India is the biggest market for gold and the third largest market for polished diamonds in the world. India’s eBay sellers export a jewelry item every 32 seconds. eBay India already has 50,000 diamond listings. The overall jewelry industry is expected to show compound annual growth of 13 percent next year.
With stats like these, it made perfect sense for eBay India to launch the Diamond Ring Configurator, which enables buyers to choose their own gems and designs to create custom-made rings.
To bring this project to fruition, eBay India partnered with the International Diamond Exchange (IDEX), which sources diamonds from all over the subcontinent, and iStreet Network, which assembles the rings, says Navin Mistry, eBay India’s head of cross-border trade.
Buyers are looking for good quality jewellery at great prices. Most rings on the site can be created in the price range of $300 to $400 U.S. dollars.
In addition, online buyers and sellers of jewellery want safe, secure transactions. The trust factor is essential, with more and more jewellery buyers demanding certification and quality assurance.
The Diamond Ring Configurator responds to these requirements; “this delivers in every sense,” says product manager Sarabdeep Singh.
Eye on Design
The site was designed to provide a simple and intuitive user experience. The buyer selects the preferred diamond, shape, carat range, clarity and type of metal. The Configurator then suggests the best settings, mapped to the type of diamond chosen.
This represents a major achievement for the eBay India team, who worked hard to provide “a best-in-class vertical shopping experience for online buyers,” says Sarabdeep, who’s been instrumental in getting the site up and running in three short months.“We tweaked the product based on user experiences and preferences, creating a lively, colorful page.”
Site offerings will expand in January, when the eBay India team will step up promotions on eBay, in newspapers and through Internet marketing. “In the coming months, we’ll also add more designs to satisfy the demands of Indian customers,” says Jewellery Category Manager Jinesh Joshi.
“Our vision is to ensure that when anyone, anywhere, decides to buy a diamond ring, they’ll definitely take eBay into consideration,” says Navin Mistry. “This is another step towards crystallizing that vision.”