SUMMER INTERNSHIP PROJECT REPORT ON

“HR PRACTICES AT DIASUN FINE JEWELRY”

Submitted in the partial fulfilment of the requirement for the award

Of the degree of Master of Business Administration

2021-2023

SUBMITTED BY – ANUSHKA SHARMA

SUBMITTED TO – MR. ANMOL SOI

BHARATI VIDYAPEETH DEEMED UNIVERSITY SCHOOL OF DISTANCE EDUCATION

Academic Study Center - BVIMR, New Delhi An ISO

9001:2008 Certified Institute
NAAC Accredited Grade “A” University

1
 STUDENT UNDERTAKING

CERTIFICATE OF ORIGINALITY

I Anushka Sharma of MBA would like to declare that the project report entitled “HR
PRACTICES AT DIASUN FINE JEWELRY” submitted to Bharati Vidyapeeth University
School of Distance Education, Pune, Academic Study Centre BVIMR New Delhi in partial
fulfilment of the re requirement for the award of the degree.

It is an original work carried out be me under the guidance of Mr. Anmol Soi.

All respected guides, faculty member and other sources have been properly acknowledges and
report contains no plagiarism.

To the best of my knowledge and belief the matter embodied in this project is a genuine work
done by me and it has been neither submitted for assessment to the university nor to any ther
university for the fulfilment of the requirement of the course of the study.

ANUSHKA SHARMA

(PRN- 2128100367)

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3
 INDEX

S.No. PARTICULARS PAGE No.

1 CHAPTER-1 (INTRODUCTION)
2 CHAPTER-2 (RESEARCH METHODOLOGY)
3 CHAPTER-3 (CONCEPTUAL DISCUSSION)
4 CHAPTER-4 (DATA ANALYSIS)
5 CHAPTER-5 (SUGGESTIONS)

6 APPENDICES
QUESTIONNAIRE
REFERNCES

4
 CHAPTER-1

INTRODUCTION

5
 CONTENTS

SR. NO. PARTICULARS PAGE

NO.
OVERVIEW OF INDUSTRY
1 INTRODUCTION
2 GOVERNMENT INITIATIVES
3 ROAD AHEAD

ABOUT COMPANY
1 PROFILE OF THE COMPANY
2 VISION AND MISSION
3 PRODUCTS & SERVICES
4 ORGANIZATIONAL STRUCTURE
5 SWOT ANALYSIS

6
OVERVIEW OF INDUSTRY

(DIAMONDS INDUSTRY)

7
 INTRODUCTION

A diamond is the hardest material on the planet, and has since a long time ago been perceived for
its magnificence as a gemstone. Nearly 142 million carats of precious stones were assessed to
have been delivered from mines overall in 2019. Major creating nations incorporate Australia,
Canada, the Popularity based Republic of Congo, Botswana, South Africa, and Russia. Overall
stores are assessed to be a few 1.2 billion carats. Russia has the biggest stores, assessed at
approximately 650 million carats.

Diamonds likewise have a high modern worth. They are particularly very much viewed as a
material for slicing and crushing devices because of their outrageous hardness. Around half of all
mined jewels are not of gemstone quality and are utilized for modern purposes. Today, the huge
modern interest for precious stones is generally fulfilled by manufactured jewels (otherwise
called lab-developed or lab made jewels). Lab-developed precious stones are likewise
progressively being utilized in gems as a moral and more affordable option in contrast to mined
jewels.

8
 GOVERNMENT INITIATIVES

 NATIONAL MANUFACTURING COMPETITIVENESS PROGRAMME (NMCP)

The National Manufacturing Competitiveness Programme (NMCP) is the nodal programme of

the Government to develop global competitiveness among Indian MSMEs. The Programme was
initiated in 2007-08. This programme targets at enhancing the entire value chain of the MSME
sector through the following schemes:

 Lean Manufacturing Competitiveness Scheme for MSMEs;

 Promotion of Information & Communication Tools (ICT) in MSME sector;
 Technology and Quality Up gradation Support to MSMEs;
 Design Clinics scheme for MSMEs;
 Enabling Manufacturing Sector to be Competitive through Quality Management
Standards (QMS) and Quality Technology Tools (QTT);
 Marketing Assistance and Technology Up gradation Scheme for MSMEs;
 Setting up of Mini Tool Room under PPP Mode;
 National campaign for building awareness on Intellectual Property Rights (IPR);
 Support for Entrepreneurial and Managerial Development of SMEs through Incubators.
 Bar Code under Market Development Assistance (MDA) scheme.

Objective: Technology support, Skill development, Product D

Key Benefits

 Design & Manufacture of Dies, Moulds using Latest Technology

 Help in prototyping new product

Skill Development: Tool Design, Machinist, CNC Machines, PLC, Mechatronics, CAD/CAM,
Footwear, Fragrance, Glass Mfg, Automation.

Consultancy: Tool Design, new product development.

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  CREDIT GUARANTEE SCHEME FOR MICRO & SMALL ENTERPRISES
(CGTMSE)

Objective Credit support

Key Benefits

 Credit guarantee for loans upto Rs. 2 crore, without collateral and third-party guarantee.
 Guarantee coverage ranges from 85% (Micro Enterprise up to Rs 5 lakh) to 75% (others).
 50% coverage is for retail activity.

