Mini project On Meena Jewellers A Major Retail Outlet

History
About twenty years ago, when the Meena Bazar Group wanted to expand its business, it turned to jewellery. We say this because by then the Meena Bazar Group had amassed the unshakable trust of the fashion conscious Hyderabadis. Having dressed them up for weddings, celebrations, festivals and parties for close to four decades, it was time to deck them up in sparkling ornaments. And Meena Jewellers came to Basheerbagh, Hyderabad, dealing in Diamonds, Gold, Pearls & Precious Stones; the retail store exports its merchandise to countries abroad. The constant and increasing demand from overseas led to opening of a second store at Dubai in the Middle East. There is immense demand for Meena Jewellery in Hyderabad and we have opened a new showroom at Panjagutta.

About Meena Jewellers

Jewellery is the art perfected by every Indian for it is not worn as an accessory, but as an ensemble. We deal in Diamonds, Gold, and Pearls & Precious Stones. The sprawling Showroom at Basheerbagh operates from four levels, in all. Walk into the ground floor for heavy Gold Jewellery suitable for engagements, wedding ceremonies and kitty parties etc. First floor is exclusive for Chains, Mangalsutras and Bangles.

Second floor shines bright with a breathtaking collection of Solitaries, Diamonds, Platinum, Rubies and Emeralds. For those with an eye for detail and a penchant for the Traditional Jewellery - Uncut Diamonds and Antique Jewellery section serves you in top floor.

Meena Jewellers is one of the biggest authorized dealers of DTC (formerly, De Beers) and one of the very few to possess a Certificate of Diamonds from IGI. Its branded jewellery range includes:-

Arisia - The Solitaire Collection Nakshatra Diamonds - The Traditional Collection Asmi Diamonds - For the workingwomen.

The Store is also authorized to deal in Platinum, by Platinum Guild. BIS for 22 KDM Purity certify Gold and Diamond collections. The Solitaires range is certified by IGI. Not only does Meena Jewellers offer 100% Diamond and Gold guarantee through a Guarantee Certificate issued with every purchase, but also have a special exchange offer. You can swap any of the jewellery purchased from their store, at any time, without deduction of value and weight.

The CEO, Mr. Umesh Jethwani has big plans for the store. The store is growing with Branded International Swiss watches including, Omega, Longines, Raymond Weil, Tag Heur, Rado, Christian Dior, Fendi, DKNY, Gucci and other top-of-the-line brands in the pipeline are like Piaget, Chopard, Carhies, Mont Blanc and Rolex.

Gold jewellery
Gold jewellery is a wonderful gift to celebrate life, love and memories. Where you go or wherever you are we always make you feel delighted of your possession. Get set to bedazzle wearing Meenas Jewellery. We have a wide range of high quality 22k and 24k gold jewellery, made in our workshop, including hand made delicate designs that suits your fancies which are one of a kind and unique in their appearance, and beauty, designed by worlds best craftsmen and artisans.

Stunning Gold jewellery carefully handcrafted to be the perfect gift for that special one in your life...

Diamond Jewellery
Mesmerize yourself with couture of Diamond Jewellery. Diamonds are known to be best friend of women, fascinates everyone. Meena Jewellers have contemporary, classic and glamorous collections from around the globe. Steeped in tradition and worked by craftsmen with combined years of experience, stringent quality control at each stage of manufacture is adhered to without compromise.

An excellent precious gift for those dear and loved ones in your life...

A Diamond is forever!

Studded Jewellery

We at Meena Jeweller house realize the necessity of fine craftsmanship and the delicacy required in cutting and polishing of the gem product. Careful cleavage and precise measurements are our specialty. Expert Artists to give enticing luster and shape deals with pure and authentic stones.

Traditional gifts to women who are marking milestones in their lives...

Pearl Jewellery
Quality means value. Elegant and enchanting, perfect for any occasion. Freshwater pearls, natural pearls, black pearls and much more! All made into the most beautiful pearl jewellery! Meena Jewellers is treasured with contemporary and traditional jewellery individually designed and hand crafted freshwater pearl with semi-precious stone and glass beaded jewellery, as well as everything you need to create your own.

