Thursday , August 11 2022
Gems Selections
Gems Selections

The Success Story of Gems Selections

Gem Selections is a leading light in the gemstone industry in India. It was launched in 1987 as a sole proprietorship. Since the last 3 decades, the company has diversified not only in retail and wholesale sectors but also has become a major exporter to foreign countries. Today, it clocks an annual turnover of Rs. 107 crores as elucidated in a post on Yourstory.com.

The company is the brainchild of Sri. Pankaj Khanna. He is a Delhi-based astrologer who has strived all his life to educate people on the astrological value of gemstones. Persons visiting Gem Selections showroom in Delhi are never forced to purchase any stones but are educated and guided about the same.

Sri Khanna learned Astrology in the Guru-Shishya tradition. Today, he is a leading astrologer and consultant to all persons ranging from actors and sportspersons to politicians and the common man. He has lots of experience in the diamonds & gems industry. He is well-versed with the impact of the nine planets in Indian astrology.

As per the ancient science of Indian astrology, gemstones have healing properties. In several cultures, each of the gems is attributed specific energies. Every one of the planets is linked to specific gemstones.

Many people use gemstones as part of spiritual traditions for promoting safety and love, gaining peace, and restoring energy fields. Some of the other beliefs include the placement of gemstones on some parts of the body called as Chakras for promoting healing.

It was the vision of Sri Khanna which inspired the formation of Gem Selections as a sole proprietorship in 1987. He realized the huge potential of the gemstone market in India. When the business was launched, Sri. Khanna used to purchase raw gemstones from the mines via middlemen, complete lapidary work (cut and polish) and supply the gems to clients all over the Indian subcontinent.

In 1997, Sri Khanna, along with his wife, Anu set up a retail and wholesale store for gemstones in New Delhi (Janakpuri). Ever since there has been no looking back. Being an accomplished astrologer, Sri Khanna expanded his business in the sector to cater to the needs of customers who believed in the healing power of gemstones.

In 1997, Sri Khanna entered the direct retail and wholesale business of gemstones without any middlemen. Earlier, he used to purchase gemstones through middlemen from Jaipur and Sri Lanka. But after 1997, the company started importing gemstones directly from mines all over the world. In 1991, it established a manufacturing plant in Khambhat, Gujarat, for exporting finished gemstones.

Gemstones have 3 distinguishing qualities-colour, lustre and clarity. These determine the cost of the gemstones. The fact is that the gemstone industry is not yet organized, and there is vast volatility of prices. Retailers suffer as they cannot reap most benefits from the sale of gemstones.

Gem Selections is a company that deals in export, wholesale and retail of bullion, jewellery, diamonds, gemstones, rudrakshas, handicrafts etc. The company is engaged in importing blue sapphire (Africa), Yellow Sapphire (Sri Lanka), Emerald (Brazil), and many others. They cost from Rs.15,000 to Rs. 15 lakhs and some even cost a few crores.

There are many reasons to buy from Gem Selections. They sell only government certified gemstones, have 31 years of flawless service experience, offer 100% guarantee of the purity and ensure personalized ritual purification and sanctification of gemstones (Abhimantran). The company is also synonymous with secure and safe payment methods, worldwide shipping and has more than 3 lakh happy customers.

At Gem Selections, the gems and diamonds pass through stringent quality checks before they become inventory displayed to customers. First, they are checked for their natural origin by a team headed by Sri Khanna. Next, the aura of the stones is ascertained since the negative era has a harmful impact on people. Then the gemstones are checked by the IGI-GTL, a body of the government. After such verifications and checks, the stones are subject to Abhimantrikaran (sanctification) by qualified Vedic Pundits.

The company is currently served by 324 dealers globally and earns profits of Rs.107 crore without any external funding. The most reputable aspect of the company is that it sells gemstones, which are certified by government labs for their authenticity.

Gem Selections is also one among suppliers to more than 400 jewellers and astrologers around the world. Its supply of stones is as ‘white label products’. This implies that buyers of gemstones from Gem Selections can sell these under their own brand names in the market.

The company has served as the back end for all Rudrakshas and gemstones needs of Times Internet Limited- Astrospeak from 2002 July. Additionally, it has served as back-end suppliers for Homeshop 18, Indiainfo, Rediff etc.

In the period of 2005 to 2011, the company organized nearly 103 exhibitions in India and abroad. It has been the support for handicrafts in 2007 for HHEC and in 2008 for Taj Khazana stores in Mumbai and Goa. In 2018, the company floated the Gem Selections app, Gem Selections Live, and Gem Selections Astro-Dose to satisfy customers.

It was in 2018 itself that Gem Selections tested the waters of the business of Bullions. In recent times, they have tied -up with several NBFC’s and banks to provide gemstones to customers on credit. The company realized that loans and EMI’s are available to people for gold, so why not offer the same for gemstones. 

Therefore, the company has launched EMI schemes on gemstones for the price range of Rs 5 lakh-Rs.15 lakh.

The major challenge facing the company managers is how to run the business remotely because of the high-value products. But this problem was solved by technology. Other issues include maintaining high quality and reasonable prices. Another challenge is to hold inventory. The company always has to handle an inventory worth Rs.65 crore.

The future of Gem Selections is to enhance its presence online continually. They expect monthly traffic on all internet properties to cut across 10 million marks of visitors by 2021 end. By 2025, they hope to expand the retail wing to count 25, across India. The company targets to launch a store in Le Meridien, New Delhi and has already set up an outlet in Ramada, Udaipur.

Check Also

Top 5 Ideas for Online Businesses in 2022

Top 5 Ideas for Online Businesses in 2022

These days, everyone wants a piece of the online wealth – and that’s okay. If …