Scheme applicable for

Existing Entrepreneurs & Aspiring Entrepreneurs

Detailed Information

 Any collateral/third party guarantee free credit facility (both fund as well as non-fund
based) extended by eligible institutions, to new as well as existing Micro and Small
Enterprises, including Service Enterprises, with a maximum credit cap of 200 lakh
(Rupees Two Hundred lakh only) are eligible to be covered. Recently, guarantee
coverage made eligible to select NBFCs and Small Finance banks.
 The guarantee cover available under the scheme is to the extent of 50%/ 75% / 80% &
85% of the sanctioned amount of the credit facility. The extent of guarantee cover is 85%
for micro enterprises for credit up to 5 lakhs. The extent of guarantee cover is 50% of the
sanctioned amount of the credit facility for credit from 10 lakh to 100 lakhs per MSE
borrower for retail trade activity.
 The extent of guarantee cover is 80% for (i) Micro and Small Enterprises operated and/or
owned by women; and (ii) all credits/loans in the North East Region (NER) for credit
facilities upto 50 lakh. In case of default, Trust settles the claim up to 75% of the amount
in default of the credit facility extended by the lending institution for credit facilities upto
200 lakh.

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 ROAD AHEAD

With biggest populace of millennial on the planet, a report has said that India is seen to turn into
the biggest market for lab-developed jewels from here on out.

Industry specialists said close to quite a while back, there were just a modest bunch of lab jewel
producers however presently, as per a report documented by Prabhudas Lilladher, their numbers
have gone up hugely in the last 2-3 years because of a downturn in the normal precious stone
industry. This has implied a developing contest between lab precious stone and mined jewel
organizations, it said.
One of the motivating forces that the public authority had gotten is that it has allowed 100%
unfamiliar direct speculation (FDI) in the area under the programmed course. Further, as
indicated by Spending plan 2019-20, the GST rate has been decreased from 18% to 5 percent.
The year 2019, especially, was the year for lab-developed precious stones.
The worldwide precious stone industry has been confronting headwinds of late while lab-
developed precious stones appear to have risen up out of the shadows of normal jewels and
secured itself a developing impression in the pearls and gems industry.
India alone saw a sharp ascent in lab-developed precious stone commodities worth $443 million
which rose 102% year-on-year. The report expressed even toward the beginning of 2020, lab-
developed jewel trades in India were up 60% y-o-y, while normal precious stone products were
somewhere around 41% y-o-y.
Precious stones filled in labs address a little part of the market right now - - India delivered
almost $24 billion of cleaned jewels mined normally a year ago.

Products of cleaned lab-developed precious stones from India hopped around 70% in the April-
July period to $622.7 million, while those of cut and cleaned mined jewels fell around 3% to
$8.2 billion during similar period, GJEPC information showed.

According to the GJEPC, the country contributes about 15% of the global production of lab-
grown diamonds.

11
 ABOUT COMPANY

(DIASUN FINE JEWELRY)

12
 PROFILE OF THE COMPANY

The name Diasun was first established in the mid-1980s with their first diamond trading office in
Hong Kong. It now has offices in Surat, Mumbai, Taiwan, China and the US. With over 30 years
of experience in the diamond and jewelry field, Diasun can now provide a product comparable to
none.

The Diamonds are sourced from the city of Surat, which is where most of the world’s diamond
are still polished, as well as the hometown of the founders of Diasun. Diasun knows that the
greatest cost of any jewelry lies in the diamonds, thus we go right to the source and are updated
daily with the market prices.

As we still wholesale loose diamonds, the right price and the right quality are both of the utmost
importance.

The jewelry is manufactured in our facility in Hong Kong (China), which is still the world’s
largest producer of high quality fine jewelry, where the founders have resided for over 26 years.
Having a presence in Hong Kong for over 2 decades provides us with an insight of future trends
of Fine Diamond Jewelry.

These two major advantages allow Diasun Fine Jewelry to provide high quality diamond jewelry
at the most affordable prices.

Type of Industry Diamonds industry

Company Category Non- Government company
Incorporated on 08 October 1988
Age of company 34 years
Head office New Jersey, USA
Key people Trupti Pansuria (Managing Director)
Siddharth Patel (General Manager)
Website www.diasunjewelry.com

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14
 VISION

“Our history is a rich one, and our future is bright!” We used the plural intentionally; there are
many chapters yet to come. In 2022, Diasun Fine Jewelry celebrated 34 years at the “New”
Seven Fields/Cranberry Township location! Since opening, this store has recently been
extensively remodeled. The Clear view Mall store boasts subtle refurbishing as well.

The new millennium brought our commitment to best serving new generations of customers,
alongside our loyal clients of many years. Our digital infrastructure and footprint is ever-
improving. Customers love the new advances in our digital communication and our increased
social media presence.

