Explore GEN family of websites, social media experiences, blogs and more.

Unleashing ideas.
Strengthening startups.

Back to search results
    Date submitted
  • 21-Sep-2017

Virani Gems

Abstract

At Viranigems.com, our mission is to promote trust and transparency throughout jewellery purchasing process while helping our customers save up to 30% on fully certified diamond jewellery compared to other retailers. One of the biggest factor influencing the purchase of a high value product such as diamond jewellery online was the missing "Touch and Feel" experience provided by brick and mortar stores. We introduced innovative and affordable 3D printing technology to the world of jewellery retail to bridge the gap. Using our unique feature, our customers can request an exact physical 3D printed replica of a jewellery item and try it on in the comfort of their home before making an informed purchase about the exact shape and size of the jewelry item.

Video

Original YouTube URL: Open

Introduction Video

Photos

Additional Questions

Who is your customer?

Our primary target market includes young Indian women who are exposed to global trends, who tend to explore and openly accept the online ecosystem. Independent young professional between age of 20 to 45 who are interested in contemporary designs, who love to gift themselves without occasions.

What problem does this idea/product solve or what market need does it serve?

Current diamond jewellery retail industry is facing a series of problems such as unavailability of affordability price range, lack of flexibility of customization, lack of trust and transparency. We offer fully certified diamond jewellery starting from Rs. 5,000 (Approx. US$75) ViraniGems.com helps you save up to 30% or more on diamond jewellery. Unlike other e-tailors that either outsource some or all of their manufacturing operations, our unique demand driven and 'zero inventory' made-to-order business model combined with efficient vertical integration from rough diamonds to jewelry retail helps our customers save up to 30%. We thrive to perfect every single step of our supply chain starting from conflict-free rough diamonds sourcing and in-house diamond cutting and polishing operations to jewelry design, manufacturing and online retail sales through Viranigems.com. ViraniGems.com offers100% Certified Jewellery At Viranigems.com, it's our mission to promote transparency throughout the jewellery purchasing process. Your precious diamond jewellery comes with a certificate of authenticity from leading gemological institutes such as Gemological Institute of America (GIA) and International Gemological Institute (IGI). The unique certificate number is microscopically laser inscribed on your jewellery item by the grading institute to further authenticate your precious jewellery. ViraniGems.com offer full flexibility of customization With thousands of designs available at Viranigems.com, we are sure you will find the right one for you or your loved ones. We closely follow latest fashion trends and frequently update our design collections. Our zero-inventory, made to order, business model allows us to offer complete customization on all our designs. Every single design at Viranigems.com is available in three different colors of gold namely rose, yellow and white gold. Furthermore, all three metal colors are also available in 14K or 18K gold purities. To give you further customization capability and budget flexibility, we offer six different qualities of diamonds you can choose from for each of our jewellery item.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

