UK-based JewelStreet.com has grown rapidly over the last 18 months and now claims to be the world’s biggest designer jewellery website.
The online marketplace, with offices in Bristol and Bideford, North Devon, employs 13 staff, and now represents over 570 independent jewellery designers from 48 countries worldwide.
The JewelStreet website lists over 20,000 unique pieces of jewellery for sale valued at over £50m. JewelStreet champions independent designers and lists individual stock items from as low as £30 to £500,000 diamond necklaces handmade by award winning Hollywood designers.
By comparison the $6bn online fashion giant Farfetch represents 539 fashion boutiques and lists just 8,300 items of jewellery.
JewelStreet chairman, Adrian Roose, explains “Our aim was to bring together the hugely fragmented jewellery market and offer independent jewellery designers a level playing field and access to new global audiences, via a single easy to use online marketplace,
“‘Disrupting’ is a word often used by start-up companies. In our case it’s very appropriate. Previously the jewellery market was, at best, served by a few ‘catch all’ e-commerce sites like Net-a-Porter and Farfetch. Our aim was, and still is, to only work with independent jewellery designers and promote the passion and provenance behind their unique designs, whilst also offering a much fairer slice of commission.”
Roose continues: “We have invested heavily in Artificial Intelligence to improve sales and performance. We now have machine learning algorithms to power jewellery recommendations, collaborative filtering to suggest products based on past behaviour, and pattern mining to discover relationships between products to ensure that all stock is offered equally.”
Looking ahead, JewelStreet is currently fundraising for future growth as it believe the future is online.
Roose shares: “Retail footfall is dropping and JewelStreet has removed the final barrier to buying jewellery online. Traditionally buyers have wanted to touch and feel jewellery before making a purchasing decision. We’ve removed this barrier by offering free delivery and free returns. The results speak for themselves as 65% of our sales now come from repeat customers,
“We are currently fundraising for future growth. We are raising £300,000 at a £5.5m valuation. These funds will be invested in our marketing plan to attract more first time customers to JewelStreet to help us achieve our sales targets and a projected £200m valuation by 2021. To achieve that valuation we need to capture just 0.97% of our addressable market.”