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ALROSA Average Rough Price +10% To $164/Ct. In 2018; Low End Declines

ALROSA said that its 2018 rough diamond production volume at 36.7 million carats, with overall sales (including from its stockpile) of 38.1 million carats, represented a downturn of 8 percent. Sales proceeds, however, had risen 6 percent to $4.5 billion.

The average realised prices for gem-quality diamonds grew 21 percent to $164 per carat in 2018. Over Q4, however, they were down by 23 percent in a quarter-on-quarter comparison but up 10 percent year-on year to $153 per carat.

Looking at the process pipeline, ALROSA said the trend of weaker demand for lower-priced stones that emerged in Q3 continued into Q4 2018. Demand for rough diamonds echoed the situation on the polished diamond market, where uncertified melee diamonds saw the strongest price decline due to oversupply, weak rupee and lower liquidity in India.

Lower prices for small-size diamonds coupled with flat personnel expenses decreased the profitability of melee diamond polishing.

ALROSA sold 5.3 million carats of gem quality rough in Q4 2018, a 12 percent increase in a quarter-on-quarter comparison. It also sold 3.7 million carats of industrial diamonds in Q4, an 87 percent increase quarter-on-quarter.

The company’s diamond inventories at the end of 2018 were 6 percent lower year-on-year to 17 million carats. This despite a seasonal increase during Q4 of 10 percent quarter-on-quarter.

ALROSA reported that according to its research, the global diamond jewellery market grew 5 percent over the first nine months in a year-on-year comparison.

The diamond price index rose 3.7 percent over 2018 on the back of recovering diamond demand.

Going into the details of global diamond jewellery demand in 2018, ALROSA said that North America, the world’s largest diamond jewellery consumer, showed stable sales growth through the year, rising 5 percent over the first nine months of the year.

In most of the South Eastern Asia and India, diamond jewellery sales growth slowed down, with some countries showing a decline triggered by devaluation of local currencies against US dollar. High demand in China in early 2018, however, drove a 7 percent sales growth in the region over the first nine months. Preliminary data on fourth quarter diamond jewellery sales in China shows a decline.

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Chow Sang Sang Among Six New ALROSA Long-Term Clients

ALROSA announced that six additional companies — Chow Sang Sang Jewelery from China, Kapu Gems, Mohit Diamonds and VD Global, all from India, the UAE operations of India’s M. Suresh Company and Richold SA from Switzerland.

ALROSA said that despite its focus on established manufacturing firms for its client base, companies like Chow Sang Sang, which is one of the largest jewellery retailers in the world, are also considered for their effectiveness in the diamond value chain.

With the additions, ALROSA now has 59 long-term clients for gem-quality diamonds and 10 for industrial goods.

As is required of all long-term contract clients, the six were participants in the ALROSA Alliance program, which enables the use of a logo indicating regular rough diamond supplies from ALROSA and the repetitional assurance of being a reliable industry stakeholder.

Long-term contracts guarantee assured supplies of specific assortments and the open the door to additional purchases of other categories as well. The contracts also bring price stability in a volatile global market.

ALROSA also announced that two Belgian companies — H.D. Diam BVBA and IGC Group NV, which were former spot clients, have been moved into the list of candidates for possible long-term contracts. ALROSA Alliance agreements will be signed with them.

ALROSA United Sales Organisation (USO) Director Evgeny Agureev commented, “Long-term contracts form the basis of ALROSA’s sales policy accounting for up to 70 percent of sales.” He added that the company insisted on full compliance by long-term clients with ALROSA Alliance principles.

ALROSA has previously dropped those it deems are not contributing significantly to the value chain from its long-term client list.

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Origammi: from Greece to Vicenzaoro

With over twenty years behind them, collections by ORIGAMMI are now famous throughout Greece for being the work of one of the top contemporary designers of modern high jewellery. The brand’s wealth of inspirational sources, from history to culture and the natural environment, provides the chance to create a particular type of totally new jewellery design with sculptured shapes, in an interaction between opaque, meshed surfaces with considerable reference to nature.

Simple and elegant jewellery, produced in the goldsmith workshop at the company’s registered premises in Crete, where every effort is made to achieve the best manufacture and quality.

Every creation is, in fact, hand-made from start to finish, in 14 and 18-carat gold and silver enriched with diamonds, pearls and precious stones.
Besides its position on the Greek market, the company is also notably present in Europe, North America and Asia through strategic partnerships with reliable local partners.

