In the intricate web of the digital market space, a rising star has emerged that continually piques consumer interest, consistently challenging the time-honored traditions of retail. This rising star refers to Online Jewelry Stores. These e-commerce platforms have metamorphosed the landscape of jewelry shopping, enabling consumers to explore a vast expanse of choices, styles, and price points, without stepping a foot outside their homes.

Grasping the functioning of online jewelry stores can be likened to understanding an intricate amalgamation of various sciences, from digital technology and marketing to consumer behavior and economics. Yet, the core functioning can be broken down into a few straightforward steps.

Jewelry businesses initiate their online journey by setting up a digital storefront, creating a virtual equivalent of their physical store. This involves listing their product portfolio on an online platform, which can either be an existing e-commerce marketplace or their independent website. The construction of these websites is an intriguing blend of technology and art, involving web design, SEO-friendly content creation, and e-commerce software integration, to ensure a seamless customer shopping experience.

The next step involves product imaging, an area where technology has marked its profound impact. The high resolution, 360-degree view, zooming feature, and video functionality are some of the techniques employed to offer customers a detailed view of the products. The introduction of Augmented Reality (AR) has further revolutionized this area, allowing customers to virtually 'try-on' jewelry, adding a tangible touch to their online shopping experience.

Once the customer selects an item and places an order, the payment is processed through various secure online payment options. Post this, the ordered item is packaged and shipped to the customer's doorstep. The entire transaction, thus, occurs in the virtual space, yet is as concrete and real as a traditional brick-and-mortar purchase.

This transition to the online space has empowered jewelry businesses to transcend geographical boundaries, reaching out to a global customer base. Moreover, the digital sphere levies no time constraints, enabling customers to shop at their convenience, thus adding a new dimension to the concept of 'round-the-clock' shopping.

A deep dive into the economic implications of this digital transition, as proposed by the theory of comparative advantage, suggests the rationality of this shift. An online store eliminates the need for a physical store and associated overhead costs, allowing businesses to offer competitive prices. This satisfies the basic economic principle of efficiency, where resources are allocated in a manner that maximizes the overall benefit.

However, this doesn't mean that online jewelry shopping is devoid of challenges. The absence of a physical touch and feel often raises questions of authenticity and quality. To combat this issue, businesses have adapted techniques like detailed product description, customer reviews, and 3rd party certifications.

Additionally, the digital space is not immune to dishonest practices and fraudulent activities. To secure online transactions, businesses employ various cybersecurity measures, including SSL encryption, two-factor authentication, and secure payment gateways. These measures, along with a robust return and refund policy, work towards building consumer trust and confidence in the online shopping experience.

In the grand scheme, the rise of online jewelry stores can be seen as a reflection of the broader shift towards digitization in the global economy. It showcases the growing interdependence between technology and commerce, a phenomenon aptly described by the concept of 'Technological Determinism', a theory in the sociology of technology which suggests that society's technology drives the development of its social structure and cultural values.

Taking all into account, online jewelry stores are more than just a digital platform for trading jewelry. They are a testament to the paradigm shift in the retail industry, driven by technological advancements and changing consumer behaviors. Despite the challenges, they offer a promising avenue for businesses to expand their horizons, and for consumers to explore an endless array of choices. The onus now lies on businesses to evolve, adapt, and leverage this digital platform to its full potential.