Professional Documents
Culture Documents
Project Report On Gems and Jewelry Industry
Project Report On Gems and Jewelry Industry
Project report
On
Gems and jewelry industry
1
Index
bibliography 61-62
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INDUSTRY
OVERVIEW
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investment value. India has the distinction of being the first country to introduce diamonds to the world.
The country was also the first to mine, cut & polish and trade in diamonds.
The Indian G&J industry can be classified into various sub segments like diamonds, colored stones, gold
and silver jewelry, pearls, etc. However, the two major segments in India are gold and diamonds. India
dominates the diamond processing trade with 11 out of 12 diamonds being cut and polished in India. India
also dominates the gold and silver consumption globally with consumption of approximately 700 tonnes
(gold) p.a. A major foreign exchange earner, the industry is also notable in providing employment to 1.5
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* Extensive coverage on export & import trade with the latest three-year data on product-wise and country-
wise exports of gems and jewelry and product-wise imports of gems and jewelry.
* Cost analysis analyzing raw material cost and interest cost.
* A brief note on duty structure and government regulations in the industry.
* SWOT analysis and Porter’s Five Force model.
INDIAN JEWELRY INDUSTRY
The gems and jewelry industry occupies an important position in the Indian
Economy. It is a leading foreign exchange earner, as well as one of the fastest
Growing industries in the country.The two major segments of the sector in India are gold jewelry and
diamonds.Gold jewelry forms around 80 per cent of the Indian jewelry market, with the
Balance comprising fabricated studded jewelry that includes diamond and Gemstone studded jewelry.
Besides, India is world's largest cutting and Polishing Industry for diamonds, well supported by
government policies and the banking sector with around 50 banks providing nearly $3 billion of credit to
the Indian diamond industry.
A predominant portion of the gold jewelry manufactured in India is consumed in the domestic market.
However, a major portion of the rough, uncut diamonds processed in India is exported, either in the form
of polished diamonds or finished diamond jewelry. The largest consumer of gold worldwide, India is also
the leading diamond cutting nation.
Gold and precious gems have played a pivotal role in the Indian social fabric and economy. Precious gems
and jewelry are a part and parcel of Indian traditions and customs. Gold has traditionally been valued in
India as a savings-and investment
vehicle and even today, continues to be the second most popular
instrument after bank deposits.Gems and jewelry is one of the fastest growing sectors in the Indian
economy with an annual growth rate of approximately 15 per cent. The gems and jewelry industry
accounts for nearly 20 per cent of the total Indian exports and employs over 1.3 million people, directly or
indirectly. The Gems and Jewelry (G&J) market essentially comprises of sourcing,
processing, manufacturing and selling of precious metals and gemstones, such as, Gold, Platinum, Silver,
Diamond, Ruby, and Sapphire etc. The G&J market is a significant contributor to the Indian economy,
based on the size of the domestic market and through its contribution to the country’s exports. India is the
largest consumer of gold (around 20 percent of global consumption) and also the largest
Brief History
Before the liberalization of the Indian economy in 1991, only the Minerals and Metals Trading
Corporation of India (MMTC) and the State Bank of India (SBI) were allowed to import gold.
The abolition of the Gold Control Act in 1992, allowed large export houses to import gold freely.
Exporters in export processing zones were allowed to sell 10 percent of their produce in the domestic
market. In 1993, gold and diamond mining were opened up for private investors and foreign investors were
allowed to own half the equity in mining ventures. In 1997, overseas banks and bullion suppliers were also
allowed to import gold into India. These measures led to the entry of foreign players like DeBeers,Tiffany
and Cartier’s into the Indian market. In the 1990s, the number of retail jewelry outlets in India increased
greatly due to the abolition of the Gold Control
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Act.
This led to a highly fragmented and unorganized jewelry market with an estimated 100,000 workshops
supplying over 350,000 retailers, mostly family owned, single shop operations.
In 2001, India had the highest demand for gold in the world; 855 tons were consumed a year, 95% of
which was used for jewelry.
Structure of the Industry:
India’s G&J industry is highly unorganized and fragmented with 96 percent of the total players being
family owned businesses. The gold processing industry has around 15,000 players, with only 80 having
revenues over USD 5 million. India is also home to around 450,000 goldsmiths,100,000 gold jewellers
along with 6,000 diamond processing players and 8,000 diamond jewellers.The value chain of the industry
starts from sourcing and mining of the metals and extends to jewelry retail. While India is not a major
miner of previous metals and stones, the country’s inexpensive and well skilled workforce makes it a
world leader in processing of diamonds. The country’s jewelry retail sector is also expected to evolve with
a shift among consumers towards branded jewelry, driven by greater quality consciousness.
India was one of the first countries to start making fine jewelry from minerals and metals and even today,
most of the jewelry made in India is hand made. The industry is dominated by family jewellers, who
constitute nearly 96 per cent of the market. The country at present has a small but growing organized
sector.Organised players such as Tata with its Tanishq brand, have, however, bee growing steadily to carve
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The Revenue Department has announced the VAT exemption for jewel, white gold, platinum, silver, and
paradium on April 10, 2003, resulting in the increased competitiveness.The Ministry of Industry has been
approved for Bangkok: Fashion City Project by the Cabinet on July 8, 2003 with Baht 1,824 million
budget and 18 months operating period.Board of Investment (BOI) has increased the privileges to the
entrepreneurs who have invested in Gem polis Industrial Estates with exemption of corporate tax for 8
years to the relocating and new factories, and import duty for machinery. The promoting zones have been
classified as exempted 5 years for zone 1, 7 years for zone 2, and 8 years for zone 3. Research and
Development Institute of Gems and Jewelry in cooperation with Asian Science and Technology University
have succeeded in standardization for color comparing of 7 gems, namely emerald, topaz, garnet, topaz,
tanzanite and pink sapphire. Since the colors of gems are important to pricing especially in U.S. and
European markets. Such research is a part of gems and jewelry development project under the second
phase of industrial restructuring plan (fiscal year 2001 – 2004) of the Ministry of Industry.
Industrial Structure
The gems and jewelry industry has comprised with 2 main industries that are polishing and producing. In
2003, 849 factories have registered to the Department of Industrial Works, which over 80% of them is the
small and medium industry with 58,906 employed persons. These labors are expected to be over 1 million
persons from household level nationwide. The gems and jewelry industry has required many labors with
Genuine Artificial
Diamonds Gems
Jewelry Jewelry
Types of gems
Ruby – Sapphire: - Sapphire is a gemstone of rare and expensive, which ranked first in terms of
importance. For the color red and shiny and dark, and subjected to high temperature reduces the color.
