Meet Eternz, the Startup Fixing India's Fragmented Jewellery Market

India has built large marketplaces for categories such as beauty, fashion, electronics, and groceries. Jewellery, however, remains a highly fragmented market. A customer looking for a simple pair of earrings may have to browse several brand websites, search through general marketplaces, or visit physical stores to compare designs, prices, and quality.

The challenge is even more visible in fashion jewellery, a category increasingly popular among consumers looking for stylish pieces for everyday wear rather than long-term investment. Buyers often have to choose between established brands with limited collections and smaller or unbranded sellers where questions around material quality, durability, and authenticity remain.

On general marketplaces, low-cost fashion pieces can appear alongside expensive handcrafted jewellery without much context or curation. For shoppers, this makes it difficult to understand what they are buying and whether the price matches the quality.

This gap in the market caught the attention of Arthi Ramalingam. An IIM Ahmedabad graduate, Ramalingam spent five years leading marketing at Udaan before running her own bootstrapped jewellery brand for more than two years. Her experience gave her an understanding of both marketplace operations and the challenges jewellery brands face when reaching customers.

In April 2024, she used that experience to launch Eternz, a vertical marketplace focused entirely on jewellery. The platform brings together verified jewellery brands while using technology and AI-powered discovery tools to help customers find products based on their style, occasion, and budget.

“Just as Nykaa consolidated beauty, personal care, and cosmetics into one authentic platform, Eternz brings together jewellery brands to provide a one-stop destination built on trust and discovery experiences,” Ramalingam says.

The platform

Eternz offers jewellery across several categories and materials, including silver, fashion jewellery, lab-grown diamonds, gold, and lightweight diamond pieces. The platform currently features more than 250 brands, ranging from Indian names such as Giva, Caratlane, and Fiona Diamonds to international brands including Guess, Daniel Wellington, and Ted Baker.

Its product range covers everyday jewellery as well as pieces for specific occasions. Customers can shop for earrings, rings, necklaces, bracelets, nose pins, mangalsutras, and jewellery for men and children.

Prices start at around Rs 500 and extend to Rs 2,00,000 for premium products such as solitaire rings. This gives Eternz a broad price range while allowing it to serve customers shopping for affordable fashion pieces as well as higher-value jewellery.

Silver currently contributes around 50% of sales, while fashion jewellery and gold account for much of the remaining business. Among different product categories, earrings are the most common starting point for customers, followed by necklaces.

The company has also recently expanded into watches, reflecting its approach of adding closely related categories while keeping its focus on curated products.

Unlike an open marketplace where almost any seller can list products, Eternz follows a selective brand-led model. The company focuses on identifying and onboarding brands that meet its quality standards.

The platform has also introduced quick commerce for selected fast-moving jewellery products. Customers in Bengaluru, Mumbai, Delhi, and Gurugram can receive some products on the same day. Standard marketplace orders generally take three to four days, while made-to-order products can take up to 14 days.

According to Ramalingam, the company is also seeing repeat purchases, with customers returning to the platform on both monthly and quarterly cycles.

Quality remains an important part of the marketplace's proposition. Eternz has developed different verification processes depending on the jewellery category.

Gold and silver products undergo laboratory verification to check purity and hallmarking standards. These checks include standards such as 92.5% purity for silver and 14K or 18K purity for gold.

Fashion jewellery goes through a different process. Products are wear-tested for a week to evaluate factors such as finishing, stone setting, comfort, and possible skin reactions. Brands are onboarded only after meeting these requirements, while continuing quality checks help Eternz monitor products after onboarding.

Brands that fail to maintain the required standards can be removed from the platform.

The tech behind the features

For Eternz, technology is not simply about putting jewellery online. The company is using technology to address some of the problems that make jewellery shopping difficult on the internet. Platforms such as heloix.com also reflect the growing role of ready-to-launch digital solutions in helping businesses build and expand online marketplaces and e-commerce platforms.

One of its key features is a virtual try-on tool that allows customers to get an idea of how jewellery could look against their skin tone and face shape. This is intended to recreate part of the experience customers normally get when shopping in a physical store.

