We hope to be in over 100 mn homes across all major DTH & cable networks: Manuj Goyal
We hope to be in over 100 mn homes across all major DTH & cable networks: Manuj Goyal

Indian jewellery market seems poised for a glittering growth in 2016. Last year, the industry saw huge leaps and bounds in terms of online acceptance in the country. Consumers that were skeptical of buying big tickets items online, now flock online websites more than a brick-and-mortar shop.

Breaking the monotony, gemstone & precious metal jewellery brand Gemporia, has now decided to sell on TV screen with its first online jewellery channel in the country.  After a successful campaign in the UK and USA, the eRetailer now aims to provide the convenience to purchase stylish, affordable and ethically manufactured jewellery from the comfort your home.

Talking about the same with Retailer Media, Manuj Goyal, Co-Founder & MD, Gemporia unveils his plans to blend eCommerce with live TV. He also talks about his till date journey and insights into scale and growth prospects of Gemporia in India.

Please share your background. Your education and whether entrepreneurship was something you always wanted to do?
My inclination towards exploring gemstones found me at the Gemological Institute of America, Carlsbad. GIA is the world’s foremost authority on diamonds, colored gemstones, and pearls. The sea of knowledge imparted by my mentors who are some of the finest people of the Jewellery Industry remains deeply ingrained and reflects in every decision I take.

Entrepreneurship has been the only choice ever since I took the plunge way back in 1990.

How was the idea of your venture conceptualized? What is the need you are addressing In the market?
I have been manufacturing and exporting jewellery for over 25 years now. We've produced for multiple brands and designers including 11 years of Gemporia UK and USA. The conceptualising of Gemporia India is a story I hold very close to my heart. In midst of a conversation, my 8 year old daughter spoke about how jewellery makes a woman feel happy and according to her every woman has a right to feel beautiful, not just the wealthy ones. I knew I could achieve it, jewellery doesn't have to cost the Earth and I had the option of turning this into a reality for everyone.

With our infrastructure, equipment, knowledge and sourcing we know the realities of the industry where the margins of trade are absorbed by the middlemen and the end user has to pay the big buck. We needed to put out a platform where we exhaust the middlemen and get to consumers directly. We want to reach out to people and educate them about genuine gemstones being affordable.

Is there a story behind the name, you have given to your business?
Gemporia is the brand that binds our global operations in UK, USA and India. The word speaks for itself — we are the largest store for Genuine Gemstone Jewellery across the globe.

What is your Business Model? Please share numbers of founders?
We believe that beautiful jewellery shouldn’t cost the earth, nor should it be mass produced or run of the mill. But it should leave a legacy, for those who wear it and those who help to make it. Only genuine gemstones and precious metals are used to create our limited runs. 

Our unique business model is based around Direct to Home pricing, we cut across the long chain of middlemen and happily pass on this benefit to our consumers in the form of lower costs for every purchase. The advantage of being able to reach out to a monumental audience via television, website and an app has helped us lay a bridge between manufacturers and customers bringing in a revolution in the Jewellery industry.

Via our TV channel, we work to educate people by helping them know their jewellery, like no traditional jeweller has ever done. A certificate and a BIS hallmark (for gold) comes along with each purchase to ensure the authenticity of each piece we deliver. To attain complete transparency, we have 30-day money back policy with no questions asked. 

To further enhance the consumer experience, we have enabled multiple channels of placing an order via toll free phone calls, website and app. The payment methods vary from virtual to physical CoD payments.

We have two founders - Steve Bennett based out of UK, also takes care of the USA operations. I handle the Indian JV operations and manufacturing for global consumption. 

Product/services offered and current Business size
Our product size is constantly increasing to fit the business needs. The jewellery ranges from earrings to necklaces to charms to rings for women & men, in multiple styles. Our average item value is Rs 4216. For Sterling Silver jewellery, our sweet spot is Rs 999. For Gold Jewellery, we have maximum sales in Rs. 5000 to 8000 pricing category. Rings are currently 50% of our sales, I guess as most retailers find it challenging to stock rings in different sizes. We keep a wide variety of gemstone based jewelery - Rubies, Emeralds, Sapphires, Tanzanites, Pearls, Topaz, Opals, Amethyst, Citrines, Garnets, Onyxs, Tourmalines besides Diamonds.

Who is your target consumer? Could you please share how you have detailed your consumer?
Jewellery is a product manufactured for women — it’s their happiness and possession of pride. It makes our natural prime target consumers, women, between the age of 13 and 70, based in India. With the universal quality and appeal of the product, each woman owns at least some pieces of jewellery. With our wide range of styles, size and make (Gold, Plated, Sterling Silver) — we’ve created something for every woman. Our reach spreading via television and internet covers most women in the country — this eases detailing our consumers.

What is your current distribution in Brick and Mortar space? What are your future distribution plans?
We aren't venturing in that space presently. We are looking at growing via television which multiplies our reach by multi folds as opposed to Brick and Mortar. 

Have you raised any funding so far. What are your plans to use this funding for?
We have built our business with our own capital but are keen to look at raising funding for growth. We keep our business very efficient. We produce at a low price and our business model is lean. Therefore consumers always get a great deal. That keeps the business always profitable. If the business model has margins, you will always grow, no matter what market conditions.

What has been your A-ha Moment in the business? (The high point)
The first day of launch, without any advertisements or promotions, we just went live on television. In minutes, phones started to come in and we managed to make a decent sale — that boosted all of us! 

What has been your biggest challenge so far in scaling-up? How are you addressing it?
The biggest challenge lies in logistics; getting the product across to all sorts of addresses in the far interiors of the country where technology is minimal and the ways to deliver are extremely limited. We are constantly evolving and working on new solutions with various courier companies every single day. 

How do you see growth scenario is this business? What are your future scale-up plans?
TV will be the driver for our growth. We hope to be in over 100 Million homes across all major DTH and cable networks. The consumer experience on buying over television is next best thing to retail. Traditional retail has challenges in reach, costs and efficiency. Our model is heavy on technology but makes the buying process simple for our customers. They just need to pickup the phone and give their address. We wish to be India’s largest retailer of affordably priced real jewelery. ​

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