Diamonds
Diamond is ranked second after the sapphire in terms of importance. A pure white or yellow... And subject
to high temperatures in order to make.
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Emeralds
Is a type of mineral Beryl and is composed of silicate of beryllium and aluminum, is found in the mines
between the rigid rocks and marble unlike most gems. To a deep dark green color, transparent, and ranks
third in importance.
Sapphire
Is a type of metal Alchorondaum bluecolor, consisting of underground heat
and intense pressure is known as sapphire. Have all the colors except Red.. The risk to the fetus and raise
Star sapphire
A species Ambassador may be transparent or semi-transparent or white lines.
.
Carnelian
Carnelian dark metal and non-pure and amorphous, color, often red, sometimes yellow or green or blue or
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Onyx
Semi-transparent metal is chemically composed of silica hidden shape containing impurities of iron
compounds... Those fitting the bug appear Garnet different colors red, yellow, and structure..
Amethyst
Popularly known as: Sapphire east. The color is always purple or light or dark purple or between a metal
transparent.. Violet in color because of the effects of manganese in the composition of two types of it . And
Turquoise
Turquoise is known since ancient times, the color blue or greenish-gray greenish and sometimes turns into
a green light. It is very rare and its presence in the case of amorphous and composed of aluminium
phosphate, which contains the copper water.
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Topaz
Known as yellow sapphire... a metal transparent golden yellow color mainly but there are types blue or
brown or yellow... Crystals formed within cavities of stones, granite, schist, where there is always cruel.
Lapis lazuli
Known as an old Alaohq... A stone half cream and non-transparent. A dark blue deep. This stone is
extracted from Iran. Chemical composition of the double silicate, sodium aluminum mixed with iron and
sulfur.
OPAL
Is one of the types of gemstone translucent colors. From blue
and white, black, red and green Portuguese and yellow. His meanings. A type of amorphous silica that
cat's eye
Known as Black Opal (cat's eye), where by a single line of white ..
Beryl
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Known as the Emerald Egyptian. Are extracted from old mines. From different types and colors of the
most important of bluish green and blue light, a transparent stone and installed a double silicate of
Aquamarine
Gemstone like the Emerald, which is of many colors the most famous Egyptian green, yellow and Cyprus
Jade
Is one of the kinds of gemstone like aquamarines, but it is more transparency and clarity of it, and the
finest.
Tourmaline
Tourmaline is characterized by unique colors .. It combines all the colors of the rainbow. So he called the
Rubellite Tourmaline
Is one of the kinds of gemstone beautiful wonderful form of a colored tourmaline. glowing colors and
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Green Tourmaline
There is a wide range of tourmaline.some of its light and the other dark. Where the color green shine
among the other stones in the dark.. it is yellowish-green colors and green olive. bluish-green and dark
green.The stones are very rare.
Yellow Tourmaline
These different stones for the rest of the tourmaline group is very noticeable .. And Asfrarh caused by the
effects of high magnesium. In order to show the color yellow wonderful to be treated in a very high
temperature.
Blue Tourmaline
The Blue Altermalin of the treasures of precious stones and rare.. In net for the blue color makes him a
Kunzite
Kunzite types of gemstones a solid, which is susceptible, so must be protected from heat and constant
exposure to strong light as it works
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to remove the purple color gradually.
Morganite
Morganite is gemstone that belongs to the group of multi-colored pearl is the best.
Bloodstone
Blood stone, stone colored non-transparent, is called by that name for the popular belief that the benefit to
Rose quartz
Rose quartz crystals are more regular and larger than the quartz.
Pearl
Jewel of the most precious gems and is a pearl large masterly form of precious gemstone in terms of value
and different pearls for the rest of the gems the other is the most gem minerals extracted from mines under
the surface of the earth, but pearls made within the shells Maharmen Sand congeal inside the oyster and the
gem mineral solid and usually reflect light, while Pearl Lin and absorbs some kind of light that is reflected
also..
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Red Agate
Transfer from Aristotle to the finest agate is intensified its red color and the weakness of the color yellow
and unanimously most Arab sources, the ancient preference to other species and has been the people until
this day on his Balemni though its origin other and release the sources of modern species of red and orange
name CARNELIAN The red gold and red structure are called SARD.
White Agate
Blue Agate
The product, which is known as BLUE CALSIDONY which is usually injected with faint.
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Green Agate
Overlooked the most ancient sources said may be due to the rarity of known species are classified pale
green in the science of gemstones of modern varieties Alcalsidoni bright green color is due to the effects of
nickel.
GOLD:Gold was first discovered as shining, yellow nuggets. "Gold is where you find it," so the saying
goes, and gold was first discovered in its natural state, in streams all over the world. No doubt it was the
first metal known to early hominids. Gold became a part of every human culture. Its brilliance, natural
beauty, and luster, and its great malleability and resistance to tarnish made it enjoyable to work and play
with. Because gold is dispersed widely throughout the geologic world, its discovery occurred to many
different groups in many different locales. Gold was the first metal widely known to our species. When
thinking about the historical progress of technology, we consider the development of iron and copper-
working as the greatest contributions to our species' economic and cultural progress - but gold came first.
Gold is the easiest of the metals to work. It occurs in a virtually pure and workable state, whereas most
other metals tend to be found in ore-bodies that pose some difficulty in smelting. Gold's early uses were no
doubt ornamental, and its brilliance and permanence (it neither corrodes nor tarnishes) linked it to deities
Silver
Silver is known by the mankind since Pre-History, and its discovery is estimated happened to shortly after
that of copper and gold. The oldest reference to the element appears in the book of Genesis. The Egyptians
considered gold to be a perfect metal, and gave it the symbol of a circle. Since silver was the closest to
gold in perfection, it was given the symbol of a semi-circle.. The Romans called silver argentum, keeping
this as the international name of the element, from where its chemical symbol derives. Its malleability and
ductility make it ideal for ornamental purposes. It was also used for paying debts, in personal and religious
places decoration and in utensils of the wealthiest houses.
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SWOT
ANALYSIS
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SWOT analysis of gems and jewelry industry
Strengths:
One million craftsman associated with it. their skills can be harnessed for designing and making modern
jewelry.
-Abundance ofcheap and skilled labor in India.
