ornaments are made practically for every part of the body. Such a
variety of ornaments bears the testimony to the excellent skills of the jewelers in India.
The range of jewelry in India varied from religious one to purely aesthetic one. Jewelry
was crafted not just for humans but also for the gods, ecumenical elephants and horses.
The craft of jewelry was given a royal patronge right from the ancient times. The rajas
and maharajas vied with each other to possess the most exquisite and the most
magnificent pieces of jewelry. Temple complexes supported many different styles of
jewelery scented sandalwood bead necklaces the prayer bead or the rudraksh (berry of the
elaocarpus canitrus) necklace, multicolored silk and gold thread necklaces.
Jewelry in India fulfils many functions and wearing it has several implications.
At the most obvious level, it is a form of adornment satisfying man’s innate desire to
beautify himself. However, jewelry also serves as an identity marker, as security, and as
symbol of social contracts. For Hindus, jewellery is associated with most religious
ceremonies; especially the samaskaras (Stages of life) such as the namkarna (naming
ceremony) or the vivaha (marriage). To signify marital status, Hindu women must wear
the mangalustra of the thali, which consist of gold pendants strong in a certain
combination with other beads. Traditionally, a goldsmith pierces a child’s ear with a gold
pin twelve days after it is born.
3.1. A Large Variety of Styles

All over India, women wear a lot of jewelry and even men used to wear some of
it. India of old times had several small kingdoms and so styles in each kingdom
flourished under the patronage of the local kings. As such the designs existed in infinite
variety. The one common feature was the number of items worn by women. All of them
wore jewelry on their nose, on their forehead, on their ankles and even their toes. One
would find that in areas like those under the Mughals, the jewelry of the hands and feet
were extremely ornate. The reason being the women wore veils and the only exposed
parts of their body were the hands and feet.
The mughals were showmen who reveled in the fantasy of ornaments. They
encouraged international participation by borrowing designs and getting their jewelry
fashioned abroad. In fact, documentation of Indian Jewelry exists only from this period
onwards. Enameling, embedding stones in gold and filigree work were some of the
different ways in which gold was embellished further.
Indians who prefer 24 carat gold have a variety of designs to chose from, whether
they are buying necklaces, nose rings, earrings (Four to seven pieces of jewelry can be
worn on the ear alone!) hair clips, waistbands or toe rings.
3.2. Ornaments for Every Part of the Body

1. Bangle
2. Ring ornaments
3. Nose ornaments
4. Ear ornaments
5. Finger
6. Pachikam Jewellary
7. Navarathna Ornaments
8. Beads
9. Pearls
10. Dlamonds
11. Meenakari
12. Kundan work
3.2.1. Bangles
This arnament was undoubtedly a purely decorative accessory in the pre-vedic era and
even in the post-Vedic times until the medieval period. Medieval India gave Hinduism a
chauvinistic twist distorting Vedic concepts and introduced ritualistic beliefs. It was at
this stage that the bangle was transformed from a mere decoration to a symbol of
marriage. The bangle thus began to gain social significance and ritualistic relevance.
Hindu married girls always wear some bangles round both their wrists as it is
considered inauspicious to be bare armed. Bare hands are symbolically associated with
widows who have been denied the right to wear bangles or any kind of adornment.
Gold bangles per se have no significance. Almost any woman, regardless of

caste, culture or community, age or marital status can wear gold bangles if she can afford
them. Gold bangles form a part of the bride’s dowry and are more an investment or a
statement of wealth.
Bangles range 1pr least 15 grams.
3.2.2 Ring Ornaments
No other nation in the world can surpass the 5000- year-old record of India with
its unbroken history of the custom of wearing jewelry. The women of this land are
unique in that even today, for various reasons the use of ornaments continues with
undiminished vivacity. Of these, the ring in its various forms, adorns the nose, ears,
fingers and toes. Amulcts worn as charm against cvil also comc in the form of rings.
Usually at the child’s naming ceremony performed on the 12th day after its birth, a small
ring or stud is inserted into the ear lobe or nose as a protective amulet.
Ring range 1 piece 1.5 grm and thereafter.
3.2.3. Nose Ornaments

The widespread use of nose ornaments in India today has created a misconception
that wearing of these is an ancient Hindu custom based on religious sanctions. Looking
back at the historical remains of the ancient Indian civilization, one doesn’t find any nose
rings on the stone and clay sculpture of Indus Valley Civilization, or sculptures at Ajanta
Ellora and Badami. Neither is any evidence of the use of nose rings found from the
plaques, seals or coins excavated from Mohenjodaro, Harappa or from the sites where the
Kushan and Gupta dynasties existed. Similarly, the bronzes of the Apsaras of the 9the
century or the 11th /12th century Uma of the pala period and Parvati show an absence of
this ornament of the nose. Evidence of nose rings and studs appear only in the 15th and
16th centuries.
The most common type of the nose ornament is not a ring, but an ornament in the
form of a stud know as phul. This is worn through a hole in the left nostril and secured
by a screw fitting on the inner side. Its size varies from a small gold ball or diamond to a
flat disc with a highly ornamental surface. Additionally, the stud may have small
attachments like a fringe of hanging chains or small pendants.
Large nose rings are also worn. They may be plain silver or gold hoops or
extravagantly ornamented with enamel, pearls and precious stones. Heavy nose rings are
usually supported by cards of fine chains hooked to the hair or head covering to hold the
ornament flat against the cheek; otherwise their weight would distort the nose. The bulak
from Mandi in Himachal Pradesh, worn by the local Dogra women is one of the largest
loop nose-rings worn in the country. It is decorated with granulation an set with stones
covering a large portion of the cheek and mouth.
The third basic type of nose ornament, usually of gold is pendant hung from a
hole in the central septum. Single rings are most commonly worn but some pendants
may be so large and complex that they hang over the mouth and must be lifted up when
eating. For a person not familiar with the culture of this land, nose ornaments may
probably seem the strangest of all the Indian jewellery.
Ranges from 200 grams and thereafter

