Gitanjali Ties Up With Online Retailer to Sell Jewelry

More than 500 products from nine of Gitanjali’s diamond jewelry brands will be available on Myntra, at prices ranging from $75 (Rs. 4,000) to over $2,077 (Rs.110,000).

Gitanjali, a vertically integrated jewelry giant expects to reach sales of up to $28 million (Rs.1.5 billion) through this partnership by 2016. It is targeting $5.7 million (Rs.300 million) in sales by 2014.

According to Deepak Tulsian, Business Head of eGitanjali, “Online jewelry retail in India currently stands at $70-80 million, which is less than half a percent of the $30 billion overall jewelry retail market in India. We expect the online jewelry market to cross $1 billion in the next 5 years, and aim to capture 15 percent of it.”

Gitanjali Chairman Mehul Choksi says, “We have taken many e-commerce initiatives over the last few years, with our own websites and e-marketplaces. The partnership with Myntra is part of these larger initiatives with many unique features of its own. We are happy to be associated with them to reach out to millions of online consumers.”

Myntra believes that fine jewelry online sales will grow 300 percent during the festival season. "What could be a better time for launching fine jewelry than the festive season?” asked Mukesh Bansal, Founder & CEO of Myntra.