Why Product Planning is Important:
There was tremendous industry debate a few years ago, when diamonds and jewellery manufacturers found themselves with too much stock, having to either hold on for better times or sell too low. Diamond miners have relented slightly since then with regard to loosening up on sales contracts when consumer demand does not yield enough profits for mid-section players. As the mid-section, we must now resort to better planning.
Whether manufacturers of diamonds, gemstones or fine jewellery, we are at that time of year when business plans have to be drawn up for the coming year. Even diamond producers like De Beers are known to put together their sales and manufacturing plans for the upcoming year around December. This should be a big focus in the gems and jewellery industry, because raw materials cost a lot, and no one wants to be saddled with extra-stocks or lose opportunities by missing the mark on trends for designs and price points.
Today, the product planning process takes a lot more research and effort than it did in the past. While historically, the gems and jewellery industry has been quite resistant to change, consumer needs, demands and trends across the globe are changing more rapidly than we have ever seen in the past. Added to this is what has been the “elephant in the room” for quite some time now, but an elephant that is growing larger and larger and is likely to affect diamond sales herein on – lab-grown diamonds – because of the fact that De Beers has entered the retail space now, and is gunning for a universal push-down in prices in LGD. And so, if any players of the diamonds, gems and fine jewellery industry don’t hone a razor-sharp focus, they run the risk of being swept away like a torrent by those who do!
What are Some Aspects of Product Planning?
Price points of pieces, quality of stones, sizes of stones, quantity of products, spread of manufacturing through the year including peaks during seasons, are some main decisions mid-stream players will have to make for the coming year. Commitments and arrangements for buying stones and supplying to retailers or the next step in the value-chain will depend on gauging these parameters accurately.
How Should Manufacturing Planning Be Done?
If one looks at the timeline, most of the build-up to manufacturing and manufacturing itself would happen in the first half of the year. The second half is the peak retail period, getting kicked-off with the trade shows, followed by festivals and wedding season. Of course, some trade shows even happen during the first half of the year.
From January onwards, the creative ideas have to start flowing for the design process. This has to be in tune with current trends. This is dictated by current fashion sensibilities and also by the economy – both globally and specifically wherever one’s own business markets are.
Raw material buying typically starts once designs are in place. Then, manufacturers dive headlong into the making process.
Understanding seasonal demand for gems and jewellery is a must before planning manufacturing and starting your own buying activity for raw material. The main seasons for jewellery purchase are Christmas, Chinese New Year, Wedding season, and Indian festivals like Diwali. With Indians sprawled all over the world, Diwali buying is not exclusively a phenomenon in India. It is also significant in the UAE and other places.
The U.S. wedding season is from June to October. It peaks in the summer (June to August). In India, the peak season for weddings is November and December, with a smaller season in April and May.
As diamond and jewellery gifting is more prevalent in India, the wedding season also sees sales for smaller pieces.
In China, the main sales season for diamond jewelry is around the Chinese Lunar New Year – late January to mid-February.
It’s important to study the kinds of pieces and price points that customers look at during specific festivals and seasons. This also changes from year to year, as per trends and economic conditions.
Sweet-spot price points remain below $2,500(1), according to The Centurion Holiday Sales Success Index surveys. For holiday seasons 2014 through 2017, most respondents to The Centurion Holiday Sales Success Index surveys reported their best-selling price points were between $1,001 and $2,500. The second-most popular price category was goods between $500 and $1,000 and, in very close third place, goods under $500. Only 2016 saw a spike in sales of goods between $2,501 and $5,000—but with a corresponding spike in goods under $500—before returning to patterns more consistent with other recent years.
Regarding design trends and price points, reaching out to one’s own business associates on both sides of the chain is always a fruitful idea. Retailers are directly in touch with consumers, getting feedback from the proverbial “horse’s mouth”. Suppliers, on the other hand, can tell you what your contemporaries are purchasing.
There are innumerable research papers available for studying trends in design, sizes of stones, quality of stones, colours, metals, types of jewellery products, price points, seasonal trends based on geography, consumer segments, etc. (We have included some G&J research resources at the end of this article.)