The perfect accessory for every woman for everyday wear. Styling Vogue Pearls full of Dreamy brilliancy

Watches
What could be a better gift than a precious studded gold watch to your loved ones, certainly bringing charm on their faces. Timeless treasure! Women's diamond studded watches that are truly pieces of beautiful jewellery - uncompromising quality.

The perfect accessory for everyday wears and attract just the right amount of attention and sparkle.

A person responsible for Human resource management

A human resource coordinator is an executive responsible for carrying out several tasks in the HR department. He/She is a coordinator for all important functions such as hiring and recruiting, and development, maintaining employee records, etc. Generally, the coordinator works under the supervision of the human resource director. In some situations, he/she even supervises and renders guidance to the clerical staff, trainees, and volunteers. HR coordination is certainly one of the most important careers in human resources.

Responsibilities and Duties of a Human Resource Coordinator

Human resources coordinator job description primarily includes coordinating work inside the HR department. He/She maintains a detailed record of the turnover, and researches and formulates strategies which effectively aid in employee retention. The coordinator is also responsible for consulting with managers and supervisors about company policies and procedures, and whenever necessary in helping them. He/She plays a very important role in providing an appropriate solution to employee problems. A human resource coordinator helps employees and their managers in performance and disciplinary matters. He/She may even propose and develop a set of rules that would monitor the discipline and work of workers. The coordinator's job description also includes consulting with practice managers regarding employee turnover, absenteeism, changes in work settings, employee motivation and recognition, and other employee-related aspects. He/She has to be in regular touch with project managers for any requirements related with projects, and prepare periodical announcements of required positions. The coordinator also takes the responsibility of assessing, sieving, and interviewing candidates for available positions; and makes referrals of well-qualified and skillful applicants to the respective department managers. He/She also handles positions for summer students. Other tasks assigned to him/her include carrying out field interview campaigns and advertising, arranging for all essentials needed for the recruitment drive, coordinating work with other staff members, determining employee performance appraisals and developing plans and strategies for recruitment. A human resources coordinator carries out the duty of conducting employee recognition activities like service honors and 'Employee of the Year' awards. He/She also takes care of budget needed for efficient functioning and maintenance of practices. In case of HR manager's or the director's absence, he/she may interview candidates for the post of a recruiter or an HR executive. Assessing employee performances and issuing disciplinary notices are some more important functions that are assigned to the coordinator. He/She may even act as an HR representative in several business conferences. He/She works with the top management executives in developing new programs and services related to employee management. If the coordinator has a wide expertise in the human resources field, he/she may allowed to review employment procedures and suggest revisions to heighten the efficiency of the operations in a particular practice. There are also some administrative duties which may be assigned to him/her, like maintaining the department's office area in a well-coordinated and professional manner. He/She also conducts employee training and development programs, and other general activities. For carrying out most of his/her responsibilities, he/she needs to maintain a database to store information about the policies and processes, employees, program schedule, and confidential company data. And this can only be possible if he/she is well versed with computer. Whenever there is recruitment effort the coordinator is expected to prepare and post jobs, both on intranet and Internet.These are some of the most significant responsibilities that are included in the HR coordinator job profile

How the sales associates are compensated and evaluated for Job performance
A jewelry sales representative is someone who specializes in the sales of diamonds, rings, necklaces, bracelets and other metals or stones that are worn as decoration. Jewelry sales reps need to understand the "cut" and worth of certain types of diamonds, as well as be experts in customer service. On top of trying to sell jewelry, most reps must understand how to collect money and make change, usually via a cash register.

Basics

Jewelry sales representatives need to explain the various features of items to potential customers. Some jewelry sales reps receive a base salary, along with a commission, or a percentage of what they sell. Some sell jewelry that is set in price, others are free to negotiate. All jewelry sales reps need to be knowledgeable in the many types of items that are sold, explaining the benefits of owning the jewelry.

