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Goenka Diamond Jewels Ltd (GOEN) SWOT Analysis / TOWS Matrix / MBA Resources

Introduction to SWOT Analysis

SWOT Analysis / TOWS Matrix for Goenka Diamond Jewels Ltd (India)


Based on various researches at Oak Spring University , Goenka Diamond Jewels Ltd is operating in a macro-environment that has been destablized by – wage bills are increasing, banking and financial system is disrupted by Bitcoin and other crypto currencies, digital marketing is dominated by two big players Facebook and Google, increasing household debt because of falling income levels, challanges to central banks by blockchain based private currencies, competitive advantages are harder to sustain because of technology dispersion, increasing energy prices, there is increasing trade war between United States & China, increasing transportation and logistics costs, etc



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Introduction to SWOT Analysis of Goenka Diamond Jewels Ltd


SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University, we believe that Goenka Diamond Jewels Ltd can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Goenka Diamond Jewels Ltd, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Goenka Diamond Jewels Ltd operates in.

According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.




SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix


SWOT analysis of Goenka Diamond Jewels Ltd can be done for the following purposes –
1. Strategic planning of Goenka Diamond Jewels Ltd
2. Improving business portfolio management of Goenka Diamond Jewels Ltd
3. Assessing feasibility of the new initiative in India
4. Making a Jewelry & Silverware sector specific business decision
5. Set goals for the organization
6. Organizational restructuring of Goenka Diamond Jewels Ltd




Strengths of Goenka Diamond Jewels Ltd | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis

The strengths of Goenka Diamond Jewels Ltd are -

Successful track record of launching new products

– Goenka Diamond Jewels Ltd has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Goenka Diamond Jewels Ltd has effective processes in place that helps in exploring new product needs, doing quick pilot testing, and then launching the products quickly using its extensive distribution network.

Diverse revenue streams

– Goenka Diamond Jewels Ltd is present in almost all the verticals within the Jewelry & Silverware industry. This has provided Goenka Diamond Jewels Ltd a diverse revenue stream that has helped it to survive disruptions such as global pandemic in Covid-19, financial disruption of 2008, and supply chain disruption of 2021.

Cross disciplinary teams

– Horizontal connected teams at the Goenka Diamond Jewels Ltd are driving operational speed, building greater agility, and keeping the organization nimble to compete with new competitors. It helps are organization to ideate new ideas, and execute them swiftly in the marketplace.

Ability to recruit top talent

– Goenka Diamond Jewels Ltd is one of the leading players in the Jewelry & Silverware industry in India. It is in a position to attract the best talent available in India. The firm has a robust talent identification program that helps in identifying the brightest.

Digital Transformation in Jewelry & Silverware industry

- digital transformation varies from industry to industry. For Goenka Diamond Jewels Ltd digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Goenka Diamond Jewels Ltd has successfully integrated the four key components of digital transformation – digital integration in processes, digital integration in marketing and customer relationship management, digital integration into the value chain, and using technology to explore new products and market opportunities.

Operational resilience

– The operational resilience strategy of Goenka Diamond Jewels Ltd comprises – understanding the underlying the factors in the Jewelry & Silverware industry, building diversified operations across different geographies so that disruption in one part of the world doesn’t impact the overall performance of the firm, and integrating the various business operations and processes through its digital transformation drive.

Strong track record of project management in the Jewelry & Silverware industry

– Goenka Diamond Jewels Ltd is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.

Innovation driven organization

– Goenka Diamond Jewels Ltd is one of the most innovative firm in Jewelry & Silverware sector.

Organizational Resilience of Goenka Diamond Jewels Ltd

– The covid-19 pandemic has put organizational resilience at the centre of everthing Goenka Diamond Jewels Ltd does. Organizational resilience comprises - Financial Resilience, Operational Resilience, Technological Resilience, Organizational Resilience, Business Model Resilience, and Reputation Resilience.

Superior customer experience

– The customer experience strategy of Goenka Diamond Jewels Ltd in Jewelry & Silverware industry is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.

Highly skilled collaborators

– Goenka Diamond Jewels Ltd has highly efficient outsourcing and offshoring strategy. It has resulted in greater operational flexibility and bringing down the costs in highly price sensitive Jewelry & Silverware industry. Secondly the value chain collaborators of Goenka Diamond Jewels Ltd have helped the firm to develop new products and bring them quickly to the marketplace.

