Rental services for jewellery Eves24 will address the problem of new jewellery when you need to have different jewellery for each function to attend. The company is one of its kinds that rent jewellery in India. Eves24 is the brand owned and operated by Akhuratha Lifestyle Services Private Limited.
Eves24 provides unique services, where women can enjoy jewellery without the guilt of repetition. This is especially during social occasions, functions, weddings, receptions, parties and other. The company offers new and different ways for a lady can enjoy the most authentic certified designer jewellery.
Eves24 offers Eves24 Club Membership and other service offerings such Jewel Library Services, Jewel Online and Easy Jewel Services. In Jewel Library services, one can pick up jewellery to use for a day or for a function. These jewels can be coordinated with the outfit and matched by the customer. The customer can experience the joy of wearing the latest fashions and completely unique jewellery. After using the jewellery, they can return them to the company.
Eves24 Jewel Library Services are annual membership plans. These plans can be renewed every year. One can find four different types of membership plans starting from Rs 1 lakh and Rs 2 lakh and higher plans such as Rs 5 lakh and Rs. 10 lakh. After selecting the suitable plan, a customer has to fill up membership forms along with KYC form. Once approved from the company, the customer will get unique user id and password.
Whenever a customer takes jewellery from Eves24 has to provide collateral. Customers have to provide security equal to 110% of the membership level. For example: If a customer chooses jewellery worth Rs. 5 lakhs, they should have enrolled in the membership of Rs. 5 lakh and additional they have to provide Rs.50, 000 to the company. The company does not insist on the money when a customer avails the services, they have provided collateral in the form of FD’s or any other jewellery. A lien will be marked on the FD’s when a customer avails the services. Customer can pick and choose the jewellery from the catalogue; the jewellery will be delivered at the doorstep.
Eves24 generate revenue through rental where the usage of the customer varies from 3 days to 5 days. The rental is 5% of the jewellery value fixed by the company which includes home delivery and pick up jewels.
Ladies can use the Easy Jewel Services, where they can build their own collection of jewellery that are contemporary, stylish and cutting edge. The company provides Jewel Online services where a non-member can visit the online Eves24 showroom to check out the vast collection and buy genuine certified jewellery.
The company provides other services such as gold hallmarking, bangle size guides, ring size guide, diamond jewellery care and certification. Eves24 was founded by Rahul Banka, who has graduated in Bachelor of Commerce from the University of Mumbai in 1998. Rahul did his chartered accountancy from Institute of Chartered Accountants of India (ICAI) in 1999.
Rahul started his career as Assistant Vice President in Imperial Corporate Finance and Services P Ltd in October 2000. He handled mergers and acquisitions for the clients. He worked with the company for close to 3 years and became Associate in Ambit Corporate Finance Pte Ltd in June 2003. In Ambit, he was handling India entry strategy and Assets restructuring. He worked with the company for 15 months.
In September 2004, Rahul became Vice President – Corporate Planning in leading stock brokers and portfolio management company Motilal Oswal Securities Ltd. He was in charge of strategic business planning, strategic initiatives and business development. Equity raising through private placement and initial public offering.
In June 2007, Rahul became Associate Director and Co-Founder of Equirus Capital Pvt Ltd. He continued his role of private equity syndication, mergers and acquisition, business development in the new entity. After a year in the new company, he became Vice President in Avendus Capital P Ltd. He worked in the new company for a year. Prior founding Eves24 he worked with Centrum Capital Ltd as Vice President for 4 years from July 2009 to June 2013.
Rahul Banks, Founder and Chief Executive Officer of Eves24 says, “Eves24.com will enable women to enjoy Jewellery as it should be… as a fashion accessory. We are trying to separate the investment and indulgence aspect of Jewellery. A lady would ideally want to build her collection of regular wear Jewellery just like her collection of outfits. We make it easy for her through our EMI services. The seldom worn heavy party jewels are always a rare collection resulting into the guilt of repetition. On top of that they are much worn by customers’ safe lockers. We make it easy for her to wear new jewellery at every occasion, through our Jewel library services. And yes, it helps them save money too.”
The concept of jewel renting can be treated as an extension to housing, furniture, car, bike, book and other things. However, the business of renting is seeping slowly into the consumers minds and may lead to further extensions of the rental business landscape.