For jewellery D2C
57% gross margin is jewellery's favourite lie.
High-AOV jewellery makes every dashboard flatter — gross looks gorgeous, so you assume net follows. It doesn't: millimetre size returns, 20–40% COD RTO and scratched-plating write-offs quietly walk 57% gross down to roughly zero, and Meta's 5× never subtracts a rupee of it. Margifi walks revenue down to the net that actually lands.
- The full waterfall — gross walked down to net after every RTO and write-off
- Unsellable returns (scratched plating = full COGS) charged to the exact design and ad
- COD risk scored by region and pincode before the high-ticket parcel ships
Benchmark ranges for Indian jewellery D2C — your numbers will differ, and Margifi computes them from your own courier data. Category benchmarks — not Margifi results.
Profit truth
Fat gross, zero net — the trap high AOV sets
The same high ticket that inflates gross margin drives higher return rates, more pre-purchase hand-holding and slower inventory turns — the category benchmark is brutal: 57.5% gross, −1.2% operating. ROAS makes it worse, crediting a 20%-margin COD order the same as a 60%-margin prepaid one. Margifi walks revenue down the full waterfall — after COGS, after shipping + returns, after ad spend — so you scale on net, not on the gross number that flatters you.
- Delivered ROAS per campaign — courier-confirmed revenue, not booked orders
- Profit waterfall: revenue → after COGS → after shipping + returns → after ad spend → net
- Delivered CAC next to order CAC — what a paying, delivered customer really costs
Returns & RTO
The ring comes back unwearable — and unsellable
Sizing is jewellery's number-one return driver: a ring or bangle a millimetre off is simply unwearable, and returns concentrate on specific design-size combinations a blended “20% returns” number never shows. Worse, the piece often can't go back on the shelf — plating scratches, alloys tarnish — so you eat full COGS plus both legs of freight. Margifi charges that whole loss back to the exact design, size and ad, and flags the shaky in-flight COD orders while a call can still save them.
- NDR + Out-for-Delivery calling worklist — save the high-AOV COD order inside the 24–72h window Live
- Return loss — double freight + the restock cost you set — charged to the exact design and size
- RTO isolated from genuine customer returns, instead of Shopify's single blended bucket
COD reliability
COD is how first-time buyers trust you — and how 20–40% of orders bounce
On a high-ticket piece from a brand they've never touched, Indian buyers use COD as the trust mechanism — block it and conversion dies. But high-ticket COD also invites doorstep refusals at India's worst rates, each round trip ₹200–400 of freight collected on nothing. Margifi reads your own courier-confirmed delivery outcomes by region and pincode, so you keep COD open in the lanes that deliver and gate or push prepaid only where the bleed actually is.
- COD delivery rate vs RTO rate, courier-confirmed — before the parcel ships
- Region and pincode risk view — gate COD only in the lanes that bleed
- COD → prepaid conversion upside, quantified in delivered margin
Products & catalogue
Working capital hides in designs that only look like winners
Fashion-jewellery catalogues run to tens of thousands of designs, and blended numbers can't separate them: pieces that “sell” on Meta and come straight back on size returns, quiet losers eating restocks, hero designs going out of stock while duds stay funded. The DPA feed keeps spending on all of it. Margifi ranks every design on delivered net profit — spend, RTO and write-offs included — and prunes the losers out of the catalogue feed.
- Catalogue / DPA product-level profit — cut loss-making designs from the feed Live
- Per-design delivered-profit ranking with Scale / Keep / Stop verdicts, plus per-size return concentration
- Dead-stock value and days-of-cover per design — stop restocking the money-losers
Where jewelry usually lands
Benchmark ranges for the category — the only real numbers we publish are from our live pilot.
Margifi for jewelry — FAQ
Yes — and in jewellery that split is the whole picture, because Shopify lumps RTO, size returns and genuine returns into one bucket. Margifi isolates courier-confirmed RTO from real returns in the profit waterfall, and charges double freight plus the restock cost you set back to the exact design and ad — set that cost to the full unit for scratched plating and the loss is counted — so you can finally size the COD-RTO bleed and trace it.
See your real delivered profit, jewelry.
Connect Shopify and Meta and watch order ROAS become delivered ROAS — net of every RTO.