Learning organization

- Goenka Diamond Jewels Ltd is a learning organization. It has inculcated three key characters of learning organization in its processes and operations – exploration, creativity, and expansiveness. The work place at Goenka Diamond Jewels Ltd is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders at Goenka Diamond Jewels Ltd emphasize – knowledge, initiative, and innovation.






Weaknesses of Goenka Diamond Jewels Ltd | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis

The weaknesses of Goenka Diamond Jewels Ltd are -

No frontier risks strategy

– From the 10K / annual statement of Goenka Diamond Jewels Ltd, it seems that company is thinking out the frontier risks that can impact Jewelry & Silverware industry. But it has very little resources allocation to manage the risks emerging from events such as natural disasters, climate change, melting of permafrost, tacking the rise of artificial intelligence, opportunities and threats emerging from commercialization of space etc.

Compensation and incentives

– The revenue per employee of Goenka Diamond Jewels Ltd is just above the Jewelry & Silverware industry average. It needs to redesign the compensation structure and incentives to increase the revenue per employees. Some of the steps that it can take are – hiring more specialists on project basis, etc.

Interest costs

– Compare to the competition, Goenka Diamond Jewels Ltd has borrowed money from the capital market at higher rates. It needs to restructure the interest payment and costs so that it can compete better and improve profitability.

Products dominated business model

– Even though Goenka Diamond Jewels Ltd has some of the most successful models in the Jewelry & Silverware industry, this business model has made each new product launch extremely critical for continuous financial growth of the organization. Goenka Diamond Jewels Ltd should strive to include more intangible value offerings along with its core products and services.

Aligning sales with marketing

– From the outside it seems that Goenka Diamond Jewels Ltd needs to have more collaboration between its sales team and marketing team. Sales professionals in the Jewelry & Silverware industry have deep experience in developing customer relationships. Marketing department at Goenka Diamond Jewels Ltd can leverage the sales team experience to cultivate customer relationships as Goenka Diamond Jewels Ltd is planning to shift buying processes online.

High cash cycle compare to competitors

Goenka Diamond Jewels Ltd has a high cash cycle compare to other players in the Jewelry & Silverware industry. It needs to shorten the cash cycle by 12% to be more competitive in the marketplace, reduce inventory costs, and be more profitable.

High dependence on existing supply chain

– The disruption in the global supply chains because of the Covid-19 pandemic and blockage of the Suez Canal illustrated the fragile nature of Goenka Diamond Jewels Ltd supply chain. Even after few cautionary changes, Goenka Diamond Jewels Ltd is still heavily dependent upon the existing supply chain. The existing supply chain though brings in cost efficiencies but it has left Goenka Diamond Jewels Ltd vulnerable to further global disruptions in South East Asia.

Slow to harness new channels of communication

– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Goenka Diamond Jewels Ltd is slow explore the new channels of communication. These new channels of communication can help Goenka Diamond Jewels Ltd to provide better information regarding Jewelry & Silverware products and services. It can also build an online community to further reach out to potential customers.

Slow to strategic competitive environment developments

– As Goenka Diamond Jewels Ltd is one of the leading players in the Jewelry & Silverware industry, it takes time to assess the upcoming competitions. This has led to missing out on atleast 2-3 big opportunities in the Jewelry & Silverware industry in last five years.

Slow decision making process

– As mentioned earlier in the report, Goenka Diamond Jewels Ltd has a very deliberative decision making approach. This approach has resulted in prudent decisions, but it has also resulted in missing opportunities in the Jewelry & Silverware industry over the last five years. Goenka Diamond Jewels Ltd even though has strong showing on digital transformation primary two stages, it has struggled to capitalize the power of digital transformation in marketing efforts and new venture efforts.

Increasing silos among functional specialists

– The organizational structure of Goenka Diamond Jewels Ltd is dominated by functional specialists. It is not different from other players in the Jewelry & Silverware industry, but Goenka Diamond Jewels Ltd needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Goenka Diamond Jewels Ltd to focus more on services in the Jewelry & Silverware industry rather than just following the product oriented approach.