Skills

A jewelry sales representative needs to be an expert in communication, as she deals with everyone from supervisors to potential customers on a daily basis. She should be able to handle many tasks, from pitching merchandise, to running credit cards, inspecting jewelry and updating warranties. She also needs to be aware of replacement policies and guidelines. Therefore, a jewelry sales rep must be organized, professional, courteous, energetic and analytical.

Background

Most companies prefer candidates with a high school diploma or the equivalent when hiring a jewelry sales representative. Other than that, there are typically no set requirements. Some have had previous experience in other forms of retail sales, while most are able to learn on the job. But experience and education aren't always as important as a willingness to learn and a strong work ethic.

Prospects

Jobs for retail sales representatives are expected to increase by 8 percent during the 200818 decade, according to the U.S. Bureau of Labor Statistics (BLS). That is about as fast as average for all occupations. While the BLS provided no firm data on jewelry salespeople, it is assumed their prospects will grow along with the rest of the industry. "Opportunities for part-time work should be abundant, and demand is expected be strong for temporary workers during peak selling periods," according to the BLS.

Evaluate the Purity of Gold: Gold Carat and Purity

It is said that more than 40% of the gold products in the world are bought by Indians! It is considered a commodity, and not a product. Culturally, Indians have had a fascination for wearing these beautifully crafted ornaments and jewels since ancient times. For Hindus, jewelry is associated with most religious ceremonies, especially the samaskaras (stages of life) such as the namkarna (naming ceremony) or the vivaha (marriage). To signify marital status, Hindu women must wear the mangalsutra or the thali, which consist of gold pendants strung in a certain combination with other beads. Traditionally, a goldsmith pierces a child's ear with a gold pin twelve days after it is born. The variety of ornaments bears testimony to the excellent skills of the jewelers in India. You may conclude that demand for gold India is not price-elastic. But it is prosperity elastic that is, jewelry serves as an identity marker and the prosperity is generally matched with the purchase of more gold. Use this gold information to learn more about this precious metal. Here's how to evaluate the purity of gold.

Step 1 Properties of Gold Gold is a soft metal. It is very malleable, corrosion-resistant and generally does not cause skin reactions. From any chemistry text book you may understand that gold has a melting point of 1064 degrees Celsius and a boiling point of 2808 degrees Celsius. As gold is very soft, jewelers mix copper, silver, palladium and nickel to harden it. The gold you see in your jewellery is actually gold alloy. The alloy ingredients will influence the final colour of the gold -- nickel would produce a whiter tone than copper, which will produce a yellow metal.

Step 2 Carat and Purity Now we can try to understand a few interesting facts about the metal we all cherish so dearly. The purity of gold is measured in Carats. The term Carat was used hundreds of years ago in the Middle East. Carat age indicates how pure the metal is.

The gold Carat (ct) tells you how many parts of gold and how many parts of other metals are in the alloy. Jewelry standards specifies the benchmarks for gold to ascertain its fineness i.e., parts per thousand. For example your 24 Carat gold is considered to be 999.999 parts per thousand. One carat is one part of 24, or 41.66 parts of a thousand. Now you may understand the basis that there can never be a total and absolute purity of gold. Your 22 Carat gold is 22/24th (gold is 916.000 parts per thousand and other metals have 84 parts). Your 18 Carat gold is 18/24th (gold is 750 parts per thousand and other metals have 250 parts). Similarly your 14 Carat gold is 14/24th or 585.000 parts per thousand and other metals have 415 parts. Your 9 Carat has this ratio: 9/24th (gold is 375.000 parts per thousand and other metals have 625 parts). This system of calculation gives only the weight of pure gold contained in an alloy.

