SWOT Analysis on Diamond Cutting

Industries

OVERVIEW

Diamond is a precious stone and is regarded as a symbol of love. It is valued by its four major characteristics, which are its essential constituents and are often dubbed as‘ four Cs’ of the diamond. These are cut, clarity, carat and colors

Indian jewelry was made scrupulously by hand and was traditionally crafted by family jewelers skilled in a particular style.

Large exports directed to the establishment of factories, prepared with the latest modern machinery. It is the newest methods in the manufacturing process that were employed.

India`s artisans along with their traditional skills dominated contemporary techniques to provide the world with jewelry that conformed to international standards.

There is a new generation of young designers dominating the world market, apart from a host of established houses that design the fashion jewelry.

The Surat diamond industry is worth Rs 800,000 million and constitutes more than half of the total diamond exports from India. It employs more than 700,000 workers from across the country. Over 2,500,000 people are associated with the trade, indirectly.

The industry earns 90 per cent of its revenue through export of the finished products.

Today across India there are several jewelry design institutes, encouraging fresh ideas and talent.

Diamond Mines in INDIA

INDUSTRIES CONTRIBUTING TO INDIAN ECONOMY

13% Textile Industries

7.5% IT INDUSTRIES

8% Diamond Industries

7% Steel Industries

64.5%Others

Strengths

Diamond has three primary roles in industry: (A)it is used as a cutting tool(B) it is imbedded in another material and used as a tool or abrasive(C)it is turned to powder or paste for grinding and polishing.

Diamond is used for machining a wide variety of plastics, glasses, and metals, shaping products such as the drums for copying machines, polygon mirrors in laser printers, and aluminum-alloy pistons in automobile engines.

The Diamond industry in Surat is the largest user of laser machines in India. Also extensively use modern equipments like polishing machines, which are semi automatic and automatic and diamond planners, which are computerized.

Diamonds from Surat are exported to a lot of countries all over the world.Exports are routed through exporters based in Mumbai.

Weaknesses

There are no institutes for training new workers.

Diamond cannot be used for machining alloys of iron. Under intense machining conditions the diamond abrades very quickly against some materials, apparently because of a high-temperature reaction between iron and carbon.

As the major raw material requirements need to be imported, companies normally stock huge quantities of inventory resulting high inventory carrying costs.

Technology is less improved compared to China and Thailand’s company.

Opportunities1/3 of the population of Surat is a part of the flourishing diamond industry. Population of Surat thrives on diamond and textile related job opportunities.

lot of people from all over India have found employment in the diamond industries.

There are a total of 10000 diamond processing units in the city of Surat employing around 15 lakh people.

New initiatives by the government of Gujarat aim at training diamond cutters in jewellery making thereby providing them with a wider scope in this industry.

It is believed that almost 90 per cent of the small diamonds obtained in different mines in Africa and purchased by many traders in the European nations, is being sent to Surat for cutting and polishing.

ThreatsChina posing threat to the Indian diamond industry.

The diamond manufacturers and the artisans have thus advanced further in their field sustaining their profits even as they glitter in various stores in India

Diamond exporters are feeling the heat of the US meltdown. With the demand gone down not only in the international market, but in the domestic market as well, more orders are being cancelled every day.

The diamond industry in Canada's Far North is vulnerable to smugglers looking to import "blood diamonds" or launder the proceeds of organized crime syndicates and terrorist organizations,

Diamond Facts The largest Diamond ever found:

-- Cullinan at 3,106 carats.

What is the hardest natural substance on Earth? -- The Diamond.

80% of the world's diamonds are not suitable for Jewelry.

Is a Diamond Indestructible? -- No. The fact that Diamonds are a hard substance refers to their ability to withstand scratching. But that is different than toughness, which refers to the ability to withstand breaking or cleavage.

How old are most diamonds which are found in nature?-- 1 billion to 3 billion years, by most accounts.

How do diamonds reach us? -- They are formed deep within the Earth's crust, and come to the surface via Volcanoes. Most diamonds are found in Kimberlite, which is volcanic rock.

Brands

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Kohinoor Diamond

Great Star Of Africa