Gandharva Sculpture, theat existed as early as the 3rd and 4th centure A.D., is
characterized by the presence of ear ornaments. The Buddhists were said to have favored
massive earrings.
The forms and size of ear ornaments vary enormously. They can be decorated in
an immense number of ways including embellishments with enamel, stones or pearls.
Almost any type can have additional small decorative chains and hanging miniature
pendants often in the shapes of small leaf, balls or bells. Some earrings are so heavy they
must be supported by a card or chain that passes over the ear or is hooked to the hair.
Other types of unsupported ear ornaments are worn from a hole in the lobe, which as a
result is permanently stretched to an unimaginable degree. The large disc plug of
Gujarati women and the various kinds of heavy earrings worn by the women of Tamil
Nadu are examples of these. Women of some regions have ears pierced with holes of a
diameter that almost amounts to mutilation and then wear enormous pendant earrings
made of gold.
3.2.5 Fingers
Rings for the hands have been found at practically all levels of Indus Valley
civilization. Mohenjodaro excavations have brough forth copper rings with several coils
but no gold and very few silver rings have been discovered.
Rings, over the ages, have been worn on all the ages, have been worn on all the
fingers including the thumb. They Fulfilled the triple function decorative, talismanic and
signatory. The immumerable forms of metal rings can broadly be divided into those with
and without bezel (the part of the ring meant to hold a decorative decree, stone or seal).
While rings set with personal seals are less common today, the rings sct with stones are
ubiquitous.
The particular stone may be chosen for reasons other than mere appearance.
According to Hindu astrology, each of the nine planets in the Universe is represented by a
specific stone. By wearing the stone associated with one’s planetary sign, it is believed
that the effect can be enhanced or mitigated according to the nature of the planet. A very
popular arrangement of stones called Navaratna (Nine gems) is used in rings and other
ornaments.
In a special category is the larger thumb-ting or arsi with a circular mirror. Other
thumbrings, unequivocally courtly pieces in shape and material were worm from the late
16th to the mid 18th century during the reign of Shah Jahan. They were considered the
finest examples of Mughal jeweled gold. yet another type, now obsolete, is the Archer’s
ring of jade or gold, at times set with gems and embellished with enamel. Its Central
Asian origin accounts for its popularity among high raning men during the mughal
period. To the Romans the ring was the most important item of jewelry. They were the
first to use it as a sign of betrothal.
Today the rings have only fashion value. The traditional significance seems to
have diminished.
For the nose, single stone studs rate high, or the traditional design with a few
diamonds. Lops are on the decrease, unless they are family heirlooms used for weddings
and other ceremonies. For the feet, due to more women wearing closed shoes, the toe
ring in most cases is not worn except by the more orthodox and conventional women.
3.2.6 Pachchikam Jewelry

Pachchikam jewelry is back in fashion. Crafted in Gujarat and Kutch centuries
ago, this style of jewelry is being revived by the contemporary jewelry designers.
Exclusive and artistic, this designer jewelry is replacing the traditional gold ornaments.
In the world of fashion and design there is an all round revival of styles of the lost
eras in garments as well as jewelry. One of the most popular revivals in the world of
ornaments is pachchikam jewelry, which dates back to the 18the and 19th centuries in
India.
Little is known of the history of Pachchikam and yet it’s beginning can be traced
to early European designs worn by the nobility in the 16th century. Although it has a
strong ethnic background, on closer observation one notices an affinity to the type of
jewelry seen in portraits of British dignitaries in India. It was with the exchange of trade
and commerce that the intricacy of the art reached the shores of India. Where Indian
artisans added their style to change it into a work of Indian art.
There are several definitions for the word pachchikam or pachchikam, as it is

sometimes known. It could be a derivation of pachchigar (Which means goldsmith) or it
could also mean five fingers (panch) since most of the jewellery is handcrafted.
3.2.7 Navaratna Ornaments

