India’s fascination with gems and jewelry dates back to the time of the Indus Valley Civilization. Traditionally, India has been the home to diamonds, semi-precious stones, and gold. In Indian households, gems and gold are still considered imperatives for providing social and economic security, the value of which may never depreciate. This industry has gradually become important for the Indian economy due to its contribution to India’s total exports via enormous jobs for MBA graduates.
Besides India, gems and jewelry are part of many other cultures and customs around the world. They have been an important part of both aesthetic as well as investment purposes.
Gems and Jewellery Market in India
The gems and jewelry industry in India is a lucrative career option to consider for several reasons. It is one of the fastest-growing sectors in India and accounts for around 7% of the country’s GDP and 15.7% of its total merchandise exports.
On the global front, the Indian gems and jewelry industry contributes to 29% of the world’s jewelry consumption, with the UAE, USA, Russia, Singapore, Hong Kong, Latin America, and China being the biggest importers of jewelry from India. The cumulative Foreign Direct Investment (FDI) inflows in diamond and gold ornaments in the period April 2000 – December 2017 was US$ 1,111.52 million, according to the Department of Industrial Policy and Promotion (DIPP).
Being labor intensive, the industry currently employs over 4.64 million workers, which is projected to reach 8.2 million by 2023. Those starting out in their career do not require a large amount of capital to do so, but there is a great monetary value to be gained over time. The sector also offers the advantage of allowing you to make a career for yourself anywhere in the world.
Different Opportunities of Jobs for MBA Graduates
- On the business side, you can become a buyer and trader of gems.
- One of the perks of this particular job is that you will get plenty of opportunities to travel around the world!
- You can also explore the world of online trading.
- Such a job requires you to be extremely business savvy, have deep knowledge of the industry and trends, both locally and internationally, and can easily adapt to changing economic climates.
- As a manufacturer, you can take rough stones and treat and cut them into beautiful creations that will be part of exquisite jewelry pieces.
- You could also train to be a jewelry designer and either work with a jewelry house or opt to set up your own businesses.
- The role of a gemstone appraiser is a complex job that requires great attention to detail, but it is also highly rewarding. Appraisers examine gems and estimate their value, which is then used for retail or insurance purposes.
Of course, one cannot talk of careers in the gems and jewelry industry without touching upon the creative aspects of the available jobs for MBA graduates.
Should you choose this as a career, you will have the chance to witness some beautiful pieces of gemstones and jewelry and network with prominent collectors and industry members as an MBA graduate.
Required Qualification and Training for MBA Graduates
The gems and jewelry industry has been built on the legacy of family businesses, and knowledge was traditionally passed on to new entrants from those who were more experienced.
Today, formalized institutes have elevated the kind of education available to those who want to enter the gems and jewelry industry. Students are being given access to technology that’s on par with international standards and are being exposed to market trends, ensuring their knowledge is always up to date.
Before you decide which course to pursue, you need to examine both your interests and your goals. If you have an interest in technology, you can work in a lab as a gem assessor, grader, or sorter, and choose a course accordingly — some options include Gem Identification, Diamond Grading, Cut Design and Analysis, Pearl Grading, and Polished Diamond Grading.
If you wish to get into trading or retail, you should choose those that teach you to identify and assess gemstones as well as ones that will impart skills necessary for retail and merchandising. If you’re planning to get into a creative field, while studying jewelry designing, it would be useful to supplement these with courses on jewelry manufacturing and merchandising as well for a more well-rounded education.
While its roots in India may be traced to thousands of years ago, the gems and jewelry industry is constantly innovating and welcomes young players. The gems and jewelry market in India is home to more than 300,000 players, with the majority being small players. India’s gems and jewelry industry is on the rise, and more creative and driven members will make it a force to be contended with on a global platform. Hence, if you are looking for a creative career with huge commercials, you could definitely consider a career in the gems and jewelry industry.
Roles of Business Analyst, Store manager, Sales manager/ sales executive, marketing manager/ head, digital marketing specialist (SEO), etc. are apt premium jobs for MBA graduates within this sector.
Purpose of the job:
- Responsible for assisting in Strategic Sales Planning and Customer Relationship Management.
- Assist in identifying new initiatives and supporting the execution of strategic projects initiated by the management.
- Responsible for providing ad hoc reports on data analytics, patterns, correlations, and recommendations using Statistical reports from business time to time
- Carry out market research and provide relevant data for the execution of specific projects
- Design comprehensive data reports using business tools to guide business managers in taking ideal business decisions.
- Support business development efforts for the sales team by identifying new projects, and new partners and maintaining existing relationships.
- Responsible for documenting the structure of the company business data to guide
Responsibilities for MBA Graduates Jobs:
Market Research & Data Analysis
- Carry out online / offline market research and gather data as required by the management.
- Collect the relevant data from within the organization and analyze it before sending it to the relevant personnel.
- Prepare presentations for the internal and external stakeholders and present the findings.
- Assisting the sales team by providing quantitative & qualitative insights into market analytics, product purchase, buying behavior, and market structure.
- Define various parameters across businesses to drive performance through periodic review
- Identify new research, areas of improvement on operational excellence, and relevant markets across business avenues of improvement in business and benchmark the best market practices.
- Work on a short and long-term strategy for group companies covering all areas of Financial, Operational, legal, people, and market and business model.
- Identifying strategic initiatives for the growth of the Organization.
- Assist in executing projects initiated by the management by coordinating with internal/external stakeholders.
- Assess different projects strategically and act as a moderator to facilitate smooth and accurate execution.
- Coordinate with the consultants for their expert advice on specific projects.
Strategic Marketing & Sales
- Assist in identifying, designing, and implementing MBA marketing jobs strategies through the online customer portal.
- Assist in planning & implementing sales strategies and defining sales targets & achieving them.
- Remain updated on the market trends and give inputs to the marketing team on marketing and branding activities.
- Conduct relevant market research to explore for introducing to management for business development.
Experience Required: 3-5 years
MBA graduate salary: 5-10 LPA
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