- Excellent marketing network spread across the world.
- Supportive government industrial/ exim policy.
Weaknesses:
High domestic interest rates compared to elsewhere
- Small firms lacking technological/ export information expertise.
- Low productivity compared to labor in china, Thailand and srilanka. As the major raw material
requirements need to be imported, companies normally stock huge quantities of inventory resulting high
inventory carrying costs.
Opportunities:
-new market in Europe and Latin America
- Growing demand in south Asian & far east countries.
- Removal gold control act.
Threats:
- China, Sri Lanka and Thailand's entry in small diamond segment
- Infrastructural bottlenecks, frequent changes in exim policies, irregular supply of gold.
- Over dependence on single-channel supply chain. Decisions of De Beers and Argyle's terms for renewing
their supply contract
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GOVERNMENT
INITIATIVES
OR
REGULATIONS
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Regulation and policy regarding gems and jewelry industry
Gems & Jewelry Export Promotion Council (GJEPC): Established in 1966, the GJEPC is the apex
body of the Indian gems and jewelry industry, and has around 6,500 members across India. The primary
goal of the Council is to introduce the Indian gems and jewelry to the international market and to promote
their exports. The Council provides market information to its members regarding foreign trade inquiries,
trade and tariff regulations, rates of import duties, and information about jewelry fairs and exhibitions. The
roles played by the GJPEC are broadly highlighted below:
Trade Facilitator
The Council promotes the Indian gems and jewelry industry in the international market. It organizes
international jewelry shows, hosts trade delegations, and undertakes image-building exercises through
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To reduce demand for, as well as availability of gold
To alter the savings preferences of the population in favour of investments other than gold/silver
To stop smuggling of gold
To conserve foreign exchange resources
To prevent generation of or to unearth black money. It was thought that since gold was one of the most
obvious choices for keeping undeclared/ill-gotten income and wealth, a policy to restrict supply of gold
would be effective in curbing black money.
Several schemes that restricted the export and import of gold were launched in various forms between
1947 and 1963, but the control regime finally took shape with the implementation of the Gold Control Act
1968. This Act did not allow goldsmiths to receive more than 100 grams of standard gold for
manufacturing jewelry. Further, a certified goldsmith was not allowed to possess a stock of more than 300
grams of primary gold at any time. The quantity of primary gold possessed by a licensed dealer was
limited between 400 grams and 2 kg, depending on the number of artisans employed. There was a legal
ban on gold transaction between dealers.
The government abolished the Gold Control Act when the balance of payment crisis occurred in 1990,
after which the large export houses could import gold freely. Exporters in the export processing zones were
allowed to sell 10% of their produce in the domestic market. In 1993, gold and diamond mining were
opened up for private investors and foreign investors were allowed to own half of the equity in mining
ventures. In 1997, overseas banks and bullion suppliers were also allowed to import gold into India. These
measures led to the entry of foreign players such as De Beers, Tiffany and Cartier into the Indian market.
Foreign Direct Investment Policy
At present, the Indian government allows 100% foreign direct investment (FDI) in gems and jewelry
through the automatic route.
For exploration and mining of diamonds and precious stones FDI is allowed up to 74% under the
automatic route.
For exploration and mining of gold and silver and minerals other than diamonds and precious stones,
metallurgy and processing, FDI is allowed up to 100% under the automatic route.
Kimberley Process (KP)
The Kimberley Process came into force when the South African diamond producing nations met at
Kimberley in South Africa in May 2000. The Kimberly Process was set up to discuss ways to stop the
trade in ‘conflict diamonds’ and to ensure that diamond purchases did not fund violence. As of November
2008, the KP had 49 members, representing 75 countries. The Kimberley Process Certification Scheme
(KPCS) was implemented in India on January 1, 2003 to verify the legitimacy of the import / export of
rough diamonds as per the UN resolution and to curb the entry of conflict diamonds into the global trade
flow. The system of verification and issuance of KPC is administered from the Mumbai and Surat offices
of GJEPC. In India’s Foreign Trade Policy 2009-14, the following measures related to the Kimberley
Process Certification Scheme (KPCS) have been adopted:
No import or export of rough diamonds shall be permitted unless accompanied by the KP certificate as
specified by the GJEPC.
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The export and import of rough diamonds to and from Venezuela has been prohibited by the Indian
government owing to the voluntary separation of Venezuela from the KPCS.
Government Initiatives to Boost the Sector
Measures taken by the government in the Union Budget 2009-10:
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STCL Ltd were added under the list of nominated agencies notified under Para 4 A.4 of foreign trade
policy for the import of precious metals.Surat, Gujarat has been given the recognition of a town of export
excellence, because it is home to thousands of diamond units that employ many diamond workers. The
authorized persons of gems and jewelry units in export-oriented units will be allowed to carry personal
carriage of gold in primary form up to 10 kg in a financial year subject to the RBI and customs guidelines.
Import restrictions on worked corals have been removed to address the grievance of gem and jewelry
exporters.
Foreign Trade Policy 2009-2014
Foreign Trade Policy has identified the gems and jewelry sector as a thrust area with prospects for export
expansion and employment generation. The highlights of the policy are:
Import of gold of 8 carat and above allowed under replenishment scheme subject to import being
accompanied by an Assay Certificate specifying purity, weight and alloy content.
Duty Free Import Entitlement (based on FOB value of exports during the previous financial year) of
consumables and tools, for:
Jewelry made out of:
Precious metals (other than gold and platinum) – 2%
Gold and platinum – 1%
Rhodium finished silver – 3%
Cut and polished diamonds – 1%
Duty free import entitlement of consumables for metals other than gold, platinum will be 2% of FOB value
of exports during the previous financial year.
Duty-free import entitlement of commercial samples shall be Rs 300,000.
Duty free re-import entitlement for rejected jewelry shall be 2% of FOB value of exports.
Import of diamonds on consignment basis for certification/ grading and re-export by the authorised
offices/agencies of Gemological Institute of America (GIA) in India or other approved agencies will be
permitted.
To promote export of gems and jewelry products, the value limits of personal carriage of gems and jewelry
products in case of holding/participating in overseas exhibitions increased to US$ 5 mn and to US$ 1 mn
in case of export promotion tours. Further, the limit in case of personal carriage, as samples, for export
promotion tours, has been increased from US$ 0.1 mn to US$ 1 mn.
Extension in number of days for re-import of unsold items in case of participation in an exhibition in the
US increased to 90 days.