Navaratna or the necklace of nine gems
The Navaratna or the necklace of nine gems is an exquisite piece of jewelry. A
combination of nine auspicious slones strong together ensures the well being of the
wearer.
Ruby: Pink red colored stone, known for its brilliance and rediance. Usually made up of
crystals of six sided prisms. It is highly valued as it is said to represent the sun god
(Surya), who is the master of the universe. This stone signifies power, authority, and
good health, father etc and is said to have a positive effect on the health and destiny of a
person wearing it. Jewelry and ornaments studded with ruby are very costly.
Emerald: Bright green colored stone. It is the representative of plant mercury (Budh) and
affects knowledge and learning. Like ruby, flawless and radiant emeralds are considered
the best. Rajasthan is known for emerald mining. Udaipur and Ajmer are main centers
of emerald mining. Emeralds from Udaipur are dark and hard while the ones from Ajmer
are pale. Emeralds are used in Kundan jewelry and the green colored Meenakari done on
the reverse side of the ornaments often matches their brilliance.
Pearl: A spherical organic material, obtained from oysters. Pearls come in a variety of
shades ranging from white, off white, pink red, brown, creamy etc. In traditional Indian
astrology it holds an important place and is referred to as the queen of the sea and
represents the moon god (Chandra). Pearl is said to have a soothing affect on the person
wearing it and significs purity and dignity. Andhra Pradesh and Tamil Nadu are main
pearl fishing centers. Traditional necklaces, earrings etc made out of pearls form the
traditional jewelry traditions of Maharashtra and Hyderabad.
Diamond: It is the hardest known material found on earth and the most precious of all
stones. It is graded according to its color, size, hardness and the degree of refraction. The
diamond represents Venus or Sukra and it brings beauty, wealth, and prosperity to the
person wearing it. The state of Gujarat in general and Surat in particular is known for
diamond cutting and polishing worldwide. 8 out of every10 diamonds used in jewelry
worldwide have been cut and polished in India.
Red Coral: Coral is obtained from coral reefs and generally comes in red or vormilion
color. It is made up of organic material from dead minute sea organisms. It represents
planet mars or mangal and controls activity, energy, ambition and dynamism. Red coral
is often worn in necklaces, amulets and rings. The coastal regions of India are known for
arnaments made from red coral.
Zircon: A smoked red or dark honey colored stone. Chemically it 3is a silicate of
ziroconium and crystal and occurs as a four-side prism. It is also known as Gomedha,
which represents Rahu, the ascending node of the moon. In India it is found in Kashmir,
Bihar, Kullu, Shimla and Coimbatore. It is representative of worldly desires and
aspirations, lazincss etc., it is not considered auspicious and is worn to ward the civil
effects of Rahu, which is also known as ‘head of the celestial dragon’.
Blue Sapphire: A navy blue brilliant stone. It is also referred to as Neelam and represents
planet Saturn or Sani. It influences on one hand good things like long life, ambition,
prosperity, leadership, wealth etc and misery, accident, failure, adversity on the other
hand. As the effect of this stone is highly temperamental, it should be worn under proper
guidance of the astrologer. The best and the brightest blue sapphires come from kashmir
and are called ‘mayur neelam’ because of their peacock blue colour.
Yellow sapphire: A yellow or pale white stone. It is also known as pushparaj and
represents planet Jupiter or Guru. It signifies knowledge, philosophy, religion, virtue,
future, distant travel etc. It is said that the person wearing yellow sapphire is bound to
have a increase in his mental and intellectual abilities.
Cat’s Eye: It is yellow or black colored stone with shining band, which is similar to the
eye of a cat. It also known as sutramani and vaidurya. Cat’s eye represents ketu or ‘tail
of the celestial dragon’, the descending node of the moon god (Chandra). Its influences
are similar to those of mars or mangal and include ascetism, liberation, enlightenment,
non-attachment etc. In India this gem is found in Tiruvananthapuram in Kerala.
3.2.8. Beads
The craft of making beads from different material is ancient and a large number of
beads have been found from various sitcs belonging to the Indus vallcy civilization. The
craftsmen of this civilization made beads out of wood, gold, silver, copper, clay and
ivory. The discovery of a hard of finished and semi-finished beads from various sites,
ivory. The discovery of a hoard of finished and semi-finished beads from various sites,
during excavations, reveal that bead making was a popular form of industry at the time.
The mughal rulers were great patrons of jewelry making. Bead necklaces of all
sizes and shapes, made up of precious and semi-precious stones were a commonplace
during the Mughal era.
Bead making got an impetus during the arrival of the Europeans to India, who
demanded large amounts of transparent and semi-transparent beads. The british took
beads made of semi precious stones from India during the 19th Century.
The contemporary bead making craft tradition of India is vast and varied:
Beads are not only used for making necklaces and amulets etc but are also used in
embroidery. The process of making beads is simple but time consuming. The material
out of which beads are to be made is firstly chiseled to obtain a desired shape and size.
Then a hole is drilled into the material, so that a string passes through it, to facilitate
stringing of a number of beads together. However beads made from glass are created
during the process of glass blowing itself.
India has the largest production base for glass beads. Banaras is the main center
for the production of glass beads and is known for beads made from fused glass rods,
while purdilput is famous for its black glass beads. Beads from banaras are exported in
large quantities.
Mathura is also popular for its production of lovely galss and wooden beads,
which are strong together in various combinations in Rudraksh necklaces (Necklaces
used in ceremonies to praise Lord Shiva, made with a type of bried seeds). Ferozad
produces fragile and lightweight glass beads.
Indian craftsmen have known the making of silver beads since ancient times.
Karnal is known for hollow beads made out of silver. These days beads made out
sterling silver is gaining popularity.
Mizoram is known for necklaces and amulets made out of amber beads. The
beads used are quiet thick and heavy.
Fancy glass beads, colored glass beads and crafted metal beads are now becoming
a part of the jewelry worn by urban women in India. Beads made from semi-precious
stones continue to be popular in India. Beads come in an assortment of shapes and colors
and at times they are carved also.
3.2.9. Pearls
Humans have known pearls since ancient times. Indian astrology or Jyotish refers
to it as the ‘Queen of the sea’. Pearls are not only associated with wealth but are
symbolic or purity and dignity. Hindu mythology associates them with the moon god
(chandra) and a number of mythological animals like snake, elephant and hog. Though
the pearl is not a mineral, it is still considered as a maharatra or important gem amongst
the traditional Navaratna A number of myths are associated with the origin of pearls.
Oysters produce nears. The process of nearl formation starts when an irritating particle
