Abstract
The gold jewellery industry is a lucrative sector. It operates within global consumer international networks. The underpinning models of internationalisation of gold jewellery from a theoretical standpoint, are key in comprehending export competitiveness potential. This means that for any company and country to achieve success, they ought to have competitive dominance in the export market, driven by a particular model. This study established that the main trends that characterise gold jewellery exports are underpinned by an aggressive internalisation thrust, which should be supported by market consolidation; market growth; a new channel landscape to push through the products; market consumption trends, absorption capacity, and global fast-fashion demand of gold jewellery. It emerged in this study, that the gold jewellery sector in Johannesburg has many dynamics that affect the ability of gold jewellery exporters to be competitive on the international market. There is a need to implement internationalisation strategies that include the creation of market linkages, standardisation and adaptation of products and services to the changing global market environment. The objective of this study was to investigate the efficacy of the internationalisation models, adopted by jewellery exporters in Johannesburg. The study used both theoretical and empirical data, obtained from the sector. The key finding from the study is that gold jewellery remains one of the most important export commodities in growing economies, such as South Africa. Exports bring the much-needed foreign currency, yet the sector in Johannesburg has very few corporates and individually owned businesses that are connected to the international markets to optimally exploit the opportunities in this sector. Using the mixed review methodology and empirical field data, the study offers propositions to enhance export competitiveness for companies, operating in developing countries.
Highlights
Developing countries, such as South Africa, prioritise trade in precious metals as a means to earn the much-needed foreign currency
The qualitative strategy emphasised the questionability of exporters and answerability from policy-makers who create the requisite enabling environment for exporters of gold jewellery in the processes of internationalisation and the views of how internationalisation models operate and how the various approaches have had an impact as enhancers or barriers gold jewellery export
Internationalisation is a process, by which firms gradually increase the international presence of their brands, which could be a way of exporting to a foreign country, establishing export channels or establishing an out of the country selling subsidiary [10]
Summary
Developing countries, such as South Africa, prioritise trade in precious metals as a means to earn the much-needed foreign currency. This study argues that gold jewellery conjures up images of affluence – and it is appealing to fashion lovers across the world In many instances, it is associated with glamour and wealth, especially for the affluent consumers of the products. The broader society does not immediately associate their lives with any sector, unless where it connects and impacts positively on their livelihoods, but this does not substitute the important role the gold jewellery sector plays in an economy. This is regardless of the sector being treated as for the affluent class in society. The contemporary development thrust of South Africa includes the gold jewellery sector as it generates foreign currency, create employment and boost local production, the government value this sector as an important export sector that needs incentives and proactive policies [1]
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