Gemvara, a consumer facing site that allows users to create their own custom jewelery from the comfort of their home, decided to abandon its original go-to-market scheme of working with jewelry stores by cutting them out completely. The company previously allowed buyers to customize their jewelry in stores through web-connected displays.
Gemvara, previously Paragon Lake, has continued over the last year to move toward selling directly from its website, but was still working with jewelry stores (50 in total) in an attempt to create ongoing relationships with the sellers and reach customers already in the market for jewelry.
Gemvara site allows customers to choose from a variety of jewelry designs submitted by artists and designers. Customers can customize each of these designs using one of 19 gemstones and 5 metals (and the number of options is growing), and the piece is manufactured just-in-time. The artists who designed each piece receive a commission every time one of their works is sold, which generally ranges between 1-10%, usually around 5%.
Since selling online, Gemvara has seen quicker growth than in stores. The company claims to have seen a 47% increase in revenue from July to August and is averaging $1,000 per sale. Founder and chief executive Matt Lauzon said the company’s main demographic is women that are 30 plus and buying 2 to 5 pieces per visit. Those pieces range from $200 to $12,000.
If you wish to personally design one-of-a-kind necklaces, rings or earrings, Gemvara gives you a unique opportunity.