Internationally, trade show season (B2B) is usually before the peak sales season, with it starting from June, July and up to even November, December.
In summation, whether it’s the season sales or trade shows, or even retailers just stocking up, most of the sales are happening towards the latter part of the year. With everyone putting their best foot forward for B2B shows in anticipation of seasonal demand, preparations have to happen quite in advance. Naturally, one would have to stay on top of economic trends, and adjust price points accordingly. As we all know, last minute set-backs on account of policy changes or also fluctuations in prices of gold and currency do happen, and do affect buying sentiments.
We’ve said it before and will say it again – all other things being equal, design trumps everything else!
Then, beyond the product planning for optimal sales and movement of goods, there are also other considerations like whether existing sales channels are working, or new ones should be devised.
There’s really no time to tarry. Let’s begin to PLAN, PLAN, PLAN!
(1) www.marketresearch.com ’s Jewelry Market Research Reports & Industry Analysis:
(2) Global Gems and Jewelry Market Analysis By Product Type (Gold, Diamond, Platinum, Gems, Others), Sales Channel (Online, Retail, Jewelry Stores), By Region, By Country: Opportunities and Forecast (2017-2022): https://www.researchandmarkets.com/reports/4436343/global-gems-and-jewelry-market-analysis-by
|- By GemAtlas Team|
GemAtlas Co. Private Limited, a company incorporated under the Companies Act, 1956 vide CIN - U14220MH2013PTC241314, having its corporate office at 309, Mehta Bhavan, 311, R.R.M. Roy Road, Opera House, Mumbai – 400 004, (“Company” or “We”) owns and operates www.gematlas.com (“Website”) which is an online platform for a range of advisory and consultancy service providers and provide services for a fee (“Subscription Fee”) pertaining to gems and precious stones and metals industry including sourcing mines, trading, gem manufacturing services, jewellery manufacturing services, polishing, jewellery marketing services, certification services, consulting services, courier services, insurance services, customs and KP certification services, banking and financing services, tax consultancy services, training institutes for skill upgrades, travel & booking services during exhibitions and events, human resource consulting services, IT consulting services offered by various experts in the jewellery industry both online and offline from all over the world (“Services”).
SCOPE AND APPLICABILITY OF THIS POLICY
This Policy summarizes what type of Personal Data or Information (as defined hereinafter) We collect about You, purpose of collection, storage and usage of such data or information, to whom such data or information may be disclosed/transferred and how We protect Your privacy.
TYPES OF PERSONAL DATA OR INFORMATION WE COLLECT
The term “Personal Data or Information” in this Policy refers to personal information which does and/or is capable of identifying You as an individual. The types of Personal Data or Information that We collect consist of personal information relating to You:
name, gender, home address, telephone number, date of birth, marital status, email address, emergency contacts or other contact information (including the gender, age, nationality and passport information of any relatives and beneficiaries); or
affiliations, interests, work history, technical skills, educational background, professional certifications and registrations, language capabilities, or
voicemails, e-mails, password, correspondence and communications; or
any detail relating to the above clauses as provided to the Company; or
any of the information received under above clauses by the Company for collecting, receiving, possessing, using, processing, recording, storing, transferring, dealing, handling and disclosing under lawful contract or otherwise.
This Policy does not apply to any information that You may disclose publicly and which is freely available or accessible in public domain or furnished under the Right to Information Act, 2005 or any other law for the time being in force and such information shall not be regarded as Personal Data or Information for the purposes of this Policy. Further, Your Personal Data or Information shall not be disclosed to any third person unless the said third person is required to have the Personal Data or Information of You to provide required Services to You and/or with Your permission and/or to help investigate, prevent or take action regarding unlawful and illegal activities, suspected fraud, potential threat to the safety or security of any person, violations of the terms and conditions of use of the Website or to defend against legal claims and special circumstances such as compliance with the rules of any stock exchange, subpoenas, court orders, requests/order from legal authorities or law enforcement agencies requiring such disclosure. We share Your information with advertisers on an aggregate basis only.
Further, any Personal Data or Information disclosed by You to any service provider or trader that You connect with through the Website, the Company shall not be responsible and/or liable to treat the same as the Personal Data or Information to be protected by the Company.