The team at Diasun Fine Jewelry loves to help customers add extra sparkle to life’s most
treasured occasions. From that first special gift for a young person to the long-anticipated
engagement ring to the milestone anniversary years down the road (and EVERYTHING in
between), we are here for you! Browse our galleries, Visit our stores, Blog with us, Join us on
Facebook and Instagram. Text, call or email us anytime. We are ready to build relationships and
are honored to have the opportunity to be a small part of your special story!

MISSION

The Diasun Fine Jewely team, individually and corporately, supports many varied organizations
that serve to strengthen our community. Staff is encouraged to give to faith, school, arts, human
and health services, environmental and/or business organizations in ways reflecting their own
style.

Diasun Fine Jewelry is committed to sharing a portion of its profit with charitable organizations.

In addition, in 2011, Diasun Fine Jewelry initiated DIASUN CARES events. Held in the stores,
often in conjunction with other promotions, these events often involve in-kind donations in
support of community needs.

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 PRODUCTS & SERVICES

BRACELETS

RINGS

EARRINGS

16
PENDANTS

NECKLACE

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 ORGANIZATIONAL STRUCTURE

Some of the office bearers of the DIASUN FINE JEWELERS are:

FOUNDER

 Mr. Sunil Patel

MANAGING DIRECTOR

 Ms. Trupti Pansuria

GENERAL MANAGER

 Mr. Siddharth Patel

COUNTRY HEAD

 Ms. Manmeet Bindra

MANAGER PR & COMMUNICATIONS

 Ms. Anam Shaikh

MANAGER CUSTOMER SERVICE

 Ms. Tanya

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 SWOT ANALYSIS

SWOT analysis of any company of industry includes details about its strengths, weaknesses,
opportunities and threats. These are analyzed on the basis of some factors including working
condition of the company which is predicted on the basis of company’s financial accounts which
clearly states profits and losses of the company. In other words, it can also be defined as a study
or examination tackled by a company in order to analyze its external (opportunity and threats)
and internal (strengths and weaknesses) factors. The following matrix tells about the SWOT
analysis of Diasun Fine Jewelry-

STRENGTHS
- High Raw WEAKNESSES
material standards
- Limited to US
-High Quality borders
jewelry at
affordable prices

THREATS
OPPORTUNITIES
- Competitive
- International Market
Market
- Recession

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 CHAPTER-2

RESEARCH METHODOLOGY

20
 CONTENTS

SR. NO. PARTICULARS PAGE

NO.

1 STATEMENT OF THE PROBLEM

2 OBJECTIVES & SCOPE OF STUDY
3 MANAGERIAL USEFULNESS OF
STUDY
4 TYPE OF RESEARCH
5 DATA COLLECTION METHODS
6 LIMITATIONS OF STUDY

21
 STATEMENT OF THE PROBLEM

Now a days HR duties and responsibility has become a challenge for HR manager to compete
with global competitors and to sustain in the diversified economy. As Human Resource is
required and a very essential thing for each and every business irrespective of their size and
nature of firm, optimum utilization of available employees is a very challenging task for every
HR manager in this competitive era. For this reason, we have chosen this topic and made an
attempt to analyze the emerging challenges in HRM and to obtain solutions in this regard.

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 OBJECTIVES & SCOPE OF STUDY

For at least the last ten years, practically every book, article, and speech on the future of human
resources management responsibility in organizations has stressed upon the need for
transformation. It is imminently unanimous that human resource can and should add more value
to corporations. The primary responsibility for providing input, advice, direction, and execution
with respect to organization effectiveness cannot be ignored. It is therefore essential to undertake
this research in order to:

• To determine whether human resources management truly face challenges

• To find out the roles of human resources management

• To find out what makes organizations effectiveness

• To find out the factors that hinder the success of human resource when exercising it duties

• To find the various challenges affecting the human resource capital

• To give suggestions on how to overcome the challenges

• To make recommendations based on the findings of the research

It is essential to know that in spite of the various objectives written above, the main objective of
the study is to find out what makes an organization effective.

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 MANAGERIAL USEFULNESS OF STUDY

The significance of this study is to examine the challenges of human resources management
towards organizational effectiveness in Vaasa, Finland, to learn how the challenges have
impacted both the organization and its effectiveness. Basically every day, human resources
departments have lots of responsibility with an organization but this study will explain the
challenges and how the system can get most out of every employee. Research had it that in
today`s work environment, it is essential to have sound and definite knowledge that an
organization is as good as its workers. Many researchers and scholars have said that an
organization most essential asset is its people.

Every organization is a dependent on its employees, therefore the need to make a study of this
topic is essential and it will also serve as a source of literature to industries and various
companies involved in the daily operations of making their organizations effective.

Looking into this research, it is important to know that human resources management is the
center that deals with almost every aspect of a company`s labor force. This consists of
employment, training, motivation, benefits, performance, evaluation, communication,
engagement, administration, payment, retirement and dismissal or discharge of every personnel.

Furthermore, the study serves as a learning platform for entrepreneurs, stakeholders, agencies,
companies, individuals and students to realize effectiveness at the work place. The finding will
likewise provide some tactics and strategy for improving the effectiveness in an organization
through the help of human resources management. The study will add to the body of knowledge
which various researchers have had on challenges of human resources management towards
organizational effectiveness in different ways.

