Launched in 2010, JewelVicinity aims to eradicate the common problems faced by diamond and jewelry traders. Headed by veterans in the field, Khalid Sheikh and Swapna Patil, this enterprise has taken full advantage of the benefits of mobile commerce and applied it to their areas of expertise.In conversation with YourStory.in, JewelVicinity tells us more about their origins, plans and how they’ve entered a virtually unexplored space in the area of diamond trade.
So tell us about JewelVicinity. What inspired this venture?
JewelVicinity’s aim is to change the way diamonds are traded the world over. Every diamond trader gets to display his stock, quickly acquire leads from his existing buyers and initiate new business from new buyers thus helping diamond traders to leverage the vast reach of mobile networks in a painless, timely manner through their own cell phone. We are already closely associated with most of the big players in the diamond jewelry manufacturing industry with our ERP - iJEMS from Affaan Technologies. Hence we are connected to the diamond industry as they source diamonds from the diamond offices in Opera House / Antwerp. We have been well aware of the operational problems faced by diamond buyers and sellers while sourcing. This urged us to create a mobile-based diamond community where all diamond buyers can source their requirements from quite possibly the largest market available – the entire world. Sellers would not only trade but also promote themselves within this vast community. Consequently, creating avenues for networking in the diamond industry and greater turnovers.
How is JewelVicinity different from other diamond B2B trading platforms? What is your competition like?
JewelVicinity leverages the most used technological device - the cell phone. Users enjoy a feature-rich experience with apps supported on Android, BlackBerry, Windows Mobile and iPhone devices, in addition to our mobile website. JewelVicinity targets a customer base of 50 sellers across the country and at least 15000 buyers within 6-8 months of launch. And, we have no direct competition.
Tell us about the background of the founding team at JewelVicinity.
I have over 10 years of development and consulting experience in the enterprise software market. His expertise is deeply rooted in the world of strategizing the business and technology.
Swapna Patil (Director, COO), with a Masters degree in Information Technology, is responsible for quality professional services and projects deliveries from the offshore development center. Besides overseeing company's operations, her responsibilities includes leading new strategic initiatives, people function, facilities, business assurance and knowledge management activities.
What are the solutions JewelVicinity aims to provide for diamond traders?
Being a mobile platform, we provide the freedom to search for the diamonds you are looking for anywhere, anytime. This kind of convenience is precious to diamond brokers and retailers.
JewelVicinity provides you with a current stock of data at your fingertips, eliminating the cost, time and need to manually call and find out the same. Now brokers and suppliers can also generate new leads for themselves at all times. With our service, brokers have no need to “stand in market” all the time to nab deals like they used to.
The ability to be in permanent contact with the markets when on the move and place transactions immediately without delay is the most appealing factor to a large and increasing numbers of brokers.
What are your views on the diamond industry and mobile applications space?
At the moment, the diamond industry is showing signs of being stable, the world over. Sales are the same, irrespective of the quality of diamonds procured. The Indian market has already shown the greatest demand for diamonds as is clearly visible by the increasing popularity of diamond jewelry among the 25-35 demographic of both women and men. As for mobile apps, they have revolutionized trading, banking, shopping and even gaming experiences. The innovative and better functionality of apps make for an amazing user experience.
Our vision is to always give the diamond and jewelry industry the best that technology has to offer them. As a technology company operating in the diamond jewelry niche, we always look to leverage technology for not just eliminating manual efforts, but rather facilitate sales and provide analytics to give diamond industry professionals deeper insights into the changing trends in their business.
Will JewelVicinity remain a B2B Diamond Trading platform within India? What are your plans for expansion?We have primarily launched and promoted our services in India. But we are open to diamond traders from all over the world. We have always seen the Internet and mobile space as a business facilitator as opposed to a technology phenomenon. JewelVicinity will help its members gain global exposure and do business with global buyers. Also providing our vendors the invaluable marketing and retail sales analytics that would give them a unique view on customer buying habits, product preferences, purchase time frames, etc.
JewelVicinity apart from being a B2B Diamond Trading Platform envisions its future also in the diamond jewelry sector. But at the moment, we are focused now on the B2B diamond trading applications.
What is the revenue model and membership subscription for JewelVicinity?
JewelVicinity’s revenue model differentiates between Buyers and Sellers unlike most other platforms which charge the same for both. The vendor can display their stock for Rs. 25,000 for the whole year whereas the Buyer has to pay only Rs. 3000 for the entire year.
What are you doing to promote your business?
In addition to leveraging our extensive network of diamond and jewelry traders and advertising in print media, we are paying close attention to our sales business model. We are participating and conducting seminars and working on features for magazines like Art of Jewelry, Diamond World, Solitaire and other regional magazines.
We intend to become a member of GJF (Gems & Jewelry Federation), GJEPC (Gems & Jewelry Export Promotion Council) to strengthen our professional network. Social media is also turning out to be a valuable tool in extending our visibility.
Please visit http://www.jewelvicinity.com