The orders for the new segment will be fulfilled by Reliance’s in-house jewellery brand Reliance Jewels that has around 93 flagship showrooms and 110 shop-in-shops in 105 cities in the country.
The jewellery offering, as it expands to other sub-product categories, will take on existing internet marketplaces including Caratlane, BlueStone, Melorra, and others.
Mukesh Ambani’s ambitious e-commerce venture JioMart, which competes with bigger marketplaces including Amazon, Flipkart, others, has now added jewellery category. Reliance has forayed into the vertical with silver coins of 5gm and10 gm, and gold coins of 1gm, 5gm, and 10gm. The orders for the gold and silver coins will be fulfilled by Reliance’s in-house jewellery brand Reliance Jewels that has around 93 flagship showrooms and 110 shop-in-shops in 105 cities in the country. The coins bearing the Reliance Industries logo are currently priced between Rs 733 and Rs 27,890 inclusive of all taxes.
Financial Express Online is the first to report this development.
Currently, JioMart is allowing only prepaid orders for the gold and silver coins and providing free shipping as the inaugural offer. Jewellery vertical adds to JioMart’s existing categories including grocery, fashion, and electronics for which orders are fulfilled by Reliance’s own brands including Reliance Fresh, Reliance Smart, Reliance Digital, Reliance Trends, etc. The jewellery offering, as it expands to other sub-product categories, will take on existing internet marketplaces including Caratlane, BlueStone, Melorra, and others.
Reliance didn’t immediately respond to a request for comment.
JioMart’s last expansion was to the healthtech space with the acquisition of e-pharmacy Netmeds in August through Reliance Retail Ventures. The company had picked a stake in Vitalic Health and its subsidiaries, collectively known as Netmeds, for around Rs 620 crores in cash. JioMart had also signed an agreement in October with publicly listed e-commerce venture Infibeam to use its solutions for e-commerce and digital payments services. JioMart, which began with grocery deliveries, has crossed 1 crore Android downloads in around six months since its app launch in July.
India’s gems and jewellery market is among the world’s largest, contributing 29 per cent to the global jewellery consumption and is home to over 3 lakh gems and jewellery players, according to India Brand Equity Foundation. The market size is expected to grow by $103.06 billion during 2019–2023 even as online sales are likely to account for only 1–2 per cent of the fine jewellery segment by FY22. The sector’s export was worth $29.07 billion in FY20. Reliance Retail had last month reported net revenues of Rs 33,018 crore on a consolidated basis for Q3 — down by close to 19 per cent from Rs 40,660 crore in Q3 FY20.