Young Designers 2011

		Young Designers 2011
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Sachi Anand | sachianand87@gmail.com, dziner_drlng@yahoo.co.in

Evaluating Business Opportunity in Precious Gemstone Jewellery Sector

Strategic Design Management | PGDPD
Guide: Deval Kartik
Sponsor: Tanishq Jewellery, Bengaluru

Keywords
Coloured stones
Precious jewellery
Business opportunity
Design direction

The brief for my diploma project was to understand and evaluate the business opportunities in the coloured stone market in the precious jewellery sector. The research-led project would include understanding the existing coloured stone market, identifying the new avenues that could be tapped into, and finally developing possible design directions for this collection.

The design process involved desk research, visiting markets and vendors in Jaipur, meeting consumers, interviews and evaluation of the available statistical data to build a business case for coloured stone jewellery. The target segment included women who are modern in outlook, have high affordability and like fusion designs. I also had to find about Indian consumers’ perception of coloured stones and their worth.

The research included the study of precious stones, their kinds, colours, shapes, sizes, qualities and quantities as well as their usage in jewellery, their markets, their pricing, grading and availability. Jewellery brands — national, regional and global — as well as the unorganized jewellery sector were studied. I also determined the scope of developing a grading standard e.g. Tanishq’s karat meter, for coloured stones in the future.

The solution I came up with would contribute not only to the brand’s coloured stones’ sales but also increase Tanishq’s perception value among consumers. The proposition was planned largely in the fusion space to cater to the target group, along with a few experimental pieces for other potential consumers.

Through this project I have learnt that acquiring knowledge of their target consumers and their preferences and enouraging their feedback can greatly influence a company’s market performance.