Auctioneer and ejs entrepreneur Gopinath Jain today said the big iron auctions have become the gold standard in big iron sales.
Mr Jain, who is in charge of ejs, told The Hindu that ejs is currently being used by the likes of Pepsi, Walmart, and Target for the big auction.
“In ejs it is a $4-5 million-a-year business,” he said.
“We sell the big-ticket items like jewellery, clothes, watches, gold, cars, motorcycles, and so on.”
Mr Jains first big auction in 2004 saw $4 million in sales and he said the auctions are now worth $5 million per year.
“It is becoming the gold and silver standard for big-brand auctions,” he added.
Mr Gopins father, Rama, was also a big-selling auctioneer in ejs in the late 1980s and early 1990s.
The father of three is now the founder of ejs, which sells to private collectors, jewellers, boutiques, luxury homes and boutiques.
Mr Jayasuriya is the founder and chief executive officer of e-commerce company ejs.
The auction has attracted a large number of buyers.
Auctions have attracted large numbers of buyers including Bollywood superstar Amitabh Bachchan, who bought a huge number of items for $200,000.
The largest auction on ejs website, which is hosted in Singapore, is the one held in February.
The auctions have also been successful in China, with large numbers bought for more than $100,000 each.