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Pietro Ferrante: versatile and creative

Pietro Ferrante is an Italian brand that tells the story of a man who has created a solid business from his exuberant and dynamic outlook on life founded on a passion for creating exclusive jewellery lines.

A forty-year-old experience that has travelled the world, keeping the prestige of Italian design and the excellence of hand-made in Italy in a top position.
Every item expresses one of the Master’s original ideas which is then created with the typical care of Italian manufacturing.

Dedication and experience turn Pietro Ferrante jewels into the bearers of a culture and ancient know-how where art and technique, inspiration and precision, heart and mind merge uniquely and perfectly.
Pietro Ferrante has been offering jewellery collections in bronze and silver, exclusively hand-made in Italy since 1978.

An absolute key role in this year’s showcase at Vicenzaoro January 2019 will be played by the yellow and pink gold and ruthenium finishings that add light and colour to rings and pendants, made more versatile and suitable for every outfit and style.

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Jewellery store worker reveals engagement ring trick for ‘poor millennials’

Engagement rings don’t come cheap — unless you follow the “pro tip” shared online recently by a former jewellery store worker.

The unnamed Tumblr user, who explained they once worked at North American jewellery chain Jared, said there was an easy way of scoring a rock for a fraction of the price of the real thing.

And the best part is, almost no one will be able to tell you’ve done it on the cheap.

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The secret? Replace an expensive diamond with a lab-grown white sapphire.

“Pro tip from a former Jared’s salesperson: You want a sparkly white rock that will look like a diamond to the untrained eye and will literally cost the price of a nice dinner for two? Created white sapphire,” the post begins.
“They’re lab grown and cost pennies to make, so you can get a one or two carat white sapphire for like … $US30-80 ($A40-110) probably.

“You can get one as huge as you like, perfectly clear, perfectly flawless. And no one will ever be able to tell the difference except a professional appraiser.”
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The poster continue, claiming lab-grown sapphires were the second-hardest gemstone after diamonds, meaning they are “very durable” and unlikely to chip or crack.
Some say the untrained eye can’t tell the difference between synthetic gemstones and the real thing. Picture: iStock

Some say the untrained eye can’t tell the difference between synthetic gemstones and the real thing. Picture: iStockSource:istock
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They explained a created sapphire set in a sterling silver band should cost less than $US200 ($S275), unless you want a “fancy band with a lot of extra stones”.

“Of course, created sapphires come in every colour of the rainbow, so if you want something more exciting than plain white, you TOTALLY CAN,” the post continued.

“Created sapphires and silver: The poor Millennial’s engagement ring.”

According to the New Daily, the average cost of an engagement ring in 2017 was $6143.

But despite that staggering figure, in recent years diamond sales have been on the decline — even prompting the Economist to ask in a June 2016 viral tweet “Why aren’t millennials buying diamonds?”

The publication claimed Gen Ys were opting to “shun the taint of conflict and exploitation” associated with so-called “blood diamonds” taken from developing countries.

And while big jewellery houses such as De Beers and Tiffanys have claimed diamond sales have been consistently dropping in recent years, lab-grown diamond sales have been growing, as have lab-grown sapphires and other stones.

In May this year, CNBC spoke with Amish Shah, the president of synthetic diamond producer ALTR Created Diamonds, who said lab grown diamonds could become a $1 billion industry by 2020.

Synthetic diamonds are almost identical to those formed naturally, but are man-made in labs, meaning the environmental and human impact of mining them is slashed.

They also cost a fraction of the price of “real” diamonds.

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Is Your Gemstone Jewellery Genuine?

New Delhi: You can be duped easily when you’re buying gemstones. Be aware of checkpoints before making the purchase, say experts.

Rajesh Tulsiani, Director at Dwarkadas Chandumal Jewellers and Ageerika Hari, jewellery designer at Vaitaanika, have listed out tips to consider while buying gemstone jewellery:

-Certification is the most important thing one has to keep in mind before investing in jewellery. Therefore, it is always advisable to purchase gemstone jewellery from renowned jewellery brands as they offer certified pieces only that have a good resale value.

-Before buying a gemstone, give close attention to the colour of the stone. The easiest way to see the true colour of a gemstone is by looking at it against a white surface.