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 TYPE OF RESEARCH

Research in basic definition means a search for knowledge and understanding. It is also said to
be a scientific and systematic search for information on a specific study or case. Lots of social
scientists have explained research in various ways.

In the business dictionary, research is a planned, diligent and systematic inquiry or investigation
into a topic or case in order to discover or revise findings, applications and theories. It also
focuses on improving the available knowledge. Research is said to be divided into two parts: -
Applied and Basic research. Applied research make use of the basic research knowledge
acquired for improving of new techniques to help solve problems while basic research is mainly
to bring into a more desire or excellent scientific knowledge (The Business Dictionary, 2010).

Qualitative research methodology will be used to acquire information in this study. Qualitative
research method can be explained as a form of planned, organized and well manned ways of
inquiring information into a subject matter (Shank 2002). In the qualitative research, an
questionnaire is granted to the top officials in the companies likewise the managers or human
resource representatives of various organizations to obtain recondite knowledge; understanding
and personal opinions about the giving subject and get more in-depth results.

Qualitative research methods are crucial in this thesis because a close to reality representation of
the thoughts and opinion of the respondents could be draw. The motive here is what strategy the
company should use or implement in order to have maximum productivity, and achieving the
outcomes the organizations in-tends to produce.

At the final point, the result findings will be analyzed and interpreted, thereby making a
discussion on the outcome of the results and draw a conclusion and recommendations based on
the research and findings from the research.

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 DATA COLLECTION METHODS

You can categorize data collection methods into primary methods of data collection and
secondary methods of data collection.

Primary Data Collection Methods

Primary data is collected from first-hand experience and is not used in the past. The data
gathered by primary data collection methods are specific to the research’s motive and highly
accurate. Primary data collection methods can be divided into two categories: quantitative
methods and qualitative methods.

Quantitative Methods:

Quantitative techniques for market research and demand forecasting usually use statistical tools.
In these techniques, demand is forecasted based on historical data. These methods of primary
data collection are generally used to make long-term forecasts. Statistical methods are highly
reliable as subjectivity is minimal in these methods.

Time Series Analysis

The term time series refers to a sequential order of values of a variable, known as a trend, at
equal time intervals. Using patterns, an organization can predict the demand for its products and
services for the projected time.

Smoothing Techniques

In cases where the time series lacks significant trends, smoothing techniques can be used. They
eliminate a random variation from the historical demand. It helps in identifying patterns and
demand levels to estimate future demand. The most common methods used in smoothing

26
demand forecasting techniques are the simple moving average method and the weighted moving
average method.

Barometric Method

Also known as the leading indicators approach, researchers use this method to speculate future
trends based on current developments. When the past events are considered to predict future
events, they act as leading indicators.

Qualitative Methods:

Qualitative methods are especially useful in situations when historical data is not available. Or
there is no need of numbers or mathematical calculations. Qualitative research is closely
associated with words, sounds, feeling, emotions, colors, and other elements that are non-
quantifiable. These techniques are based on experience, judgment, intuition, conjecture, emotion,
etc.

Surveys

Surveys are used to collect data from the target audience and gather insights into their
preferences, opinions, choices, and feedback related to their products and services. Most survey
software often has a wide range of question types to select.

Questionnaire

A questionnaire is a printed set of questions, either open-ended or closed-ended. The respondents

must answer based on their knowledge and experience with the issue. The questionnaire is a part
of the survey, whereas the questionnaire’s end goal may or may not be a survey.

Secondary Data Collection Methods

Secondary data is the data that has been used in the past. The researcher can obtain data from
the data sources, both internal and external, to the organization.

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Internal sources of secondary data:

 Organization’s health and safety records

 Mission and vision statements
 Financial Statements
 Magazines
 Sales Report
 CRM Software
 Executive summaries

External sources of secondary data:

 Government reports
 Press releases
 Business journals
 Libraries
 Internet

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 LIMITATIONS OF STUDY

The research came with the following limitations-

 Access to literature: The existing literatures and journals could not really emphasize
organizational effectiveness but mainly concentrated on human resources management.
 Unwillingness of respondents to give in-depth information: Unwillingness of the
respondents to giving in depth answers about the company could not be undermined
because the topic is sensitive.
 Data collection was not a representation of the country as a whole: It is essential to know
that the sample size was based on one company and three employees, so we cannot
generalize the outcome because Finland is a country of population of around 5.6 million
people
 Inadequate time granted for the interview by the respondents: The time being granted for
interview was limited and the interview could not be prolonged because of the company
meetings.
 Method: The method mainly used was an in-depth interview, as the study has an
exploratory nature but the respondent did not completely feel comfortable describing the
topic to a stranger.
 Challenges of human resources management is a broad topic based on people`s
perspective and the study will focus more on the most crucial element: It is important to
know that people have a lot to discuss regarding human resources management and
organizational effectiveness but the willingness to express their views was limited
because of the main focus of the thesis.

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 CHAPTER-3

CONCEPTUAL DISCUSSION

30
 CONTENTS

SR. NO. PARTICULARS PAGE

NO.

