Business Plan for Jewelry Design Business in Saudi Arabia Assignment 2022

Running head: BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
Business Plan for Jewelry Design Business in Saudi Arabia
Name of the Student
Name of the University
Author Note

1BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
Table of Contents
Introduction......................................................................................................................................3
1. About the Owners of the Business...........................................................................................3
2. Strengths of the Business.........................................................................................................4
2.1. Macro Environment Analysis of the Jewelry Business....................................................4
2.2. Micro Environment Analysis............................................................................................9
3. Organizational Structure and Design.....................................................................................11
4. Identification of Key Stakeholders.........................................................................................11
5. Marketing Plan.......................................................................................................................12
5.1. Unique Positioning..........................................................................................................12
5.2. Marketing Aims and Objectives.....................................................................................13
5.3. Market Segmentation......................................................................................................14
5.4. Marketing Strategies.......................................................................................................15
6. Budget and Financing.............................................................................................................18
7. Corporate Social Responsibility.............................................................................................19
8. Recommendations..................................................................................................................20
Conclusion.....................................................................................................................................21
References......................................................................................................................................23

2BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
Introduction
The market for gold and diamond jewelry was seen to stand at a value of 3.88 million
dollars in the year of 2016, and this figure is expected to cross the 6 million dollar mark by the
year of 2022 (Kunz et al, 2020). The rising or emerging young population in Saudi Arabia has
been showing an increasing preference for jewelry that is elegantly designed, which is exquisite
to feel and to hold and which can be worn on various occasions, both formal as well as informal.
The desire for sophisticated, high quality and beautiful gold and diamond jewelry in the country
of Saudi Arabia is something that is synonymous with the rising economic development in this
part of the world (Abalkhai, 2020). As such, there is a high demand for gold and diamond
jewelry in different Saudi Arabian cities and towns, with such jewelry being sought after by men
and women alike (Basri, 2020). This assignment prepares a business plan for an aspiring jewelry
design business in Riyadh in Saudi Arabia. The assignment provides a description of the strength
of the business idea, after which industry related issues are analyzed in significant detail. This is
followed by target market identification, market segmentation and an overview of the various
types of marketing strategies, both conventional and digital, that will be put into place in order to
make the business known to one and all in Saudi Arabia after it has been launched in the capital
city of Riyadh. The report concludes with a number of key recommendations that ought to be
taken into consideration by the owners of the business in order to grow and expand this new
business in Saudi Arabia in the most suitable way possible.

3BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
1. About the Owners of the Business
The jewelry designing business for which this business plan is being prepared is a person
who has been working in the industry for gold and diamond jewelry in Saudi Arabia for the last
four years. This is a person who has all the experience that is necessary in order to set up a new
business in jewelry designing, as this person has been exposed to the many challenges and
difficulties that come with working in such an industry and has a fair idea of the strategies that
need to be brought into play and the decisions that need to be taken in order to overcome such
difficulties and challenges. Over and above the fact that this person has been working in the
jewelry design business for the last four years, this is a person who has also obtained a diploma
in the art of jewelry design. Consequently, the owner of the business is an individual who is well
positioned to start a new enterprise in jewelry design, as this is an individual who not only has a
realistic understanding of the industry and the market in which this business is going to operate
but also has sound knowledge about the skills and techniques that need to be deployed in order to
create beautiful, innovative and unique pieces of jewelry for the chosen or designated target
audience (based on hypothetical scenario).
2. Strengths of the Business
The strength of the business and the possibility of this business surviving in the Saudi
market over a long period of time is going to be evaluated by undertaking a detailed situational
analysis of the enterprise.

4BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
2.1. Macro Environment Analysis of the Jewelry Business
The macro environment analysis of the business is something that is going to be carried
out by conducting a PESTEL analysis first followed by Porter’s 5 Forces analysis of the
enterprise.
PESTEL Analysis
Political Factors – Saudi Arabia is a country where the political system takes the form of a
hereditary and absolute monarchy. It is the monarch who has full control over the affairs of the
kingdom, and as such the political framework of the nation can be considered as stable and
secure. Businesses that operate in the country of Saudi Arabia can take advantage of the secure
and stable political framework that prevails in this part of the world to run their operations in a
smooth and efficient, without any fear or threat of disruption. The Saudi government does not
impose stringent rules and regulations on business enterprises, both local and international, as a
result of which the new jewelry design business is certain to be able to conduct its operations in
Riyadh without any worry of interference from the monarchical government (Abalkhail, 2020).
Economic Factors – Saudi Arabia is one of the most prosperous nations, not only in the West
Asian region, but in the whole world. The kingdom of Saudi Arabia is one that is home to some
of the largest oil and natural gas reserves across the globe. The country is characterized by high
GDP growth and it is seen to actively encourage foreign direct investment as well. The new
jewelry design business is going to be able to locate the stable economic conditions in which it
can grow, develop and thrive, not only in the short term, but over a long span of time (Abalkhail,
2020).

5BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
Social Factors – The high rate of economic growth that is seen to prevail in the kingdom of
Saudi Arabia, and the prosperity that is seen to reign in this part of the world implies that the
people of Saudi Arabian society have the purchasing power that is needed to purchase gold and
diamond jewelry, at any and every time of the year. People living in Saudi Arabia have a very
high income, and as such, they are seen to engage in or endorse a lavish lifestyle that entails the
frequent purchase of luxury products, gold and diamond jewelry notwithstanding. The new
business in jewelry designing that will be set up in the city of Riyadh is going to be able to locate
its target audience here with a fair amount of ease, given the high purchasing power and lifestyle
choices of people living in Saudi Arabia (Basri, 2020).
Technological Factors – Saudi Arabia is considered to be one of the most technologically
development nations in the whole world. A substantive sum of money is invested by the
government of Saudi Arabia, every single year on research and development activities pertaining
to science and technology. As such, the people living in Saudi Arabia are all familiar with the
use of the internet and the internet services are made use of extensively for the buying and
selling of commodities in this country. The new business in jewelry design can take advantage of
such advancements in the area of technology, in order to sell its products and services across a
wide target audience, without much difficulty (Basri, 2020).
Environmental Factors – A concern for the natural environment is something that is known to
prevail in a country like Saudi Arabia in spite of this being a desert nation characterized by a
humid and arid climate. Businesses in this part of the world are supposed to conduct their
operations in a way that is in keeping with environmental preservation policies, and which are
not detrimental for the natural environment. As such, the new business in jewelry design will

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have to conduct its activities in a way that no toxic impact is generated on the natural
environment of Riyadh (Kunz et al, 2020).
Legal Factors – Sharia Law is what governs the legal system in the country of Saudi Arabia.
This is a country that runs solely according to the tenets of Islamic fundamentalist law, and as
such, the new business in jewelry design can rely on an anti-corruption and stringent legal
framework when conducting its operations. The legal framework based on Sharia law that is seen
to be in existence in a country like Saudi Arabia can adequately protect the new business from
fraud, corruption and other ills that can otherwise plague the growth and development of a new
enterprise (Basri, 2020).
Porters 5 Forces Analysis
Competitive Rivalry – The threat of competitive rivalry is something that is fairly moderate for
an upcoming business in a jewelry design in Saudi Arabia. While there are quite a few jewelry
design businesses that are seen to be in operation in Saudi Arabia, including in the capital city of
Riyadh, the high demand that prevails for gold and diamond jewelry here implies that the threat
of competition can be easily combated by the new enterprise, as long as it keeps its jewelry
products uniquely positioned at all times (Khan, 2017).
Bargaining Power of Suppliers – The demand for gold and diamond jewelry in a country like
Saudi Arabia is something that is quite high and there are plenty of businesses in this part of the
world that engage in the manufacture and design of gold and diamond jewelry. As a result, the
bargaining power of suppliers is not too high, something that is going to likely be of considerable
advantage for the new jewelry designing business. It can count on a reliable supply and