-Every stone has its own unique grace and exclusivity. Therefore, it becomes essential to decide which metal works best with which stone to retain its charm. A black onyx, when crafted in white gold and encrusted with white diamond gives a bold and stunning look. Whereas amethyst, which is usually seen in the purple shade, is a versatile sort of stone which goes well both with yellow and white gold.

-While purchasing the gemstone, the budget is likely to be considered as an important parameter. It is always best to have a tentative budget in mind otherwise you might get confused with the variety available in the market. Belonging to different mines and depending on the history of its roughness, the prices of the stones are uncertain and never fixed.

-Skin tone is another aspect that should be considered while buying gemstone jewellery because not all gemstones go well with all types of skin tone. Never buy it online or without having to look at that piece and putting it against your skin tone. The colour of one’s skin plays a major role in the colours we wear in clothes or jewellery.

-If it’s your first buy, then play it safe and start with the basic gemstones like ruby, emerald, sapphire or navratan. The above mentioned are a must-have in your jewellery collection as they are classics and can be passed down many generations.

Gemstones are divided into two categories- precious stones and semi-precious stones.

Diamonds, sapphires, rubies and emeralds are precious stones. The remaining all other stones come under the semi-precious category.

-While buying stones, the four Cs are taken into consideration – colour, cut, clarity and carat.

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40 per cent hike in gems, jewellery imports raises concerns

The Indian Express has learnt that the Directorate General of Foreign Trade (DGFT) is studying these statistics in detail to prepare a report for commerce ministry.
Written by Deepak Patel, Aanchal Magazine | New Delhi | Updated: April 25, 2018 1:29:14 am
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Analysts fear capital flight via over-invoicing in some cases.

An unusual 40 per cent spike in India’s gems and jewellery imports this fiscal, at a time when exports are flat, has set the alarm bells ringing in the policy circles.
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The trend, which marks a contrast from the situation in 2016-17 and 2015-16, when the sector’s imports contracted by 4.9 per cent and 9.37 per cent, respectively, has led to speculation among analysts that there may be cases of capital flight happening through over-invoicing on these imports. The Indian Express has learnt that the Directorate General of Foreign Trade (DGFT) is studying these statistics in detail to prepare a report for commerce ministry.

According to an April 16 Credit Suisse report: “While gold imports volumes have moderated, imports of precious stones and pearls have not. As the latter are hard to value objectively, they hint at capital flight and are worryingly large now particularly given the drop in jewellery exports.” The total imports in gems and jewellery sector were valued at $74.61 billion in 2017-18, as compared with $53.73 billion of 2016-17. In 2015-16, the imports in gems and jewellery sector were $56.5 billion. A senior commerce ministry official, when asked about this surge in 2017-18 imports, said that the DGFT (Directorate General of Foreign Trade) has been asked to study this data and prepare and submit a report soon. “I can talk more when that report comes,” he added.

“Usually, there is a lag between the imports of precious stones getting translated into gems and jewellery exports. But, the increase in imports of semi-precious and precious stones should be either driven by increase in consumption or export demand,” D K Pant, chief economist, India Ratings said.

Retails sales reported by jewellery companies does not reflect the sharp surge in the import numbers. For April-December 2017-18, Thangamayil Jewellery Limited and Tribhovandas Bhimji Zaveri Limited showed a net sales growth of just 9.8 per cent and 0.4 per cent in April-December period of 2017-18, respectively. PC Jeweller Limited saw a net sales jump of 24.2 per cent in this nine-month period. Meanwhile, Rajesh Exports Limited, one of the largest gems and jewellery company that largely relies on export earnings, saw a decrease in net sales by 24.73 per cent in April to December, 2017-18.

In response to specific queries, the Gem and Jewellery Export Promotion Council (GJEPC) told The Indian Express on Saturday that it is “still in process of analysing the data” and it would be able to provide “the desired information after few days”.
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The Credit Suisse report had stated that the “March 2018 trade deficit widened $1.7 billion month-on-month and $3 billion year-on-year to $14 billion… Worryingly, jewellery/stones have driven a large part of this increase, hinting at capital flight.”

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Gems, jewellery exhibition opens tomorrow

Rawalpindi : The Rawalpindi Chamber of Commerce and Industry (RCCI) is going to organise three-day Gems and Jewellery exhibition on September 14-16 in Islamabad.

This was informed by RCCI President Zahid Latif Khan at a press conference at chamber house Rawalpindi.

He said that the exhibition would provide opportunity to the businessmen to showcase the best of Pakistani gemstones, diamonds, jewellery, and mineral specimens from across the country.