Goenka Diamond Jewels Ltd Opportunities | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis


The opportunities of Goenka Diamond Jewels Ltd are -

Leveraging digital technologies

– Goenka Diamond Jewels Ltd can leverage digital technologies such as artificial intelligence and machine learning to automate the production process, customer analytics to get better insights into consumer behavior, realtime digital dashboards to get better sales tracking, logistics and transportation, product tracking, etc.

Learning at scale

– Online learning technologies has now opened space for Goenka Diamond Jewels Ltd to conduct training and development for its employees across the world. This will result in not only reducing the cost of training but also help employees in different part of the world to integrate with the headquarter work culture, ethos, and standards.

Increase in government spending

– As the United States and other governments are increasing social spending and infrastructure spending to build economies post Covid-19, Goenka Diamond Jewels Ltd can use these opportunities to build new business models that can help the communities that Goenka Diamond Jewels Ltd operates in. Secondly it can use opportunities from government spending in Jewelry & Silverware sector.

Reforming the budgeting process

- By establishing new metrics that will be used to evaluate both existing and potential projects Goenka Diamond Jewels Ltd can not only reduce the costs of the project but also help it in integrating the projects with other processes within the organization.

Harnessing reconfiguration of the global supply chains

– As the trade war between US and China heats up in the coming years, Goenka Diamond Jewels Ltd can build a diversified supply chain model across various countries in - South East Asia, India, and other parts of the world. This reconfiguration of global supply chain can help Goenka Diamond Jewels Ltd to buy more products closer to the markets, and it can leverage its size and influence to get better deal from the local markets.

Manufacturing automation

– Goenka Diamond Jewels Ltd can use the latest technology developments to improve its manufacturing and designing process in Jewelry & Silverware sector. It can use CAD and 3D printing to build a quick prototype and pilot testing products. It can leverage automation using machine learning and artificial intelligence to do faster production at lowers costs, and it can leverage the growth in satellite and tracking technologies to improve inventory management, transportation, and shipping.

Using analytics as competitive advantage

– Goenka Diamond Jewels Ltd has spent a significant amount of money and effort to integrate analytics and machine learning into its operations in Jewelry & Silverware sector. This continuous investment in analytics has enabled Goenka Diamond Jewels Ltd to build a competitive advantage using analytics. The analytics driven competitive advantage can help Goenka Diamond Jewels Ltd to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.

Loyalty marketing

– Goenka Diamond Jewels Ltd has focused on building a highly responsive customer relationship management platform. This platform is built on in-house data and driven by analytics and artificial intelligence. The customer analytics can help the organization to fine tune its loyalty marketing efforts, increase the wallet share of the organization, reduce wastage on mainstream advertising spending, build better pricing strategies using personalization, etc.

Lowering marketing communication costs

– 5G expansion will open new opportunities for Goenka Diamond Jewels Ltd in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Jewelry & Silverware industry, and it will provide faster access to the consumers.

Redefining models of collaboration and team work

– As explained in the weaknesses section, Goenka Diamond Jewels Ltd is facing challenges because of the dominance of functional experts in the organization. Goenka Diamond Jewels Ltd can utilize new technology in the field of Jewelry & Silverware industry to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.

Use of Bitcoin and other crypto currencies for transactions in Jewelry & Silverware industry

– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Goenka Diamond Jewels Ltd in the Jewelry & Silverware industry. Now Goenka Diamond Jewels Ltd can target international markets with far fewer capital restrictions requirements than the existing system.

Low interest rates

– Even though inflation is raising its head in most developed economies, Goenka Diamond Jewels Ltd can still utilize the low interest rates to borrow money for capital investment. Secondly it can also use the increase of government spending in infrastructure projects to get new business.

Creating value in data economy

– The success of analytics program of Goenka Diamond Jewels Ltd has opened avenues for new revenue streams for the organization in Jewelry & Silverware industry. This can help Goenka Diamond Jewels Ltd to build a more holistic ecosystem for Goenka Diamond Jewels Ltd products in the Jewelry & Silverware industry by providing – data insight services, data privacy related products, data based consulting services, etc.




Threats Goenka Diamond Jewels Ltd External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis


The threats of Goenka Diamond Jewels Ltd are -

Easy access to finance

– Easy access to finance in Jewelry & Silverware industry will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Goenka Diamond Jewels Ltd can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.

