Indian online jewellery retailer CaratLane, which is owned by the Titan group that also owns the country’s largest jewellery brand Tanishq, has stopped selling on Amazon and its Indian rival Flipkart. The exit was a gradual process, with listings being reduced over six months.
Despite the fact that Amazon stated that the precious jewellery segment had grown 150 percent in 2017 over the previous year, while Flipkart claimed a doubling of the segment for the same period, CaratLane Chief Executive Mithun Sacheti said that both Amazon and Flipkart each contributed only a tiny 0.2 percent to its overall sales.
Saying the jewellery category was ‘Amazon-proof’, Sacheti said the segment required greater personal interaction and more assurances over adherence to specifications and a delivery schedule.
CaratLane has also seen a surge in its relatively recently launched brick-and-mortar stores, with a total of 36 now contributing 40 percent to total revenues.
CaratLane’s competitor Bluestone, however, continues to sell on Amazon and Flipkart, racking up a 12 percent growth in revenues over fiscal 2016-17 to ₹100 crore ($15.5 million).