I was working closely with 5 jewellers who wanted to get their stock online like caratlane etc. I created an e-commerce jewellery SaaS product for jewellers but discontinued it. Reason: Jewellers could not convert the users into buyers online.
The issue is with trust. Jewellery, traditionally, has always been bought from a family jeweller. A person whom you can trust and whom your parents or grand parents trusted. Right now the people who have money are someone who are in their 50s. There are young people with money also but they are not investing in jewellery so much. As a result, the decision to buy jewellery is taken by parents etc. and they don't trust an online or new brand or shop. Period.
In my case my parents always travel to our native city and buy jewellery from our family jeweller and they dissuade me or my spouse too from buying jewellery online or from a new jeweller.
If you can breach the trust wall, only then you will have a success. People blindly trust Tanishq as it is a TATA brand.
99% of the customers of a jeweller are return customers.