Technology acceleration in Forth Industrial Revolution

– Goenka Diamond Jewels Ltd has witnessed rapid integration of technology during Covid-19 in the Jewelry & Silverware industry. As one of the leading players in the industry, Goenka Diamond Jewels Ltd needs to keep up with the evolution of technology in the Jewelry & Silverware sector. According to Mckinsey study top managers believe that the adoption of technology in operations, communications is 20-25 times faster than what they planned in the beginning of 2019.

Environmental challenges

– Goenka Diamond Jewels Ltd needs to have a robust strategy against the disruptions arising from climate change and energy requirements. EU has identified it as key priority area and spending 30% of its 880 billion Euros European post Covid-19 recovery funds on green technology. Goenka Diamond Jewels Ltd can take advantage of this fund but it will also bring new competitors in the Jewelry & Silverware industry.

Consumer confidence and its impact on Goenka Diamond Jewels Ltd demand

– There is a high probability of declining consumer confidence, given – high inflammation rate, rise of gig economy, lower job stability, increasing cost of living, higher interest rates, and aging demography. All the factors contribute to people saving higher rate of their income, resulting in lower consumer demand in Jewelry & Silverware industry and other sectors.

Regulatory challenges

– Goenka Diamond Jewels Ltd needs to prepare for regulatory challenges as consumer protection groups and other pressure groups are vigorously advocating for more regulations on big business - to reduce inequality, to create a level playing field, to product data privacy and consumer privacy, to reduce the influence of big money on democratic institutions, etc. This can lead to significant changes in the Jewelry & Silverware industry regulations.

Stagnating economy with rate increase

– Goenka Diamond Jewels Ltd can face lack of demand in the market place because of Fed actions to reduce inflation. This can lead to sluggish growth in the economy, lower demands, lower investments, higher borrowing costs, and consolidation in the Jewelry & Silverware industry.

New competition

– After the dotcom bust of 2001, financial crisis of 2008-09, the business formation in US economy had declined. But in 2020 alone, there are more than 1.5 million new business applications in United States. This can lead to greater competition for Goenka Diamond Jewels Ltd in the Jewelry & Silverware sector and impact the bottomline of the organization.

High dependence on third party suppliers

– Goenka Diamond Jewels Ltd high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.

Instability in the European markets

– European Union markets are facing three big challenges post Covid – expanded balance sheets, Brexit related business disruption, and aggressive Russia looking to distract the existing security mechanism. Goenka Diamond Jewels Ltd will face different problems in different parts of Europe. For example it will face inflationary pressures in UK, France, and Germany, balance sheet expansion and demand challenges in Southern European countries, and geopolitical instability in the Eastern Europe.

Backlash against dominant players

– US Congress and other legislative arms of the government are getting tough on big business especially technology companies. The digital arm of Goenka Diamond Jewels Ltd business can come under increasing regulations regarding data privacy, data security, etc.

Barriers of entry lowering

– As technology is more democratized, the barriers to entry to Jewelry & Silverware industry are lowering. It can presents Goenka Diamond Jewels Ltd with greater competitive threats in the near to medium future. Secondly it will also put downward pressure on pricing throughout the Jewelry & Silverware sector.

Trade war between China and United States

– The trade war between two of the biggest economies can hugely impact the opportunities for Goenka Diamond Jewels Ltd in Jewelry & Silverware industry. The Jewelry & Silverware industry is already at various protected from local competition in China, with the rise of trade war the protection levels may go up. This presents a clear threat of current business model in Chinese market.

High level of anxiety and lack of motivation

– the Great Resignation in United States is the sign of broader dissatisfaction among the workforce in United States. Goenka Diamond Jewels Ltd needs to understand the core reasons impacting the Jewelry & Silverware industry. This will help it in building a better workplace.




Weighted SWOT Analysis of Goenka Diamond Jewels Ltd Template, Example


Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers at Goenka Diamond Jewels Ltd needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants. We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –

First stage for doing weighted SWOT analysis of Goenka Diamond Jewels Ltd is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.

Second stage for conducting weighted SWOT analysis of Goenka Diamond Jewels Ltd is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.

Third stage of constructing weighted SWOT analysis of Goenka Diamond Jewels Ltd to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Goenka Diamond Jewels Ltd needs to make to build a sustainable competitive advantage.



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