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distribution system while running its operations in the city of Riyadh in Saudi Arabia (Khan,
2017).
Bargaining Power of Consumers – Given the fact that there are many jewelry businesses that
are in operation in the country of Saudi Arabia, including businesses that specialize in the
designing of jewelry items, the bargaining power of consumers is something that is certain to be
quite high when this new enterprise is launched in the Saudi market. Customers are likely to be
spoilt for choice when it comes to choosing a business that they can approach for the
procurement of well-designed and sophisticated gold and diamond jewelry hence the new
business is going to have to position its jewelry designs very uniquely indeed in order to capture
the interest and the attention of the target audience (Basri, 2020).
Threat of Substitution – Although it is true that there are many new businesses that specialize
in jewelry design and which are in operation in the cities and towns of Saudi Arabia, the type of
welding and other industrial manufacturing techniques that will be made use of by the new
enterprise for the creation of jewelry items that feature unique designs, is something that is going
to set this enterprise apart from others that are in operation in Saudi Arabia and which in turn is
going to reduce the threat of substitution considerably (Bahaddad et al, 2018).
Threat of New Entry – The high demand that prevails for a product such as gold jewelry or
diamond jewelry for that matter, and the fact that there are so many enterprises in the country of
Saudi Arabia that deal in gold and diamond jewelry design as well as manufacture indicates that
the threat of new entry is quite high. A new business in jewelry design can emerge at any point
of time, that offers cost effective jewelry design and jewelry production services and which is

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able to capture the attention of the target audience of the present business quite easily (Abalkhail,
2020).
Porters Generic Forces Analysis
Cost Leadership – The new enterprise in jewelry design is one that is going to make it a point to
engage in low cost production in the initial stages of its operations, so that it is able to offer its
services in jewelry design and so that it can offer its new and ornately designed jewelry products
at rates that are economical and which are well suited for customers of every budget. By
engaging in cost leadership, the business will seek to capture a major portion of the market in the
early days of its operations (Basri, 2020).
Cost Focus – The products that are offered by the new jewelry design business will be those that
are kept priced significantly lower than the jewelry products that are offered by other enterprises.
By keeping the market price of such gold and jewelry items lower than what is being offered by
rivals and competitors, the new business will attempt to attract the interest of its target audience
much more readily than usual. The price of the jewelry items will be kept low regardless of how
sophisticated and refined the designs and the quality of the jewelry are (Basri, 2020).
Differentiation Focus – The new business in jewelry design is going to focus initially on
drawing the attention and the interest of a target audience of a relatively small size and number.
It is going to engage in differentiation focus based on which it is going to up come with jewelry
designs and forms that are specifically likely to appeal to a certain type of target audience only. It
is going to stick to this strategy for a few months to see how well the designs are being received
by the members of the target audience, young and old (Abalkhail, 2020).

9BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
Differentiation Leadership – After the business has been launched and has been in operation in
Riyadh for a significant length of time, it is going to undertake the initiative of differentiation
leadership whereby it is going to engage in the production of jewelry designs or ornaments that
are so unique that they capture the attention of not only the target audience in Riyadh, but in
other parts of Saudi Arabia as well. By partaking in differentiation leadership, an attempt will be
made by the business enterprise to grab a hold over the jewelry industry in the county of Saudi
Arabia as a whole (Kunz et al., 2020).
2.2. Micro Environment Analysis
The micro-environment analysis of the new jewelry enterprise is something that is going
to be undertaken now using the framework of SWOT analysis –
Strengths – One of the key strengths of this business enterprise lies in the fact that it produces
jewelry products that are of an excellent variety. There is a wide range of designs, shapes and
forms that customers can get to choose from when they go through what is on offer by this
business. Every care will be taken on the part of this enterprise to provide customers with
jewelry that is made of the purest metal as well (Bahaddad et al. 2018).
Weaknesses – Due to the fact that the procurement of gold metal and the cost of jewelry
production is quite high, the new business is not going to be able to provide its ornaments for
sale, at a price that is truly low. This may deter purchases in the initial stages of the launch of the
business. The initial days are also the time when the business is not going to be served by as
much manpower as it needs in order for it to be considered a well-established jewelry enterprise
in the city of Riyadh (Bahaddad et al., 2018).

10BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
Opportunities – The market and the industry for gold and diamond jewelry in the country of
Saudi Arabia is one that is thriving. The demand for gold and diamond jewelry is at an all-time
high now and this demand is likely to stay for a long span of time, given the fact that the Middle
Eastern region is world famous for its jewelry designs and its jewelry production as a whole.
There is plenty of opportunity therefore for the new jewelry design to expand and to grow in the
country of Saudi Arabia, first in the city of Riyadh and then to other parts of the country as well
(Basri, 2020).
Threats – The high demand that is seen to persist in a country like Saudi Arabia for items such
as diamond and gold jewelry implies that there are many businesses in operation in this part of
the world that are likely to pose a severe threat to this new enterprise. The new enterprise will
have to keep its jewelry designs very uniquely positioned in order to ensure that the ornaments
that it produces for sale in the Saudi market are those that stand out with regard to both
appearance as well as quality (Abalkhail, 2020).
3. Organizational Structure and Design
The new business in jewelry design that will be launched in the city of Riyadh in Saudi
Arabia is one that is going to function under the direction and the leadership of a single owner.
As such, the organizational structure of the new business is going to be that of a sole
proprietorship. It is going to take form and shape under the guidance of a single owner and based
upon its success in the market in Riyadh after a significant period of it having been launched, the
ownership stakes may be extended to more than one person. The type of leadership that will be
implemented to get the business up and running in the initial stages of its operations is a top
down and transformational leadership style. Instructions will be imparted to the people who are

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employed to work for the business, by a single person, who is the owner of the business. Later,
as the business grows and expands in Riyadh, an attempt will be made to hire managers and
supervisors who can oversee the process of design and manufacture, just as is the case with any
large scale jewelry business (Wang & Wu, 2019).
4. Identification of Key Stakeholders
The key stakeholders of the new business are going to be the owner of the business, that is,
the person who is investing in the enterprise and who is going to be taking on the responsibility
of getting this enterprise up and running in the city of Riyadh, the key financiers or investors in
the business enterprise, the employees of the new business, however few in number they may be
and the customers of the business. Out of all the stakeholders, looking into the interest of the
employees of the new enterprise is something that the leadership of the business will have to do
in order to be serviced by a stable base of manpower or human resources without which the
business will fail to function in an efficient manner. The business is also going to have to ensure
that the needs and the expectations of its customers are those that are duly met so that it is able to
create the stable client base that is required for any business to be able to function in a particular
market and a particular industry over a long span of time. The business will also make it a point
to be accountable to the financiers or investors in the business enterprise and to see to it that they
get sufficient returns for the investment that they make in the enterprise, even in the initial days
of operation.

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5. Marketing Plan
5.1. Unique Positioning
The new jewelry business is entering a market that is characterized by a high demand for
jewelry products, and there are plenty of competing businesses that are seen to engage in the
production of gold and silver ornaments as well as diamond ornaments of various different types
and designs. It is therefore imperative for the new business to come up with a designs and
ornaments that stand out in their appeal when launched for sale (Wang & Wu, 2019). For this
purpose, the designs that are produced by this business are those that are going to cater
specifically for working professionals in the city of Riyadh. As such, the designs of the jewelry
items are not going to be too ornate or gorgeous and will be the type of jewelry that can be worn
not only with formal and traditional Saudi garments or garments that are unique to the Middle
Eastern region, but which can be worn equally easily with western attire as well. The aim of the
new jewelry design business is to come up with the type of ornaments that can be afforded by
working professionals in the city of Riyadh, which are ornaments that they can wear to formal
and informal occasions, be it to an office party or a birthday party, and which they can wear and
use over a long span of time. By creating a chain of jewelry items that are meant exclusively for
working professionals in Riyadh, the new business is going to be able to keep its products quite
uniquely positioned in the Saudi market (Basri, 2020).
5.2. Marketing Aims and Objectives
The marketing aims and objectives of the jewelry design business in Riyadh have been
analyzed below using the SMART framework. –

