The traditional method of buying jewelry
in India undergoes a facelift with Amazon Fashion. Amazon Fashion forayed into
precious jewelry in 2014 and now offers India’s largest selection with over
100+ most trusted brands including Joyalukkas, Malabar, Senco, MMTC & Kalyan
Jewelers to name a few, offering a selection of over 5 lakh styles and over 1
lakh unique designs.
Leadership in selection, increased
demand from Tier 2 and Tier 3 cities, strict measures for quality control and
tech innovation for enhanced shopping experience have resulted in increased
sales of 150% on the back of the successful festive season in 2017-18. The
average selling price for precious jewelry has seen a significant increase
indicating a change in customers’ trust and ease of shopping for precious
jewelry online on Amazon online.
I: Growth of the Precious Jewelry
1: The top
selling sub categories within the precious jewelry category are pendants,
earrings, gold chains and nose pins. Most popular products being Tushi
Necklaces, Gold Chains, 22K Gold Bangles, 22K Gold Necklaces, Diamond Earrings,
Diamond Nose Pins and 999.9 purity coins (among Bullion)
2: Bullion and
Gold Coins have grown close to 300% YoY. Amazon Fashion has a strong leadership
in 999.9 purity coins and the have alone grown close to 300% YoY with brands
like Kundan, MMTC-PAMP, Bangalore Refinery and RSBL and 22K Gold Jewelry.
3: Gold jewelry
has seen a growth of 200% YoY with Senco Gold, Joyalukkas and Malabar Gold
leading the way.
4: 55% demand
for precious jewelry comes in from Tier 2 and Tier 3 cities, especially the
tier 3 cities of Belagavi, Mandya, Raigarh, etc.
II: Tech Innovations in Precious Jewelry
i: The latest
tech innovation with a Price Break-up feature further enhances a seamless
buying experience for customers. This feature allows customers to view price
information of metal, stone, making charges and taxes, thereby empowering the
customers with all pricing information to make an informed purchase decision.
Amazon Fashion has launched secure delivery mechanisms for ease of shopping and
have also launched Prime selection that is available to customers for a 2-4 day
delivery especially during the festive season.
III: Quality Control and Secured Delivery for
jewelry is a gated, invite-only category on Amazon Fashion wherein listings are
only allowed from sellers who have BIS hallmarking, diamond certification (for
jewelry) and self-certification for gold coins.
Fashion has launched 100% insured, high value carriers to ensure a secure
delivery for the customers understanding the nature of the category.
IV: Interesting Insights,
a: Two to three
weeks before Akshaya Tritiya and Dhanteras result in significant rise in sales.
Additionally, the demand for precious jewelry is also at peak for gifting
before Valentine’s Day, Rakshabandhan and the wedding season.
b: While traditional designs
are the most sought after, modern-contemporary designs have seen an increased
interest from metro and smaller cities.