At the rate, India's online jewellery market will account for 20% of the global market size.
Online jewellery market in India is expected to hit $3.6 billion (nearly Rs 23,949.9 crore) in the next three years, that is roughly 20% of the global market size estimated at $18 billion (nearly Rs 1.2 lakh crore), mainly on the back of the e-commerce boom.
"Currently, the world online jewellery market is around $10 billion (nearly Rs 66,527.5 crore), which will grow to $18 billion in next three years and India can capture a market share of 20%," Jewelemart CEO Adish Shah said in a statement here.
Shah feels that there is a good scope to boost the online jewellery market in the country. "We have launched the first B2C and B2B 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," Shah added.
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%, the figure for the third year is expected to swell by 200% to Rs 300 crore.
Shah reasoned that 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.
Shah said the 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.
"We are confident that through this platform, we can generate more than one lakh jobs," Shah asserted.
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