Buying diamonds a click away

The company claimed it is India’s largest online retailer of certified loose diamonds and diamond jewellery and charges up to 25 per cent lower price compared to retail stores.
CaratLane has tied up with most of the reputed diamond suppliers in India and abroad, enabling it to provide customers a range of over 25,000 diamonds to choose from.

With a network of over 4,000 global vendors from six different countries such as India, Belgium, Hongkong, United States and Israel, it offers more than 1,00,000 loose diamonds, and over 1,000 ready-to-choose diamond jewellery designs for diamond rings, pendants, earrings, bracelets and bangles.

Talking to Deccan Herald, CaratLane CEO Mithun Sacheti said, “CaratLane can offer lower prices because we dont have to spend on setting up swanky retail stores and employ large number of people. We can afford to pass on this advantage to our customers.”

The online model also allows the company to work with minimum inventory and provides further savings on inventory carrying costs. CaratLane, set up in 2008, has a diamond cutting and polishing units in Mumbai and Chennai. Last financial year it sold nearly 2,500 Solitaire diamonds resulting in an annual revenue of Rs 50 crore and growth of 300 per cent over the previous year.

Commenting on buying diamond online C Krishniah Chetty & Sons MD Vinod Hayagriv said, “Diamond business is getting very dynamic and complex. Hence diamonds sourced ethically through right channels is of paramount importance. A backup of a retail presence where a consumer is able to touch the diamond will greatly help the experience.”

In the next three months, CaratLane is planning to set up retail experience centres in Mumbai and to cover seven metro cities in two-years to give a touch and feel feeling to customers.

CaratLane, which has received an investment of $6 million from a PE firm, allows customers to pay by cards,  cheque or cash, with an option of EMIs.