You are providing Your consent by providing Your details on the Website (“Consent”) with respect to the purpose of usage of such Personal Data or Information.
If You give Your Consent, it is construed that You have done so freely and voluntarily and agree to this Policy. You always have the right to refuse or withdraw Your Consent for the Personal Data or Information sought to be collected or withdraw Your Consent given earlier to us. We will always respect such a refusal or withdrawal, but it might mean that We are unable to perform all the Services, arrangements or contracts with You and will have the option to discontinue the same. We will inform You of these inabilities, if they occur. However, We reserve the right to retain such Personal Data or Information as may be necessary for providing our pending Services to You and in accordance with this Policy and/or if legally required.
You are aware of the:
fact that the Personal Data or Information is being collected;
purpose for which the Personal Data or Information is being collected;
intended recipients of the Personal Data or Information; and
name and address of the agency that is collecting the Personal Data or Information and retaining the same.
We respect Your privacy, therefore, the Company will observe the following guidelines when collecting, receiving, possessing, using, processing, recording, storing, transferring, dealing, handling, and disclosing:
Personal Data or Information will be collected, received, possessed, used, processed, recorded, stored, transferred, dealt, handled and disclosed in compliance with the local laws/regulations in India including IT Act;
Personal Data or Information will be relevant/necessary to/for the purposes for which it is collected and used;
Personal Data or Information will be current and accurate with reasonable steps taken by the Company to rectify or delete inaccurate Personal Data or Information;
Personal Data or Information will be kept only as long as necessary for the purposes for which it was collected and processed; and
Reasonable measures will be taken to prevent unauthorized access or use, unlawful processing, and unauthorized or accidental loss, destruction, or damage to such Personal Data or Information.
PURPOSES FOR COLLECTION, STORAGE AND/OR USE OF PERSONAL DATA OR INFORMATION
The primary purposes for collection, storage and/or use of Personal Data or Information is for:
our business processes, operations and management including but not limited to performance of the business, operation of the Services, entering into or performing any contract, maintaining quality of the Services, providing support to the Services You have obtained from us, managing company assets;
processing Your order, corresponding with You, fulfilling Your transaction requests and delivering the programs, information, and Services requested by You or other Services related inquiries;
managing Client contacts profiles, administering and providing You with information, services that You request from us or which We feel may interest You,
record keeping and other general administrative and Services related processes;
ensuring the safety and protection of the rights or property of the Company or its business;
complying with applicable legal requirements in India including but not limited to governmental reporting, etc. and fulfilling statutory/legal obligations as a service provider under applicable laws, adhering to judicial or administrative orders, compliance with laws;
contacting You via surveys to conduct research about Your opinion of current Services or of potential new services that may be offered by us;
monitoring or recording of certain calls, chats and other interactions relating to the online transactions which may involve You calling us or us calling You and online chats for staff training or quality assurance purposes or to retain evidence of a particular transaction or interaction;
while conducting daily business/operations such Personal Data or Information may be provided to affiliates and group companies, employees/staff of the Company and Third Party's for the purpose of processing such Personal Data or Information for or on our behalf including but not limited to helping us to perform statistical analysis, send You email or postal mail, provide clients and/or prospective clients the support/support services, arrange for deliveries of programs, information, and services, etc.;
operating Website, improving the content of our Website to offer You better Services and to ensure that content from our Website is presented in the most effective manner for You; and in connection with the business of the Company.
DATA COLLECTION DEVICES
We will make best efforts to do so but do not warrant that any of the websites or any affiliate site(s) or network system linked to our Website is free of any operational errors nor do We warrant that our Website will be free of any virus, computer contaminant, worm, or other harmful components. Our Website contains links to other sites which are not owned or operated by the Company. The Company is not responsible and makes no guarantee for the privacy practices or the content of such websites. These links are provided only as a convenience to You. Neither, the Company nor any of its affiliates are responsible for the availability of such Third Party websites or their contents. The Company will not be liable for Your Personal Data or Information transmitted over networks accessed by You on these sites or otherwise connected with Your use of the services. You understand, acknowledge and agree that neither the Company nor any of its affiliates are responsible or liable, directly or indirectly, for any damage or loss of any sort caused in connection with your use of or reliance on any content of any such site or services available through any such site.