Giving details, the RCCI chief said that the main purpose of this expo was to attract foreign investment in non-conventional sectors like gems and jewellery and to promote small and medium enterprise (SME).

There will more than 60 stalls of different items including precious stones, gems, ornaments and silver, Gold and diamond jewellery.

Pakistan always focused on traditional sectors to increase exports, however, we must look for new opportunities and sectors like gems and jewellery to attract foreign investment as countries like Thai land, Sri Lanka and Central Asian states have shown interest, he added.

He also mentioned that Pakistan is rich in natural resources of gems and stones. Similarly, our workers and experts are also skilful.

The Government should come forward and add incentives here to reduce taxes on import of machinery and other raw material used in this sector, he further added.

Zahid Latif Khan informed that Pakistan has enormous wealth of expensive gems such as ruby, emerald, tourmaline, garnet, topaz, peridot, aquamarine, spinel, pargasite, diopside, moonstone, pink topaz, sapphire, zircon, feldspar, agate, serpentine jade, epidote, pink beryl (morganite), purple beryl, sphene, zoisite, lapis lazuli, turquoise, and kunzite etc.

Comparing the gem industries of Pakistan and India, he said, “India earns up to $ 26 billion as foreign exchange by exporting only three kinds of stones while Pakistan manages to earn $ 300 million, despite having more than 270 kinds of stones.”

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Jewellery’s Naughty Little Secret: Treated Gemstones

LONDON, United Kingdom — “Here in the US, if it’s pretty, it sells,” says Gary Roskin, executive director of the International Colored Gemstone Association. Processes like heating gemstones to enhance their colour are so common that “no-one is really concerned,” he adds, but other treatments like filling fractures with lead glass to hide the poor quality of stones are also commonplace and “need to be disclosed all the way to the consumers.”

According to the Gemological Institute of America which examines more than two million diamonds, coloured stones and pearls each year for grading and analysis, these treatments range from bleaching to surface coating to dyeing to irradiation (where gems are exposed to an artificial source of radiation to change their colour). Laser drilling is also used to remove dark spots on stones, while lattice diffusion, where an element such as beryllium is penetrated into rubies and sapphires to enhance the colour is common.

And yet disclosure isn’t always the norm. In a competitive market worth $310 billion according to Euromonitor, the potential negative sales impact of disclosing treatments is often seen as a commercial liability. It’s a stance that may surprise consumers increasingly interested in transparency and ethics.

The Gemological Association of Great Britain estimates that 98 percent of rubies are treated; heated, glass-filled or otherwise subjected to diffusion and flux techniques. Blue topaz is almost entirely treated, sapphires are 95 percent treated in some way by either glass filling, diffusion or heat treatment, while citrines are often heat-treated, according to gemology and diamond tutor Julia Griffith. Aquamarines are heat-treated, emeralds are often filled with oil or resins to hide fractures and turquoise is resin-coated. (Enhanced coloured diamonds are “not common,” however, Griffith says, and any treatment of diamonds is usually clearly described at point of sale).

“I would be surprised how many [stones] are treated” if I hadn’t studied it, says Griffith. “It’s accepted in the trade that all rubies are treated but it’s not told to the consumer,” she continues. While many gems require treatment to produce the colours consumers have come to expect, “people should be able to ask questions from their jeweller” and get honest answers, she adds.

The treatment of gemstones has been going on for centuries but the increasingly technologically-savvy treatments — and the difficulty in detecting these — makes things ever more complicated and often retailers hide behind these technicalities to avoid disclosing treatments to consumers, Griffith says. That or they simply don’t know. “It’s not always made very obvious to the customer because it could be quite a turn off. It’s a resistance to disclose or not knowing themselves and part of that is because it can be so complicated and yet so common.”

It’s accepted in the trade that all rubies are treated but it’s not told to the consumer.

To be sure, the supply chain for gemstones can be long and complex: miners often sell to “rough holders” who then sell to manufacturers who cut and polish. Gems are then sold onto wholesalers before they reach retail jewellers. Treatments can occur at any point in the process, making disclosure to the end consumer even harder, industry sources say.

Rubies that are not treated “are rare, and depending on the four C’s (same as diamonds), can reach record-breaking prices,” according to Gabriella Harvey, director of procurement and product services at Gemfields, one of the world’s largest coloured gemstone miners, which specialises in ethical sourcing. Heating, which improves colour, clarity and durability, allows for a broader customer base to enjoy coloured gemstone jewellery, she adds.

