Jewelry business consultants on whom you can rely
One of the oldest Industries- Gold, Jewelry, Precious Stone, is still leading and growing at a healthy pace. Amongst many reliable reports generated to check the growth, one was published by Research and Markets (a market research firm), which estimated that the industry would jump to US$443 billion by 2022. If you want to beat the competition to have a place of your own, you need a trustworthy jewelry business consultant who can take care of the core business processes of your business, such as accounting and human resources
In order to help ever growing jewelry industry, we have tailored our services to support jewellers in achieving their business goals. Now N R Doshi & Partners has already started implementing its service for the betterment of clients facing fierce competition.
The industry isn’t regional or nation-specific, which is the primary factor contributing a lot to this industry’s exponential growth. We deal with clients present across the world- from North America to the Middle East. We have reached different businesses with different demands. This has sharpened up our skills to give results according to the clients’ requests.
Several other elements have influenced growth, such as the development of e-commerce platforms, urbanization, better marketing & branding, and improvement in the supply chain.
Accounting in the jewelry industry directly gets affected by the aforementioned factors. As the company grows, the management of accounts becomes more stringent and more essential. Also, the industry doesn’t deal in small amounts, so even one single mess up in the numbers can cause a massive difference in the balance sheet.
Manufacturing of the Jewelry goes through several steps, starting from designing, moving to casting, after that finishing, and finally the quality assurance. These are just the surface steps, and several other substeps come under these four steps.
Different departments are created to keep a check on every step. Therefore, handling and maintaining human resources is itself a time-consuming task. A company may need to put additional resources into practice for managing human resources.
The other option is to use our service, which lets us handle each attribute of HR for your business. This will aid you in focusing on different aspects of your business, making the development facile.
“Why management in the jewelry industry is a big challenge?”
There are different varieties of jewelry used for various purposes. The jewels are manufactured using metals such as gold silver, etc., differentiated according to the ornament type (ring, earring, necklace, pendant, etc.), distributed according to their shape, etc.
One of the unique features of the jewelry business is the profit element lies typically in the making charges and not in the metal itself. To analyze true profitability of the business, one needs to segregate gold value and making value from each sale. Our services can be beneficial in this case as well when you don’t need to risk the calculations.
We are acquainted with the fixed and unfixed gold system, which is used by many significant jewelers of Dubai. In this system, a jeweler doesn’t need to purchase the jewelry but only needs to pay the manufacturer for the making charge. At a convenient time, the jeweler can fix the gold price and pay for it. However, he can also choose to payback the equal amount of gold, which was used for making the purchased jewelry.
Jewelry is one of the most luminous industries which may attract legal issues. It is thus essential that your business is compliant with all the rules and regulations applicable to the Dubai jewelry industry. Other than that, we are here to serve you at the time when there is a need for contract negotiation, creating agreements, etc.
This will make sure that your business doesn’t face a setback due to sudden changes in rules and regulations. After the introduction of the Anti-Money Laundering law (AML), the jewelry industry requires additional guidance.
N R Doshi & Partners delivers reliability, which can be reflected in the work and efforts delivered to provide client growth. Whenever any business associated with the Dubai gold market requires aid for core business processes, we are available for them.
Accounting and Finance
Our Accounting for Jewelers helps in deciding when to buy, how much to buy, and from whom to buy the precious jewelry items. Further, it helps in judging the performance of the jewelry salesman, vendor, buyer, and the business as a whole.
As a prominent Jewelry consultant, our services for jewelry industry can even be used for advanced tasks such as tax preparation, investment planning, and analysis of the budget.
The jewelry industry involves huge investment, and thus the importance of financial reporting and Jewelry accounting should be taken with high regard. Our financial reporting service includes preparation of income statement, statement of changes in equity, balance sheet, and cash flow statement.
It helps jewelers and regulatory authorities in knowing the financial performance of the company. This information is used by jewelers in business planning, analyzing, benchmarking, decision making, and complying with regulatory requirements.
Taxation
In UAE, the indirect tax system known as VAT (Value Added Tax) was adopted and implemented from 1 January 2018. For your jewelry business, getting VAT ready is highly essential as it affects different areas of the business. Our jewelry consulting also includes training sessions that prepare your staff to understand the impact of VAT. Furthermore, the company will get our assistance in VAT accounting and preparing reports for filing returns. Our tax agent will represent you and assist your company when the Federal Tax Authority (FTA) perform audits.
