Online Jewellery market may grow in another 3 years
The Dollar Business Bureau
Due to an increase in the sales in e-commerce, the online jewellery market in India is expected hit $3.6 billion in the coming three years. This is around 20% of the estimated global market size of $18 billion.
Adish Shah, CEO, Jewelemart said currently, the world online jewellery market is around $10 billion, which will grow to $18 billion in next three years and India can capture a market share of 20%."
He also added that, “We have launched the first B2C (Business-to-consumer) and B2B (Business-to-business) portal, www.jewelemart.com. This will immensely benefit consumers who can now buy certified diamond-studded gold jewellery at very competitive price from this 24x7 online virtual store.”
Adish also pointed out that there is good scope for online jewellery market in the country.
The company is expecting a Rs 100 crore turnover in its first year of operation in 2016-17. According to the company’s assessment, they are expecting a 50% growth and in the third year it is expected to grow by 200% to Rs 300 crore.
Shah also said that the gem and jewellery producers will gain extensively with the launch of an online market place, since the related cost and overhead marketing will be eliminated. Along with that there is also a 24 hour virtual showroom and also technical support.
Online market place also provide a direct access to diamond and gem manufacturers as the jewellery trends are updated.
The B2B components will target all the gems and the jewellery producers and retailers including gemstone manufacturers and diamond traders. However, this does not include the logistics, labs, tool and machinery producers, and insurance firms. The portal facilitates opportunities for interaction between employees and job seekers, with a view to increasing the job opportunities and skilled workforce.
Shah was confident that through the online market place platform more than a lakh jobs can be generated.