The 5 Best Ways to Grow Your Jewelry Business in 2022

In just two short years, the sale of moissanite engagement rings has grown to over $1 billion, making it the third most popular stone after diamonds and sapphires. As an established jewelry business owner, you’re probably doing all you can to keep up with this craze as well as all the other aspects of your business. So what else can you do to grow your jewelry business in 2022? Here are five great tips to get you started!

1) Take Time To Plan

The first step is taking the time to plan. This will help your business grow successfully. You may want to ask yourself these questions as you plan: What are my current resources? How do I improve customer service? Who are my target market, what skills and talents do they have, and how can I serve them better? How can I find more resources or ways to be more cost-effective?

2) Focus on the customer

Start by learning your customer's preferences and spending habits. What types of jewelry do they prefer? What colors? Do they prefer gold or silver? Find out what size rings or bracelets do they wear, as well as their favorite brands. If you have a chance, speak with them one-on-one so you can tailor your recommendations accordingly. Create a relationship with your customers, so you can know what they like. Knowing their preferences will also allow you to make more informed product recommendations. If a customer buys blue jewelry most of the time, but comes into your store looking for yellow earrings, for example, suggest other options that are similar. This helps establish trust and builds loyalty between customers and vendors.

3) Staying Active On Social Media

Social media is one of the most powerful marketing tools available for your business, with reports that say up to 90% of all adults use it at least once a day. That number can only continue to rise with teens and millennials joining the fray. No matter what industry you're in, you need a strong social media presence. Check what other brands in your field are doing, and go twice as hard!

Encourage customers to post pictures of themselves wearing their jewelry, tagging your brand in the photo or caption, Also reach out to bloggers who may be interested in reviewing your products, but don't be too pushy about it.

4) Attend Trade Shows And Events Regularly

One way of boosting your business is by attending trade shows and events regularly. Trade shows can attract thousands of people and display your products at the same time. Trade shows are also an excellent opportunity for making contacts and meeting potential partners, or just picking up new trends in the industry.

5) Wear What You Sell

Wearing what you sell is a great way to show customers that your jewelry reflects the vibe you want them to have. Plus, it will make for beautiful photographs of your pieces on models. Another plus: You'll be able to get a first-hand feel for the quality of the piece before sending it out into the world!

Hyperlocal Jewellery Retail Chain Vaibhav Jewellers Files DRHP with SEBI for IPO

Visakhapatnam-headquartered Manoj Vaibhav Gems ‘N’ Jewellers Ltd, a leading regional jeweller brand in South India having a presence in the micro markets of Andhra Pradesh and Telangana across 8 towns and 2 cities has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

The public issue with a face value of equity shares of Rs. 10 each is a fresh issue of equity shares aggregating up to Rs 210 cr and an Offer for Sale of 43,00,000 equity shares by Grandhi Bharata Mallika Ratna Kumari (HUF), the Promoter Selling Shareholder.

The company, in consultation with the lead bankers to the issue, may consider a further issue of equity shares for cash consideration aggregating up to Rs 40 crore. If such placement is completed, the fresh issue size will be reduced.

The utilisation of the net proceeds is to finance the establishment of 8 new showrooms costing Rs 12 crs and the purchase of inventory worth Rs 160 crs over FY23 and FY24 besides general corporate purposes

Vaibhav Jewellers was founded by the Late Mr Manoj Kumar Grandhi in 1994 and is currently being led by a first-generation woman entrepreneur Mrs Bharata Mallika Ratna Kumari Grandhi along with her daughter Grandhi Sai Keerthana.

The jewellery brand was one of the earlier entrants in the organised jewellery market in Andhra Pradesh and Telangana. It operates a hub and spoke model with small-sized showrooms operating around the larger showrooms and addresses to the requirements across all economic segments. Its flagship showroom in Visakhapatnam is spread across 29,946 sq ft and four different floors of shopping experience

77% of its retail showrooms are in Tier 2 and Tier 3 cities and the rest are in Hyderabad and Vishakhapatnam catering to urban consumers. Each of its showroom houses varied exquisite and large inventory of designs across a wide range of products in Gold, Diamond, Gems, Platinum & Silver Jewellery or Articles. Its sub-brand Visesha caters to a premium segment of gold and diamond jewellery.

As per the Technopak report stated in its DRHP, in FY21, the company had an approximate market share of 14% of the organised market. Other key players in Andhra Pradesh and Telangana are Tanishq, Kalyan Jewellers, Malabar Gold Pvt Ltd, GRT Jewellers and Joyalukkas

Besides selling on its own website and other market places, it focuses on having a one to one connect with each of its customers , to do so it conducts focused group discussions to educate customers; exhibiting at exhibitions to showcase its new collections and increase brand awareness; direct selling activities and village campaigns. Interestingly they have a marriage cell that has a database of the marriage ecosystem which it uses to approach couples and their families for purchasing jewellery for the occasion.

In FY 22 its revenue from operations stood at Rs 1693.9 crs, majorly from the sale of gold jewellery. In 2005 it stood at Rs 50.9 crs. The Jewellery brands per retail showroom revenue and EBITA metrics stood at Rs 141.16 crs and Rs 8.7 crs respectively. Between FY20-22 the Revenue and PAT grew a CAGR of 15.08% and 33.83%. Its e-commerce sales grew from Rs 4.16 cr in FY 19 to Rs 28.6 crs in FY 22.