Step 3

Acid Test Kits and Electronic Testing Kits You can test the purity of gold yourself with the right test equipment. The acid solutions are marked with various Carat gold strengths, usually 22K, 18K and 14K. A touch stone is a ground black glass sheet or similar. What you need to do is go through the surface of the gold by using a file or blade in an INCONSPICUOUS place. File or cut into it a small amount and then place a drop of, say 9K acid, directly on the cut. If no reaction then it is at least 9K. Use the next highest acid (say 14K). If no reactions, then try 18K acid. No reaction? Then you know it's at least 18K gold. If some reaction, say the cut turns brown, it is less than your acid strength. Proceed to apply lesser strength acids till there is no reaction. Bear in mind however that any testing with chemicals will mean a loss of some small amount of gold. Electronic testing is now becoming popular and electronic testers can be found with a little investigation, research, and money. Testing gold is a great way to determine purity.

Step 4 Hallmarking of Gold Now let me discuss hallmarking. A hallmark is a purity certification of gold articles in accordance with Indian Standard specifications. India Bureau of Indian Standard (BIS) was named as the sole agency in the country for Hallmarking gold under the provisions of the BIS Act, 1986. BIS is primarily engaged in the preparation and promotion of standards and operation of different quality certification schemes. You might have noticed hallmark seals placed on gold ornaments and jewels in jewelry houses. The hallmark is comprised of five elements BIS Mark The fineness number (corresponding to given caratage) Assaying and Hallmarking Center's mark Jeweler's mark

Year of marking denoted by a code letter and decided by BIS.

The marking is done either using punches or a laser marking machine. Its purpose is to safeguard the consumers. The meaning of this mark is that the assayers (an independent body - assay office) guarantee the legal standard of fineness or purity. This mark applies for both buying and selling of ornaments and jewels.

Hallmarking is a reliable certification. But its implementation is not complete in all respects. Fashionable jewelry is sometimes less reliably hallmarked. So be cautious. While buying gold check it yourself or have it checked by a professional. LASTLY, I would like to point out that I am not a jeweler and the above guidelines are not provided out any expertise.

How often are they evaluated?

Precious Metals
What they're worth to the world. The mainstay of the jewelry industry is precious metals: gold, silver, and platinum being the most popular. All have their own benefits and all have their respective drawbacks. As every ones no many websites, sellers, and buyers price metals by the Troy Ounce, and I'll be referring to value by the gram, since most jewelry isn't going to weigh more than a few grams. For ease of reference: 1 Troy Ounce = 31.109 grams.

Silver
Silver is a beautiful metal, strong for settings and full pieces alike, and is relatively cheap compared to the other metals. A quick way of identifying silver is to look along the inside of a ring, or along the clasp/end of a necklace or bracelet. What you're looking for is a little number like ".925" or ".999." This is the percentage of silver versus other metals that are in your item. Sterling silver, one of the most common types, is made up of 92.5% silver and 7.5% copper. Current prices for silver are at about Rs.58 per gram. I would expect to sell a weighty silver chain necklace (about 30 grams) for about Rs.5200, if you're being fair. Since we know that stores aren't fair, you can usually get away with selling them for about 2.5 to 3 times that amount. As a pawn broker I tend to avoid buying silver at all, mainly because I can't sell it as readily, and also because I can't give the customer enough money to make it worth their while.

Gold
Traditional or white, gold is the most common and popular of the precious metals for most jewelry. Gold is weighed and valued by a system of karats, with 24 karats being pure gold, and is abbreviated after the value number as "K." Most people know that you can buy jewelry in 10K, 14K, 18K, and sometimes the full 24K (though this is rare). Gold is a very soft metal, so other metals are added into any jewelry of less than 24K, and typical alloys include zinc, silver, and copper. When you're trying to identify how much gold you've got in a piece, you're going to follow the same guidelines as when checking silver, only this time you're looking for a 10K, 14K, or similar on the item.