enters the oyster. The particle gets stock within the oyster and cannot be removed.
Unable to expel this particle. The oyster deposits extremely thin concentric layers of
calcium carbonate and meore. This deposit continues and between three to seven years a
pearl is formed. pearls come in different colors and sizes. They are white or black, with
tinges of yellow, red, pink, blue, brown and green. The most precious are the rosy pearls
form the persian gulf.p
There are three types of pearls-Natural cultured and semi-cultured pearls. Natural
pearls are the ones, which are formed in the oyster naturally. These pearls do not have a
perfect shape. Cultured pearls are produced with human intervention when the irritating
substance is manually placed into an byster. Natural and cultured pearls are mainly used
in jewelry. Semi-cultured pearls are the ones, which are made artificially, using material
like glass and plastic. These are better known as mother of pearls. Till 1908 only
natural pearls were used. The techniques of producing cultured pearls was created and
perfected in Japan and is still used.
Indian pearls come mainly from Andhra Pradesh and Tamil Nadu. Hyderabad
laid the foundation of pearl jewelry in the 19th century. Processing and grading of pearls
lays the foundation for making high quality ornaments and hyderabad specializes in it.
Hyderabed is the home of highly talented craftsmen, who manually grade and process
each pearl as; they are fragile and cannot be processed by machines.
The process of creating pearl jewelry begins with drilling a hole in the pearl
(vertical or horizontal) with a needle, which requires a high degree of perfection. People
from Chandampet, a village near Hyderabad have been doing this since generations.
Then the pearls are grouped according to their color. Pearls having pink, cream or gray
color are set aside while those having muddy color are treated with hydrogen peroxide.
The final step involves grading of pearls according to color, size, shape etc and about 100
varieties obtained. Finally, pearls are strung together by skilled knitters or patwas, using
silk or gold strings.
Hyderabad is the largest center for pearl trading in the world and sells about 40-50
thousand kilograms of pearls per year. Pearl necklaces in a variety of designs are
produced here. Typical designs being Satlada (seven standards of pearls set with
emeralds, diamonds and rubies, Kundan Ranihar (pearl sets with enamel kundan work).
The traditional Marathi jewelry is made up of pearls. Kudi a special earring worn
by the womenfolk is studded with pearls. So is the Nath or the nose ring, which is most
popular ornament from Maharashtra. It is a gold pin capped with a single pearl or gold
bead. A variety of pearl bangles, rings, necklaces etc are also made.
Pearl necklaces, earrings, bangles, broach, pendants, rings, nose pins and many
other ornaments produced in large quantity with a variety of designs, created in India are
famous world over.
3.2.10 Diamonds
It is often said that ‘diamonds are for ever’ and ‘diamonds are a woman’s best
friend’. The above-mentioned statements coupled with the facts that numerous was were
fought for possession of diamonds, have made diamonds the most sought after precious
stone in the world, since ancient times. Diamond is the hardest known natural substance.
It is made up crystallized carbon. Diamonds are created through a process of
metamorphosis where intense heat and pressure within the depth of the earth’s crust
transform amorphous carbon into a solid mass of hard crystal and come to the surface via
Volcanoes.
Most diamonds are found in Kimberlite, which is volcanic rock. Diamonds are
not only used in jewelry making but for industrial purpose also. 80% of world’s
diamonds are not suitable for jewelry making.
Diamonds are graded and priced according to their carat, color, clarity and cut.
Carat is the standard weight for measuring diamonds. 1 Carat is equal to: 200 miligrams
or 1/5 gram or 100 points. However the size of a cut diamond does not have a hearing on
its price as the price is determined by unit price per carat i.e. a big cut diamond with a
low unit price per carat can be cheaper than a small diamond having a high unit price per
carat. The more colorless or transparent the color of a diamond is the costlier it becomes.
Clarity or flawlessness also determines the price of a piece of diamond. The cut of a
diamond depends on the craftsman. A diamond cutter determines the type of cut to be
applied, after seeing a rough stone. Cut refers to not nly the shape of the diamonds, but its
proportions and finish, factors, which determine the sparkle of the diamond. It is up to
the craftsman to enhance the beauty of the rough stone and it the final product, which is
evaluating for pricing.
The best diamonds in the world are mined in south Africa, Brazil and Namibia.
Cutting and polishing of diamonds is big business and India leads the world in this field.
8 out of every 10 diamonds used in jeweler worldwide have been cut and polished in
India. Surat is the nerve center of diamond cutting and polishing industry in India. There
is a rage for diamond jewelry these days, as diamond jewelry has become status symbol.
The coming of foreign players in the domestic jewelry market has not only increased
variety in quality and design, but also made it somewhat affordable for the common
masses to be lured by the radiance and sparkle of diamonds.
3.2.11 Meenakari
Enameling is the art of colorings or decorating a metal surface by attaching or
fusing pieces of different mineral substances, over it. Enameling is considered the most
alluring and technical of all metal decorations. In the past enameling was only done on
gold, but presently it is done other metals like silver, copper etc.
The art of Meenakari requires a high degree of skill and application. The piece
of metal on which meenakari is to be done is fixed on a lac stick. Delicate designs of
flowers, birds fish etc are etched or engraved on it. This leads to the creation of walls or
grooves, to hold color. Enamel dust of required color is then poured into the grooves and
each color is fired individually. The heat of the furnace melts the color and the colored
liquid gets spread equally into the groove. This process is repeated with each colour.
As each color is individually fired, colors, which are most heat resistant, are
applied first, as they are re-fired with each additional color. As a rule, white is the first
color applied and red the last.
After the last color has been fired, the object is cooled and burnished or polished
with agate. The depth of the grooves filled with different colors determines the play of
light.
Both silver and Gold can be used as a base for meenakari. A limited number of
colors, like gold, blue, green and yellow, stick to silver, whereas all available colors can
be applied to gold, making it the preferred medium of enamcllers. The mccnakar often
work with a term of craftsmen. As meenakari is generally done on the reverse side of
kundan jewellery, the meenakar has to work with the goldsmith, the engraver or ghaaria,
the designer or chitteria and jadiya who applies the gems on the kundan or gold. The
finished produced is a marvel of the expertise of these different craftsmen and their
techniques. Jaipur is the main center of meenakari. Traditional Mughai colors like red,
greed and white, dominate the art of enameling from Jaipur. The rich, ruby red color
used here is highly sought after. Nathdwara, Bikaner and Udaipur are also famour for
their silver meenakari. Pratapgarh is known for glass enameling.
3.2.12 Kundan Work