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Specific – To cater to the interests and requirements of working professionals in Riyadh, who
take pride and pleasure in wearing jewelry items that are neither too gaudy nor too low key
(Basri, 2020).
Measurable – To ensure a twenty percent hike in sales in the first six months of its
operations in Riyadh and to occupy at least thirty percent of the market share in Riyadh
within a year of operating in the city (Basri, 2020).
Attainable – The marketing goals and objectives will be kept simple to achieve. The
business, in the early days of its growth and expansion simply seeks to raise awareness and
interest in its target audience, and will not be looking to engage in aggressive sales activities
at this juncture, at all (Khan, 2017).
Realistic – The marketing plans and activities will be designed and structured in a way that
these may be attained within a specific period of time, and in a way that these are likely to
draw the interest and the attention of the target audience instead of putting them off (Basri,
2020).
Time specific – The business will look to ensure good sales figures within eight to twelve
months upon its launch in the city of Riyadh By the end of eight months, an attempt will be
made by the business to see how far it has come, how much progress it has made and what
more is left to be done in order to ensure better business growth and progress (Abalkhail,
2020).

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5.3. Market Segmentation
Geographic Segmentation – The new business that is being opened in Riyadh will be enterprise
that caters to the needs and the expectations of customers who hail not only from the country of
Saudi Arabia, but from the entire Middle Eastern region as a whole. Since the business has
chosen to launch its operations in Riyadh, which is the capital of the country of Saudi Arabia, it
is going to be able to cater to people who come to the city from near and from far, not only from
within Saudi Arabia but also from neighboring countries such as Qatar or the United Arab
Emirates (Abalkhail, 2020).
Demographic Segmentation – The type of people who will be able to afford the jewelry that is
on offer by the new enterprise and who will as such constitute the target audience of the business
will be people who belong to the professional age group. As such these are people who are going
to be above twenty years of age and who will have the purchasing power or the purchasing
capacity that is necessary in order to be able to afford the gold and diamond ornaments that are
put up for sale by this business enterprise (Khan, 2017).
Behavioral Segmentation – The new business is going to cater to customers who take an
interest in their appearance and who wish to look good by virtue of their appearance, regardless
of whether they are attending a formal or an informal event. Customers who take pride in their
appearance and who want to be seen wearing beautifully designed jewelry and ornaments to the
occasions that they attend will be the key target base for a business such as this. This business
will specifically address the needs of customers who have the inclination to look good and to feel
good when they wear jewelry (Khan, 2017).

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Psychographic segmentation – As such, the new jewelry enterprise that will be launched in the
city of Riyadh is one that is going to cater to customers who lead an active lifestyle, who are
constantly engrossed in their business and who are busy working professionals for the most part.
The enterprise will be focusing specifically on people who spend nine to five in the office, and
who are on the lookout for the type of jewelry items that they can wear with western or eastern
clothing, and which are likely to make them look good and feel good when they wear them
(Bahaddad et al., 2018).
5.4. Marketing Strategies
The following are the conventional marketing strategies that will be taken to spread word
about the new business as soon as it is launched in the city of Riyadh in Saudi Arabia.
Product – The product that is being marketed in this instance is the gold and diamond jewelry
as manufactured and designed by the new enterprise. The gold jewelry and the diamond jewelry
will come in a variety of shapes and designs, and will truly be a sight to behold once these are
launched for sale. Every attempt will be made to keep the jewelry items that are designed and
produced by this new business androgynous in their appearance and in their feel so that these
may be worn by men and women alike and that too on occasions that are either formal or
informal in nature and character (Nair & Gulati, 2019).
Place – As mentioned before, the place where the business is going to be launched for the very
first time is in the city of Riyadh, which is the capital of the country of Saudi Arabia. Riyadh has
been chosen for the launching of the enterprise on account of its strategic enterprise, the fact that
this is a city which is thronged in large numbers not only by people from all over the country of
Saudi Arabia, but from the entire Middle Eastern region as a whole. The business is going to be

