Earlier this week, an astrology column in a magazine recommended that to fix my love life, I needed a quartz crystal. While one crystal may not be enough to end all my worries, they are all the rage right now.
Since from jewelry to skincare routines, aura cleansing and emotional healingcrystal enthusiasts swear by the benefits of the material, and the internet is full of advice on using crystals.
With the pandemic-induced lockdowns dragging everyone’s spirits down, many have started looking for other avenues of healing, including Crystal assisted Reiki healing popularized by influencers on TikTok and Instagram.
On trend, husband and wife duo Japnet Singh and Harleen Kaur basedin July 2020.
“This sector is largely unorganized and below average quality products are sold in the market at very high prices. Looking at the gap in this particular space, we saw an opportunity to enter the market,” said Japneet, co-founder of Indian Crystal Company. YS Weekender.
Japneet boasts of a decade-long career in e-commerce and marketing, while Harleen has been practicing Reiki healing for a few years.
Witnessing crystal healing and aromatherapy, and seeing how it affects people, Japneet and Harleen decided to invest and start a business.
Aromatic candle available from Indian Crystal Company
How it works
The Indian Crystal Company is a D2C brand (direct to consumer) which deals with semi-precious stones, crystals, aromatic candles and scented oils.
The Delhi-based startup uses both semi-precious stones and crystals to make jewellery, face-rollers, as well as decorative products for the home. It is available on e-commerce platforms including Pepperfry, Amazon, Wooden Street, and Bigamart.
“With a growing demand in the field of alternative medicine, we offer a complete solution for all spiritual healing needs,” explains Japneet.
The company sources its products from all over India, as well as Afghanistan and China. The startup also certifies its products to prevent counterfeits and shares them with its customers to maintain trust. Indian Crystal has partnered with gemological labs and is looking to establish its own labs for the certification process.
For some products like the Crystal Tree, once the stones and crystals are sourced, the startup employs a team of artisans who help shape them into finished products. The aromatic candles are also produced in-house.
Highlighting her experience as a healer, Harleen often listens to clients who talk about their dilemmas, and based on their issues, she recommends stones that might help them overcome their troubles. Such advice, however, does not yet increase revenue, the founders say.
The startup has also attracted corporate customers who buy their products to give away during festival seasons.
Market and income
Indian Crystal Company claims to have a 30-35% customer repeat rate. For the 2022 financial year, the startup claims to have achieved a turnover of Rs 1 crore.
The booted startup attends a 15% month-over-month revenue growth and 10% month-over-month user growthJapneet said.
Over the past year, the startup has also seen a surge in demand for products like green jade, Japneet says, claiming it helps boost immunity. It has also provided proceeds for an upcoming Netflix series which will be released in September 2022. However, the founders could not disclose its name.
According to data from Future Market Insights (IMF), the global gemstone market is estimated at $30 million in 2022 and is expected to reach $53 million by 2032. The market grew at a CAGR (compound annual growth rate) of 5.6% from 2017 to 2021.
To protect themselves from counterfeit products, consumers in developing economies such as those in Asia-Pacific are gradually moving away from traditional unorganized jewelry and towards organized branded products, according to the IMF report.
Apart from this, factors such as growing interest in gemstones among millennials and usage of colored gemstones in jewelry, ornaments, and other accessories are expected to positively impact the market growth during of the forecast period, the report adds.
The availability of social media marketing and celebrity endorsements facilitates market growth. Online distribution channels also provide an additional boost, according to a report by Allied Market Research.
“Because crystals can take on a variety of shapes and forms, the opportunities for growth, innovation, and experimentation with new designs are enormous,” says Japneet.
In the near future, the startup is looking to expand its crystal product line and focus on a fashion apparel line.
Indian Crystal Company is also looking to tackle anger and stress management by launching a range of mixed scent aromatic incense sticks.
“We plan to be a one-stop-shop for all healing therapy product requirements,” says Japneet.
The startup is in talks with a venture capital firm to raise its funding round, and Japneet said YS Weekender that they will soon announce the closing of the round.