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'Irrespective of the price movement of gold, customers can lock in their purchase at Rs 28,000 per 10 grams of pure gold.'
To beat the ongoing slowdown in the jewellery sector, online retailers are slashing prices to attract customers and keep their business afloat during the current lean season.
Adish Shah, co-founder Jewelemart.com, which caters to both B2B (business to business) and B2C (business to consumer) segments, offers precious metals ornaments at as low as a price as Rs 999.
Thus, a pendent made of 9 carat gold of 50-60 milligrams and a small H (highest quality) diamond of very small size at Rs 999.
Shah says diamond pendent was never available at such a low price and hence, a diamond ornaments remained away from mass consumers.
“With this price point, we would be able to attract mass consumers and increase our customer base manifold,” said Shah.
Jewelemart.com was not alone to offer such a low price point for diamond ornaments to beat the slowdown in the jewellery sector. Many jewellers offer up to 25-30 per cent discount in diamond jewellery to attract customers’.
“The slowdown which started with offline has spilled over to online also,” said Mehul Choksi, Managing Director, Gitanjali Gems, one of India’s largest branded jewellery manufacturers and retailers with presence in both online and offline jewellery segments.
India’s largest online diamond jewellery portal CaratLane.com offer customers with gold at Rs 28,000 per 10 grams (24 carat) for a limited period.
“Irrespective of the price movement of gold, customers can lock in their purchase at Rs 28,000 per 10 grams of pure gold,” said a statement from CaratLane.com.
The growing significance of online jewellery sales, however, has reflected in the overall jewellery sales in India.
Jewelmart.com, a jewellery portal for consumes, craftsmen and trade, eyes Rs 300 crore turnover and it plans to generate 100,000 jobs in the sector directly and indirectly.
A recent CLSA report estimates online jewellery markets at $6 billion in 2015 and forecasts it to treble to $18 billion by 2020.
The report further forecast India will achieve 20 per cent of market share in the next few years.
“This new beginning has been made which will immensely benefit consumers who can now buy certified diamond-studded gold jewellery at very competitive price from this 24x7 online virtual store. Gem and jewellery producers now stand to gain immensely especially since over2015 head marketing and other related costs would be eliminated. Besides, there is a 24-hour virtual showroom and technical support. Direct access is provided to diamond and gem manufacturers even as jewellery trends are updated. 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,” said Shah.
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.
Jewelemart promoter Sanjay Shah added that 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.