1 LITERATURE REVIEW
2 CURRENT ISSUES
3 HISTORY OF DIAMONDS INDUSTRY
4 NEW DEVELOPMENTS OF INDUSTRY

31
 LITERATURE REVIEW

In this thesis, the main constrains that affect human resource management towards organizational
effectiveness will be examined, as well as providing advice on the possible ways by which the
various organizations can improve the success like overcoming the various challenges of
organization effectiveness in Finland. First it will discuss some of the definitions of the key
concept of human resources management, then process theories, that is, the different kinds of
model chosen to give in-depth understanding of the process, (Traditional Human Resource
Management Model, Soft and Hard Models of Human Resource Management, The Matching
Model of Humana Resource Management, The Harvard Model of Human Resource
Management, The Guest Model, The Contextual Model, The Warwick Model) and the empirical
evidence based academic sources found are explained as well as motives of human resources
management towards organizational effectiveness in Finland.

The Matching Model

Fombrun et al (1984) proposed the ‘matching model’, which pin pointed that the human resource
system and the company structure should align with the company strategy. This point was made
in their statement: ‘The analytical management duty is to align the formal structure and human
resource systems so that they drive the strategic objectives of the company’ (ibid: 37). This
supports organizational effectiveness and aims at strategic human resource management.

Being the first model (dates back to 1984), it lays importance to four functions and their
interrelatedness. The four functions were said to be selection, appraisal, development and
rewards. It is essential to note that these aforementioned four elements of human resource
management are believed to have great effect on organizational effectiveness.

However, many writers believed that the matching model is incomplete due to it concentration
on four functions of human resource management and pay no attention to its environment and
other essential factors that might or have effects on human resource functions.

32
The Harvard Model HRM

Beer et al (1984) produced what has become known at the ‘Harvard framework’. The Harvard
framework claims superiority or better version than that of the Matching Model because it
comprises six critical factors of human resource management. It started with the proposition that:
‘Human resource management involves all management decisions and actions that affect the
nature of the relationship between the organization and employees’.

The components included in the model are: interests, situational factors, HRM policy choices,
HR outcomes, long-term consequences, stakeholders and a feedback loop through. The outputs
flow directly into the organization and the stakeholders and it neglects the people or pays
minimal attention to them.

The Contextual Model of HRM

This model, unlike other models, lays it emphases on the essential of the environmental factors
by considering variables such as the influence of social, institutional and political factors that

33
have been underestimated in other models. The latter, acknowledge the context as a fortuity
variable.

It is essential to note that the contextual model is wider, integrating the human resource
management system in the environment in which it is developed. According to Martin-Alcazar et
al. (2005, 635; 8) ‘Context both conditions and is conditioned by the human resource
management strategy.’ The formulation and the implementation of human resource strategies
involves a wider set of stakeholders which Sculler and Jackson refers to (2000, 229) as a
multiple stakeholder framework’. Irrespective of whether the stakeholders are external or
internal, they have influence likewise they are influenced by the strategic decisions.’

The Guest Model

In 1997, there was a model which claims to be the superior of all models and it was developed by
David Guest. The guest model claims that the human resource manager has a definite strategy to
start with, which requires specific practices and when executed, will result in outcomes. These
results include behavioral, performance related and financial rewards.

It is important to know that the Guest Model laid it emphases on the logical sequence of six
components: HR strategy, HR practices, HR outcomes, behavioral outcomes, performance
results and financial consequences. Taking all things into consideration, financial results rely on
workers’ performance, which in turn is the result of action oriented employee behaviors.
Behavioral outcomes, again, are the result of employee commitment, quality and flexibility,
which, in turn are impacted by HR practices. It is essential for human resource practices to
correspond with human resource strategy which will in no time align with the company
strategies.

The Warwick Model

Hendry and Pettigrew of the University of Warwick are the researchers that developed this
model and, hence, named it the Warwick model (early 1990’s). Just like some other models, the
Warwick model proposition concentrates on five important components:

• Outer context (macro environmental forces)

34
• Inner context (micro environmental forces)

• Business strategy content

• HRM content

• HRM context

35
CURRENT ISSUES

36
 HISTORY OF DIAMONDS INDUSTRY

4th Century BC – 1400s

Diamonds have a long history as beautiful objects of desire. In the first century AD, the Roman
naturalist Pliny stated: “Diamond is the most valuable, not only of precious stones, but of all
things in this world.”

A few history specialists gauge that India was exchanging precious stones as soon as the fourth
century BC. The country's assets yielded restricted amounts for a similarly restricted market:
India's exceptionally rich classes. Steadily, however, this changed. Indian jewels tracked down
their direction, alongside other extraordinary product, to Western Europe in the trains that went
to Venice's middle age markets. By the 1400s, precious stones were becoming elegant
adornments for Europe's tip top.

Early 1700s

In the early 1700s, as India's precious stone supplies started to decline, Brazil arose as a
significant source. Precious stones were found in the container of gold diggers as they filtered
through the rock of neighborhood streams. When it arrived at its maximum capacity, Brazil
overwhelmed the jewel market for over 150 years.

While sources changed, the jewel market encountered its own development. The old decision
classes — jewels' greatest shoppers — were in decline by the last part of the 1700s. Political
disturbances like the French Unrest prompted changes in the dissemination of abundance.