In an Endeavour to make India a diamond international trading hub, diamond bourses will be planned.
Gems and jewelry units may sell up to 10% of FOB value of exports of the preceding year in Domestic
Tariff Area (DTA), subject to fulfilment of positive Net Foreign Exchange (NFE). In respect of sale of
plain jewelry, recipient shall pay concessional rate of duty as applicable to sale from nominated agencies .
In order to boost the gems and jewelry sector, the value addition norms were reduced in the FTP 2009-14.
Earlier, owing to abrupt fluctuation in gold prices, exporters were unable to comply with the previous high
value addition norms.
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Special Economic Zones (SEZ)
In order to boost foreign trade and investment, the Indian government introduced the SEZ policy in April
2000 under the Export-Import (EXIM) policy. Under the policy, the government allowed companies to set
up units in SEZ to manufacture goods or provide services that facilitated a hassle-free environment for
exports. However, it was the SEZ Act 2005 – passed in February 2006 – that laid down regulatory
frameworks and rules for setting up and for the operation of SEZs. With extended tax holidays up to 15
years – from previous tax holiday of 10 years, the SEZ Act managed to generate considerable level of
interest; as a result, the number of SEZs witnessed a sharp rise in a matter of few years. The Act envisages
promoting exports of goods and services, promoting FDI, creating employment, generating economic
activity and most importantly, developing infrastructure.
To promote the exports of gems and jewelry, the government has set up various SEZs with specific
incentives. Some important government policies relating to SEZs in the gems and jewelry sector are
highlighted below:
No import or export of rough diamonds will be permitted unless the shipment parcel is accompanied by the
Kimberley Process Certificate issued by the Development Commissioner.
Cut and polished diamonds and precious and semi-precious stones (except rough diamonds, precious or
semiprecious stones having zero duty) shall not be allowed to be taken outside the SEZ for sub-
contracting.
A gem and jewelry unit may receive plain gold or silver or platinum jewelry from the Domestic Tariff
Area or from an EOU or from a unit in the same or another SEZ in exchange of equivalent content of gold
or silver or platinum contained in the said jewelry after adjusting permissible wastage or manufacturing
loss allowed under the provisions of the Foreign Trade Policy read with the handbook of procedures.
The DTA Unit undertaking sub-contracting or supplying jewelry against exchange of gold or silver or
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BEST DIAMONDS
BRANDS
OF INDIA
Nakshatra diamonds claim to shine your glamor and love life. They have aptly put their slogan as
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"brightest circles of light." Elegant and graceful Nakshatra diamonds are the epitome of passion, attitude
and independence.
Adora Diamonds
Adora Diamonds were launched in India in July 2003 by Mumbai based Concept Jewelry (India) Ltd. On
the present day the still expanding retail network centers of Adora expands to 117 outlets in 47 cities of
India. Adora means glory in Spanish and claims that its diamond collection is themed on love. Adora
diamonds are for adornment of every moment, occasion, and phase of life through its up and downs.
The Swaranjali signature collection of living legend Lata Mangeshkar is a unique feature of Adora
diamonds. Each piece of Swaranjali collection is conceptualized and approved by Lata Mangeshkar and
bears her laser printed signature.
Tanishq Diamonds
Tanishq diamonds are India's largest, most desirable and fastest growing Jewelry brand in India. Tanishq,
launched in 1995, is the Jewelry business group of Titan Industries Ltd. On the present day Tanishq has 84
outlets in 61 cities of India. Tanishq diamonds embark the aspiration of emerging Indian women who uses
tradition rather than being used by it.
Tanishq diamonds bring together the work of Karigars, who specialize in different ways of making the
Jewelry. Tanishq diamonds comprises fashion and style in tradition bound category through its innovation.
Kiah Diamonds
World's largest volume manufacturer of diamonds-Sheetal manufacturing Company (SMC) launched its
exquisite Kiah diamond collection in October, 2004. Kiah diamonds are claims to be for celebrating
womanhood. The brand name 'Kiah' means beautiful place. On the latest Kiah diamonds have won the Best
Showroom in the DTC Diamond Season for 2005-2006.
Nirvana Diamonds
Nirvana Diamonds from Fine Jewelry (I) Ltd. was launched in 1987 in India. Nirvana diamonds are
targeting at fashion conscious, modern and independent thinking women. Internationally acclaimed
Nirvana diamonds are manufactured by using state-of-the-art technology. As a proof of their quality
Nirvana was among one of the brands to offer lifetime warranty to its consumers.
D'damas Diamonds
D'damas Diamonds are part of Gitanjali Digico Group and one of the earliest diamond houses established
in India in 1966. On the present day D'damas Diamonds offer highly modernized diamond cutting and
polishing facilities at five locations in India.d’damas is the best diamonds.
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27
MAJOR
PLAYERS
IN JEWELRY
INDUSTRY
Rajesh exports ltd.: Rajesh exports ltd is the world’s largest gold manufacturing company. It was
incorporated in 1985 having its head office in Bangalore. they are world low cost jewelry producers,
having manufacturing facilities from refining to retailing.
Asian star jewels pvt. Ltd.: A' Star Jewelry is the domestic jewelry manufacturing division of Asian Star
Company Limited- a Diamond Trading Company Sight holder™. Asian Star is one of the world's leading
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Gitanjli jewels: it is founded as a single company, cutting and polishing diamond to the jewelry trade at
surat, Gujarat in 1966. The gitanjli group became, many times over, a pioneer among major diamond &
jewelry products. It has won 50 national and council awards from the ministry of India.
Asmi group: Asmi jewelry India Private Limited operates as a subsidiary of Gitanjali Gems Limited and it
is one of the top manufactures and retailers of wide range of gold and diamond jewelry for women. It has
500+ retail outlets in India which includes stand alone stores, leading franchisees and established anchor
shop-in-shop and leading retailers.
Suashish Jewelry Ltd: Suashish Diamonds Limited is a public limited company incorporated
on October 05, 1988 under the Companies Act, 1956 Promoted by Ramesh Kumar S Goenka,
Suashish Diamonds (SDL) was incorporated in Oct.'88 which imports rough diamonds, cuts and polishes
them, and then exports them. Its clientele is spread across the US, Japan, Europe, east Asia and Israel. It is
a privileged sight holder of the Diamond Trading Company (DTC), London, whereby it enjoys an
uninterrupted supply of raw materials at competitive rates. SDL has been granted Star Trading House
status under the export-import policy of the Government of India. It has established a 100% subsidiary
Suashish Diamonds in Hong Kong.
