Update On :09 July 2016
Adish Shah, CEO of Jewelemart said that global online jewellery market is around $10 billion, which will grow to $18 billion in next three years. With the Ecommerce boom, online jewellery market in India is expected to reach 23,949.9 crore in the next three years, that is roughly 20 per cent of the global market size estimated at $18 billion. Shah feels that there is a good scope to boost the online jewellery market in the country.
Shah stated that they have launched the first B2C and B2B portal Jewelemart. This will immensely benefit consumers who can now buy certified diamond-studded gold jewellery at very competitive price from this 24Ã—7 online virtual store. The company is looking at Rs 100-crore turnover in its first year of operations (2016-17). As per its assessment, while the second year may see a growth of 50 per cent, the figure for the third year is expected to swell by 200 per cent to Rs 300 crore.
Gem and jewellery producers now stand to gain immensely with the launch of the online marketplace, especially since overhead marketing and other related costs will 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. B2B component will target all gem and jewellery producers and retailers, including diamond and gemstone manufacturers and traders, apart from tool and machinery producers, labs, logistics and insurance firms. With focus on increasing job opportunities and creating skilled work force, the portal is facilitating opportunities of interaction between employers and job-seekers.
News Source From : http://www.dnaindia.com/money/report-indian-online-jewellery-market-may-swell-to-rs-24000-crore-in-3-years-2232351
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