In conversation with Franchise India, Atul Netan Rao, Jewel Junction, talks about the major factor contributing to the growth in the artificial jewellery industry.
Artificial jewellery has been part of our culture for almost 300 years. The fashion conscious Indian women with higher disposable income are driving the fashion and artificial jewellery market in India.
Jewel Junction is one amongst the 9 jewellery manufacturing company in India. With their own designing team, designing house and manufacturing team, they are providing designer jewelleries at an affordable price.
In conversation with Franchise India, Atul Netan Rao, Jewel Junction, talks about the importance of vision in franchising and factors contributing to the growth in the artificial jewellery industry.
Key Driver Of Artificial Jewellery Industry
Due to the high soaring price of gold and diamond, the artificial jewellery business has a great potential to prosper. Affordability is the major factor for the tremendous growth of artificial jewellery industry. Imitation Jewellery is the product which is an impulse buying product; people don’t buy it out of necessity. If the design appeals to them; they are going to buy it.
“A lot of people cannot afford to buy a 5-10 lakhs earring which they are going to buy 10-30 times in a lifespan. They would rather prefer to spend on jewellery which resembles the precious jewelleries. This is the reason the artificial jewellery is booming nowadays.” said, Rao.
Win-Win Situation for Both Parties
Jewel Junction is giving a one-week waiver for their prospective franchisee. There’s no franchising fees or royalty for that.
“The main motive of expansion is that we want two people to be benefitted, one the company, by making a brand growing its arm round pan India and secondly the person taking it” added, Rao.
The compatibility test
The most important thing entrepreneurs usually consider before giving a franchise is the person who’s taking it.
“We need to see if he is the right person in making a decision because we are not here to only make money, we are here to build a team of such strategical partner. So we need to figure out in a few minutes’ interactions, are we both fit for each other or not?” stated, Rao