JewelStreet has removed almost half of the jewellery brand it sells from its online store, the company has revealed exclusively to Professional Jeweller.
The cull is part of a major repositioning to make it a destination of choice around the world for designers of fine jewellery.
More than 120 designers and brands, around 45%, have been delisted in the repositioning.
“This is a necessary step for our change in strategy to become the premier jewellery website for the very best designer and fine jewellery from around the world,” said Rob Passmore, CEO of JewelStreet.
“In order to become a luxury marketplace representing the very best global jewellery, we needed to tighten up our curation. This has been an incredibly difficult process as we are very loyal to our designers and have actively championed their cause and supported them as a fantastically talented community. However the fact remains that you can’t sell a piece of jewellery for £2,500 next to a piece of jewellery for £25, so as difficult as it was, it was a necessary decision,” he added.
JewelStreet, founded in 2012, has to date worked with a broad range of jewellery designers and brands, swelling their portfolio to nearly 300.
However, from the July 31, this number will drop to fewer than 180.
As well as becoming more luxury, JewelStreet will also be more international. New brands and designers from around the world joining the etailer include Matthew Cambell Lorenza, Jorge Adeler, Hammerman Brothers (bangle pictured above), Kara Ross and many more. Typical price points range from £500 to £50,000.
JewelStreet’s new curation process is designed to increase the average transaction value and to ensure jewellery has international appeal. “The average order value today is around £100. We want to move that to more like £200-£250 over the next 12 months,” Passmore said in an interview with Professional Jeweller earlier this year.
“We don’t have a fixed number [of designers and brands] in mind but it will be limited. We want to attract the very best fine designers and brands globally and provide them with an easy route to market both at home and overseas. We have invested heavily to create an infrastructure that deals with international tax and duties, global shipping, hallmarking and insurance providing a complete export solution; it basically opens up the world to our designers,” he explained.