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RAJESH
EXPORTS LTD.
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World's largest Jewelry manufacturing facility
World's largest manufacturer of gold Jewelry
World's lowest cost Jewelry producer
Fully integrated from Refining to Retailing
Leading retail Brands across India
Government recognized Premier Trading House
India's largest exporter of gold jewelry
No 1 Investor Friendly Company in India
India's Second Fastest Growing Company
Overview
"Rajesh Export Ltd's (REL) objective is to establish itself firmly as a leader in the global jewelry market by
manufacturing and marketing the finest quality jewelry to consumers across the world. To achieve this
objective REL will put in all required efforts and consequently emerge as a global leader in the field of
jewelry"
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Promoters in retail jewelry business since 1970
1985 - Brothers Rajesh Mehta and Prashant Mehta joined family retail jewelry business.
1989 - Rajesh Exports was established as a partnership firm to manufacture and export jewelry
1990 - Rajesh Exports established the first organized gold jewelry manufacturing facility in India.
1991 - Rajesh Exports established India’s first R&D facility in the jewelry sector.
1994 - Rajesh Exports emerged as the largest exporter of jewelry from India.
1995 - Initial Public Offer (IPO) of securities to fund expansion of manufacturing facility
1995 - IPO overwhelmingly subscribed and REL securities listed and traded on the BSE & NSE
1996 - REL successfully implemented the expansion plan.
1999 - REL plans to set up world’s largest manufacturing facility
2002 - REL completes the construction of the World’s Largest manufacturing facility.
2003 - REL begins commercial production in the new manufacturing facility
2006 - REL achieves sales of USD 1.5 billion.
2007 - REL establishes branded retail chain stores under the name of “Laabh Jewelers”
Management
REL is managed by a Board of Directors comprising of experienced people in the jewelry trade and also
professionals from other relevant areas. The Board of Directors are responsible for all major decisions. The
Board of Directors are assisted by a well defined hierarchy comprising of some of the most experienced
Professionals in the jewelry field. The Directors have ultimate responsibility for the management and
administration of the affairs of the company.
The Articles of Association of the Company provide that, the number of Directors shall not be less than
three and not more than twelve. The company may, subject to the provisions of the Articles of Association
and the Companies act, alter the minimum or maximum number of Directors by approval of its
Shareholders.
Not less than two thirds of the total number of Directors shall be, elected Directors who retire by rotation.
At each annual general meeting of the Company, one-third or such of the directors for the time being who
are liable to retire by rotation, shall retire from office. A retiring Director is eligible for re-election.
Infrastructure
Over the period of years, REL has built the finest infrastructure for manufacturing, marketing and
distribution of world class jewelry.
Manufacturing
Marketing
REL has established reliable international marketing network which has a reach in North America, Europe,
Asia & Australia. REL also has set-up a domestic marketing network across most of the Indian states.
Facilities
Refining & Alloying
Manufacturing
The manufacturing facility is specifically designed to control the wastage of Gold. Advanced and practical
Gold recovery procedures are employed to achieve the lowest Gold wastage in jewelry production in the
world.
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Research & Development
Research and Development (R&D) is the core focus of the company. REL has an advanced R&D
department comprising of senior designers, metallurgists, chemists and specialized artisans.
Distribution
REL manufactures seventy tones of Gold jewelry and other gold products per annum. These products are
distributed globally and in the domestic market in India. Over the years REL has set-up a reliable
distribution network across the world and in India.
New York, Chicago, Dallas, Toronto, London, Paris, Zurich, Dubai, Sharjah, Muscat, Kuwait,
Singapore, Kuala Lumpur and Sydney..
..Products
REL manufactures a wide range of jewelry. The R&D division tracks the changes in the jewelry markets,
the changes are analyzed and based on the analysis designers create designs.
The designs on the drawing board are prototyped by senior artisans. The products so created are displayed
to the selection committee which decides on the inclusion of the products in the design portfolio. The
existing design portfolio is also constantly monitored to eliminate out of trend designs. REL currently has a
design portfolio of 29,000 active designs.
The design portfolio is divided in to three basic types of products:-
Asian Jewelry Designs
REL specializes in ASIAN JEWELRY and manufactures almost all types of Asian Jewelry in 22cts, 21cts
and 18ct.
.
EARRINGS
PENDENTS
CHAINS
NECKLACES
NECKLACE SETS
BANGLES
BRACELETS
33
Diamond Jewelry Designs
REL has conducted extensive research to develop a range of diamond jewelry. Some of the finest designers
both in India and abroad have contributed to the range of exclusive diamond designs.
EARRINGS
RINGS
PENDENTS
BRACELETS
.
34
ASIAN STAR
JEWELS LTD.
35
ASIAN star jewels ltd.
Asian Star Jewels Pvt. Ltd. is a subsidiary of Asian Star Company Limited- a Diamond Trading Company
Sight holder™. Asian Star Company Limited, is one of the leading world diamantaires with interest in
diamond manufacturing, jewelry manufacturing and retailing. Asian Star Jewel’s exclusively caters to the
international market and crafts carefully chosen stones into the most exquisitely designed jewelry of high
standards.
The organization is a professionally managed firm with a goal to deliver the best products on time, every
time. The company is strongly focused about market expansion, having a track record of developing
contemporary designs that cater to a client's specific requirements across all product categories. Asian Star
Jewels Pvt. Ltd. is a subsidiary of Asian Star Company Limited- a Diamond Trading Company, every
time. The company is strongly focused about market expansion, having a track record of developing
contemporary designs that cater to a client's specific requirements across all product categories .
Infrastructure
Asian Star Jewells’s manufacturing operation at SEEPZ in Mumbai has a production capacity of 300,000
pieces per annum.
Our sophisticated infrastructure is harnessed with state-of-the-art equipment and technology, specially
imported from Germany and Japan to produce a range of machine-made and hand-made jewelry. An
efficient in-house product development team uses the best technological support services such as
CAD/CAM, to deliver strikingly beautiful jewelry which captures the essence of contemporary and
traditional designs.
Services
Asian Star Jewells’s strong brand image and reputation is evident from its prominent clientele in major
countries across the globe such as USA, Canada, Spain, Italy, Germany, France, South America, Australia
and Gulf, whose unwavering faith shows through the repeat business.
