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Press Release: Given the recent announcements that financial institutions are withdrawing the use of credit card for purchase of jewelry using equated monthly installment (EMI) options, India's online sales will be the most affected. With easy access to the Internet, high disposable income, easy payment options and multiple offers that jewelry websites offer today, consumers have been opting for online purchase of jewelry more often than making purchases at a brick and mortar stores. “With one piece of jewelry being sold every four minutes in India, online purchase of jewelry is a trend that is fast growing amongst the younger crowd and a big plus factor is the easy EMI option offered at zero percent interest. Recent announcement by financial institutions of prohibiting use of credit cards for easy EMI on jewelry purchases will hit online jewelry sales in big way. Having said that, at Kama Schachter, we give utmost priority to the policies of the state and will ensure 100 percent compliance,” said Sandeep Jain, the vice president of sales at Kama Jewellery. “Although our webstore offers other easy payment options, EMI payments option account to about 40 percent of our sales online. With financial service companies discontinuing the use of credit cards, sales from that section of buyers will surely be affected for some time. As an immediate measure, we are looking at pumping up the entry point stocks to make sure that there is something for everyone,” said Jain. About www.kamajewellery.com:
www.kamajewellery.com, the ecommerce arm of Kama Schachter, one of Asia’s leading manufacturers and exporters of diamond jewelry was started in March this year. The webstore not only offers over 1,000 strikingly exquisite options of diamond studded gold and platinum jewelry but also allows purchase of solitaires, loose diamonds and gold coins. The webstore allows customers to choose from a range of traditional, contemporary fashion collection of rings, earrings, pendants, bangles and necklaces with price range starting as low as Rs.6000 and goes upto a few lakhs (for necklaces and solitaires). Every jewelry piece on www.kamajelwelley.com is very competitively priced; GIA certified and come with a “Lifetime Exchange” feature. The website offers easy payment options like Cash on Delivery to more than 100 cities in India, Credits / Debits Cards and Internet banking facility. With easy payment options the company hopes to make owning a piece of diamond or platinum jewelry quite affordable. About Kama Schachter:
Founded in 1996, by Mr. Colin Shah and Ms. Mamta Apparao, Kama Schachter is one of the largest manufacturers and exporters of diamond of jewelry in Asia. The company is headquartered in Mumbai and is a supplier to some of the world’s leading retailers with a global presence that extends from India to Israel, the United States, Japan and Germany. The manufacturing infrastructure at Kama Schachter includes three large factories in Mumbai, a production set up in China and a diamond sourcing office located in Mumbai's diamond center. With a model making workshop producing 500 exciting styles every month along with a production capacity of approximately 100,000 pieces of diamond jewelry per month, Kama Schachter is well poised to compete in today’s fast-changing marketplace. Kama Schachter has been recognized as the ‘Largest Exporter outside SEEPZ’ for four consecutive years and has also earned the ‘Emerging SME’ award from India’s Prime Minister and the ‘Udyog Ratna Award.’
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