Rajasthan is popular India and abroad because of its gold jewelry. However the
technique of combining gold with precious and semi-precious stones or Kundan work and
the art of colorful enamel work or Meenakari have mainly been responsible for the
immense popularity of jewelry made in Rajasthan.
Kundan work is essentially Indian and it was brought to Rajastahan from Delhi
during the Mughal period. Craftsmen from all over the country came to Jaipur, Bikaner,
Udaipur and Jodhpur, under the patronage of royal houses. Numerous royal houses from
Rajasthan encouraged and patronized craftsmen to create exquisite kundan work on silver
and gold.
The entire technique of Kundankari lies in the skillful setting of gems and stones
in gold, which is rarely solid. The core of the ornament is made out of lac a natural resin.
The pieces, which make up the finished ornament are first shaped by specialized
craftsmen and left in separate hollow halves. Holes are cut for the gems, any engraving is
carried out, and the pieces are enameled.
Later lac is inserted into the hollow parts and is then visible from the front
through the holes left for the gems. Highly refined gold or kundan is used to cover the
lac and gems are then pushed into the kundan. To increase the strength of the joints and
to give it a smooth finish more kundan is applied.
Kundankari is carried by a group of craftsmen, each carrying out a specific task,

The chitcrias make the basic design, the gharries are responsible for engraving and
making holes, meenakari or enameling is done by the enameller and the goldsmith is
takes care of the Kundan or gold. The jadiyas or stone setters, set stones such as jade,
rock crystal, agate, garnet, emerald, topaz, amethyst, and spinel into kundan.
Traditional kundan jewellery has stones encrusted on one side and colorful and
intricate meenakari on the reverse. The beauty of kundan work lies in the precise setting
of stones into kundan and the overall look of the ornament.
Intricately designed carrings, necklaccs and pendants of all shapes and sizes are
made with kundan work.
Jaipur is the main center of kundan work. The famous Johri Bazaar is the nerve
center of this craft. Nathdwara is known for its silver kundan work. Bikaner is also
known for its kundan work.
3.3 Precious Stones

Gems or precious stones have fascinated mankind since ancient times. India is no
exception to this rule. The fole played by precious and semi-precious stones in Indian
mythology and society is vital.
Precious stones not only adorned the items associated with royalty, but along with
gold they were considered valuable gifts. Ancient rulers used to exchange gifts in the
form of gems and semi-precious stones. Wars were often fought to seize gems and
stones, which formed an important part of the booth extracted from the defeated rules.
In India people for astrological reasons have used gems as it is considered that
various planets influence them, which in turn influence human life cycle and human
destiny. Gems are also used in preparation of some ayurvedic medicines.
Hindu mythology has classified gems into three groups: gems belonging to
heaven (Swarg lok), gems belonging to earth (Mrityu lok) and gems belonging to hell
(Patal lok).
The gems belonging to heaven are worn by gods. The four important gems
belonging to Swarg lok are:
Brahma (the creator) wears Chintamani a white stone.

Vishnu (the preserver) is adorned with Kaustubhamani a bright gem, which is
lotus colored and which radiates rays like the sun.
Shiv (the destroyer) is associated with rudramani, a golden gem.

Indra (the ruler of Swarg lok) wears a brilliant blue gem, Syamantakamani.
Although traditional Indian gemologists have identified 84 precious and semi-

precious stones, amongst them 9 stones namely Ruby, Emerald, Pearl, Diamond, Red
coral, Zircon, Blue sapphire, Yellow sapphire, Cat’s Eye form the Navratnas or nine
gems.
3.4 Allergy Towards Jewellery

There is no doubt that, for women, one of lifes greatest pleasures is jewellery. Few
women can resists their allure as men have discovered to their delight and dismay the
world over. But not all women have the luxury of indulging themselves with jewellery.
Quite a number of them can’t ware jewellary at all they are allergic to it.
Nearly 10% of the female population and 6% of the male population core estimated to be
allergic to jewellery. But it isn’t the gold. Silver or platinum used in jewellery that
causes the allergy. It’s the nickel is added to gold to give it greater tensile strength and
the malleability necessary for creating ornaments.
Allergy to nickel is noticed as a rash or redness of the skin and is commonly

accompanied by itching. This allergy is a phenomenon that has assumed growing
importance in recent years, largely because of the introduction of cheap fancy jewellary
in which the unerlying metal consists of nickel.
The rise in body piercing amongst youngsters is another contributing factor. The fact that
piercing is not just restricted to the ear’s, nose but has moved on the eyebrows. Chin,
Slips and Even the tonque makes the matter even more complicated.
The rise in body piercing amongst youngsters is another contributing factor. The fact that
piercing is not just restricted to the ear’s, nose but has moved on the eyebrows. Chin,
Slips and Even the tonque makes the matter even more complicated.
Besides, nickel is one of the most common elements in the environment and its is actually
impossible to avoid contact with it in everyday life Nickel is found not only in jewellery
but in several times used regularly such as catches, Zippest, Spectacle frames, hairctesps
and buttons. And is you think you are safe with money, then think again. Money can
give you dermatitis as silver loins are composed of cupro-nickel.
Sadly, it is not just nickel, which can cause you to contract dermatitis chromium is
another culprit. “Allergy to nickel is common knowledge but the use of chromium
instead of nickel might also produce an allergy reaction, “Say Dr. Rajendra S.C.,
Director, National Skin and hour care centre. “Allergy to noble metals like gold, silver
and platinum is not common and actual allergy to gold is extremely rare”, he added.
The allergy itself may be a temporary condition and medicines can decrease the intensity
of the allergy. “There are several medicines which can control it and reduce its severity
but unfortunately there is no permanent were for it, “Dr. Rajendran added which means
that once an allergic reaction sets in, it remains with you for a lifetime.
It is not all gloom for those sensitive to jewellery. For those of us with sensitive skin, a
patch test is in order. A standard patch test includes nickel, which is a common test to
determine one’s sensitivity to nickel present in jewellery and other object.
Few women can avoid jewellery altogether but one can make every efforts to reduce
contact with nickel. For the sensitive a shift from 14k to 18k gold jewellery will result in
a marked improvement. These days other metals are finding their way into the jewellery
business titanium and niobium are fast gaining a reputation for safety.
On the other hand, if you are unfortunate enough to be allergic to the standard jewellery
available, you could take it as an opportunity to be different. Try jewellery made from
terracotta, shells, wood, plastic, quills flower or anything else that takes your fancy.
3.5. Gold Product used for Babies

