Jewellery is an evergreen commodity that always has a lure. Whether for investment or special occasions, its value has always mattered.
Mumbai, Maharashtra -- (SBWIRE) -- 09/08/2014 -- E-tailing has emerged as the new way of selling jewellery. With the advent of internet and smartphones, online gold sales has seen a substantial rise in the last two years as people log on to e-commerce websites to buy various types of gold and silver items including coins.
The e-commerce market of gold and silver items is worth Rs 500 crore in India and Gujarat accounts for 12%-15% of online sales. Experts believe that the ease of ordering, doorstep delivery, purity assurance and no brokerage has led to the rise in online sales of jewellery. Two years ago, the e-commerce market of jewellery was worth Rs 300 crore.
In comparison to the retail market, jewellery products sold online are 2%-3% more expensive which e-tailers believe is a challenge. "Most people buying online are from the mid-20s to mid-30s and 80% are male," said Ketan Kothari, director, BullionIndia.in.
"Over 40% of products sold through our website are 1gm gold coins. Ahmedabad comes after Hyderabad, Chennai, Delhi and Mumbai in terms of online buying of gold and silver items," added Kothari.
Along with buying, e-tailers also offer consumers the option to sell on their websites making it a 2-way gain for both.
"Due to restrictions on gold imports and slowdown in the market we recorded lower sales as we kept away from marketing. But with the upcoming marriage and festive season, sales will pick up online as people prefer to gift a lot during these times," added Kothari.
Of the jewellery sold in India, 35% is sold in Gujarat through retail and wholesale.
Both the IIJS and IIJW are organised by the GJEPC which is an Indian apex body representing 5,300 gemstone and jewellery members. Established in 1966, it operates under the supervision of the Ministry of Commerce & Industry, Government of India.
About DITI Platinum and Gold Jewellery Online
DITI, a collection that redefines its meaning 'bond'. Inspired by 'Mother Nature' to which every human is bound. Every piece of Diti precious jewellery is bonding traditions with contemporary style, aiming to bring out your individuality. With Diti, a part of Shrenuj & Company Limited, we continue these relations constantly depicting new trends and living up to the objective of "Customer Satisfaction". Ever since its foundation almost 107 years ago, Shrenuj is truly committed to its fundamentals objective of 'Customer Satisfaction'. Impeccable quality, innovative designing and fine craftsmanship makes Shrenuj a name to reckon with the international diamond and jewellery trade. Now with the launch of DITI, we would like to offer our services to even domestic markets. The Shrenuj presence on the diamond scene is reflected in our position as a major sight holder of Diamond Trading Corporation. (London Based Central Selling Organisation). Shrenuj proudly calls itself as one of the Authorized manufacturers of Platinum Jewellery conferred upon by the Platinum Guild International (PGI). The group has also been presented with many Awards for excellence in the sales http://www.ditijewellery.com/