Today we’d like to introduce you to Vishnu Batwara.
Hi Vishnu, it’s an honor to have you on the platform. Thanks for taking the time to share your story with us – to start maybe you can share some of your backstory with our readers?
We started as a wholesaler of precious gemstones in the 1980’s, selling directly to most jewelers and gem dealers across the United States. Our mission was to improve accessibility of color gemstones for the public, similar to what Blue Nile had done for diamonds. This led us to start GemsNY in 2007 to provide access to a wide variety of gemstones at below-retail prices. Initially we started with the big 3 gemstones of Rubies, Emeralds and Sapphires with about 2,000 gems. Currently we carry more than 15 types of gemstones and have a listed inventory of over 50,000 gems.
We all face challenges, but looking back would you describe it as a relatively smooth road?
Because our inventory is all owned by us, it provides a significant advantage over our competitors. Our value proposition is very powerful and has led to a relatively smooth sailing since our start. The advent of sales taxation on e-commerce sales led a short dip, but the market quickly recovered as our pricing and selection was still a significant advantage over the competition. In addition, COVID was a very challenging time and we paid our employees through it. Luckily there was a big bounce back in 2021 that led us to one of our best years!
Thanks for sharing that. So, maybe next you can tell us a bit more about your business?
We are leading online player in the color gemstones market. We supply our gems loose and in designer mountings all made proudly in NYC. Our vast inventory covers 15+ gemstones and is currently over 50,000 gems. We have about 10,000+ certified gemstones from prestigious laboratories such as GIA, AGL, Gubelin, among others. Our inventory is our biggest differentiator as it provides amazing selection at below-retail pricing. We have been featured in many editorials including Bustle, Popdust, PureWOw, Ok!, among others. We make gemstone buying easy with free shipping, 30-day no-hassle return policy and free returns!
Can you talk to us about how you think about risk?
Every new business requires capital and significant investment to start. There was a period of unprofitability but we stuck to our values to continue to grow our business. We are in a highly-competitive market and the landscape is ever-changing. Lab diamonds have completely altered the business landscape and we are finding ways to persevere through it. It is important to not be scared by taking risks, but rather find ways to mitigate them and move past them. Our simple approach has been to constantly listen to our customers and continually improve our offering. This has truly helped us standout from our competition.
Contact Info:
- Website: https://www.gemsny.com
- Instagram: https://www.instagram.com/gemsnyjewelry/
- Facebook: https://www.facebook.com/Gemsny
- Twitter: https://x.com/gemsny
- Youtube: https://www.youtube.com/c/GemsNYNewYork