We do not believe in the business model of producing unnecessary stock of diamonds and gold jewellery and charging our customers for inventory maintenance as well as jewellery melting and recycling expenses of unsold goods. That traditional business model is inefficient. Instead, we have come up with a cost effective and innovative way of implementing 3D printing technology to the jewellery retail which fills the gap of "Touch and Feel" factor which was missing from our luxurious online shopping experience. Our customers get the best of both online and offline shopping experiences: competitive prices, flexibility of customization, a wide range of selection of online shopping and the “Touch and Feel” factor of offline shopping at a physical store. They have all the information they need to make an informed purchase while saving up to 30% on fully certified Diamond jewellery. We believe that our hybrid cost effective business model has the potential to transform global US$ 100 billion supply driven jewellery industry with unnecessary stock pile ups at different stages of the pipeline into a revolutionary demand driven model where the customers have the ultimate decision making power with full flexibility of customization. And we are the first company in the world to implement this futuristic concept in the jewellery retail industry. How Virani Gallery is different than a traditional jewellery retail store? 1. No Physical Inventory of Diamond and Gold Jewellery. Only 3D Printed Replicas of Finished Jewellery Items. The first and the most obvious difference between a traditional jewellery retailer and Virani Gallery is the fact that Virani Gallery does not carry millions of dollars of physical inventory made of diamonds and gold that customers can purchase directly from the retail store. Instead Virani Gallery uses very cost effective and innovative exact 3D printed replicas of 1000s of designs that give a perfect idea of the exact shape and size of a particular jewellery item. A 3D printed model is an exact 3Dprinted replica of a diamond jewellery item. It is printed using latest 3D printing technology and has the exact same dimensions as well as intricate design details that a finished jewellery item made of gold and diamond would have. Once customers have a clear idea of the exact shape and size of a jewellery item from the 3D printed models, they can easily view 360 degree photos and videos of finished diamond jewellery items on their personal smartphones or big display screens, tablets or holograms available at Virani Gallery. 3D printed models combined with the 360 degree videos give customers all the information they need to make an informed purchase. If a customer wishes to review the quality and craftsmanship of a finished jewellery item, Virani Gallery also carries around 5-10 sample pieces made of diamonds and gold form their collections of 1000s of 3D printed designs. Customers can compare both the 3D printed model and a sample piece of finished jewellery item to see that they are both identical in shape and size. The only difference is their material. 2. Unique Shopping Experience Step 1: Browse 1000s of Stylish Designs & Try on 3D printed Replicas. At Virani Gallery, you feel like you are physically walking inside our online store. Just like shopping online at ViraniGems.com, you can casually browse our latest collections at the Virani Gallery. Each design contains a 3D printed replica of a finished jewellery item, name and price of that particular jewellery item and a QR code that leads directly to the product detail page on Viranigems.com where customers can view photos and 360 degree videos of finished a jewellery item. Step 2: Scan QR Code for more Product Details When you find a particular design you like, simply scan the QR code from your phone or in-store tablets and you will have all the information you need about that jewellery item including its exact dimensions, number of diamonds, and grams of gold used in that particular design. Furthermore, you can also review a detailed price breakdown of how much you pay for your conflict-free diamonds, metal and jewellery making charges. Step 3: Customize to Suit Your Style and Add to Cart Once you try on the 3D printed replica of the jewellery item you like to get an idea of its size, you can customize its diamond clarity and metal colour to suite your style. The revolutionary “Made-to-Order” business model gives customers full flexibility of customization. Customers can choose their desired gold color and gold purity from 6 different options to suit their style. They also have an option to choose from 6 differnet qualities of diamonds to fit their budget. In other words, each design has 36 unique customizatoin options in all possible sizes which is simply not possible at a retail store carrying physical inventory. 3. No Commissioned Sales Reps Most traditional jewellery retail stores are staffed by commissioned sales associates. Their primary focus is to generate sales from customers and earn as much commission as they can rather than focusing on helping and educating the customers about their purchase. For many first time buyers or those who do not know much about diamond jewellery, this may be an intimidating rather than a pleasant shopping experience. At Virani Gallery, it’s quite the opposite. Customers have a direct access to all the information at their fingertips that a typical sales rep would have. If customers need any help with their purchase they can contact one of our non-commissioned expert jewellery consultants. Since the salary of our jewellery consultants is not depended on the number of sales they generate, they feel free to take all the time they need to help and educate customers with their purchases. Customers can choose to place an order in one of the in-store tablets, on their personal smartphones or at their home or office whenever they feel ready to make a purchase. All transitions are done online where the customers have the full control. Once you place an order, a beautifully wrapped box with IGI certified Virani jewellery will appear at your door step within 7-9 working days. And In case you are not 100% satisfied with your jewellery for any reason, you can simply return it within 30 days and get a full refund.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

We have highly capable team members that have come up with a unique business model. So far, we have successfully launched our online portal, mobile app and showcased a pilot Virani Gallery with 3D printed replicas of jewelry items that successfully adds the missing "Touch and Feel" factor to our online business model. Our next step is to focus on scalability of Virani Gallery as well as to enhance daily traffic on our online portal by collaborating with the right investors in order to expand across India and overseas. My team members include: Chirag Virani After completing his Mechanical Engineering from McMaster University, Hamilton, Canada and Master in Business Administration from Ryerson University, Toronto, Canada, Chirag Virani co-founded Viranigems.com. Chirag has a diverse academic and professional background from Canada, the U.S.A., Europe, and India. Being a third generation diamantaire, Chirag overlooks Viranigems.com’s operations along the entire diamond jewelry pipeline starting from conflict free rough diamond procurement, in-house diamond cutting and polishing, jewelry design and manufacturing to jewelry retail. With his credentials and professional experience, he was roped in as the Director of Strategic Planning for the Surat Diamond Association, a nonprofit organization that has been representing manufacturers, DTC Sight Holders, traders, importers, exporters and institutions of Surat “The Diamond City” which cuts and polishes nine out of ten diamonds worldwide. Hiren karsadiya Hiren Karsadiya, equipped with his unparalleled knowledge and expertise in IT, leads multidisciplinary teams of talented engineers, designers as well as web and software developers at Viranigems.com to create the best shopping experience for all of our customers. Hiren truly merges art and innovation by integrating timeless jewellery designs with our extremely user friendly shopping platform. After completing his Computer Engineering, Hiren Karsadiya soon joined a single person startup, Infinity Tech, and successfully turned it into one of the most promising multidisciplinary companies that offers top notch enterprise solutions, software, web and mobile application development as well as graphic design services to a host of global clientele. Raj Patel Raj, a multitalented engineer who also has a natural knack for marketing, oversees both online and offline marketing campaigns at Viranigems.com. He leads a versatile team of both graphics designers and digital marketing experts that focus on understanding customer needs and creating fun and engaging advertisement campaigns. As a PR and a social media expert, Raj has successfully created a distinctive brand image for VIRANI as a leading online diamond jeweller that makes affordable luxury a reality for everyone.