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JewelsNext Targets Rs 100 crore in Online Jewellery Sales
Tuesday, 27 December 2011, 16:49 IST
NEW DELHI: Gems and jewellery online sales portal JewelsNext expects to sell items worth 
100 crore in the next 12 to 15 months, riding on the e-commerce wave in India.
"The distribution system is well-developed in the country now. Each item that we sell is of a big amount. We expect to sell around Rs 100 crore worth of gems and jewellery items from our website," JewelsNext Co-Founder and CEO Gaurav S Issar told.
He added that JewelsNext offers all the major jewellery brands online, which provides customers with the option of making their purchases from a single place instead of paying physical visits to individual shops.
"Every city and jeweller has its own specialty. Hyderabad is famous for pearls, Rajasthan for gems. We saw scope in bringing major brands on one portal, selling and distributing their products," Issar said.
JewelsNext has partnered with companies like Mehrasons, OnlyGems, Jetha Bhai Zaveri and others to sell their jewellery.
He said the company is in the process of partnering with 500 more brands to sell and finance their products.
"From January, we will give customers the option to buy gems and jewellery using HDFC or ICICI Bank credit cards without any interest. There will be a small processing fee for it," Issar said.
He said JewelsNext is talks with a couple of banks to provide other financing options but did not provide any definitive timeline for the launch of such services.
Issar said customers are confident ordering products from the portal as jewellery is an expensive item and JewelsNext ensures that consignments are delivered to their doorstep safely.
"At present, we process 25 to 30 transactions daily. During the festive season it went up to 52 on a day. Recently, we sold jewellery items worth Rs 1,07,000 to a customer in Jaipur. We have insurance for the products that we deliver and customers also get it at their doorstep," Issar said.
Source: PTI
100 crore in the next 12 to 15 months, riding on the e-commerce wave in India.
"The distribution system is well-developed in the country now. Each item that we sell is of a big amount. We expect to sell around Rs 100 crore worth of gems and jewellery items from our website," JewelsNext Co-Founder and CEO Gaurav S Issar told.
He added that JewelsNext offers all the major jewellery brands online, which provides customers with the option of making their purchases from a single place instead of paying physical visits to individual shops.
"Every city and jeweller has its own specialty. Hyderabad is famous for pearls, Rajasthan for gems. We saw scope in bringing major brands on one portal, selling and distributing their products," Issar said.
JewelsNext has partnered with companies like Mehrasons, OnlyGems, Jetha Bhai Zaveri and others to sell their jewellery.
He said the company is in the process of partnering with 500 more brands to sell and finance their products.
"From January, we will give customers the option to buy gems and jewellery using HDFC or ICICI Bank credit cards without any interest. There will be a small processing fee for it," Issar said.
He said JewelsNext is talks with a couple of banks to provide other financing options but did not provide any definitive timeline for the launch of such services.
Issar said customers are confident ordering products from the portal as jewellery is an expensive item and JewelsNext ensures that consignments are delivered to their doorstep safely.
"At present, we process 25 to 30 transactions daily. During the festive season it went up to 52 on a day. Recently, we sold jewellery items worth Rs 1,07,000 to a customer in Jaipur. We have insurance for the products that we deliver and customers also get it at their doorstep," Issar said.
Source: PTI