There is a popular saying used to describe a specially lucky or rich person. Bors
with a gold spoon in this mouth”. In India, however, its not just gold spoons, but chains,
bracelets, anlets and rings, bangales. There is an amazing variety of jewellery made
exclusively for babies as young as a few days old. Little bangles, rings, chain, earrings,
little chains for the waest and of course ankleths or kadas (very rare)
Every community attaches considerable significance to acquiring at least a price
or two for their babies, specially on significant occasions. In several communities, gold
and sihur paste is applied to the infants tongue soon after birth. Among the Hindu in
karalla, a waist chain, little bangles and anklets (apart from a black throthread around the
waist) are the integral part of the 28th day the naming ceremony. Similarly, among north
jndeans, jewellery is given during the earpiercing Cermony. musilims, have a ceremony
called “Chilla” (baptism), which is performed either on the 12th or on the 40th day after
birth, where gold and silver jewellery is gifted to the baby.
Designs vary from state to state and, indeed, from jeweller to jeweller. Nowdays,
you even see trendy westernised styles such as baby shoe pendants, earring and rings
with little cupids, teddy-bears and dolls and mobile. Whatever the design, the key
element kept in the mind when designing for babies, is that the piece should be 100%
safe. No rough edges or heavy pieces – the jewellery is invariably smooth, simple and
lightweight.
And what happens when the baby outgrows his or her jewellery? No problem.
Bracelets and bangles are often adjustable and “grow” with the baby or they can be worn
as earrings. Waist chains can be converted into chains.
CHAPTER - 4
GOLDSMITHS OF Harihar
4.1 Introduction and Definition
The glitters and beauty of gold ornament hide the skillful hand behind the work.
They are most neglected workers too, in the eyes of government. The single largest
consumer of gold and diamonds ornaments believed to be India. The country has the
largest reservoir of one million trained craftsmen who are experts in evolving designs.
The craftsmen/goldsmith’s are hereditary professionals. Since, generations they pursue

only this profession which comes as a legacy. It is in their blood. The word ‘goldsmith’
can be divided as a craftsmen who makes, or a dealer who sells, Jewellary or other object
fashioned from gold.
Consider, the goldsmith sitting in a small dark room, infront of him is an ordinary huge
earthware waterpot – his furnace. That small cup of clay and other traditional tools
serves as his curable. Yet, consider the masterpieces he creates with these simple tools
and his individual genius. His special skill lies in giving extraordinary beauty and grace
to plain gold Jewellary, enameling and creating Jewellery studded with precious and semi
precious stones.
Harihar one of the most important commercial city in the state. In Harihar people are
engaged in business, banking, hotels, factories, house building etc., ornament making is
also one of important business in the area. There is more than 3000 craftsmen in and
around the city most of them are working for the Jewellery shop and others are investing
their own capital they make ornaments and sells to the Jewellery shops. There are more
than 20-45 Jewellery shops and works in the city.
4.2 Problems of Goldsmiths’s

Following are the general problems of the goldsmith’s.
1. Unorganised: Goldsmith’s are scattered in and around the city they are not
organised under any organisation or union. They are unsecured so they not get any aid
from the government and local authorities. They are feel insecure.
2. Wage: Wage received by the goldsmith is different from one shop to other. Even
they received the wage same as they received in 5 years back. The rate of every
commodities increased but the wage of the goldsmith’s is not increase.
3. Seasonwise: The work of goldsmith’s is seasonwise. As the gold ornaments are
the demanded for the particular season. In the marriage and festive season demand for
Jewellary is more and the goldsmith had a more work to do and in un-season he had no
work to do. Demand for gold in India also dependent on the monsoon. Thus, goldsmith
is unsecured in his work.
4. Competition: Competition among the goldsmith also reason in no work. Some

goldsmith’s even ready to work for less wastage, and labour charge. This brings no work
to others.
5. Number of Workers: The increases in number of workers are also cause in
unemployment and under employment. Most of the workers are migrated from different
cities in search of job they don’t know to do any other job.
6. Problem of Power Cut: Power shortage throughout the state, particularly in
summer month, as become a common phenomenon. The problem is more serious in the
state. Drastic power cuts are imposed and some factories are asked to close down
completely for long periods. The power cut make hindressess in the working.
CHAPTER - 5
PRICING STRATEGY
5.1. Meaning of Price
Modern economy is a money economy. In a money economy, the value of each
commodity or service is expressed in terms of money. When value is expressed in terms
of money, it becomes price. Therefore, price is nothing but value expressed in terms of
money price represents the money value of goods it indicates the amount of money that
we have to pay for good in the market.
Pricing decision has strategic importance in any enterprise. Pricing governs the
very feasibility of any marketing programme because it is the only element in a
marketing mix accounting for demand and sales revenue. Other elements are cost
factors. Price is the only variable factor determining the revenue or income.
Pricing is equivalent to the total product offerings. This offerings includes a

brand name, a package, product benefit, service after sale, credit and so on. We have a
kind of price equation, where;
Money (Price) = Bundle of expectation or satisfactions.

