Assignment 1: Preliminary Product Screening Report

PRELIMINARY PRODUCT SCREENING REPORT OPAL JEWELRY 16/08/2012 Assignment one. EXECUTIVE SUMMARY Gems and jewelry play a signifi go offt role in Australian customs and traditions, make this sector integral to the parsimony and one of the fastest growing industries in the country. Precious opal ranks with diamond, as one of the most valuable of gemstones. Opal jewelry can train a big renewal on their prises, opals materials to make those jewelries can boodle at AUD$1. 00 per carat and go to AUD$20,000. 00 per carat. Apart from Australia and Slovakia the only opposite countries with a significant production of opal jewelry mystify been Mexico and Brazil.Australian opal jewelry can be a sound long- condition investment, with value appreciation climbing yearly. Weakness Australia does not invest in overseas merchandising for jewelry, if the country started investing on that, opportunities would came, grounding up the opal market overseas Australians have the opals as old-fashion ed jewelry they should be re-educated about that. Compliance mind property (IP) is an inseparable tool to protect your ideas and the work you generate as a designer in the fashion industry.Its too one of the essential building blocks of Australias economy, because it helps foster creativity and reward innovation. TABLE OF CONTENTS Executive summary . Page 2 Introduction Page 4 investigate Findings Page 5 Analysis and Conclusions Page 12 Opal character references Page 13 INTRODUCTION Since the last century, Australia has been the prime producer of gem opal in the world. Now a day, Australia exports over 90 per cent of natural opal, making a significant contribution to Australias economy.The infinite variety of color and pattern makes opal a very additional stone. Opal is unique in that the stone changes color when it is diddered back and forth or when it moves on the neck so mounting it in Australian opal jewelry displays the rock in the very best setting. The task for this assignment 1 in certificate IV inter interior(a) trade was to undertake preliminary screening of an Australian product. The task was to choose and research an Australian product made in Australia from mostly Australian resources that we wish to market internationally.Once the product was selected we were then asked to perform a research using primary and secondary resources for our research. To be Included in this research argon vital pieces of information such as price, product, promotion and stray, consumers of the product, competitors in the industry and the product cycle of our product. Through this preliminary research we will be able to gain an idea of whether or not exporting our elect product will be a successful venture or whether in that respect will be risks involved. The Australian product I have elect is Opal jewellery. RESEARCH FINDINGSPRODUCT DESCRIPTION There ar more then 19 mines situated all over Australia. New south Wales, for example, is famous for your blue opals. This state has the largest proportion of Australian Opals in term of value. There we can find two mines Lightning Ridge and White Cliffs. Queensland produces Boulder Opal, which is a unique typesetters case of opal and is found attached to a host rock, ironstone. Only Queensland have the Boulder opal, and is found in deposits in weatheredsedimentary Cretaceous rocks in the air jacket of the state. This state have four mines, which are Quilpe, Winton, Opalton and Yoah.South Australia has four active opal mining fields, Andamooka, Coober Pedy, Lambina and Mintabie. South Australia is largest producer of opal in terms of volume, and produces the white opal, crystal opal or milky type of opal. Source http//www. costellos. com. au/opals/types. html This research is based in a business operated in Queensland, having as a main product Boulder opal. Although, the federation in like manner sells all types of opals jewelry, rings, pendants, earrings, beads, and watches. (BUSINESS LOGO. ) Source http//www. opalsdownunder. com. au/Images source http//www. opalsdownunder. com. au/opal-pendants/ COSTUMERS DETAILS The opal jewelry Is displayed in the full gamut of jewelry settings rings, earrings, pendants, brooches, bracelets, studs, cufflinks and other type of jewelry to causa every occasion and budget. You can even have custom-made opal jewelry for your engagement ring or for any other appropriate gift-giving occasion. Or maybe you just want to spoil yourself. As the price of the jewelry made with opals varies greatly, consumers may also vary according to the price of the product.There are jewelries made of opal, which are for tourists, with a swallow cost. Others, such as black opal, which has great value, are for higher-class consumers, who admire and do not save money to buy a in effect(p) jewelry. Source Laszlos opal and jewelry, 2001-2010, viewed 10 august 2012, http//www. opal-jewelry. com/about. htm RETAIL INFORMATION Opals are very common Jewelry i n Australia. The ones made for tourists are commonly sold in local markets, with a lower cost. But, we also find Opals in famous jewelry stores with a higher value.Web sites such as e-bay, or even jewelry websites made just to sell them. There are a huge variety of them, offering all forms of payment. On this company, for example the website shows some of the most important currencies that may