We believe in adding value to our business proposition by providing our customers with the best services
available in the industry. We have a customized Quality Control System and a Grading System in place to
meet specific requirements of our clients.
36
FINANCIAL
REPORTS
37
Balance sheet of Rajesh Exports ltd.
Particulars
Mar 2011
Mar 2010 Mar 2009 Mar 2008
SOURCES OF FUNDS
Share Capital 295.26 265.82 257.01 250.61
Share warrants & Outstanding 0.00 0.00 0.00 0.00
Total Reserve 15672.49 11176.25 8881.34 7638.60
Shareholder's Funds 15967.75 11442.07 9138.35 7889.22
Secured Loans 24153.91 17582.63 15413.46 5898.91
Unsecured Loans 1150.05 3280.30 3919.72 3809.30
Total Debts 25303.96 20862.93 19333.18 9708.22
Total Liabilities 41271.71 32305.00 28471.53 17597.43
APPLICATION OF FUNDS :
Gross Block 863.36 836.63 756.09 657.12
Less: Accumulated
149.58 130.03 112.23 95.01
Depreciation
Less: Impairment of Assets 0 0 0 0
Net Block 713.78 706.61 643.86 562.11
Lease Adjustment A/c 0 0 0 0
Capital Work in Progress 0 0 4.97 4.41
Pre-operative Expenses
0 0 0 0
pending
Assets in transit 0 0 0 0
Investments 34.18 44.18 3849.12 1363.03
Current Assets, Loans &
Advances
Inventories 3773.41 4135.05 1742.93 2458.25
Sundry Debtors 15805.46 6120.64 5472.70 5042.73
Cash and Bank 78152.48 66537.63 55374.29 50023.69
Other Current Assets 82.20 0 0 0.00
Loans and Advances 6868.70 8695.69 7652.61 2380.37
Total Current Assets 104682.26 85489.02 70242.53 59905.04
Less : Current Liabilities and
Provisions
Current Liabilities 63954.22 53626.01 46091.65 44142.65
Provisions 212.51 317.04 185.58 102.81
Total Current Liabilities 64166.73 53943.05 46277.23 44245.46
Net Current Assets 40515.52 31545.97 23965.30 15659.58
Miscellaneous Expenses not
0 0.03 0.06 0.08
written off
Deferred Tax Assets /
8.22 8.22 8.22 8.22
Liabilities
Total Assets 41271.71 32305.00 28471.53 17597.43
Contingent Liabilities 1393.92 466.78 0.83 1150.30
38
Balance sheet of Asian star ltd.
Particulars
Mar 2010
Mar 2009 Mar 2008
SOURCES OF FUNDS
Share Capital 106.71 358.71 358.71
Share warrants & Outstanding 0.00 0.00 0.00
Total Reserve 3343.68 3092.72 2937.30
Shareholder's Funds 3450.40 3451.43 3296.01
Secured Loans 5225.38 5076.00 5338.97
Unsecured Loans 398.90 195.00 87.50
Total Debts 5624.28 5271.00 5426.47
Total Liabilities 9074.67 8722.43 8722.49
APPLICATION OF FUNDS :
Gross Block 1664.77 1626.36 1145.63
Less: Accumulated Depreciation 245.47 172.02 106.69
Less: Impairment of Assets 0 0 0
Net Block 1419.30 1454.34 1038.94
Lease Adjustment A/c 0 0 0
Capital Work in Progress 31.42 12.85 201.67
Pre-operative Expenses pending 0 0 0
Assets in transit 0 0 0
Investments 39.53 130.61 289.00
Current Assets, Loans & Advances
Inventories 3096.17 2688.45 2826.17
Sundry Debtors 4079.42 3890.33 4142.46
Cash and Bank 833.92 750.41 882.18
Other Current Assets 0 0 0
Loans and Advances 1151.56 503.88 790.24
Total Current Assets 9161.08 7833.07 8641.05
Less : Current Liabilities and
Provisions
Current Liabilities 1083.73 178.90 777.94
Provisions 243.07 296.50 571.82
Total Current Liabilities 1326.81 475.40 1349.76
Net Current Assets 7834.27 7357.66 7291.29
Miscellaneous Expenses not written
0 0 0
off
Deferred Tax Assets / Liabilities -249.85 -233.05 -98.41
Total Assets 9074.67 8722.43 8722.49
Contingent Liabilities 0 0 10.05
GRAPH
39
total assets
35000 32305
30000 28472.53
25000
5000
0
2010 2009 2008
share capital
40
cash & bank balance
70000 66537.63
60000 55374.29
50023.69
50000
amount
40000
rajesh exports ltd.
30000
a star jeweletrs ltd.
