How startup jewellery brand Palmonas is taking the storytelling route to success

Adgully has been turning the spotlight on the entrepreneurs who fought against all odds to bring their dreams to fruition in our special series – START-UP STARS. We, at Adgully, wholeheartedly support the ‘Vocal for Local’ movement and have been featuring numerous local/ homegrown businesses, brands, and Apps in the country launched in the last few years.

The inception of PALMONAS was fueled by a shared dedication of Pallavi Mohadikar and Amol Patwari to revolutionise the concept to bring luxury and everyday elegance to the jewellery space with their demi-fine collection. Their concept bridges the gap between high-end jewellery and daily wear, offering pieces that are stylish, affordable, and designed to make luxury accessible for all occasions.

In conversation with Adgully, Pallavi Mohadikar and Amol Patwari, Founders, PALMONAS, speak about their vision of making luxury jewellery accessible, meeting funding challenges, keeping up with shifting consumer perceptions, strategies adopted to maintain competitive edge, and more.

What was your original vision behind founding PALMONAS? What were some of the challenges that you encountered during the early stages of the business?

We founded PALMONAS in 2022. As a customer, I had very sensitive skin and could never wear imitation jewellery. I also didn’t want to wear new gold pieces every day, as investing in new designs, paying making charges, GST, and facing higher price points daily wasn’t practical. I came across an international brand that does demi-fine jewellery, and I was intrigued by the concept – demi-fine jewellery looks like gold, but is more affordable. I realized this was a perfect proposition for the Indian audience, as we value products that offer good value for money.

The main challenge was to educate people about demi-fine jewellery. The price points fall between imitation jewellery and fine jewellery, so initially, educating people that this was not imitation jewellery, but a unique category, was the biggest challenge.

Access to funding is very crucial for startups in India. Could you discuss how PALMONAS approached securing investment and any specific strategies you found effective in navigating this area?

We invested our own seed capital to test the waters, and once we started seeing customer love and demand, we expanded, created a plan, and did our research. Based on this data and our growing customer base, we are now preparing to raise funds for the future.

Are there any government initiatives that have directly benefited PALMONAS or the demi-fine jewellery industry as a whole? How have these programs impacted your brand’s growth?

No, there have been no government initiatives that have directly benefited PALMONAS or the demi-fine jewellery industry as a whole.

Could you share insights into your research and development process at PALMONAS? What sets it apart from other brands in the industry and ensures a unique product offering?

Being a demi-fine jewellery brand, we have a Friday Drop process, where we launch 150-200 designs every Friday. This approach keeps our collection fresh and engaging, helping us achieve healthy repeat purchase rates from our existing customers. We have a strong in-house design team and a dedicated design engine that consistently develops new designs. We test these designs on a limited basis and launch only those pieces with potential, ensuring exclusivity and preference among our customers.

How do you maintain the authenticity of the pieces you develop while also ensuring they appeal to the tastes of today’s modern consumer?

We have an in-house design team that aligns with our brand language, keeping our pieces minimal yet impactful as statement pieces. By staying in touch with the latest design trends and actively incorporating customer feedback, we shape upcoming collections that resonate with modern consumers.

Shifting consumer perceptions can be challenging. What strategies have you implemented to move customers’ focus from immediate, lower-cost jewellery options to the longer-term value of demi-fine jewellery?

We focus on education and storytelling. We highlight the quality, craftsmanship, and unique designs of our pieces, emphasizing how demi-fine jewellery offers both aesthetic appeal and durability. Also, we create content around the value proposition of investing in demi-fine jewellery, framing it as a smart choice for those who appreciate style without compromising on quality.

With increasing competition in the jewellery market, what unique strategies does PALMONAS employ to stand out and build a loyal customer base?

Along with great product quality, the freshness of our designs sets us apart from the competition. We also prioritize building strong relationships with our customers through personalized communication and feedback mechanisms. Our in-house design team actively incorporates customer insights into our product development process, ensuring our offerings resonate with their preferences. Additionally, we focus on creating a community around our brand by engaging customers on social media, sharing styling tips, and highlighting customer stories.

Finally, what advice would you give to young entrepreneurs entering the jewellery sector, especially those looking to innovate within traditional markets?

My advice to entrepreneurs is to think differently; your focus should be on building a brand with unique qualities. It’s very important to survive in today’s market. With this approach, you’ll be able to build a brand that could become a household name soon.

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