You acknowledge that the Services, content, site and/ or any software are provided on an “as is” and “as available” basis, without warranties of any kind, either express or implied, including, without limitation, implied warranties of merchantability, fitness for a particular purpose. Although the Company has taken adequate safeguard and in case of any breach the Company may take action to remedy such breach. In addition to taking all the reasonable precautions as required under law, the Company expressly disclaims any and all warranties, express or implied, including, without limitation: (i) The Services and/ or software will be free of all viruses and hacking. (ii)The software will work on all mobile phones, will be compatible with all mobile phone networks and/or will be available in all geographical areas.
(iii) Any service will be uninterrupted, timely, secure or error-free for any reasons whatsoever including but not limited to overload/breakdown of receiving network, servers or applications; system failures out of the Company’s control or due to heavy traffic on network.
DISCLOSURES OR TRANSFER OF YOUR PERSONAL DATA OR INFORMATION
The Company will transfer, with Your Consent, the Personal Data or Information to any other Third Party in India or overseas, that ensures the same level of data protection that is adhered to by the Company as set out herein for fulfilling any contractual obligation.
We will disclose or transfer Your Personal Data or Information in accordance with this Policy and all applicable legal requirements in India.
Your Personal Data or Information will be disclosed or transferred, as may be required from time to time, as follows:
For Business Purposes: to (i) the appropriate employees/staff/persons in our offices; (ii) our affiliates and group companies; (iii) from one office within the Company to another office in India or overseas in accordance with the IT Act; (iv) to any third party, in the event of a proposed or actual business transfer; and (v) in connection with our business and Services provided by the Company.
To Third Party's: working with us or on our behalf in different industries and categories of business. We will disclose, share, transfer Your Personal Data or Information to any Third Party or provide Your Personal Data or Information to any Third Party in connection with our business requirements or for the purposes indicated herein. Such Third Party's are required to process Your Personal Data or Information they receive from us in a lawful, safe and responsible manner in accordance with this Policy and the prevailing laws and take all appropriate security and confidentiality measures such that they do not use Your Personal Data or Information for their own purposes or disclose Your Personal Data or Information to others. Neither the Company nor any Third Party will publish Your Personal Data or Information.
For Legal Requirement: to any court of law and/or government agencies/entity as may be required under law and/or statutory authority, Reserve Bank of India and Credit Information Bureau India Ltd. (“CIBIL”) or in response to a legal process, for the purpose of verification of identity, or for prevention, detection, investigation including cyber incidents, prosecution, and punishment of offences and/or to any third party by an order under the applicable law or if We determine it is necessary or desirable to comply with any applicable law, regulation, legal process or enforceable governmental request or to protect or defend our rights or property including compliance with accounting and tax rules and regulations or to investigate, detect, prevent, or take action regarding illegal activities, suspected fraud, security or technical issues or situations involving potential threats to the physical safety of any person.
For Centralized Data Processing Activities: We have centralized certain aspects of our data processing and administration in order to allow us to better manage our business. Such centralization may result in the transfer of Your Personal Data or Information: (i) from one country to another; (ii) to our employees/staff of the affiliates/group companies of the Company in other locations, etc. However, whenever Your Personal Data or Information is transferred within the Company, it will be processed in accordance with the terms and conditions of this Policy.
REASONABLE SECURITY PRACTICES AND PROCEDURES AND AUDITS
We seek to ensure compliance with the requirements of the IT Act to ensure the protection and preservation of Your privacy, therefore We take reasonable security measures to protect Your Personal Data or Information against unauthorized access, alteration, disclosure or destruction. We have a number of physical, electronic, and procedural safeguards/measures in place to actively protect the confidentiality, security, and integrity of Your Personal Data or Information, including a comprehensively documented information security programme and a strict security policy that contains managerial, technical, operational and physical security control measures for protecting such data or information. We have implemented standard or code of best practices for data or information protection.