Included is the bundle of expectations may be physical product plu other
attributes such as delivery, installation, labour charge, credit, return privileges, after sale
servicing and so on.
5.2. Importance of Pricing

Price is a matter of vital importance to both the seller and the buyer in the market
place. In money economy without price these cannot be marketing. Price denotes the
value of a product or service expressed in money only when buyer and a seller agree on
price, we can have exchange of goods and services leading to transfer of ownership.
5.3. Investment in Gold

Lastly, till the 60’s the investment in gold was not as speculative as it become
during the next 2 decades, but nevertheless, it was a stable investment, which could not
be encashed the world over at a reasonable rate, if not with profit.
Thus, even in those days. It did make a some economic sense to invest in gold,
not only for one’s own security, but also as a part of the dowry so that the bridal – girl
could fall back upon it in times of emergency and need. In fact, most of the grandmsa
today, find their gold received as dowry as great asset to meet the present social
commitments of their children and grand – children.
Today, the scenario is somewhat different, and there is a need to examine it from
various angles before making an investment in gold.
The investment in shares was kind of speculation that god bracketed with
gambling and was not considered as a decent option. The real estate was indulged into
purely as a necessity to own a home, and not to buy are and sell it at premium. So, it left
more people with only one investment option, and that was in gold.
With the onset of a boom in the high-tech consumerism, there has been a market
shift in the common man’s priorities and preferences. A car, TV, VCR, Fridge, washing
machine etc. Are no more considered luxuries, but have become a part of daily living.
As such a common man has been weaned away from this craze for gold to a certain even.
5.4. Pricing of Gold Ornament

It is important to note that the price of the gold plays an vital role in fixing price
for the gold ornament. As it is major raw used in making gold ornament. That’s why it
is necessary to analyse or interpret the price of gold.
Price Spiral
Although, as against the paper currency, the investment in gold still offer a stabler
deal, yet the price of gold having more or less spiraled doesn’t attract the common man to
the same extent, and he rather prefers to stake his money in “real estate”, shares and other
speculative avenues which offer better returns. In any case, often meeting his essential
needs, he is left with little liquid cash to play around with. An era of deficit financially
on the home front is very much the order of the day.
India is the biggest consumer of gold in the world. Its craze fro gold is going on
increasing no way what’s the price prevailing the middle class people are the most
consumer of gold compare to upper class people. Now in market the price of the gold in
around 8700 (22 karat) per 10 grams that is fluctuate daily, there is varieties of 10 to 50
rupees daily. The Mumbai Bullion Market gold rate is quoted in the Davangere
Jewellery shops.
The gold prices fluctuates daily therefore, the price what prevails today may not
be prevail tomorrow. In India, gold prices are calculated on the basis of the international
price, the premium of the Special Import License (SPL) and the rupee-dollar purity “in
the current scenario, domestic gold prices are moving due to the international price
fluctuation”.
5.5. Factors Influencing Gold Prices

1. Demand: If the demand for gold is more than the supply, normally the prices are going
on increase. If the same is the reverse the price may go decrease. It is also influence the
price for increase or decrease. Demand for gold in India is also dependant on monsoon.
2. Supply: India is the major consumer of gold and it is minor producer of gold. Thus,
supply of gold in the country also plays as important role in the fluctuation of price.
3. Season: In India in particular season demand for the gold is increase. If there is a
festive season and if crops are good, there will be an increased prosperity to buy gold by
farmers. They do not invest in other items like whit goods but they buy gold also.
Traditionally, Indians have a preference to gold as a form of savings an surprisingly.
India is the world’s largest consumer or the gold over a time, this faith in gold has been
further strengthened by its ability to appreciate over time. At this also prices are
fluctuate.
4. International Market: The recent fall in gold prices to a three year low as $368 an
ounce (about 28.5). In the international market is a short-term phenomenon triggered by
two factors.
I. Sale of gold by European central bankers aimed at meeting the Mastricht treaty
requirements of hard currency reserves and
II. Swiss nation bankers, decision to reduce their gold holdings.
III. Sale of 1400 Tonne of gold in open market by bank of Jurich is also reason for
falling in price.
If, the price of gold fluctuates in international market, it is directly affects the domestic
market.
5. Govt. Policy: The govt. Policy also some time affect the gold price. Recently, central
government allow some banks and agencies to import and sell gold, thus it liberalize the
gold market. On the beginning of the every Year govt. increase the custom duty from
250 rupees to 400 per 10 gram on gold import. This will cause in price hike and gold
smuggling.
5.6. New Gold Deposits Scheme

Household and various charitable and religious institutions hold a large amount of
gold in the country. These are idle assets earning no income for the holders who often
incur cost to ensure security. This is somewhat anomalous situation considering that the
country spends thousands of crores worth of foreign exchange each year to meet fresh
demand for gold holding. To mobilise these idle gold. Union Finance ministers Mr.
Pranam Mukharjee. Propose a New gold deposit scheme in the budget for the year 2008-
2009 That selected banks will be permitted to accept gold deposits and issue interest
bearing certificates or bonds which on maturity, can be reclaimed in gold. This would
free depositors from the problems of storage, movement and security for gold in their
profession. For the country, by recycling idle gold. To encourage this process, finance
minister proposes to exempt the interest on the gold deposit bonds/certificates from
income tax and the value of assets deposited in the gold deposit scheme from wealth tax.
Furthermore, any capital gains made on these gold bonds/through trading or at
redemption will be exempt from capital gain tax.
5.7 Factors Considered to Fix Price of Gold Ornaments