“Treatments are widely accepted, not only with rubies but with all other gemstones. The crucial thing is disclosure,” says Harvey. “We lead the industry with our approach to transparency and treatments is an area where this is crucial for consumer confidence.”

While suppliers and cutters may be increasingly transparent about it, jewellery retailers, particularly fashion jewellers, are lagging behind. “For many years, retail jewellers didn’t think about it. The miners would send to suppliers, suppliers would enhance them and because the retailer didn’t have the education to question what was coming from the suppliers, or the supplier felt it was traditional that these gems would need an enhancement of some kind,” the practice continued, according to Roskin from the International Colored Gemstone Association (ICA). “It never had an importance that it has today,” he adds. Today the ICA — with 750 members; mostly miners, cutters and gemstone suppliers — has a code of practice which includes mandatory disclosure of treatments.

“We are trying to teach the retailers what’s out there and what’s available and how to detect it and when it’s not detected what labs can be used,” Roskin says. “We tell the retailers they should be much more actively searching out the supplier that is going to tell them what’s happened to the stone that comes from out of the ground.”

Mandatory disclosure of the treatment of diamonds is required for certified members of the UK-based Responsible Jewellery Council. Coloured stones are soon to be included in the product disclosure, according to Anne Marie Fleury, director of standards and impacts. The body has just over 1,000 members, including luxury jewellers Van Cleef & Arpels, Cartier, Chopard, Boucheron and Bulgari. But that’s a drop in the ocean of the total industry and many lower-priced fashion jewellers are nowhere to be seen.

Mostly you pay for what you get, but businesses need to tell people what they are buying.

The World Jewellery Confederation, or CIBJO, publishes Blue Book guides with globally accepted standards for the industry including requirements to disclose treatments of gemstones at point of sale and in written material. But it’s a voluntary code and not enforced.

In the US, Federal Trade Commission rules state it is unfair or deceptive to fail to disclose that a gemstone has been treated if the treatment is not permanent, the treatment creates special care requirements for the stone or the treatment has a significant effect on the stone’s value.

On the lower-ground floor of high-end department store Selfridges in central London, the Astley Clarke concession offers a blue diamond wrist piece for £9,950 (about $13,000) sat below a glass counter on a taupe suede box. The “Firework” cuff has several thousand small blue stones set in yellow gold. The brand’s website lists the gem as “blue diamonds,” but as a sales assistant brightly admits, the gems are treated. She also points out the £695 mini coloured diamond halo hoop earrings with yellow, red, white, green, black and blue diamonds that are also treated and a popular choice amongst shoppers.

“Our blue diamonds are irradiated, this is a safe and stable treatment, we do not treat them ourselves but we only buy certified stones that are tested to ensure they follow the strict regulations,” says Emilie Robichaud, senior product development manager at Astley Clarke. “Our sapphires are heat-treated and some of our agates are dyed. These are widely used and accepted methods of treatment. All our sales staff are trained and do explain to customers who enquire. Our experience on the whole is that for pavé and beads, customers are not overly concerned. We strive to be open and honest about the gemstones we use and any treatments that have been applied to them.”

Kiki McDonough, the British jeweller known for her coloured gemstones, has a “Candy” collection which includes a “green amethyst” and diamond drop earrings for £2,300 (about $3,000). Green amethyst is formed by heating or irradiating amethyst or yellow quartz. A spokesperson declined to comment.

At London’s Selfridges department store on a busy afternoon, shopper Bell Hendricks peruses the fashion jewellery counters with her aunt. “I didn’t think it was that common,” says the 26-year-old of the prevalence of treated gemstones. “Mostly you pay for what you get, but businesses need to tell people what they are buying,” she adds.

Certainly the lower prices paid for treated gemstones typically reflect their value. “You’re not necessarily getting ripped off, the problem is in the understanding. I can see that it’s a challenge for jewellers if you give too much information people go, ‘Oh hold on, I don’t want that, I want a natural one,’” Ms Griffith says. “I don’t have a problem with treatments as long as they tell people and it’s sold at what they are worth.”

