JioMart Jewellery Shopping Online: JioMart, the innovative e-commerce company of Mukesh Ambani that competes with broader markets such as Amazon, Flipkart, and others, has now introduced the segment of jewellery. With silver coins of 5gm and 10 gm, and gold coins of 1gm, 5gm, and 10gm, Dependence has forayed into the vertical.
Reliance’s in-house jewellery brand, Reliance Jewels, which has about 93 flagship showrooms and 110 shop-in-shops in 105 cities in the world, will meet the orders for gold and silver coins. Including all royalties, the coins carrying the Reliance Industries logo are currently priced between Rs 733 and Rs 27,890.
JioMart to Offer Jewellery Shopping
Currently, as an inaugural bid, JioMart makes only prepaid orders for gold and silver coins and offers free delivery. Vertical jewellery contributes to the current categories of JioMart, including food, apparel, and electronics for which orders are fulfilled by Reliance’s own labels such as Reliance New, Reliance Smart, Reliance Wireless, Reliance Trends, etc.
As it extends to several types of sub-products, the jewellery offering can take on established internet markets, including Caratlane, BlueStone, Melorra, and others.
Reliance didn’t respond to a request for clarification immediately.
With the acquisition of e-pharmacy Netmeds in August through Reliance Retail Ventures, JioMart’s last expansion was to the health-tech space. For about Rs 620 crores in cash, the organization has selected a stake in Vitalic Health and its subsidiaries, collectively referred to as Netmeds.
In October, JioMart also signed an agreement with the publicly traded e-commerce venture Infibeam to leverage its e-commerce and digital payment services solutions. After its app launch in July, JioMart, which started with grocery delivery, has passed 1 crore Android downloads in about six months.
According to India Brand Equity Base, India’s gems and jewellery industry is among the world’s biggest, contributing 29 per cent to global jewellery consumption and is home to over 3 lakh gems and jewellery players.
During 2019-2023, the industry size is projected to rise by $103.06 billion even though online transactions are likely to account for just 1-2% of the fine jewellery segment by FY22.
In FY20, the export market was worth $29.07 billion. On a consolidated basis for Q3, Reliance Retail posted net sales of Rs 33,018 crore last month, down by close to 19 per cent from Rs 40,660 crore in Q3 FY20.