Authors :
Yesha Singhal
Volume/Issue :
Volume 11 - 2026, Issue 7 - July
Google Scholar :
https://tinyurl.com/2uft7ena
Scribd :
https://tinyurl.com/4vxsbjt2
DOI :
https://doi.org/10.38124/ijisrt/26jul602
Note : A published paper may take 4-5
working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and
ResearchGate.
Abstract :
This paper examines how unorganised bullion retailers in Jodhpur continue to survive in a market where profit
margins are narrow, prices are highly transparent, and competition from branded jewellery chains is increasing. The central
argument is that these retailers do not compete only through price. They survive through a trust-based operating system made
up of reputation, flexible credit, local knowledge, family labour, purity assurance, and long-term customer relationships. This
paper introduces a conceptual framework termed Decimal Trust Theory. The theory suggests that when visible margins become
extremely small, invisible social assets become economically powerful. Jodhpur is a useful case because its bullion trade combines
historic mercantile networks, wedding-driven demand, neighbourhood loyalty, and rising formalisation. The paper argues that
unorganised bullion retail should not be dismissed as backward or inefficient. Instead, it should be understood as a sophisticated
local business model that converts trust into repeat transactions, risk control, and survival.
References :
- Bureau of Indian Standards. “Hallmarking Overview.” Government of India.
- Geertz, Clifford. 1978. “The Bazaar Economy: Information and Search in Peasant Marketing.” American Economic Review 68(2): 28–32.
- Granovetter, Mark. 1985. “Economic Action and Social Structure: The Problem of Embeddedness.” American Journal of Sociology 91(3): 481–510.
This paper examines how unorganised bullion retailers in Jodhpur continue to survive in a market where profit
margins are narrow, prices are highly transparent, and competition from branded jewellery chains is increasing. The central
argument is that these retailers do not compete only through price. They survive through a trust-based operating system made
up of reputation, flexible credit, local knowledge, family labour, purity assurance, and long-term customer relationships. This
paper introduces a conceptual framework termed Decimal Trust Theory. The theory suggests that when visible margins become
extremely small, invisible social assets become economically powerful. Jodhpur is a useful case because its bullion trade combines
historic mercantile networks, wedding-driven demand, neighbourhood loyalty, and rising formalisation. The paper argues that
unorganised bullion retail should not be dismissed as backward or inefficient. Instead, it should be understood as a sophisticated
local business model that converts trust into repeat transactions, risk control, and survival.
