Expect Online Jewellery Business To Grow Manifold In Next Few Years
- JWB Post
- July 9, 2016
If you are into the online jewellery business, then here’s some good news for you. Apparently, the market is expected to hit an estimated value of 3.6 billion dollars in the next three years.
There’s no need to gape once you hear about this gargantuan figure. For some time now, it has been crystal clear that online buying and selling of jewellery is the strongest trend in the gems and jewels industry.
Jewelemart CEO Adish Shah said in a statement that the currently the global online jewellery market is valued at 10 billion dollars, and it will grow to 18 billion dollars in the next three years. And here’s the icing on the cake. India has a chance of capturing 20 percent of the market share in the next three years.
The opening of countless online portals in different cities that cater to the buyers in the various stratum of the society has been a major reason for this current boom in the market. Now, buyers can purchase certified jewellery through these online portals which are delivered to their doorstep at a price reasonable than the market.
Jewelemart.com, the company which has been launched by Shah, is looking for a turnover of a whopping 100 crore in the very first year of its operations, 2016-2017. He estimates that by the third year the company will register the turnover of Rs. 300 crore (ain’t that some really good business?).
Perhaps the primary reason behind the feasibility of such businesses is that overhead marketing and other related costs are eliminated when it comes to online jewellery portals. Earlier, for every businessman, it used to be a massive headache. As a result, now there is much more freedom to do business.
Shah says that through his portal, he will be able to generate 1 lakh jobs because as a result of the growth of online jewellery business, people such as artisans, craftsmen and workers will also get benefitted. Now, that’s surely some great news.
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