1800s – 1900s

The 1800s carried expanding riches to western Europe and the US. Wayfarers uncovered the
principal extraordinary South African jewel stores in the last part of the 1800s similarly as
precious stone interest widened. The narrative of the advanced jewel market truly starts on the
African mainland, with the 1866 disclosure of precious stones in Kimberley, South Africa.
Business person Cecil Rhodes laid out De Brews Combined Mines Restricted 22 years after the

37
fact, in 1888. By 1900, De Lagers, through its mines in South Africa, controlled an expected 90
percent of the world's creation of harsh jewels.

After fifty years, yearly creation moved toward 50 million carats, and during the 1990s it
outperformed 100 million carats each year. Toward the finish of the 1970s, the world's most
significant harsh jewel makers were South Africa, Zaire (presently renamed the Vote based
Republic of Congo), and the previous Soviet Association. During the 1980s, result of greater
precious stones from Russia and South Africa remained generally steady, yet Zaire's
development of lower-quality jewels dramatically increased.

The market presumably different as a lot after 1990 as it did in the years after the 1866 revelation
of precious stones in South Africa and the foundation of De Brews. The 1990s brought
energizing new sources and supported the emotional development of a few cutting communities.
This was occurring as the world economy vacillated fiercely.

2000 - Present

World diamond mining extended emphatically with the revelation of sources in Australia in 1985
and significant new stores in northern Canada in 2000.

As one of the exchange's significant members, De Lagers needed to change, as well. The De
Brews of today looks similar to the De Lagers of 1989. The organization significantly
diminished its job as the caretaker of precious stone stockpile. Rather than streaming into the
market in a solitary channel way from De Lagers, precious stones presently stream into the
market through numerous channels. However, not all things change. No matter what the way
they take, jewels actually stream from mines through cutting habitats, and eventually to retail
clients. Diamond’s magnificence has been valued for a really long time, yet there was very little
logical information about it before the 20th hundred years. From that point forward, precious
stone information has developed consistently, with research by scientific experts, physicists,
geologists, mineralogists, and oceanographers. In the beyond 50 years alone, researchers have
gained some significant experience about how precious stones structure and how they're shipped
to the world's surface. That information has made it more straightforward to anticipate areas for
new jewel disclosures.

38
 NEW DEVELOPMENTS OF INDUSTRY

In May 2022: De Beers group introduced the world's first blockchain-backed diamond source
platform at scale. De Beers Group has deployed the TracrTM blockchain platform at scale for its
diamond production. TracrTM is the world's only distributed diamond blockchain that starts at
the source and provides tamper-proof source assurance.

In April 2022: De Beers Group signed Mineral Investment Contracts with Angola. De Beers
Group announced it had signed two Mineral Investment Contracts (MICs) with the Government
of Angola for license areas in north-eastern Angola. The signing of the MICs follows the
announcement in late 2021 that De Beers had applied to explore Angola following substantive
reforms in the country's diamond sector.

39
 CHAPTER-4

DATA ANALYSIS

40
 CONTENTS

SR. NO. PARTICULARS PAGE

NO.

1 INTRODUCTION
2 METHODS OF DATA ANALYSIS
3 PROCESS OF DATA ANALYSIS

41
 INTRODUCTION

Data analysis is defined as a process of cleaning, transforming, and modeling data to discover
useful information for business decision-making. The purpose of Data Analysis is to extract
useful information from data and taking the decision based upon the data analysis.
A simple example of Data analysis is whenever we take any decision in our day-to-day life is by
thinking about what happened last time or what will happen by choosing that particular decision.
This is nothing but analyzing our past or future and making decisions based on it. For that, we
gather memories of our past or dreams of our future. So that is nothing but data analysis. Now
same thing analyst does for business purposes, is called Data Analysis.

Types of data analysis are-

 Primary data analysis is the original analysis of data collected for a research study.
Analyzing primary data is the process of making sense of the collected data to answer
research questions or support or reject research hypotheses that a study is originally
designed to assess. The choice of data analysis methods depends on the type of data
collected, quantitative or qualitative. Quantitative data are collected when researchers
rely on measurement, or assigning numerical values to units, to indicate the relative
levels or degrees of the variables under investigation, whereas qualitative data are textual
data that are produced in the form of participants’ transcribed or researchers’ descriptive
accounts.
 Secondary analysis refers to the use of existing research data to find answer to a
question that was different from the original work. Secondary data can be large scale
surveys or data collected as part of personal research. Although there is general
agreement about sharing the results of large scale surveys, but little agreement exists
about the second. While the fundamental ethical issues related to secondary use of
research data remain the same, they have become more pressing with the advent of new
technologies.

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 METHODS OF DATA ANALYSIS

Text Analysis

Text Analysis is also referred to as Data Mining. It is one of the methods of data analysis to
discover a pattern in large data sets using databases or data mining tools. It used to transform raw
data into business information. Business Intelligence tools are present in the market which is
used to take strategic business decisions. Overall it offers a way to extract and examine data and
deriving patterns and finally interpretation of the data.