20000
10000
833.92 750.41 882.18
0
2010 2009 2008
year
41
Receivable days 19.49 11.49 16.06 31.23
Inventory Days 7.03 5.83 6.42 7.61
Payable days 105.20 97.96 138.86 171.25
Valuation Parameters
PER(x) 12.95 16.36 7.41 9.42
PCE(x) 12.85 16.21 7.27 9.35
Price/Book(x) 2.01 2.76 0.71 2.47
Yield(%) 0.55 0.84 2.38 0.45
EV/Net Sales(x) -0.10 -0.08 -0.25 -0.25
EV/Core EBITDA(x) -4.73 -4.59 -12.22 -5.46
EV/EBIT(x) -4.75 -4.62 -12.31 -5.49
EV/CE(x) -0.50 -0.43 -1.04 -1.19
M Cap / Sales 0.16 0.17 0.05 0.24
Growth Ratio
Net Sales Growth(%) 11.53 54.07 45.95 24.08
Core EBITDA Growth(%) 43.49 26.36 -36.64 78.17
EBIT Growth(%) 43.69 26.54 -36.83 78.62
PAT Growth(%) 28.23 121.35 -57.70 103.94
EPS Growth(%) 15.44 114.01 -58.75 -69.93
Financial Stability Ratios
Total Debt/Equity(x) 1.58 1.82 1.71 1.23
Current Ratio(x) 1.63 1.58 1.52 1.36
Quick Ratio(x) 1.57 1.52 1.49 1.30
Interest Cover(x) 2.60 3.14 1.70 2.57
Total Debt/Mcap(x) 0.79 0.66 2.99 0.50
Particulars
Mar 2010 Mar 2009 Mar 2008
Operational & Financial Ratios
Earnings Per Share (Rs) 26.34 17.10 37.09
CEPS(Rs) 33.92 24.01 40.77
DPS(Rs) 2.00 2.00 2.00
Book NAV/Share(Rs) 323.34 299.82 285.26
Tax Rate (%) 22.81 41.70 26.29
Margin Ratios
Core EBITDA Margin (%) 4.59 5.24 5.37
EBIT Margin(%) 4.60 4.78 6.50
Pre Tax Margin(%) 2.76 2.60 4.19
PAT Margin (%) 2.13 1.51 3.09
Cash Profit Margin (%) 2.70 2.04 3.33
Performance Ratios
ROA(%) 3.21 2.18 4.70
ROE(%) 8.59 6.09 14.17
ROCE(%) 6.94 6.88 9.88
Asset Turnover(x) 1.51 1.44 1.52
Sales/Fixed Asset(x) 8.16 9.05 15.25
Working Capital/Sales(x) 1.71 1.71 1.79
Efficiency Ratios
Fixed Capital/Sales(x) 0.12 0.11 0.07
42
Receivable days 108.37 116.81 126.67
Inventory Days 78.66 80.19 74.69
Payable days 19.02 13.47 16.02
Valuation Parameters
PER(x) 43.67 63.92 31.81
PCE(x) 33.90 45.53 28.94
Price/Book(x) 3.56 3.65 4.14
Yield(%) 0.17 0.18 0.17
EV/Net Sales(x) 1.27 1.31 1.33
EV/Core EBITDA(x) 24.60 24.66 19.76
EV/EBIT(x) 27.64 27.38 20.50
EV/CE(x) 1.88 1.88 1.99
M Cap / Sales 0.91 0.93 0.96
Growth Ratio
Net Sales Growth(%) 6.94 -3.84 12.16
Core EBITDA Growth(%) 4.06 -24.25 12.07
EBIT Growth(%) 2.81 -29.22 11.51
PAT Growth(%) 50.30 -52.88 46.42
EPS Growth(%) 54.00 -53.89 47.73
Financial Stability Ratios
Total Debt/Equity(x) 1.63 1.53 1.65
Current Ratio(x) 8.45 43.78 11.11
Quick Ratio(x) 5.60 28.88 7.75
Interest Cover(x) 2.50 2.19
Total Debt/Mcap(x) 0.46 0.45 0.43
Graph
Earning per share
43
earning per share
40 37.09
35
30 26.34
25
amount
yield
2.5 2.38
1.5
amount
44
COMPARATIVE
ANALYSIS
Comparison between Rajesh exports ltd. And Asian star jewelers ltd.
Basis of comparison Rajesh exports ltd. Asian star jewelers ltd.
45
production It produces 70 tones of gold Its manufactures nearly
jewelry and other gold 300000 pieces per annum.
products in a year.
products It deals with three types of It mostly deals with diamond.
products: Asian, western and
diamond.
Research and development. R& D is the core focus of the The company aims at
Corporate governance. company. providing the best services or
The company has highest products to its customers
standards of corporate having quality control system.
governance.
46
JOBS AND CAREER
IN JEWELRY
INDUSTRY
The Indian diamond and jewelry industry is increasingly being corporative. A number of factors including
the need for better governance, the need to form companies that can access finance on the equity markets
and generally positioning Indian diamond companies for growth drives this. Hence there is a strong need
for professional management and as a result the gems and jewelry industry requires qualified business,
operations, IT and finance managers, accountants, marketing specialists and HR specialists. In short, this
sector is competing with any other industry for qualified professionals. Alongside these roles, there is need
for equally professional artisans who will be trained as gemologists, diamond sorters, planners, diamond
polishers and jewelry craftsmen.
Career Opportunity in Gem & Jewelry Industry
47
Since India stands number one in the list of world’s biggest gold consumer, Gem and jewellery industry is
one of the fastest growing industries of the Indian economy. This industry hence provides numerous career
opportunities in various fields to those who want to be a part of this industry. The following are the career
options:
Designing:
Those with an eye for perfection and detailing, patience, having ability to concentrate and good sense for
design can opt for this field. Jewelry designers have the choice of working with the export units or jewelry
showrooms. Designing jewelry for men and celebrities is also a good option for those who are talented,
highly skilled and vibrant. Also designers can work on freelance basis by selling their designs to various
firms.
Gemology:
All those who are interested in Gemology can begin their career with gem identification, gem cutting,
sorting, grading and evaluation.
Since 9 out of every 10n diamonds sold worldwide are cut and polished in India, diamond industry too
provides a great opportunity
Marketing:
With the entry of big corporate like TATA and Reliance in the jewelry sector, more and more consumers
are growing brand conscious. Retaining old customers and attracting new customers by the way of
providing personalized products and services is where industry growing conscious about. Marketing may
also include the packaging segment.
Research:
After acquiring some experience in this field the research scholar’s option can be taken up as a career.
Various jewelry houses, export units and the institutions offering jewelry designing /making and gemology
courses do invest in research in this field.
The Indian diamond market, which along with China, provide the major drivers of growth in global
diamond jewelry consumption over the next decade. India has a long tradition of gold consumption and is
starting to move towards diamonds as emerging middle class aspirations collide with improvements in
disposable income. In India there are also strong regional differences in quality preferences that will
provide opportunities for a wide range of diamonds.
48
Gem and jewelry trade federation and the art of jewelry magazines decided to conduct an exhibition
for its consumers.
The All India Gem and Jewelry Trade Federation (GJF) and The Art of Jewelry (AOJ) Magazine signed a
Memorandum of Understanding (MOU) to conduct a series of business-to-consumer exhibitions (B2C)
across India. The aim of the B2C exhibitions is to reach out to the large market of jewelry consumers in
India.
The MOU was signed by GJF chairman C.Vinod Hayagriv and AOJ managing director Sumesh Wadhera.
“This initiative will touch consumers across India and I feel immensely pleasured to have this tie-up. This
event will be named ‘Best of India,’ wherein the consumers will get to see the best of jewelry from all the
corners of the country under one roof,” Wadhera said.
Hayagriv said, “This initiative will propel demand and help better the quality in the industry, and will also
help spread education amongst the consumers.”
The MOU was signed during the sidelines of South India Jewelry Show (SIJS) 2010. SIJS is a premier
B2B jewelry trade show which was held March 20-22, at Sree Kanteerava Indoor Stadium in Bangalore.
