Buying Jewellery In The Digital Age

Different kinds of jewellery such precious, semi-precious, traditional and street jewellery has been a measure of wealth, culture and craftsmanship since time immemorial. It is also a mark of women’s adornment, a statement of her style across the world. Every family in India has had a trusted neighbourhood gold and/or diamond jeweler, who has serviced them on all special occasions, especially weddings and festivals.

The traditional jeweler continues to have a stronghold in the gems and jewellery market. They also enjoy the trust of most families when it comes to shopping for their gifts and other special occasions. According to a report by consulting firm AT Kearny and lobby group Federation of Indian Chambers of Commerce and Industry, the domestic gems and jewellery market in India was pegged at Rs.2.51 trillion in 2013, poised to cross the Rs.5 trillion mark by 2018 – a significant share in the economy and set to almost double in the next two years.

While the popularity of this method of sale and purchase of precious and semi-precious jewellery is not likely to diminish any time soon, other ways of engagement with the consumer is gaining popularity too. Since the digital age has touched upon just about every aspect of human life in developed as well as developing countries, especially India, it is not a surprise that even jewellery is beginning to catch up with the trend. Niche online retailers such as CaratLane, BlueStone and Voylla.com have sprung up in the last few years. Bigger retailers like Flipkart owned Myntra, Amazon India, Craftsvilla etc. are laying more emphasis on and rapidly expanding their jewellery businesses. Even big names like Tanishq which earlier sold precious jewellery offline only, has extended its offer to digital platforms.

While players like Voylla and Craftsvilla are retailing popular imitation and fashion jewellery, platforms like Myntra has started to offer gold jewellery for the working woman. Myntra recently collaborated with Tata Group’s Tanishq and launched ‘Mia’ by Tanishq on its website and app. Speaking on the phenomenon of combining online and offline sales, Titan (maker of Tanishq) managing director Bhaskar Bhat says, "The combination of the two provides the best platform for omni-channel play in jewellery." He also said that online sales of jewellery may account for 3-4% of Titan’s sales in five years from 0.5% now.

Speaking on the Myntra-Tanishq tie-up, Prasad Kompalli, head, e-commerce platform, Myntra said, "The introduction of fine jewellery on our platform is an important step for the next phase of our growth and we will soon be a major online destination for purchasing jewellery. We are looking at a revenue of Rs. 500 crore in the next three years from the segment. We will also bring in more choices for the customers."

Deepika Tewari, general manager- marketing, jewellery division, Titan Company also commented, "We are delighted to announce our association with popular e-commerce retailer, Myntra, as they foray into the jewellery segment. A collection of work wear jewellery designed for the working woman will now be available to Myntra shoppers." Read more about the Mia collection here.

To know more about latest fashion trends for men and women and how the e-commerce industry is shaping up, you can visit: http://blog.myntra.com/