We limit access to Your Personal Data or Information to members of our team/employees of the Company/Third Party's who We believe reasonably need to come into contact with that information for the purpose of performing their duties and rendering services to You. We have strict confidentiality obligations that apply to such members/employees of the Company/Third Party's. Failure to meet these obligations may result in disciplinary and other actions, including dissolution of a contract, termination of employment and criminal prosecution.
We conduct training to authorized users regarding the lawful and intended purposes of processing Your Personal Data or Information, the need to protect and keep information accurate and up-to-date and the need to maintain the confidentiality of the data or information to which such authorized users have access. Authorized users will comply with this Policy, and We will take appropriate disciplinary actions, in accordance with applicable laws in India, if Your Personal Data or Information is accessed, processed, or used in any way that is inconsistent with the requirements of this Policy.
UPDATING OR REVIEWING YOUR PERSONAL DATA OR INFORMATION/ QUESTIONS OR COMPLAINTS
You may by a written request review the Personal Data or Information provided by You. We will ensure that any Personal Data or Information about You which is found to be inaccurate or deficient shall be corrected or amended as may be feasible.
You expressly state that Personal Data or Information provided by You to us is correct and complete in all respects and does not contain any false, distorted, manipulated, fraudulent or misleading facts. We expressly disclaim any liability arising out of the said data or information provided by You to us. Further, You expressly agree that We are not responsible for the accuracy and authenticity of such data or information provided by You to us and You agree to indemnify the Company for all losses incurred by the Company due to any false, distorted, manipulated, defamatory, libelous, vulgar, obscene, fraudulent or misleading facts made by You to the Company.
In case of any discrepancies or grievances with regard to the processing of Your Personal Data or Information, please contact the “Grievance Officer” at email@example.com. Further on receipt of any concerns or complaints the Grievance Officer will employ all commercially reasonable efforts to address the same within One (1) month of receipt of same.
All the Company’s affiliates/group companies will ensure that this Policy is observed. All employees/staff of the Company and Third Party's who have access to Personal Data or Information are required to comply with this Policy.
All Third Party's shall only process the Personal Data or Information in accordance with the Company's instructions or make decisions regarding such data or information as part of the delivery of their services. In either instance, the Company will select reliable Third Party's who undertake, by contract or other legally binding and permissible means, to put in place appropriate technical and organizational security measures to ensure an adequate level of protection of such data or information. The Company will require Third Party's to comply with this Policy or to guarantee the same levels of data protection that is adhered to by the Company when handling/processing such data or information. Such selected Third Party's will have access to such data or information solely for the purposes of performing the services specified in the applicable service contract and are legally and contractually bound to maintain the privacy of such data or information shared with them and will not disclose it further. If the Company concludes that a Third Party is not complying with these obligations, it will promptly take appropriate actions to remedy such non-compliance or implement necessary sanctions.
Additionally, our team members/employees/staff are bound by internal confidentiality policies. Any team member/employee/staff found to have violated this Policy or any other policies will be subject to disciplinary action, up to and including termination of employment including penalties under applicable laws in India.
All Third Party's and our team members/employees/staff do hereby specifically agree that he/she/it shall, at all times, comply with the requirements of the IT Act, while collecting, receiving, possessing, using, processing, recording, storing, transferring, dealing, handling and disclosing Personal Data or Information. The said Third Party's and team members/employees/staff do further unequivocally declare that in case he/she/it violates any provisions of the IT Act, he/she/it shall alone be responsible for all his/her/it acts, deeds and things and that he/she/it alone shall be liable for civil and criminal liability there under or under any applicable Indian law for the time being in force.
MODIFICATIONS TO THE POLICY
The Company reserves the right to update, change or modify this Policy, from time to time, without prior notification. The Policy shall come into effect from the date of such update, change or modification.
We will inform You regarding any such changes by updating this Policy and will post all changes to the Policy on relevant internal and external websites.
Effective with the implementation of this Policy, all existing intra-group agreements and the applicable Company privacy guidelines or practices relating to the processing of Personal Data or Information will be superseded by the terms of this Policy and modified accordingly. All parties to any such agreements will be notified of the effective date of implementation of the Policy.
If any of the terms or definitions used in this Policy are ambiguous, the definitions established under the IT Act shall apply.