Globally online jewelry market is around USD 10 billion and is expected to surge to USD 18 billion by next 3 years, as per a CLSA report. Gems and Jewelry currently contributes 6-7% of India’s GDP and is one of the fastest growing sector in manufacturing industry. Horde of online jewelry companies have started in India, driving on the ecommerce boom and preparing themselves to multiply in light of forecast that India can capture 20% of the global online jewelry market.
Voylla introduces 1,000 new designs every week
Jaipur-based Voylla that started in 2012 to fill in the void of jewelry focused ecommerce platform has started to introduce 1,000 new jewelry designs every week. Apart from online presence, Voylla also has offline presence in form of 50+ physical stores throughout India including 3 exclusive brand outlets in New Delhi. Fetching several recognitions including Google SME Hero Title for the Region in 2014, Voylla is growing at a rapid 400% every year. Setting its sight beyond India, Voylla is charting on an international journey by setting its first international store in Dubai, while expanding its India network by planning a store in every Tier-2 & 3 cities in India.
BlueStone to expand its design gallery 5 times
Online jewelry retailer BlueStone is planning to expand its portfolio 5 times within next 3 years, to 25,000 designs from current 5,000 designs. Average ticket size of the transactions on the platform has grown from INR 15,000 (~ USD 230) three years back to INR 25,000 (~ USD 385) now. Besides, the company has also launched Home-Try-On service where around 20% of its order are routed through this service, enabling customers to touch and feel the jewelry before making the final decision.
Jewelmart – a B2C and B2B for Gems & Jewellery segment launched
For the first time in India, a B2C and B2B portal for Gems & Jewellery segment is launched. Selling certified diamond studded gold jewelry at competitive prices, Jewelmart’s B2B component will target gems & jewelry producers, retailers, traders, tool & machinery producers, labs, logistics firms, insurance companies et al. Jewelmart expects to generate 100,000 jobs as the portal facilitates learning opportunities for people interested in diamond industry, by enhancing their skills. Jewelmart is targeting INR 100 crores (~ USD 15 million) turnover in its 1st year of operations (2016-17) and expected to touch INR 300 crores (~ USD 45 million) by 3rd year.
Online jewelry community and marketplace – Joolz raises funding
Founded in May 2015 by Arnoud Lorie, whose family owns International Gemological Institute (IGI), Joolz is an online jewelry community and marketplace that focuses on India, aggregating leading jewelry brands on a single platform. Besides being just an online sales platform, Joolz is developing an online jewelry community through two-way interaction between buyers and sellers by discussions, discovery and education. The company’s current average ticket size is around INR 25,000 (~ USD 385). With a plan to impact the market, Joolz recently raised USD 500,000 funding in a Pre-Series A round.
Few months back, Titan, part of TATA group had acquired a majority stake in India-based jewelry e-tailor Carat Lane. Similarly, other players too including Velvet Case are raising funds, expanding their portfolio and getting ready for the expected growth in Indian online jewelry segment.