If you see certain letters after this value, such as EP, GEP, or P, it means that the item is gold plated and not solid. Currently gold is at a high and valued at about Rs.2950 per gram, with predictions of rising again in the future. The price assumes you have a 24K piece though, so a little math is required to find the value of your ring/necklace/etc. To find the market value of your item, use the following equation:

Market Value = (karats / 24) x (Rs.2950) x (weight in grams)

Platinum
Platinum is an incredibly strong metal, very hard to work, but very good for jewellery that's going to be put to the test. It's often used as the setting in gold and silver jewelry to hold diamonds and other valuable stones. The price of platinum fluctuates often for a few reasons: it's hard to work, hard to find, and Russia. Since the largest producer of platinum in the world is the Russian Federation, even the slightest rumors about fluctuating prices over there will send our prices into spirals up or down over here. And no one can seem to get them to let us in on their market information, so we're stuck in half a guessing game. You can identify this precious metal by again looking on the inside of your ring, or near the clasps of your necklace/bracelets. What we're looking for this time is a little more complicated. Since Platinum can be made up of a few different metals from the platinum group, these pieces are going to be marked with a number, followed by an abbreviation for platinum such as Pt or Plat, then either followed by the abbreviation for another group metal, or a number and the abbreviation. This can continue up to three or four times depending on how many different platinum group metals are in your item. For instance, if you have a ring that is 85% platinum and 15% iridium The combination of the above to indicate how much platinum is in the ring/bracelet/whatever. Right now, as long as the item is at least 56% platinum it is usually considered good, and sometimes as low as 50% is acceptable. The current prices for platinum are at about Rs.3250 per gram.

Diamonds
Diamonds are a girl's best friend, and the arch enemy of a guys wallet. There are so many different cuts and designs that this rare stone may come in that it would take another article in itself to go into sufficient details for identification and accurate pricing. Here are a few quick guidelines, though, on what you can expect to sell and buy them for. The easiest way to identify a diamond is to use a diamond tester, which is like a small electrode that you push onto the diamond surface. It reads green for diamond or orange for not, and it makes an annoying beep if you touch metal. I wouldn't recommend getting one though, unless you're going to be doing some frequent buying, selling, and testing, because this little baby can run you $90 or more. For a one time batch of selling, try calling local pawn shops and jewelers and ask if they can do some identification for you. Usually it's free, but you might have to shell out a few dollars to get a lot of stuff tested at once.

The store attach to a buyer

The customers expect trendy jewelry at a budget-friendly price. It is difficult to plan ahead far enough in advance to get all the supplies you need to make that happen; however, by purchasing a wide variety of costume jewelry, you increase your chance of having piece in stock that your customers will want to buy.

When you are trying to decide on a supplier for your pieces, you need to find someone who is reputable and provides quality pieces. In order to ensure that you are getting the quality you want, place an order for some sample pieces.

Choose a few pieces from each category you plan to carry. For example, order pendants, rings, brooches and bracelets if those are your categories. This gives you the chance to preview the jewelry and it gives you a chance to see what will sell in your store. If you are a crafter or supplier, you should try to stock up on supplies needed to make the jewelry when they are on sale.

Sales goal
Sales positions can be challenging and complicated preparation is key. Many organizations look for certain aspects beyond your resume when filling sales positions. As for sales positions, the main aspects are: Sales Personality, Money Motivation, Desire to Succeed and Drive to achieve the sales goals. The employer would like to observe your competency asking question about the Content skill your experience and qualifications. Personal characteristics. Sales functional skills. Talking about the targets and goals most showrooms will not have any targets because gold is a precious metal and people will buys it on occasion only so as for my knowledge there will be no sales goal in meena jewellers. Even the dont have any quota as the person over there in the shop told that its a retail shop and they basic aim is to full fill the needs of customer and make customer satisfied with the products.

Sales associates make a commission

A salesperson on commission working full time at a jewelry store, yes. Anyone saying a retail manager on salary makes 50,000 is wrong unless they are May be talking about the main store manager of a major department store. No mall jewelry store manager is making that much on salary, though if they also sell and make commission then that's a different story. The only people at a mall store who could make that much would be a commission sales associate who was really good. Someone who is part time who just started and has never done it before could speculate on the possibility of making that much, but in order to realistically make that projection they would need to have some sales experience and know their abilities.

An excellent commission salesperson working full time in a busy mall and being paid a reasonable commission definitely can make that much. Bottom line is YES, if he is a *sales associate* on commission (NOT a manager on a fixed salary), if he is good at it, if it is a busy mall, and if they make him full time at the kind of store you described, that is a realistic projection.