be interested to buy their products. All the prices are showed in Australian dollars, with their currency conversion below the pictures to make it easier for the costumers to speak out how much does the jewelry costs in their own country. At the moment the product is only sold domestically within Australia in their store, Situated on the Bruce Highway on sunshine coast.Also, this product it is predominantly sold online at its website http//www. opalsdownunder. com. au, here the customers can browse by means of the available products on offer and place an online order. Once they have chosen , they can then add the product to their online baby buggy and proceed to pay. The payment method is Credit Card or Debit MasterCard/ Visas, there is also the option to pay by PayPal. On this company, for example, the website shows some of the most important currencies that may be interested to buy their products.All the prices are showed in Australian dollars, with their currency conversion below the pictures to make it easier for the costumers to think how much does the jewelry costs in their own country, followed by the payment methods. Source https//www. opalsdownunder. com. au/cart PRICE DETAILS The color, size and type of precious opal are factors that determine the price paid for the gemstone. Usually the price is based on the quality of the opal and denotative per carat. Furthermore, there is a marked difference between the value of uncut opal compared with the value of cut and polished opal.Like anything, market has a great impact on determining the value of a product. O pals are as unique and individual as the people who buy them. And a personal taste and preference can also affect the price this product. other issue is that the different colors and patterns can appeal to different markets. Although, you can have material that can start at AUD$1. 00 per carat and go to AUD$20, 000. 00 per carat. One big influence when we talk about Opal values is the Opal tone it refers to the background or the underlying color of the opal, which ranges from black through dark to light.Generally opals with a black or dark organic structure tone are more valuable than those with a white, light, or crystal body tone, because a stone with a darker body tone tends to display colors more vibrantly. Black opals are the most prized opal and may realize prices over AUD $15,000 a carat. Opal Jewelry can also vary between the products, one simple opal pendent for example, starts with AUD 136, 00, but an opal ring costs around AUD 230. 00. As was mentioned before, we can al so find in the market more affordable opal jewelry, but usually, they are not made with gold, or silver or valuable materials.SOURCE http//www. opalsdownunder. com. au COMPETITORS Apart from Australia and Slovakia the only other countries with a significant production of opal jewelry have been Mexico and Brazil. There are a few other countries, which have small occurrences of precious opal, usually from volcanic rocks, but these have met with unforesightful commercial success. Another very valuable stone and well regarded by consumers, the diamond, is also seen as a competitor. Although, diamonds do not have the range of prices and types of productions that have opals.A top quality black opal can influence in the price, giving a higher price per carat than a good, clear one-carat diamond. Very different to to the diamond industry, there is no monopoly in the world marketing of opal and true market forces of supply and demand determine price. Another difference is that, opals have a wide range of values, which can satisfy a greater number of consumers, becoming a popular stone. And that do not happen with Diamonds. Apart of those countries, and the diamond, other mines in Australia are the biggest competitor that Opals Down Under have.With the websites facilities, the mines also sells the product for another countries, or domestically, for Australians. SOURCE Mining and Gems globose Industry, 2008, viewed 10 august 2012, http//web. ebscohost. com/ehost/pdfviewer/pdfviewer? sid=c49106d4-941d-433b-9f22-8f7280b7d19b%40sessionmgr104vid=14hid=125 PRODUCT LIFE CYCLE Australian opal can be a sound long-term investment, with value appreciation climbing yearly. Australian fields are slowly running down, so the values on quality gems will regularly growth year by year.For the overseas investor, it is easier to buy at the source of supply and save money. COOBER Pedys colourful opal mining industry is falling victim to the states mining boom. ABSTRACT FROM PUBLISHER, vi ewed in 10 august 2012, http//web. ebscohost. com/ehost/detail? vid=3hid=125sid=bd0f4262-c765-4e52-b405-3b86c70d60ac%40sessionmgr112bdata=JkF1dGhUeXBlPWNvb2tpZSxpcCx1cmwsY3BpZCZjdXN0aWQ9czEyNDE5NzEmc2l0ZT1laG9zdC1saXZldb=anhAN=201206091017391615 PROMOTION Nationally, this company uses newspaper, magazines and sales to promote their sales.But also, a way that they use to promote is from Internet. Their website is a good way to promote their products and their store, but to promote their websites, coupons are also showed in on-line magazines, giving the costumers discounts of this product, and giving the costumers an opportunity to have a front on their websites source http//saltmagazine. com. au/articles/web-exclusives/pepper-march-spa-restaurants-events. aspx WEAKNESS OF THE PRODUCT Even with so many good things to talk about the market for jewelry opals, we also have to look at his weak side.One way Australian opal could further its fall out would be through aggressive strategies of marketing. Australia spends almost to nothing with the promotion of opal overseas or even with in his own country. For example, last year, a South African diamond mining company called De Beers, spent around AUS$150million in Japan marketing diamond engagement rings, as opposed to Australia which, in the same year, spent AUD$100,000. 