Diamondere.com, the only online jewellery selling website that provides end to end mass personalization of European designed jewellery. Going by the surge in the e-commerce industry and creating a niche market for each category, Diamondere.com has taken one step forward and introduced latest innovation in online jewellery selling website. The technology introduced by Diamondere.com helps customers to do end to end customization of the jewellery pieces available on the website. From changing the quality of the metal (gold and silver) and diamonds, to the type of the stones, one has the liberty to try out multiple combinations with a single piece to fit to the taste and budget. In an interview, Varun Godha, CEO and founder, Diamondere.com shares insight about the company.
Highlight about Diamondere.com's innovative model of ordering online jewellery?
We believe in exclusivity, in a signature taste - in one that is noticeable and personal. We refuse the usual and the everyday, but choose to be fussy and do things our own way. This is why we craft Diamondere jewellery - for you to exclaim, "This is my style!"
Design your treasured jewellery exactly the way you want it - change gem stones, precious metals and even engrave for free- all online and instant. This means that any one design on the site has thousands of different possibilities you can choose from to complement your personal style.
After serving international brands for the past 50 years, our design team now works exclusively on your signature collections. Since our jewellery is made to order, there are no middlemen - you tell us what you want and we create it at significantly reduced prices.
We are fussy, we are different and picky. And we want our customers to be that way as well!
How would you describe the e-commerce industry in India?
E-commerce industry in India so far has been only about top line and building a customer base by competing on who can absorb the most losses. Most of these .com companies are undifferentiated, lack innovation, don't think about the unit economics of this business in India - how high the customer acquisition cost is and how little the Customer Lifetime value in India? The VCs are partly to blame since they fuelled this bubble by putting so much money so quickly into the same genre of companies; they have not allowed these companies and this industry to grow fundamentally.
Its a great time for consumers, cause they are getting things lower than the cost price. It wont last, so enjoy for the time being.
For entrepreneurs in this space, it's a hard time to come in since most of the VCs have placed their bets in this sphere. Though, i think now you will see the true innovators survive and emerge. Like at diamondere, we have tried to use the internet to create a user experience that cannot be replicated by the traditional retailers and even by most of the online companies. The companies that will win, need to offer a value proposition beyond price, like at diamondere, where even though our prices 30-50% lower than retailers, our single most important differentiator is personalization experience we offer a consumer!
What are the challenges faced by your company in implementing this innovative model of online jewellery?
The biggest challenge is marketing with limited personal capital. Especially with so many .com companies being funded with absurd amounts, the cost of marketing for new entrants increases even further. Hence, the business will grow, more linearly than exponentially (without outside capital), which may not be a very bad thing in the long run! Besides that, the usual problems around logistics, infrastructure etc. - all a niggling thorn, but nothing that cant be lived with. As Indians, we just find a "jugaad" for these things and move on!
What are the plans that been chalked out for the company?
We recently launched the website on July 16th and considering the market competitiion, there are a lot of new and exciting things happening on the product evolution side. Besides that, a few innovative marketing strategies that are being worked out. Watch out for us!