Human Resource
Jewelry Industry requires employees with various skills such as designing, casting, marketing, etc. However, it could be hectic to find gem employees for your Jewelry company. Hence, utilize our recruitment service to get the best of skills at your service.
It is essential to know the employee who gives his 100% to make your jewelry shine on every human. Our service grades the employees based upon their performance and work quality & quantity delivered.
Recruitment and compensation management are related to each other. One must need to recruit the correct candidate with correct compensation. We are here to help you out finding the perfect employees as per the skill set you require for the development of your jewelry and the associated business. The service can be combined with payroll service, which will make sure that your employees get their salary on time with the correct amount.
The list of HR administration services that we provide for the jewelry industry is vast. Therefore, you can fulfill nearly all your HR administrative requirements at one station. We can generate HR policies aiming to provide complete satisfaction to your employees as well as the company.
Our training & development service prepares the candidates to face challenges which may appear during their professional life. Jewelry Industry works with punctuality and discipline, which can only be delivered with learning programs.
Information Technology
Third-party software or a custom build application may hold the risk of wrong output, which can harm the business by generating erroneous reports.
For the tailor-made software which you use to maintain your accounts and inventory or automate your business processes, we can act as your best partner in testing the software and ensuring that it produces the desired reports.
As a jeweler, your information assets could be in the form of hardware, software, database, and files. We carry out the risk evaluation of your information assets so that you can take right measures to protect and maintain them. We also evaluate the networking channels from where the data transfer takes place.
Gold and Jewelry business industry is adopting new ways of creating jewelry having attractive designs. With the advancement in machinery, the competition is taken to the next level. We help you to optimize your business processes with supporting you in decision making for the techniques and equipment which will work your industry work better.
Operations
When you start a business or try to grow, in every decision, the risk is involved. To climb the peak before others, it is necessary to have the right risk mitigation strategy in place. Our risk mitigation service is aimed to eliminate, reduce, or control the impact of known risks. We even prepare models to deal with the aftermath of the loss caused and plan how it can be avoided in the future.
Increasing Resource utilization is an integral part of the jewelry business plan, which can make a massive difference in the profit percentage you earn. It is taking the most out of the investment you conduct. Along with the optimum utilization, we also need to take care of the minimal wastage. In some instances, we may identify investments which are not even required to be made and then provide suggestion associated with them. To win your trust, you can check our case studies or contact us for designing a Custom Jewelry Business Plan.
In the UAE, the Jewelry business needs to follow several rules and regulations and ensure that it abides by those rules continuously. Non-compliance with the regulatory requirements results in fines and penalties and loss of goodwill. Our consultants are well-versed with the laws governing the jewelry industry. We carry out periodic compliance checks to ensure that all the legal requirements are met. We provide regular updates on changes in relevant laws, standards, and regulations to keep our clients abreast of compliance requirements.
Company Formation
Your knowledge in the jewelry business could be unparalleled, but we have the idea about the contracts, the general terms and conditions, and specific terms and conditions related to Jewelry Industry. We assist our clients in negotiating the best business deal for them, considering the facts of the case.
Under advisory service, N R Doshi & Partners provide a wide range of solutions for the jewelry industry. These services focus on the various aspects of your business, aiming to improve the business.
We provide you advice regarding anti-money laundering law and how you can remain compliant with it. Our advisory can also be used when you require assistance when you need to find out the feasibility of your business. We even support the company with our mergers and acquisitions service.
Audit and Assurance
The statutory audit requires a responsible auditing firm on which a company can trust. As it is conducted from a legal perspective, one needs to undertake the task carefully. We make it in such a way that it provides a transparent interface between the financial activities of the company and the public, stakeholders, and consumers. Read more about our external audit services.
An internal audit is required when a company is concerned about its growth and development. We find out the potential risks and loopholes of errors, provide suggestions to your company, and work to eliminate them. We suggest you conduct periodic internal audits for your jewelry industry, keeping the accounts under continuous monitoring. Read more about our internal audit services.