Price as a Measure of Value
Economic theory of price has a few simple assumptions regarding products and
buyer behaviour buyer’s taste and preferences are considered as given (constant). Buyer
it considered essentially a rational human being. The marketing concept like brand
image, brand loyalty and benefit segmentation ‘emotional motivation’ are courtside the
scope of price theory. Hence, in practice, the classical price theory, saying price
determines values of product, is not true.
Marketing have recognised the importance of perception, learning and attitudes creating
psychological relations to price, at least in consumer goods. The social and
psychological factors must be recognised in the evaluation of pricing strategies. The
social and psychological influences are responsible to support. The consumers
inclination to price as an indicator or quality for certain products, e.g., cosmetics,
Jewellery and clothing.
Generally cost considered by the jewelers in fixing the price of gold ornaments as
follows.
A. Gold price: the gold price is the one of the important factor to fixing price of gold
ornaments. As a gold is an important/ major raw material used in making of gold
ornament. When customer gives raw material used in making of gold ornament. When
customer gives the order for making gold ornaments the jeweler take into consider the
rate of gold price prevailing on the day in the bullion market.
B. Wastage: in the process of making ornament the worker melt the gold and give it
to the machine work and lastly to design cutting works in this process the negligible part
of the gold is evaporate or miss or wasted it is called as ‘Wastage’. It is charged to the
price of gold ornament by the jeweler.
C. Labour charge: the charge incurred by the worker to making of the ornament is
changed as a labour charge and added to the price in the basis of work, hardness of work,
design and weight.
D. Store pearls and diamonds: If any of the gems and diamonds are studded in the
ornament. Their rates are separately calculated and add to the net price.
E. There is an profit margin for every ornament depending on the design and quality
of the ornament and prestige of the shop and its popularity. It may varied from one step
to other. The profit margin is not disclosed due to the secrecy maintained by the jeweler
as a part of the marketing strategy adopted by them.
Gold ornament = Gold price + Wastage + Labour Charge + Any other Cost.
The cost mentioned above may be change from shop to shop based on their
adoption of pricing strategy.
7.3 Conclusion
Here comes the concluding part of this project. The problems already studied in
the earlier chapters and they are not so serious nature and they can be over come by
adopting or following the suggestion. In this project attempt has been made to
understand the consumer behaviour towards Gold Ornaments. The information provided
by the respondent believed to be accurate. As the “customer is the king” in the market,
suggestion given by him should be stressed more to provide him the best.
Modernization brings changes in almost all fields even the changes in customs,
culture, and ideology in human beings due to the passage of time. But the craze for gold
is not declined it is going on increasing. So there is good demand in future for the
ornaments, adoption of new technology, new design is necessary, even though there is
substitute for gold ornaments in the market i.e., silver ornaments, Rold gold ornaments.
But the gold is ‘Gold’.

Consumer Attitude Towards Gold Ornaments

Încărcat de

Informații document

Descriere originală:

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Consumer Attitude Towards Gold Ornaments

Încărcat de

Drepturi de autor:

Formate disponibile

www.final-yearprojects.co.cc | www.troubleshoot4free.

Consumer attitude towards gold ornaments

How big is a tonne of gold?

1.2 An Overview of Gold

Where does the word Gold come from?

1.3 Karat Content of Gold and Gold Alloys

Why is Gold Measured in Karats?

1.4 Substitutes and Alternative Sources

1.5 The Popularity of Gold

Gold is the standard by which the value of anything is assessed; it is universally

Thus, the lure of this yellow metal continues.

1.6 Why People Buy Gold

1.7 Sources and Price of Gold

experience, Bank of England insisted on physical delivery of gold by Reserve Bank of

1.8 The Price of Gold

Value of Gold (Year) Rates of Gold (10gm)

1.9 Gold in India

1.10 The Prospects for Gold

Timothy Green, a well-known gold expert, reminds us of a historical truth: The

1.11 Why Central Banks Hold Gold

foreign debts by major sovereign borrowers, a regression to a world of currency and

How Much Gold?

1.12 Gold Quality

1.13. Karat Marks

1.14. Gold Colors

White gold is alloyed with a large percentage of silver, or a selection of other

1.15. Gold Pricing

1.16. Gold Care

1.17 Types of Testing Gold Ornaments

description of the process is given in an article in Gold Technology, No 3, and January

A simplification of this technique involves omitting the initial cupellation stage

1.17.2 Inductively Coupled Plasma Spectrometry

1.17.3 X-ray Fluorescence

1.17.4 Touchstone Testing

1.17.5 Other Methods

For good accuracy, X-ray Fluorescence (XRF) analysis is suitable. Accuracy

As summary of the techniques is given in the following table:

1.18 Marketing of Jewellery

It is also important to recognize that, in many countries, the caratages of jewellery

Marking of jewellery is usually done by the manufacturer without any

1.18.3 What is Marked?

2.1 Birth and Growth

With his practical knowledge associated with theoretical knowledge, now he is

2.2 Sales Performance

2.3 Evaluation of Sales Performance

1. To measure performance against planned sales and marketing objectives.

Performance evaluation should be done periodically and promotion, pay rise,

2.4 Effective Sales Performance Measures

2.5 Practical Problems Faced by Subramanya Jewellers

Another important thing to be considered is the fluctuations in the gold price.

3.1. A Large Variety of Styles

3.2. Ornaments for Every Part of the Body

Gold bangles per se have no significance. Almost any woman, regardless of

3.2.3. Nose Ornaments

Ranges from 200 grams and thereafter

3.2.6 Pachchikam Jewelry

There are several definitions for the word pachchikam or pachchikam, as it is

3.2.7 Navaratna Ornaments

3.2.12 Kundan Work

Kundankari is carried by a group of craftsmen, each carrying out a specific task,

3.3 Precious Stones

Brahma (the creator) wears Chintamani a white stone.

Shiv (the destroyer) is associated with rudramani, a golden gem.