Young gun plans to shake up jewellery world, says Aussies have been paying too much

A 22-YEAR-OLD has been handed the Australian rights to America's largest online jewellery retailer and plans to take the Aussie jewellery world by storm.

Young gun Nick Molnar has convinced the CEO of ice.com to allow him to launch and establish the company here as the first ever online-only jewellery retailer in Australia.

Since it's launch in 1999, Ice.com has grown to more $50 million in sales per annum and has 71 employees.

Molnar says Australians have been paying far too much for their bling and plans to shake up the market by offering local customers precious quality necklaces, rings, earrings and bracelets at least 50 per cent lower than retail prices.

"Jewellery is the last retail category that isn’t being sold online here," says Molnar, the Southeast Asia and Pacific managing director. "None of the major retailers currently sell product online. Selling jewellery on eBay exposed that gap to me and IceOnline were the perfect partner to execute that in Australia."

Molnar says he was shocked that major bricks and mortar retailers like Angus & Coote, Prouds, Goldmark and Michael Hill are yet to tap into the online market.

He discovered this while selling jewellery on eBay and quickly becoming the biggest seller in the jewellery and watches category in Australia, all while he was still at university.

"It's exciting for us that they have been slow to catch on, but they definitely should be selling online,” he added.

Molnar is the son of jewellers Ron and Michele Molnar, who have owned the Sydney CBD jewellery store St Michel International for over 25 years.

IceOnline.com.au launched last month with 1500 products and the young CEO says he is aiming for sales in excess of $200,000 during December, the company’s first month of operation.

Their products range from less than $100 to $5000, with the average price being $200.

He says the most popular product sold online is a fashionable gemstone ring. A ring in silver with real diamonds and a gemstone retails for $135, while a similar product in white gold with real diamonds retails for $329.

Molnar says the products are cheap because the prices are sourced using Ice's name, a company that has regularly been named as one of America's Hot 100 retailers since its launch over ten years ago

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