Zero to a 9 Figure Jewelry Brand: How did Fiona Diamonds do it?
Building a business; one of the hardest decision to take as an aspirational entrepreneur.
If you are someone who is a budding entrepreneur and wants to gain some inspiration / tricks about scaling your idea, this blog is for you!
In this blog post, we will talk about the specific steps that Fiona Diamonds conquered, in order to build a fine jewelry brand over the past 17 years!
The 4 Simple Steps
STEP 1: Have a Purpose
Building a company is about striving to fulfil a purpose or solve a problem that the audience is facing. That is exactly what Mr Parag Agrawal, CEO of Fiona Diamonds, identified at the early stages of his career.
Initially he began his career as a door-to-door salesman, selling diamond testers to companies. During that phase, he realised that brands were incorrectly selling Moissanites & Lab Grown Diamonds as Natural Diamonds!
That was the turning point for him…
That moment onwards, Mr Parag Agrawal decided to build an Authentic & Transparent jewelry brand in India.
STEP 2: Scout for a Blue Ocean
Wondering what a ‘Blue Ocean’ is?
It is an industry / niche that is completely untapped by any players. An open field for any entrepreneur to take the first mover advantage.
On the contrary, a Red Ocean is an industry that already has a lot of competitors & players in it. You want to stay away from such an industry.
That is precisely what Fiona Diamonds did! Lab Grown Diamonds, back in the days, was completely new to the Indian jewelry industry & people weren’t ready to accept such diamonds.
Mr Parag Agrawal saw that as lucrative industry & was one of the very few brands to start promoting Lab Grown Diamonds.
Below is the trend for the worldwide google search of ‘Lab Grown Diamonds.’
Clearly, as of 2023, Fiona Diamonds is reaping the rewards of the risk it initially took; to enter the Lab Grown Diamonds space.
Finding this ocean, is like compound interest for your brand. The initial stages will be really hard to experience, but the long term rewards are exponential and massive.
STEP 3: Create your MOAT
Creating a business or a brand in simple words, ‘Generating value and trust for your audience through a variety of products and services.’ This could be selling quality good to your consumers, a swift customer service line or providing convenience to your consumers through a unique solution.
MOAT is exactly that! Your Competitive Advantage as a business.
Below is a brief representation of the Indian retail jewelry industry
The image below is a representation of Fiona Diamond’s competitive advantage.
‘A One Stop Destination for all your Jewelry Requirements’ & ‘The only Indian brand to sell Natural Diamonds, Lab Grown Diamonds & Moissanites under one roof!’
STEP 4: Leverage Technology to create Value
Ever thought of why Amazon, Tesla, Google & Meta are such giants?!
The simple answer is, they are experts at generating value at a scale for their customers by using technology at their disposal.
The future is completely based on the utility of technology and the faster you incorporate that in your business, the chances of your success will increase exponentially.
Fiona Diamonds has been continuously improving its online shopping experience. Whether it’s their option to ‘Virtually Create your own Engagement Ring’ at home or create ‘Shoppable Videos’ for its audience, they have been swift in adapting change with the help of technology.