The rural market continues to contribute 60% of the jewellery demand in India. Gold is still considered an investment of the future hence despite the price rise the volume of purchases advanced by the rural customer continues to grow particularly for weddings, religious rituals, or post-harvest. It continues to have a special place in Indian Culture and 5 Southern state i.e Andhra Pradesh, Telangana, Tamil Nadu, Karnataka, and Kerala make up 40% of the Indian Jewellery Market.

Bajaj Capital Ltd and Elara Capital (India) Pvt Ltd are the book running lead managers and Bigshare Services Pvt Ltd is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

Ratan Tata-backed Bluestone Set to Tap the Diverse Taste for Jewellery in the Capital; Launches Four New Stores in Delhi-NCR

Located in Delhi, NCR-Noida & Gurugram, the stores collectively boast of over 3320 sq ft of shop floor for a unique jewellery shopping experience

BlueStone, India’s leading omni-channel fine jewellery destination, announces the launch of four resplendent retail outlets in Delhi - NCR, taking the total count of their stores in this region to 18. The newly opened outlets are located at some of the most prominent locations & malls of the city, which are, East of Kailash, Kamla Nagar, Gaur City Mall and Ambience Mall.

The store at East of Kailash is located in the city’s heartland, with a mix of prominent residential areas and buzzing shopping avenues, for fashion and jewellery. The Kamla Nagar store in North Delhi is placed amidst popular eateries and restaurants, alongside several fashion and jewellery showrooms, while The Gaur City Mall and Ambience Mall are few of the many popular ones located in Noida & Gurugram region respectively. Both the malls have famous clothing, jewellery & accessory brands for women, men & children, making them convenient and popular shopping destinations for our shoppers. The stores at Gaur City and Kamla Nagar, are spread across an area of about 500 sq ft, while the Ambience Mall and East of Kailash boutiques boast a lavish 1000 sq ft shop floor.

 

The company has seen an interesting cross-channel behavior where a typical user browses their website for at least 2-3 weeks before visiting a store. 60-70% of the customers tend to shortlist a product first on the website before visiting an exclusive brand store which completes the shopping experience by enabling try-ons and checkout. For every one customer who was buying online on BlueStone, surveys revealed that there were 20 others who loved the designs but would require the comfort of a store to make a purchase. Therefore, by having these experiential stores, BlueStone expects to provide its customers a truly omni-channel experience.

All the four new stores house an exclusive collection of 450+ designs individually, handpicked by the merchandise teams across categories such as, necklaces, pendants, rings, earrings, bangles, solitaires, as well as jewellery for men and kids. The jewellery comes with the highest level of certification- hallmarked with HUID from BIS approved labs, IGI, GIA & GSL certifications as well- for gold & diamonds to create their exquisite designs with the top-notch in-house craftsmanship. A key highlight of the store is the extravagant 'Solitaire Lounge', which provides a one-of-a-kind experience for solitaire lovers with assistance from experts and a tech-driven platform to help shoppers pick the perfect designs.

Speaking on the launch, Sudeep Nagar, Chief Operating Officer BlueStone, said, “Jewellery has been an integral part of Indian culture for millennia. The vast geographical landscape of Delhi-NCR has distinct groups of people endorsing distinct styles of jewellery, for fashion as well as cultural significance. Our existing stores in Delhi-NCR are extremely loved, which gave us the confidence to launch 4 more stores in a short span. With these launches, we now have a total of 84 stores spread across the country, giving a strong impetus to our omni-channel retail model which is revolutionizing jewellery buying."

About BlueStone

Established in 2011, BlueStone has revolutionized the precious jewellery segment in India. BlueStone ships to over 19,000 pin codes across the country, and has over 80 exclusive brand stores across 25+ cities, networked with cutting edge custom technology for a seamless omni-channel consumer experience. The award-winning team adds almost 30 new collections every year and its customers have the flexibility to choose from a whopping catalogue of 8400+ designs spread across 100+ Collections, which they may “Try-At-Home” and then buy.

Jewellery Industry Innovated: JewelFlix Crossed Association of 500+ Leading Jewellers in India

JewelFlix, an online jewellery marketplace, has successfully associated and connected more than 500 Jewellers together, including retailers, wholesalers, and manufacturers across India to date.
 
In the past two years since its inception, JewelFlix has taken the initiative to take the Indian Jewellery market from offline to online market and put all the gems and jewellery stores in front of consumers.
 
JewelFlix has recently disclosed that they have catalogued over 41,500+ unique jewellery products from 500+ jewellers across India. Now, it is in the process of participating in many exclusive jewellery exhibitions to connect with more Jewellers.
 
The goal of JewelFlix is to bring digitalisation in Indian jewellery market by connecting more than 5 lakh jewellers together; like retailers, wholesalers and manufacturers across the country. And it is currently leading in the numbers. This is being achieved by creating an online presence for each associated jewellery store. Developing e-catalogues, promoting, branding, and providing end to end digital marketing solutions to the jewellers is the prime focus of the company.
 
The founder and CEO of JewelFlix, Mr. Savai Khatri, along with the Co-founder Mr. Vikram Jain are experienced jewellers themselves with more than 12 years of experience in gems and jewellery. They believe that the Indian market still has a lot of untapped potential for jewellers, which has led to the establishment of ‘Tansh Jewels Private Limited’.