Online jewellery market is around $10 bn, which will shoot up to $18 bn in 3 yrs: Adish Shah
The Dollar Business Bureau
The Gems and Jewellery sector plays a significant role in the Indian economy, contributing around 6-7 percent of the country’s GDP. One of the fastest growing sectors, it is extremely export oriented and labour intensive.
Based on its potential for growth and value addition, the Government of India has declared the Gems and Jewellery sector as a focus area for export promotion.
For the first time ever in the country, a B2C and B2B portal for Gems & Jewellery segment. www.jewelemart.com, has been launched for the benefit of consumers, craftsmen and traders. Speaking to the media, Mr Adish Shah, Co-Founder and CEO of Jewelemart, said “Currently world online jewellery market is around $10 billion, which will shoot up to $18 billion in next three years when India can capture a market share of 20 percent as per the recent CLSA report.”
He said, it is in this scenario that the first online jewellery store, catering to various sections of the society by selling certified diamond studded gold jewellery at competitive prices has been launched. The consumers and the producers both stand to benefit from the online store as overhead marketing costs and other related costs have been removed from the pricing. Elaborating on the other verticals that the online store has been equipped with Adish said, “Marketing services are handled via social media, SMS and outdoor marketing and apart from the most reasonable rates, trusted certificates and efficient logistic services are also integral parts of this portal.”
With regard to the B2B and B2C components, he said, “the B2B component will target all gem and jewellery producers and retailers including diamond and gemstone manufacturers and traders aside from tool and machinery producers, labs, logistic firms and insurance companies. In case of B2C, the target audience is the end-user of every class, age, consumer group across the globe.”
Adish Shah is positive that the online portal will generate more than 1 lakh jobs as the portal is facilitating opportunities for those interested in making careers in diamond industry to get themselves trained as well as enhance their skills.
The promoter of the company Sanjay Shah said, “up till now China is a key player in the lower tag jewellery segment but now Jewelemart will forge ahead of China by giving various options to customers by offering certified real diamond gold jewellery at lower rates. Let, everyone buy diamond studded jewellery made in India by best designers and craftsmen. This would also lead to higher manufacturing activity, a higher turnover, more jobs and direct support to India's vibrant economy. This is our humble contribution to the mission Make in India.”
Mr Shah's vision of the online jewellery market of the future is bright. Jewelemart itself will continue to strive to provide a common platform for the gems and jewellery industry as also to the artisans who play an important role in the sector, while making gems and jewellery freely available at the best and lowest prices. Meanwhile, the company is organizing seminars and road shows in various parts of the country to educate consumers about the advantages of shopping for jewellery online.
The company has targeted a Rs.100 crore turnover in its first year of operation (2016-17) and while the second year should see a growth of 50 percent, the third year growth is expected to swell by 200 percent I,e, Rs.300 crores.