The Art of Jewelry Magazine is India’s No. 1 jewelry trade magazine, providing cutting-edge information
for the gem and jewelry sector. The magazine has been recognized by readers, advertisers and the trades as
a premier media vehicle adhering to the highest standards for editorial, production, design, and most
importantly, ethics and impartiality.
The All India Gems & Jewelry Trade Federation (GJF) is a national trade federation for the promotion and
growth of trade in gems and jewelry across India. GJF members come together to manage various aspects
of fair trade practices and efficient organization of business the gems and jewelry industry. The numerous
local associations already in existence do not focus on issues of the trade at a national level. Founded in
2005, the Federation unites manufacturers, wholesalers, retailers and exporters all across India. GJF
members include 155 founding members, 232 lifetime members, 125 annual members, 23 board of
directors and 72 governing board of directors, representing leading retailers, manufacturers, wholesalers
and trade bodies of India.
49
50
FUTURE OF GEMS
AND JEWELRY
SECTOR
51
Pre log (Press Release) - Sep 09, 2009 - A new research on the Indian gems and jewelry sector, “Indian
Gems and Jewelry Market - Future Prospects to 2011”, by RNCOS, anticipates the Indian gems and
jewelry sector to cross US$ 26 Billion by 2012, driven by availability of huge base of skilled labor and
improving lifestyle.
We have found that India has a large pool of skilled and low cost man power for its gems and jewelry
industry. The country has world’s one of the best skilled manpower to design and make high volumes of
exquisite jewelry at relatively low labor cost. The cost per carat for cutting and polishing diamond was
US$ 10 in India as compared to US$ 17 in China and US$ 150 in Belgium. It also has the largest resource
hub in diamond cutting and processing. Low cost of labor involved in production of finished diamonds has
lured global attention, thereby resulting into the growth of the industry.
Changing lifestyle and urbanization are also fuelling the growth in the gems and jewelry industry, mainly
in branded jewelry, which is expected to grow over 40% in the coming years. Urban consumers in India
have become more exposed to western lifestyles, primarily through overseas traveling. This has led to
increased preference for products and designs that are popular abroad. For instance, there is a shift towards
machine-made jewelry over the traditional handcrafted jewelry.
“Indian Gems and Jewelry Market - Future Prospects to 2011” provides comprehensive information on
gems and jewelry market in India while focusing on past and future market scenario. The report studies the
past and present market trends to highlight the potential growth areas in future. It also gives an overview
of the organized and unorganized market for gems and jewelry in the country. The report also takes into
account the weaknesses and strengths of existing players in the market to facilitate new players to devise
their strategies accordingly to gain competitive advantage.
The research also includes forecast on various segments of the industry like gems & jewelry market, gold
jewelry sales, share in world gold consumption, diamond jewelry sales, branded jewelry market and share
of branded jewelry in the overall jewelry market.
52
EXPORTS OF
GEMS AND
JEWELRY IN INDIA
Exports
During the Fiscal Year 2010-11, the total exports for gems and jewellery stood at US$ 43.1 billion as
compared to US$ 29.4 billion during the fiscal year 2009-10. During the same period, the sector registered
a growth of 46.5 per cent over the previous year.
53
total exports
50
43.1
45
40
35 29.4
us$billion
30
25
20
15
10
5
0
2010-11 2009-10
year
Composition of Exports
Cut and polished diamonds: The export of cut and polished diamonds grew manifold in 2010-11 as
compared to 2009-10. In 2010-11, the export of cut and polished diamonds was US$ 28.2 billion as
compared US$ 15.6 billion, recording a growth of 81.5 per cent.
30 28.2
25
20
15.6
us$billion
15
10
0
2010-11 2009-10
year
Colored Gemstones: Export of colored gemstones was registered at US$ 0.314 billion in 2010-11 as
compared to US$ 0.304 billion in 2009-10, showing a growth of 3.5 per cent.
54
colored gem stones
0.316 0.314
0.314
0.312
us$billion
0.31
0.308
0.306 0.304
0.304
0.302
0.3
0.298
2010-11 2009-10
year
Gold Jewellery: Export of Gold jewellery alsoSource: Gem and Jewellery Export Promotion Council
(GJEPC) grew tremendously in 2010-11, registering US$ 12.9 billion as compared to US$ 6.1 billion in
2009-10. A growth of 110.3 per cent was recorded.
gold jewelry
14 12.9
12
10
us$billion
8 6.1
6
4
2
0
2010-11 2009-10
year
55
MARKET SHARE
OF GOLD AND
DIAMOND
56
Gold is the principal raw material for making jewelry in India. In 2007 gold had a market share of US$
12.24 billion (Rs 550 crores), while diamond had a market share of US$ 2.56 billion (Rs 115 crores).
Eighty per cent of the gems and jewelry industry in India is dominated by gold and the rest is controlled by
diamond and gemstone industry. This trade in India is mainly fragmented as 96 percent of total business
comes from unorganized sector.
Graph
market share
600 550
500
400
rs(in crore)
gold
300
diamond
200
115
100
0
2007
year
57
CONCLUSION
58
Conclusion:
The Indian gems and jewelry industry is highly fragmented with a large number of private sector
companies.
India is one of the largest exporters of gems and jewelry.
India is the polishing capital of the world.
India's Position in Gems and Jewelry Sector
Gems and Jewelry is one of India’s leading foreign exchange earning sectors. Gem & Jewelry sector
accounted for 16.7 per cent of India’s total Merchandise Exports.
Volume of exports pegged at US$ 43.1 billion as of March 2011.
At present, India exports 95 per cent of the world's diamonds
India is the most technologically advanced diamond-cutting centre in the world.
There is an impact on the demand for gold given the record high prices of gold in last couple of years, but
consumers have remained bullish on the precious metals and there is an increased investment related for
gold.
US is the largest diamond market in the world.
In India there are so many companies in this sector who exports or imports the gold, diamond and precious
metals like gitanjli group, Rajesh exports, and asmi group. And different popular brands for diamond like
nakshatra, tanishq, kiah etc.
After studying the balance sheet and financial ratios of the two different companies, it is concluded that the
Rajesh exports ltd. has a higher capital then the Asian star. The total assets, cash, and bank balance of
Rajesh exports ltd. Is more than the Asian star jewels ltd.
59
BIBLIOGRAPHY
60
Websites:
www.money.livemint.com
www.money.rediff.com
www.rajeshindia.com
www.astarjewels.com
www.itsmyascent.com
www.ibef.org
www.blog.aspira.com
61