I just found this source. This news is still a big story and as we know, is not limited to the giants mentioned in this articl.
Overstock spills onto the Web's busy jewelry market
JUNE 16, 2005 - -- Salt Lake City—Regular, triple-digit growth: Those are four words that most merchants only dream of, but they are oft-repeated when it comes to online jewelry sales.
Overstock.com—a Salt Lake City-based company that sells brand-name goods at bargain prices—has watched its sales double every year, and the company's recently launched jewelry division has expanded at a similar rate, says company spokesman Scott Blevins, though he declined to give specific figures.
"The sky is the limit on Internet jewelry sales," says Joanne Dalebout, Overstock's director of apparel and jewelry. "I have never worked in an environment where I have seen this type of growth."
Seizing on that growth late last year, Overstock created an auction option to help it compete with online auction giant eBay. In January, Overstock slashed its auction fees after eBay announced a fee hike on its site.
A veteran of brick-and-mortar jewelry sales, Dalebout says her five years at Overstock have eliminated any concerns she once had about consumers' willingness to purchase jewelry online. Overstock's core jewelry customers are women looking to spend about $100 on pieces for themselves, she says. The company focuses on offering a streamlined, easy-to-navigate Web site with plenty of pictures.
"It's convenient," says Dalebout. "The consumers already know what they want."
The company launched a nationwide advertising campaign two years ago to build up its brand and gain recognition. Since then, more men have logged on to purchase jewelry as gifts, Dalebout says. Among the top sellers are fashion jewelry, pearls, stud earrings and silver bracelets, she says.
But Overstock is not the only major company vying for a prime position in online jewelry sales, which experts say is the Web's fastest-growing category. Amazon.com, which began selling watches and jewelry in April 2004, raised its online jewelry profile even further in May with an announcement that it would begin selling loose diamonds at rock-bottom prices.
The move worried many brick-and-mortar retailers, who rely on strong diamond margins and sales in their stores to boost their bottom line.
In February, Odimo, Inc., an online retailer of brand-name watches, diamonds and fine jewelry that does business as Ashford.com, Diamond.com and WorldofWatches.com, raised $28.125 million on its initial public offering, listing at $9 per share.