A study on next generation jewelers: Issues and challenges

Family owned Gems and Jewellery business strive to not only be successful as measured by profit, market position and reputation, but they also strive in transitioning management and ownership from one generation to the next. Previous researches had indicated that succession is critical to the future of family business. However, little is known about how the next generation successors in gems and jewellery business experience about succession. This study explores the experiences of next generation succession jewelers, their plans for business and challenges faced by them. It examines their experiences in the area of succession planning, preparation for succession to leadership and their expectations. An attempt is made to address the gap in literature where no research existed that specifically focused on next generation jewelers. Emphasis is given in the study on next generation jeweler's personal ambitions, their plans for future of their business and the unique challenge of being "boss child". For the purpose of this study, primary data is collected using questionnaire from ten next generation Gems and Jewellery business owners of Jaipur and secondary data from books, journals and web. On the basis of this study three gaps were identified which the next generation faces: the generation gap between them and their parents; the credibility gap, which they have to get through if they're to establish themselves and the communication gap, which can arise in both within the firm and the family. A contribution to practice is made by outlining how these gaps affects the next generation owners of Gems and Jewellery businesses.