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BlueStone’s CEO on Why the Marketplace Model Doesn’t Work for Jewellery

“The jewellery industry never had the incentive to take technological steps because their model was always very different,” says Gaurav Singh Kushwaha, founder-CEO of BlueStone, one of the oldest and biggest companies in the jewellery space in India. Gadgets 360 recently caught up with Kushwaha and Dinesh Rathi, the Chief Technology Officer of BlueStone, to talk about how the company works and to learn more about the online jewellery industry in India. Of course, that’s still a very nascent industry

The Indian e-commerce market has grown to such a size that it feels like we’ve always been using these sites, but in reality, Flipkart is just 10 years old. There are people reading this who were in college before Flipkart even existed. Starting with books and then other commoditised products like electronics, Indian e-commerce grew to more personal categories like apparel and jewellery.

Unlike traditional jewellers who have large stocks of inventory that is sold to customers who visit the stores and browse the designs personally, BlueStone has a large catalogue of over 6,000 designs, but the products it sells are made to order.

“We don’t sit on the inventory,” says Kushwaha. “Inventorising everything would have cost millions of dollars. Instead, we turn it around in 3 – 5 days. In 2012 when we started off, the minimum time any jeweller would take to make products at scale was 3 – 4 weeks instead.”

To get around this, BlueStone had to invest heavily in technology and logistics – not for its website like most e-commerce companies, but rather on manufacturing the products that it’s selling. “We have set up our own manufacturing facility that is tightly integrated with the website, and through innovations across the stack, we can make the product in three to five days,” says Kushwaha. In this way, BlueStone’s operations are closer to a site like Lenskart, which produces glasses made to order, rather than to a marketplace like Flipkart or Amazon.

Also seeFrom a Click, to Your Face – How Buying Glasses Online Works

bluestone alia bhatt bluestone

“Each and every design has its specifications and design laid out very neatly, in terms of the exact amount of gold, the exact size and number of diamonds, and so on in extreme detail,” Rathi explains, taking us through the way BlueStone works. “We create a master, casting is the first step in the manufacturing process. The negative that is required to cast the product is kept indexed in our factory. So it’s not completely automated, but there are interventions at the right point which makes it very fast.”

“It’s a fully industrialised production process with the actual making taking only about half an hour to one hour, tracked from table to table – from the right product to the right craftsman, for something like setting a diamond, for example, with all the information passed on in real time,” he adds.

Jewellery stores on the other hand never needed to invest in these kinds of processes, Kushwaha says, since the incumbent players were able to build large stocks which are prepared months in advance, and there is a heavy reliance on expert salesmen who will guide you to a purchase. On the other hand, BlueStone users spend much more time browsing products before they come to a decision – “people will spend weeks before buying,” says Kushwaha, which makes sense considering the average selling price of items on the site is Rs. 25,000, which is a lot higher than a typical e-commerce sale.

However, although BlueStone is investing in technology to improve its production process, the company isn’t fully moving away from traditional methods of creating jewellery. “Direct printing in gold is not something that is advised – it results in higher gold loss,” says Rathi. “Where 3D printing technology is being used is to skip steps in the casting process, allowing for certain designs to be manufactured that weren’t possible earlier. There are also different forms of 3D printing. CNC is one and it’s being extensively used, forming is not, 3D printed resin is something that we extensively use.”

Also seeIs India’s Online Jewellery Market Mature Enough to Support Niche Players?

bluestone noir bluestone

Another problem with jewellery, Kushwaha adds, is the heavy reliance on touch-and-feel, even today. To get around this, the company has rolled out a buy at home service, where you can shortlist products from a smaller catalogue of the company’s top sellers, and browse through these in person with an at-home visit.

“Jewellery is a very difficult category, and while trying to crack this category, we’ve ended becoming a jewellery company as well as an e-commerce company,” says Kushwaha, adding that the marketplace model doesn’t work in this space. We pointed out that Flipkart and Amazon both have large jewellery sections, but he’s dismissive.

“Flipkart and Amazon haven’t really been able to crack this model,” he says. “It’s a very destination driven category. You’re not just walking by and see something and pick it up. That’s why we are first and foremost a product brand. Also, unlike other categories, with jewellery everything is unique so you can’t piggyback on offline store for show rooming. You can physically handle the products Flipkart and Myntra offer at Croma and Shopper’s Stop. In our case, that option isn’t there.”

For these reasons, Kushwaha believes that the marketplace model won’t crack the jewellery space in India, though he adds that it’s still early days for the industry as a whole, and that the more voices that are present, and getting the customers used to shopping online, the better it is for everyone involved.