00 in all the promotion of opal overseas. Australia could make more marketing campaigns about opals, and that would increase the demand.Another weaknesses of the market is that, according to opal retailer Con Retsas, if we educate Australians about opal that could be the first step towards telling the world about the gem and build up its global reach. He said that Many Australians perceive opal jewelry as old fashioned, something that Grandma wore. But if you compare an opal to a diamond, even a lower grade opal can be really interesting and beautiful to look at as opposed to a poor diamond, which is nothing flash or colorful as the opals. Source T he Gemmological Association of Australia (GAA), C 2012, viewed 10 August 2012, www. gem. rg. au . COMPLIANCE WITH THE LAW About IP Australia IP Australia is the Australian presidential term agency responsible for administering patent, design, trademark and plant breeders rights. By granting these rights, and contributing to the improvement of Australian and international IP systems, IP Australia is supporting Australias economic development. Intellectual property (IP) is an essential tool to protect your ideas and the work you generate as a designer in the fashion industry. Its also one of the essential building blocks of Australias economy, because it helps foster creativity and reward innovation.Australias IP laws provide a legal framework to protect your advanced(a) and creative ideas and designs. Legally enforceable IP rights encourage technological innovation and artistic expression in industries, such as fashion and design, and help to build and expand businesses, create new jobs and stimulate the sector both in Australia and overseas. Source http//www. ipfashionrules. gov. au/ Conclusion Today, the Australian opal jewelry industry is made up of a large number of individual companies generally working their own claims.A single opal field is explored and developed by several hundred individual miners, making the jewelry market develop, and have a huge quantity of competitors. Historically, the continued development of the industry has relied upon chance discovery. Other than putting more funds into marketing Australian opal jewelry, I believe that display stores around the world, representing Australian opal jewelry as a product rather than individual jewelry businesses would be a start in the global promotion of Australian opal jewelry.With this promotion nice quality of jewelry as artistic designed pieces, could make the market reach the status it deserves. This industry is young, and Australia has much to do in order to promote the jewelry industry t o its biggest potential. Yet, with industry perseverance, opal jewelry will be soon acknowledge by the world, for the art it is. Opal jewelry is a great gift, or souvenir that represents Australia, making this industry have a large number of types of consumers.To conclude, In my opinion, Australia has reached his national target with the opal jewelry market, and now is ready to export this amazing art and show the world not just the beauty of the rings, watches, pendants, but a little bit of his culture as well. Australian opals jewelry has the best quality, design and also the biggest resources making opals jewelry an easier market to export. Type of opals Boulder opal is also class as solid opal.It is a variety of precious opal that has the host rock forming naturally as part of the gem. This type of opal is often cut with the ironstone left on the back, as the opal often just a thin vein of precious opal is present. The opal forms within the cavities of the boulders in both ver tical and horizontal cracks. Boulder opal can be found in many different shapes and sizes, from as small as a pea, to as big as a family car which can also be black or light depending on the appearance of the stone when viewed from the surface.Black/Dark Opal Black Opal is easily distinguished by the blackness of the background body tone or body color, which shows a play of color within or on a black/dark body tone, when viewed from the face up. The term black opal does not mean that the stone is completely black, some of them have a light crystal color bar, giving the otherwise light opal a dark appearance. Even expensive black/dark opals may have only a very thin color bar. Light/Crystal OpalCrystal Opal has a transparent, translucent, or semi-translucent body, which is also referred to as the diaphaneity of a stone. Crystal opals can display any color of the spectrum in a beautiful play of color because they are cut with a high cabochon. The translucence of a crystal opal often g ives it clarity and vibrancy of color and may be transparent through to approximately opaque, although it usually has a light body tone or white body color. Source King opal, 2009, viewed 10 august 2012, http//www. kingopal. com. au/types-of-opal. php