Also what kind of degree he has is really not relevant to that kind of job. It's all about sales skills. And if he is known to stretch the truth then he is probably the sort of person who can sell well. A lot of times those were the kind of coworkers I had who were the most aggressive and successful at closing sales.

Also when I say commission I am assuming this includes a base wage. Jewelry associates in all but the fastest-moving markets would be paid a base wage that is a little above the minimum. When you are in jewelry it's usually the engagement rings and special shows where you make a lot of the money.

What is a commission?
Commission is the payment that you receive for making sales. It could be paid as a fixed sum or as a percentage of the value of the transaction.

What are the advantages and disadvantages of commission system?

The advantages are that if you work hard and you're good at sales, you'll be rewarded accordingly. It can also be fairly lucrative - making even a couple of sales can net you a good figure.

The disadvantages are that if you're not good at sales, you won't make any money! Also, it means that your income will probably vary from month to month and this can make things difficult, particularly if you have a mortgage to pay. I'd also say that in the current economic situation, most salespeople are really struggling as no consumers are buying right now, and it doesn't really matter how good a salesperson they are, so they wouldn't be making much money at the moment.

Commission system and incentive programs offered by jewellers

We have teamed up with Commission Junction to provide our affiliates with trusted third-party tracking, real-time reporting, and monthly commission payments. Meena jewellers offer a commission on items purchased by visitors referred to us from the website or newsletters.

They also offer Performance Incentives up to .70 of referred purchases. So the more customers you refer to them, the more percentage of commission you will earn. There is no cost to join, and there is no obligation!

The commission structure is summarized below:

Monthly Referred purchases: 1 to 999 items, your commission is .50 of referred purchases.

Monthly Referred purchases: 1000 to 4999 items, your commission is .60 of referred purchases.

Monthly Referred purchases: 5000 und up items, your commission is .70 of referred purchases.

Conclusion
The retail jewelry industry is highly fragmented in regard to business size with around 56,000 stores in the United States. The largest ten U.S. retail jewelry businesses comprise only about a quarter of total market share with the leader, Signet Group PLC, taking 9.7%. Chain stores are common but independent retailers throughout the country have longstanding local customer bases. While disposable income is key when determining demand for jewelry, price is not the main factor determining sales. Small jewelry stores can and do compete with larger chains when they apply effective merchandising and marketing techniques. Why? The answer lies in the jewelry purchasing experience. Jewelry is generally thought of as a luxury item, is expensive, and is difficult for most consumers to evaluate; hence, many individuals seek a reputable local merchant or a retailer with a prominent name in the industry, for example Zales. Consumer purchases are mostly made in the last quarter of the year and also spike around February 14 and in early May due to Valentines Day and Mothers Day. Bridal jewelry is the only segment of the retail jewelry industry considered necessary, and is much less influenced by economic conditions. Items in all other segments are viewed as luxury goods. Spending on luxury goods has been weak since the economy began its decline in early 2008. As unemployment increased, disposable income shrank and consumer confidence plunged. To make matters worse, the price of gold rose steadily, forcing operators in the industry to cut costs, typically by lowering wages and salaries. Another worry is that online and discount jewelry stores will continue to compete for market share. However, IBIS World forecasts a solid recovery for the Jewelry Stores industry over the next five years. Four external variables are expected to increase and thereby provide the basis for the upbeat forecast by IBIS World.

The retail sector has played a phenomenal role throughout the world in increasing productivity of consumer goods and services. It is also the second largest industry in US in terms of numbers of employees and establishments. There is no denying the fact that most of the developed economies are very much relying on their retail sector as a locomotive of growth The India Retail Industry is the largest among all the industries, accounting for over 10 per cent of the countrys GDP and around 8 per cent of the employment. The Retail Industry in India has come forth as one of the most dynamic and fast paced industries with several players entering the market. However, all of them have not yet tasted success because of the heavy initial investments that are required to break even with other companies and compete with them. The India Retail Industry is gradually inching its way towards becoming the next boom industry.