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able to locate its target audience with a relative amount of ease when it launches its operations in
the city of Riyadh, given how large and dynamic and cosmopolitan the city is and the fact that it
serves as a home for people from all over the world (Wang & Wu, 2019).
Price – When it comes to the price of the jewelry items, every effort will be made by the new
business to keep the gold and diamond jewelry priced at a relatively low rate. Given how high
the cost of gold jewelry production is, it is going to be difficult for the enterprise to offer its
products at too low a price. However, attempts will be made to keep the prices competitive so
that people are drawn to the sale of such jewelry in large numbers. If the business turns out to be
a success in Riyadh, the price of the jewelry items can be hiked at a later date (Nair & Gulati,
2019).
Promotion – The promotion of the new jewelry items is going to take place quite actively at the
major malls and multiplexes in different parts of Riyadh. Banners and posters will be created
about the new business, as will pamphlets that will contain information as well as images of the
new jewelry items that are on offer. These will then be circulated in the leading shopping malls
in the city so that people get to know about the new enterprise quite readily and feel inclined to
make an immediate purchase based on what they are told or what they get to know. Advertising
through the media, that is through major daily newspapers in Riyadh, and also via magazines is
something that the business is going to take recourse to, in order to spread knowledge and
awareness about its existence, as far and as wide as possible (Nair & Gulati, 2019).
Apart from the regular or conventional promotional activities, the promotion of the new
jewelry business in Riyadh is also something that is going to be undertaken by quite heavily
through social media channels and platforms. The use of social media is going to be opted for, so

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that information about the new business and its product is something that gets disseminated
quickly and readily to a wide target audience in a limited time span. Some of the social media
platforms that the business is going to make use of in order to make its message known to its
target audience are the well-known social media networking sites such as Twitter, Facebook and
Instagram and even Youtube for that matter. Through such social media networks and channels
the business will keep its target audience informed about new arrivals, about existing products
and the ways by which these may be purchased, and images of the jewelry items will be
uploaded on the social media pages on a regular basis. This in turn is something that will give the
target audience of the business, first-hand information about what it is that they are about to buy
from the business. Attempts will be made by the business owner to update the social media pages
on a regular basis so that customers do not get bored with what is on offer by the business and so
that they visit such pages regularly as doing so will lead them to make a purchase at some time
or the other (Gopinath & Shankaran, 2020).
People – The business is going to start out by hiring only a very few people in order to run its
operations. In order to get the business up and running in the initial stages, the business is going
to hire an accountant, a marketing executive, an HR executive and a social media marketer in
order to ensure that the outreach of the new business is something that is spread as far and as
wide as possible. By creating a limited but dedicated employee base, the business will seek to
expand and grow in Riyadh and based on its success here, will later take a decision on whether
or not to hire more people for running the enterprise (Hani et al., 2018).
Process – The business operations for the jewelry enterprise are those that are going to be
undertaken online in the first six months of the launch of the business. By operating online
exclusively, through a well-designed website, the business will seek to cut down on

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establishment costs while looking to boost sales at the same given time by partaking in
aggressive social media marketing at this juncture. Later on, an office space will be hired that
will be later converted into a jewelry store of sorts for customers to visit and buy jewelry items
from. The operations of the company will be divided into several main categories such as design
and manufacture, marketing and sales, social media marketing, accounting and HR services, the
latter being introduced at a later date when the business has expanded quite a bit (Hani et al.,
2018).
Physical Evidence – As mentioned above, a physical store for the running of business
operations is something that is going to be conceived by the business a few months after its
launch. At the early stages, the business is going to restrict its presence to online platforms only.
Based on how successful the business turns out to be and if sales figures are high in the first six
months of the launch of the business, the enterprise will start functioning from a concrete or
physical space such as an office room that will take the form of a jewelry shop (Nair & Gulati,
2019).
6. Budget and Financing
The business is going to start operating with a resource base of $ 100,000 to begin with.
Since establishment costs are going to be low in the initial stages of operation, the business is not
going to have to spend too much on paying its employees or on marketing and sales for that
matter, since a lot of the sales and promotional work will be undertaken via social media. Later,
as the company expands and as more conventional methods of advertising is taken recourse to,
such as print media advertising, the budget for running the business will be higher, and this is
likely increase even further when the business takes up an office space in Riyadh and starts

19BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
running its operations from there (Diktas & Tekin, 2018). The business shall be started up with
personal capital of $ 100,000 and later on based on business success a loan of $ 100,000 will be
applied for at leading banks and financial institutions in Riyadh, with which to expand the
business and its operations further, in the city of Riyadh.
7. Corporate Social Responsibility
There is no business in today’s day and age that can afford to have a presence in any
market or industry without taking part quite actively in corporate social responsibility. The latter
constitutes the measures that are taken by a business to give back to the society in which it has
been running its operations for a significant length of time. The new jewelry business is one that
is going to refrain from CSR in the initial days of its operations in Riyadh. If the business turns
out to be a success and if it is able to grow and expand quite effectively in Riyadh, then the
business will devote itself to the upliftment of certain social ills and causes in the city. The
business will for example raise funds to look after the poor and the needy living in Riyadh and it
will also engage itself in social activities that are aimed at the reduction of a wide range of social
ills such as gender based violence and domestic violence among others. Through CSR, the
business will hope to entrench its presence in Riyadh in a positive and constructive way, and that
too, for a long period of time (Serdyuk & Votchenko, 2019).
8. Recommendations
In order to attain high levels of business growth and development in Riyadh, there are a
number of important recommendations that ought to be taken into consideration by this
enterprise –

20BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
 The business is one that needs to update itself on a regular basis with respect to the latest
designs and trends in jewelry manufacture. It cannot afford to stick to the same and staid
old designs if it wants to retain the interest and the custom of its target audience for a
long period of time. It will have to look for ways by which it can improvise on existing
designs so as to be able offer more variety for its customers (Jotikasthira, C., & Onputtha,
S., 2018).
 The new business has to ensure that fact that it produces jewelry items and ornaments
that are of the highest quality, and which are not likely to induce allergies or sickness in
the people who wear them. Since this is a business that is going to be catering specifically
to the working professionals in the city of Riyadh, it is going to have to come up with
ornaments that feel comfortable and look good, and which are of the purest quality at the
same given time (Otakanon et al., 2017).
 The new business ought to produce a line of jewelry designs or ornaments that can not
only be worn by women to their place of work but by men too. By keeping the jewelry
designs quite ornate in their appearance and in their appeal consequently, the business is
going to be able to reach out to a wider target audience. Specific jewelry items for
specific types of formal and informal occasions ought to be designed and produced by the
new business so as to give the target audience the maximum possible variety when it
comes to the purchase of gold and diamond jewelry ornaments (Naatu, 2016).
 The company needs to take its social media activities very seriously if it wants to expand
and grow in the best way possible and in a limited period of time. The use of social media
will be one of the fastest and quickest ways by which the business can reach out to large
numbers of its target audience. Engaging in dialogue with consumers over social media

21BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
will give the enterprise an understanding of what its target audience expects of it in
Riyadh, and what it must avoid in order to refrain from displeasing its target audience or
going against them (Naatu, 2016).
 Regular discounts and rebates ought to be offered on the purchase of jewelry items, at
least the initial phases when the business is being launched. Customers are likely to be
attracted to the purchase of jewelry, if it is made available to them at a low price.
Discounts and rebates will put customers in a position to procure high quality jewelry at
the best prices, and this is a marketing move that they are certainly going to appreciate
regardless of how wealthy they are. Hence discounts and rebates must be offered as much
as possible, in the first six months of business growth and expansion (Wang & Wu,
2019).
Conclusion
Thus, the business plan that has been discussed for the new jewelry design enterprise is
one that needs to be implemented with care, caution and precision if it is to bear fruit for the new
business instead of working against its favor. Marketing jewelry in today’s day and age is quite
easy to do owing to the widespread prevalence of social media. However, in a city of Riyadh,
which is already home to some of the best jewelry businesses in the whole world, marketing a
jewelry enterprise and making sure that its products sell well and as regularly as possible is no
mean task. The new business is going to have to cut down on establishment costs and stick to an
online presence in the initial days of its start up after which it can gradually acquire an office
space. It also needs to make use of digital marketing platforms in order to reach out to large
sections of its target audience in Riyadh, getting to know about their needs and requirements

22BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
when it comes to the regular purchase of jewelry for office or formal wear or casual wear. This
new enterprise is going to be one of a kind as it is going to offer its products specifically for
consumption and use by working professionals in Riyadh, and it will have to conduct its business
affairs in a way that it manages to acquire and retain the interest of this target audience for as
long as possible.

23BUSINESS PLAN FOR JEWELRY DESIGN BUSINESS IN SAUDI ARABIA
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