Statistical Analysis

Statistical Analysis shows “What happen?” by using past data in the form of dashboards.
Statistical Analysis includes collection, Analysis, interpretation, presentation, and modeling of
data. It analyses a set of data or a sample of data. There are two categories of this type of
Analysis – Descriptive Analysis and Inferential Analysis.

Descriptive Analysis

Analyses complete data or a sample of summarized numerical data. It shows mean and deviation
for continuous data whereas percentage and frequency for categorical data.

Inferential Analysis

Analyses sample from complete data. In this type of Analysis, you can find different conclusions
from the same data by selecting different samples.

Diagnostic Analysis

Diagnostic Analysis shows “Why did it happen?” by finding the cause from the insight found in
Statistical Analysis. This Analysis is useful to identify behavior patterns of data. If a new
problem arrives in your business process, then you can look into this Analysis to find similar
patterns of that problem. And it may have chances to use similar prescriptions for the new
problems.

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Predictive Analysis

Predictive Analysis shows “what is likely to happen” by using previous data. The simplest data
analysis example is like if last year I bought two dresses based on my savings and if this year my
salary is increasing double then I can buy four dresses. But of course it’s not easy like this
because you have to think about other circumstances like chances of prices of clothes is
increased this year or maybe instead of dresses you want to buy a new bike, or you need to buy a
house!

So here, this Analysis makes predictions about future outcomes based on current or past data.
Forecasting is just an estimate. Its accuracy is based on how much detailed information you have
and how much you dig in it.

Prescriptive Analysis

Prescriptive Analysis combines the insight from all previous Analysis to determine which action
to take in a current problem or decision. Most data-driven companies are utilizing Prescriptive
Analysis because predictive and descriptive Analysis are not enough to improve data
performance. Based on current situations and problems, they analyze the data and make
decisions.

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 PROCESS OF DATA ANALYSIS

The Data Analysis Process is nothing but gathering information by using a proper application or
tool which allows you to explore the data and find a pattern in it. Based on that information and
data, you can make decisions, or you can get ultimate conclusions.
Data Analysis consists of the following phases:

 Data Defining
 Data Collection
 Data Cleaning
 Data Analysis
 Data Interpretation

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 CHAPTER-5

FINDINGS AND CONCLUSION

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 CONTENTS

SR. NO. PARTICULARS PAGE

NO.

1 FINDINGS
2 CONCLUSION

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 FINDINGS

The sample size used to draw this data is 25 employees. On the basis of their responses,
following analysis has been done and depicted using a pie chart for every question-

 IN THR RECRUITMENT PROCESS WHAT KIND OF SOURCES ARE USED

BY YOUR ORGANIZATION?

SOURCES OF RECRUITMENT

INTERNAL
EXTERNAL
BOTH

Out of 25 employees, 21 responded that both internal and external sources of recruitment are
used to hire new talent in the company. Internal sources of recruitment refer to the recruitment of
employees who are already a part of the existing payroll of the organization. The vacancy for the
position can be informed to the employee through internal communication. Some of them are-

 Promotion
 Transfer

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  Employee Referrals
 Former employees

External sources of recruitment seek to employ candidates that have not been recruited any time
before in the organization. Some of them are-

 Advertisement
 Employment Exchanges
 Employment portals
 Educational Institutions
 Recommendation

 FOR MOTIVATING THE EMPLOYEE WHAT SORTS OF ACTIVITIES ARE

PERFORMED BY YOUR ORGANIZATION?

MOTIVATIONAL ACTIVITIES

PROMOTION
JOB ROTATION
JOB TRANSFER
BONUS

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The response of employees to this question showed that company uses all sorts of motivational
activities based on their employee’s needs. Out of 25 employees, 12 said Bonus, 8 said
Promotion, 3 said Job Transfer and 2 said Job Rotation. This shows that money is the best
motivator amongst employees that encourages employees to work with full enthusiasm towards
achieving company’s goals and objectives. Employee motivation leads to increased enthusiasm,
energy level, commitment, and amount of creativity that an employee brings to the organization
on a daily basis.

 DO YOU GET FAIR AND ON TIME SALARY?

ON TIME SALARY

YES
NO

Salary is important in the most basic sense -- the vast majority of people wouldn't do their jobs if
they weren't paid for it in fair amount. As per response received, 23 employees are happy with
what they are earning and even think that they are getting paid on time. However, 2 employees
answered no to the question as they thinks that outbreak of COVID affected a lot on their pay

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scale and even they got paid late. On comparative basis, company is doing good as more than
90% of employees are in their favor.

 DOES YOUR COMPANY PROVIDE GOOD ANNUAL SALARY HIKE?

ANNUAL HIKE

YES
NO

Links between salary and motivation are often debated. Most experts agree that a reasonable
salary for a given job is needed to attract and retain employees. This question shows that indeed
there is something from which employees are not satisfied. More than 70% of the employees that
is 18 out of 25 employees agreed that they are not satisfied with the hikes they get from their
organization which eventually leads to employees switching their jobs in need for higher pay. So,
it is necessary to provide constant hikes or bonuses in order to keep the talent within the
company and even happy so that they can work with enthusiasm and bring results for the
company.

