Chinese Premier, Wen Jiabao's visit to India has not been hailed as a success despite of the quantum of deals signed - 48 agreements worth over USD 16 billion. Had it been any other country the media would have gone into self congratulatory overdrive, highlighting India's increasing stature in the world trade, however this time the missing euphoria was quite noteworthy.
China is our biggest trade partner, yet it remains the most fickle minded one. Reports keeps on pouring every now then about the heated border disputes, china's usage of Pakistan to counter our increasing military economic stature, leaves this relationship cold & dry and doesn't allow it to grow beyond suspicion.
Many small traders have questioned the need of allowing Chinese companies to operate in India when they do not get similar gestures that easily. Chinese companies are notorious for flooding the markets with their dirt cheap products and slowly overtake it as their monopoly. One of the worst hit segment due to this heavy influx is our very own artificial jewelry industry. Many of the artificial jewelry exporters echo the sentiment that in the name of globalization, their domestic market is getting ruined and the government of India has remained a mute spectator so far.
India is one of the hottest market for all the manufacturers and suppliers across the globe due to their young spending power, which is open to experiment and has got handsome disposable income. Chinese companies are trying to en-cash this opportunity by offering their latest designs at never heard before prices. Indian artificial jewelry are certainly low on the technological front and their designs do not boast of that kind of variety which is offered by others. Many traders feel that due to Chinese invasion their right to exploit their domestic market first has been denied in the name of economic liberalization.
Industry insiders suggest that the objections of Indian artificial jewelry makers are valid and they are being denied the home advantage. On second thoughts, they also add that, they themselves are partly responsible for the current mess. Analysts further say that these manufactures have two options in front of them, either to moan in pain and keep complaining about government's policies or to understand the need of the time, break the shackles of the old mindset, try to acquire new technology and regain the lost market solely on their merit.
Despite of all the arguments and counterpoints , the big question remains - Would the Indian artificial jewelry manufactures really be able to stand up to the occasion and deliver? I guess only time would be able to answer it, however, what is crystal clear is - unless our artificial jewelry makers adapt to current changes rapidly, it would be tough for them to survive the Chinese onslaught!
PS: If you are an Indian Artificial jewelry exporter get your online catalog today and make profits by tapping the business queries being generated across the globe on the web 24/7 . To know more, click on Artificial Jewelry India.
The difference between false memories and true ones is the same as for jewels : it is always the false ones that look the most real, the most brilliant. ~ Salvador Dalí
Wikipedia defines costume jewelry as - “ Jewelry or ornamentation to complement a particular fashionable costume or garment. It was intended to be fashionable for a short period of time, out date itself, and then be repurchased to fit with a new outfit or new fashion style.” Over a period of time costume jewelry has been able to carve its own niche as a jewelry segment and now, is on the must have list of even the upmarket high class, who used to detest it earlier.
On the business front, costume jewelry manufacturers are located throughout the world, with a particular concentration in parts of China and India, where production of costume jewelry is a full fledged small scale industry.
Recent Threats
Retailers profited from consumer extravagance in the past, but were seen struggling, when they had to deal with more conservative buyers, in the midst of recession. Recession caused consumers to scale back on their heavy spendings and jewelry was one of the first casualty of this spend cut. Historically, too whenever the demand for jewelry has dwindled, it has signified the slowness in economy.
Present scenario
After the downturn, costume jewelry is experiencing a kind of resurgence that hasn't been seen for a long long time. Post recession, every market research firm has predicted a huge surge in demand and high sales. With personal finances back in order, new trends are being observed like a renewed demand for massive, dramatic and heavy metals along with antiques, vintage collection like - over-the-top rings, enormous hoops, chandelier earrings etc.
Opportunity
Now that the downturn has been reversed, It is entirely up to the jewelry manufacturers to maximise their profits under the current circumstances. Costume jewelry manufacturers earlier used to resort to the traditional wholesaler-retailer nexus to supply and distribute their products. Now with the arrival of web they have been exposed to plethora of opportunities which gives them ample alternate routes to sell & market their products worldwide.
Challenges
Though the sun is shining bright on the costume jewelry, there are still few dark clouds. There has been considerable controversy in the western countries over the lack of regulations in the manufacturing of such jewelry items. These issues range from human rights concerning the treatment of labour, to the use of technology in which potentially harmful chemicals become side products of production. So far the cliché has been that the developing countries are trying their best to address these issues.
Conclusion
Under the current scenario all the exporters and suppliers are going full throttle towards production and distribution and the costume jewelry industry is expected to bounce back quickly. Also, it would be highly interesting to see how Indian costume jewelry makers are able to meet the challenges and consolidate their position in the jewelry market.
PS : If you are a fashion jewelry exporters get your online catalog today and make profits by tapping the business queries being generated across the globe on the web 24/7 . To know more, click on costume jewelry exporters.
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