The Sustainable Development in Madurai Jewellery Cluster

Abstract

The global market for Gold is estimated at 3300 Metric Tons (in 2019). India is the 2nd largest consumer of Gold followed by China. China (355 Tons) is the largest producer of Gold, followed by Australia (270 Tons) and the USA (237 Tons) around 45% of total gold production.  The Madurai Jewelry Cluster was formed in 2010 with 28 Micro Enterprises whose investment is less than Rs.1 crore with less than Rs. 5 crore turnovers as per MSMED Act 2006. The objective is to find the physical and financial performance of Madurai Jewelry Cluster before and after Cluster Development Approach (CDA), to find the Productivity of the cluster by taking independent variables like No. of Units, Employment, and Production and dependent variable like Turnover and to find the performance of Madurai Jewelry Cluster before and after Cluster Development Approach. The methodology adopted by collecting the primary data like no of units [Un], employment in no’s [En], production in crores [Pcr] and turnover in crores [Tcr] from the Madurai Jewellery Cluster before and after cluster development approach and analyzing using Compound Annual Growth Rate (CAGR), Descriptive Analysis, Correlation Analysis, Trend Analysis, Regression Analysis, and Structural Equation Modelling. There is an increase in no. of units, employment, production, and turnover after the Cluster Development Approach when compared to before CDA and which leads to an increase in productivity.