Steering the Transition from Physical to Digital in Luxury Jewelry Retail

By: Shrishti Jain, Assistant Vice President, BlueStone

Shrishti Jain is a results-driven professional currently serving as the AVP at Bluestone, where she leverages her extensive experience to foster business growth, innovation, and strategic development. Previously, she was the founder and CEO of an edtech startup, leading product development and operations to drive the company's growth. An MBA graduate from ISB with a merit-full scholarship, Shrishti exemplifies resilience, innovation, and impactful leadership in every role she takes on, combining her entrepreneurial mindset with a strategic approach to business.

In a thought-provoking interaction with Women Entrepreneurs Review Magazine, Shrishti shared her insights on how digital-first brands can capitalize on evolving consumer behavior in the fine jewelry industry, leveraging emerging technologies like AR/VR and blockchain to enhance trust, engagement, and competitive advantage in an omnichannel environment.

With a significant shift in consumer behavior towards online shopping, what untapped opportunities exist for digital-first brands to further enhance trust and engagement in an omnichannel environment?

A key opportunity lies in expanding the value customers are comfortable transacting online, without the need to visit a store. If a customer feels confident purchasing jewelry worth ₹1 lakh online but prefers to visit the store for higher-value items, increasing this threshold to even a 1.5 lakh indicates a growing trust in the brand. It reflects their comfort with the brand’s reputation, quality, and overall online shopping experience. As their trust deepens, they may become more open to higher-value online purchases. Additionally, integrating online and offline transactions seamlessly can further enhance this trust. Offering flexible return policies is one effective way to achieve this. It helps reduce hesitation and fosters greater confidence in the brand. One unique approach we've taken is our 30-day refund policy, where customers can get a full refund within 30 days of purchase, should they return it. While not the norm in the industry, it’s now a key differentiator for us.

Another often overlooked opportunity is leveraging data insights to offer personalized recommendations and outreach, creating a more tailored and reliable shopping experience. This approach strengthens customer loyalty and elevates the overall brand experience.

The fine jewelry industry has traditionally been rooted in heritage and in-store experiences. How can digital-first brands successfully merge this legacy of trust and craftsmanship with the modernity and convenience of e-commerce to create a unique competitive advantage?

Digital-first brands can create a unique competitive advantage by honoring cultural roots while embracing innovation.

One way to achieve this is by reimagining traditional symbols and iconic motifs—such as sacred symbols or the mangalsutra—with a modern twist. This approach allows consumers to stay connected to their heritage while enjoying the convenience and style of contemporary design. By offering refreshed iterations of timeless pieces, digital-first brands could ensure that heritage evolves alongside modern trends, all within a seamless online shopping experience.

That said, craftsmanship remains a pillar of authenticity. Skilled artisans who merge time-honored techniques with modern sensibilities can infuse each piece with both tradition and contemporary appeal, ensuring that heritage is preserved in this digital era.

Additionally, endorsements from trusted figures or legacy leaders—such as our investor, the late Hon. Ratan Tata—can further solidify a brand’s credibility, emphasizing our commitment to excellence, innovation, and a deep-rooted trust that spans generations.

Given the growing role of AI in retail, how can fine jewelry brands leverage AI-powered for personalization and to create a deeper emotional connection with customers across all touchpoints?

To truly build an emotional connection with customers, fine jewelry brands must leverage AI not just as a tool for personalization but as a way to deeply understand and anticipate their needs, creating an experience that feels both intuitive and intimate. We use our in-house tool- focus, to monitor and analyze conversations between staff and customers. This ensures every interaction is personalized, empathetic, and aligned with customer expectations.

Additionally, brands can utilize AI to predict product performance, enabling efficient inventory management. This ensures customers find what they need without the burden of overstocking, balancing their preferences with operational efficiency.

Expanding on these capabilities, advancements like that by Raspberry AI open new possibilities. AI- assisted visualization can help customers see photo-realistic designs of their custom jewelry ideas, creating an interactive and emotionally engaging experience. Moreover, AI tools trained on
industry-specific terminology ensure that unique preferences are understood and catered to, further strengthening the emotional connection between customers and the brand.

As fine jewelry becomes more accessible through digital-first platforms, do you foresee a shift in how brands communicate their exclusivity and luxury? How can brands maintain a sense of prestige while embracing the growing influence of technology?

Naturally, the fusion of luxury and digital accessibility is reshaping brand communication. Brands are increasingly focusing on ensuring rarity in their offerings, in an attempt to create a sense of desirability. 

Data-driven luxury events and shows, where selective customers engage with collections in exclusive settings, are becoming pivotal.

That said, customer service remains the cornerstone of prestige. From personalized consultations to concierge support, every interaction must be exceptional to maintain that elevated brand image. Recently, we leveraged data insights to reward loyal customers with personalized gifts and exclusive experiences, which lead to further strengthening their connection to the brand.

With advancements like AR/VR, blockchain for authenticity, and the metaverse gaining traction, which emerging technologies do you see as transformative for the fine jewelry retail space in the next 3–5 years, and how should brands prepare for this evolution?

Emerging technologies are poised to revolutionize fine jewelry retail. AR and VR enable customers to virtually try on jewelry and explore collections in immersive showrooms, offering unparalleled convenience. 

Blockchain technology ensures transparency and trust by certifying the authenticity of gemstones and metals, crucial for building confidence among discerning buyers.

Virtual flagship stores in the metaverse allow brands to engage with younger, tech-savvy customers through exclusive experiences and collections.

However, significant preparation is required to fully harness the potential of these technologies and deliver impactful results that seamlessly integrate into an otherwise reality-driven society. To prepare, brands must invest in building technical capabilities, forging partnerships with tech innovators, and upskilling teams to integrate these technologies into their customer journeys while maintaining their brand’s core values.