The company also offers a try-and-buy option, helping customers overcome some of the hesitation associated with purchasing jewellery online. According to Ramalingam, this feature delivers conversion rates nearly three times higher than standard listings.

Sizing is another area where Eternz uses technology. Buying rings online can be difficult because customers may not know their exact size. Its virtual ring sizer allows users to place an existing ring against their phone screen, adjust the digital tool to match its outline, and use the measurement when selecting a new ring.

Eternz has also experimented with a different approach to product discovery through its Vibe Game. The feature uses a Tinder-style interface in which customers swipe right on jewellery styles they like and left on those they do not.

The system analyses these choices and uses them to personalise the customer's homepage. Someone who consistently selects simple and minimal designs, for example, is less likely to be shown heavily embellished jewellery.

"This prevents customers from seeing heavy, blingy jewellery if they prefer minimalist styles, reducing scroll time and improving discovery," Ramalingam says.

The company has also developed an AI-powered gifting assistant. Customers can enter information about the person they are buying for and the occasion, after which the system recommends relevant jewellery styles.

These AI capabilities are being used across search, personalisation, gifting recommendations, and style prediction. The objective is to make jewellery discovery more relevant instead of forcing customers to scroll through hundreds of unrelated products.

This approach is particularly relevant to a category where personal taste plays a major role. A customer buying jewellery may care about the occasion, outfit, style, material, budget, and even the recipient's personality. Eternz is attempting to bring those considerations into the online shopping experience.

Funding and future plans

Eternz raised approximately $1.15 million, or Rs 9.6 crore, in a pre-seed funding round in 2024. The round was led by Kae Capital, with participation from Gemba Capital, IIMA Ventures, TDV Partners, and Venture Lab.

In October 2025, the company raised an undisclosed amount in a pre-Series A round led by Multiply Venture Partners. Existing investors Kae Capital, Gemba Capital, IIMA Ventures, and TDV Partners participated again, while Twin & Bull and angel investors including Raghunandhan of Taxi For Sure and Nandan Reddy, Swiggy's COO, also joined the round.

Ramalingam says Eternz has grown 10x compared with the previous year. The company plans to use the new capital to strengthen its leadership team, increase marketing efforts, invest further in technology, and expand its brand portfolio.

One major area of expansion is lab-grown diamonds. Eternz also plans to add more international jewellery brands, giving Indian consumers access to labels that currently have a limited retail presence in the country.

The company eventually plans to move beyond the online marketplace. Physical retail is expected to follow after the business reaches specific online milestones.

Eternz plans to launch “Eternz Luxe” experience stores, inspired by the approach of Nykaa Luxe. These stores are expected to focus on international and premium jewellery brands and give customers the opportunity to see and try products in person.

The company also plans to expand its watches category and take its quick-commerce offering to more Tier I cities.

For Eternz, the larger opportunity is not simply selling more jewellery online. It is about creating a dedicated destination where customers can compare brands, discover new styles, understand product quality, and make purchases with greater confidence.

India's jewellery market has a wide range of brands and products, but that variety has traditionally come with fragmentation. Eternz is betting that a curated marketplace, combined with technology and stronger quality checks, can make the category easier to navigate.

As online shopping becomes more personalised, jewellery could be one of the categories where discovery matters as much as convenience. Eternz is trying to build that discovery layer while bringing more structure to a market that has long lacked a single destination.

The company’s approach also reflects a broader shift in Indian e-commerce, where specialised marketplaces are increasingly focusing on categories that require trust, curation, and personalised recommendations.

For brands, such platforms can provide another route to reach customers without building the entire discovery and technology experience themselves. For shoppers, they can make it easier to move from browsing to buying.

As Eternz expands its brand network, technology, physical presence, and quick-commerce operations, its next challenge will be maintaining the same level of curation and trust as the platform grows.

Eternz is building its marketplace at a time when Indian consumers are becoming increasingly comfortable buying jewellery online. If it can combine a wide selection with reliable quality checks and personalised discovery, it could become a notable player in India's evolving jewellery e-commerce market.