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  DOES YOUR ORGANIZATION CONDUCT TRAININGS FOR SKILL
DEVELOPMENT?

SKILL DEVELOPMENT TRAININGS

YES
NO

When done right, skills development can reduce un- and underemployment, increase
productivity, and improve standards of living. Helping people develop and update their skills
makes economic sense. This is the only question on which 99% of employees are agreeing.
Employees stated that there are trainings that are compulsory for then to attend and also there are
a number of trainings from which they can choose and develop more skills. They said
management takes constant follow-ups and even provide counseling on importance of skill
development which eventually encourages employees to work on themselves.

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 CONCLUSION

Achieving organizational effective is possible when the management knows that the employees
are the representation of the company in front of the customers. When the employees are
satisfied, the company will reach it maximum level. The mood of one employee in the group will
have an adverse effect on the productivity of the organization. Healthy competition in an
organization is essential because it boost the morale of the workers.

The outcome of the research is considered to be successful because the main objective (What
makes organization effective) of the thesis was achieved and the research question is to know the
roles of human resources management in regards to organizational effectiveness which was
answered.

The key to organization effectiveness based on this research is the human resources because it is
the representation of the company in every aspect of the day to day running of business while the
roles of human resources management in regards to organizational effectiveness is making the
organization a productive and prospering workforce.

Labor Union works for the interest of its members and they do not have the same interests as the
management. Human resource management concentrates on matching the needs of the business
with the needs and development of the workers. Every worker has a role to play in the success of
a company, and it should be valued.

Based on the employee respondents, it is evident that they are motivated to work and they
respect the management when their values are respected. The managing also emphasizes that the
management make sure that the employees are satisfied and the team members are happy with
the group on daily basis.

Finally, the findings may not be the representation of the whole data of industry in Finland, some
further study and other findings can be made.

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 CHAPTER-6

SUGGESTIONS

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Based on the findings in this research, it is suggested that:

 Trade union should safeguard the interests at its member as well as help the management
to maximize their productivity.
 The research has shown that a major problem between employees and management is
effective communication.
 The guest model is supportive to the employees but it cannot be fully trusted because
humans are dynamics in nature.
 Ethical Behavior : A HR manger should adopt ethical behavior to have cordial
relationship with employees and to avoid conflicts and handle diverse workforce with
care.
 Coordination: An HR manger must work in diverse work force and he must stimulate his
subordinates to do action. Thus he must develop coordinating attitude in him as well as in
the working environment.
 Sympathy and Consideration: As human is a social being he needs care and sympathy
from others in his working place or anywhere. Thus as an HR manager works with
humans he must have sympathy and should consider someone’s problem.
 Knowledge of Labor: An HR manger should have complete knowledge of labor that is,
he must know the mindset of workers. A manager must have long experience with
diverse workforce not only this but also he must know about changing trend in labor
sector as well as changing rules and regulation of employment. He must know about what
is the minimum and maximum wage rate and average working hours.
 Academic Qualifications: To be HR manager one should have high academic
qualifications with proper knowledge and experience
 Fairness: A HR manger must not be very rough and hard while he deals with his workers.
 Communication: There must be proper communication among HR manager or
departmental managers and employees and it must be clear and understandable. Business
owners should focus on communicating the benefits of the change for everyone so that
employees can adjust to changes very easily and quickly.

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APPENDICES

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 QUESTIONNAIRE

HUMAN RESOURCE MANAGEMENT

1. NAME: _____________________________________

2. E-MAIL ID: __________________________________

3. GENDER: FEMALE MALE

4. NATIONALITY: ________________________________

5. IN THR RECRUITMENT PROCESS WHAT KIND OF SOURCES ARE USED BY YOUR

ORGANIZATION?

INTERNAL EXTERNAL BOTH

6. FOR MOTIVATING THE EMPLOYEE WHAT SORTS OF ACTIVITIES ARE

PERFORMED BY YOUR ORGANIZATION?

PROMOTION JOB TRANSFER

JOB ROTATION BONUS

7. DO YOU GET FAIR AND ON TIME SALARY?

YES NO

8. DOES YOUR COMPANY PROVIDE GOOD ANNUAL SALARY HIKE?

YES NO

9. DOES YOUR ORGANIZATION CONDUCT TRAININGS FOR SKILL DEVELOPMENT?

YES NO

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 REFERENCES

 https://www.statista.com/topics/1704/diamond-industry/#topicOverview
 https://www.gia.edu/diamond-history-lore
 https://www.livemint.com/news/india/india-to-become-largest-market-for-lab-grown-
diamonds-in-future-here-s-what-report-says-11666396267567.html
 https://www.questionpro.com/blog/data-collection-methods/
 https://straitsresearch.com/report/diamond-market
 https://www.guru99.com/what-is-data-analysis.html
 https://www.diasunjewelry.com/
 https://www.diasunjewelry.com/who-we-are
 https://www.diasunjewelry.com/why-buy-from-us
 https://www.diasunjewelry.com/fine-jewelry-5/bracelets-34
 https://www.diasunjewelry.com/fine-jewelry-5/necklace-37

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