Recession and Jewelry business

Ankita Goyal, MBA-IB, PCTE, LUDHIANA

The global economic recession has taken its toll on the Indian economy that has lead to multi-crore loss in business and export orders. The deepening US recession has affected more than half of the business in the North America Jewellery industry, a JCK survey found.Most expect it to get worse before it gets better.
But in India there are still many organizations that are working well even in this hard the time of slow economic growth.While the USA and the UK markets have only recently shown signs of slowly recovering from the economic crisis, the vitality of the Indian jewellery market is a very enlightening news for diamond traders.
Few days back, I talked to Mr Rakesh Jain who is a chairman of Palace jewellers, dealers in gold and diamond ornaments. He is successfully running this business since 1982. According to him, to be successful in any business one need to provide good quality products while keeping prices affordable. His organization is facing a lot of competition on the basis of prices and designs of jewellery. For a given product, different people buy it for their own unique reasons. It is therefore necessary to know what are the kinds of needs that the product or service serves. You can then find out the needs of the prospect first and then only present your product or service in the light of their requirements. Mr Jain strongly emphasizes the importance of achieving high visibility and establishing yourself and your business in your targeted networks.Success mantra of this organization is to have unique designs of jewellery and low prices that forces the customers to make purchases from his organization.
In order to survive in this world of tough competition, one should manage his resources in an organized way. Highly visible people are seen as resources and people who can really help move a business. Mr Rakesh Jain motivate his employees to work with great zeal by satisfying their needs and by providing them a comfortable environment in the organization.
To achieve success in any business one need to figure out the goals of the organization and customer should remain a top priority.