In the Indian jewellery market, the top leading brands registered a CAGR of 10 percent (according to annual reports and financials from ROC, MCA) over the last 3 years driven majorly by store footprint expansion. This growth is commendable given that jewellery demand has been heavily impacted by consecutive waves of COVID-19, as the footfall in the stores has fallen down considerably. Besides that, consumer preferences are also changing and jewellers have to compete with other luxury categories, curated travel experiences, and equity market assets for a share of the consumer’s wallet. There are brands like Fiona diamonds that are taking a cue from changing trends and adapting themselves as per present and future requirements.
Fiona is one of the fast-rising names in the jewellery industry. It’s a venture of engineer turned entrepreneur Parag Agrawal which was founded in 2007. The brand has the USP that it creates jewellery using moissanite and lab-grown diamond apart from mined diamonds. The firm started its first showroom in Parekh opera house in 2008. The firm actively created awareness about moissanite and lab-grown diamonds between 2008-2010 and expanded with the franchise model. It opened its first company-owned outlet in 2013 in the Bandra area of Mumbai.
Fiona’s has also managed to anticipate the shift happening in the jewellery market and shaped its strategies accordingly to create growth opportunities for itself. Fiona has not only introduced moissanite as an alternative to diamond but also successfully projected it in a more luxurious way in the line of many luxury jewellery brands. Between 2013 and 2015 Fiona opened 10 flagship stores. Its 11th flagship store in 2015 was special as it previewed the exquisite Moissanite solitaire jewellery collection from the brand. The store was inaugurated by Bollywood actress Soha Ali Khan who stated “If you love diamonds, you will love Moissanites as being 1/10th the price of diamonds it gives a sigh of relief to travel with Moissanites for those destination weddings and shoots.”
In the same year, Fiona launched its e-commerce portal to widen its reach. It foresaw the importance of omnichannel presence long back in 2015. The brand observed the consumer buying pattern cautiously and understood that buying decision for jewellery starts way before 2-3 months of actual purchase, which makes it essential to have a strong online presence. It took care of ease of browsing and comparisons.
Fiona has also watched the predictable shift in choice of the Indian jewellery lovers from wedding wear to daily wear and change in the usage of jewellery. It has made available the large collection of occasion-specific jewellery to daily wear jewellery and also the facility of custom-made designs.
While the overall jewellery market is going through some tough times, Fiona diamonds by making intelligent use of market insights and being close to their consumers has surely identified avenues of growth.