Entrepreneur duo Parag and Saurabh Agarwal want to make luxury accessible without environmental impact.
By ET Bureau | Updated:
Agencies
Parag Agarwal (L) and Saurabh Agarwal.
The journey to create India’s first lab-grown diamond brand began years ago by Parag and Saurabh Agarwal. The duo had strong reservations about conflict and blood diamonds, and their severe environmental cost. They were on the lookout for an alternative. When Fiona Solitaires began its journey in 2004, lab-grown diamonds were not even developed. ‘Moissanites’ were the closest thing to a real diamond. Moissanites didn’t come from conflict-zones.
They are sourced from US manufacturers and are popular among the well-heeled of Indian society. Priced around one-tenth of the cost of a mined diamond, the brand grew exponentially. But, the fact that Moissanites were diamond-like, and not really diamonds, kept the brand from making a mark in the market. Meanwhile, with the advances of technology in the US, diamonds could eventually be cultured and grown above the earth.
Lab-grown diamonds have a structural and chemical composition identical to their mined counterparts — a legitimate alternative to mined diamonds. Fiona Solitaires began importing lab-grown diamonds in addition to their Moissanite business. The brand was re-launched with an e-portal: FionaSolitaires.com, headed by Saurabh Agarwal. The e-portal ensured that the lab-grown diamonds are imported straight from manufacturers in the US to retail in India. This removed the need for middle-men. Apart from sourcing these diamonds, Fiona places an emphasis on bespoke design as well.
Each brand outlet has designers who understand their clientele’s needs and create a piece of jewellery customised for them. Fiona believes that everyone has the right to access luxury, and now it need not come at an environmental cost. At half the price of mined diamonds and with 100 per cent buy back policy, Fiona Solitaires is a favourite now.
Here’s what Parag and Saurabh Agarwal had to say on their professional journey and how they handle it in a smooth way:
ADVERTISEMENT
How true is the saying, ‘Two heads are better than one’ when it comes to a unique approach in running a successful business? You do not need a unique approach to run a successful business. All you need is a unique idea with a common goal. The two heads just make sure that no stone is left unturned.
What perspectives do the both of you bring to your business? We both see each other’s point of view quite clearly with the pros and cons of each. This helps us dissect every subject in depth to make sure that all perspectives are taken care of.
Lab-grown diamonds have a structural and chemical composition identical to their mined counterparts — a legitimate alternative to mined diamonds. Is there any business mantra that you adhere to? Ambition is the only natural talent each successful person has.
ADVERTISEMENT
When two different powerful personalities join forces to conduct a business, what are the key challenges? How do you overcome them? The key is in understanding the powerful personality you are dealing with and respect the thoughts and belief systems that the other holds. Different kinds of problems have unique solutions and demand certain skills which only your partner may have. It is only ego and/ or selfishness which might destroy you.
Whenever there is a conflicting view point, how do you resolve it among yourselves? Honestly, for both of us, the belief in each other is so strong that when one takes a decision on something, the other agrees.
ADVERTISEMENT
You remain role models for many... but is there someone whom you look up to as your role model? Yes, there are many. But to name a few they are Steve Jobs, Jack Ma, Elon Musk, Warren Buffet — all for different reasons.
How do you manage the work-life balance amid your respective busy schedules? We are both following our core passion of doing business and creating a brand, so it never feels like working. Both of us still do not have any specific work hours or schedule, so we are always in a 24x7 work-play mode.
A word of advice that you would like to share with India Inc? Our word of advice is: Don’t try to be number one by doing things better than your competitors since it is only innovation which will inspire people to do business with you. It is better to be unique which makes you the only choice for your consumer.
From 'Pink' Diamond To The World's First Microchip: Items That Failed To Sell At Auctions
1/5
In 2016, Sotheby's had a manuscript by Ludwig van Beethoven up for auction. The single-page manuscript was described as the "Autograph manuscript of the 'Allegretto' in B minor for string quartet (WoO 210), composed for an English visitor to Vienna in 1817". It has the words "composed and written by Beethoven himself November 29, 1817 at Vienna" inscribed on it. The manuscript was expected to fetch about 200,000 pounds. The auction house made a statement that there were no takers because of a Beethoven scholar's claim that the manuscript was not authentic.
Image: Sotheby's
In 2016, Sotheby's had a manuscript by Ludwig van Beethoven up for auction. The single-page manuscript was described as the "Autograph manuscript of the 'Allegretto' in B minor for string quartet (Wo..
Read More
In 1996, Albert Einstein's earliest available manuscript in which he elaborated on his theory of relativity was auctioned by Sotheby's in Manhattan. The item, which was expected to sell for $4 million-6 million, failed to meet the minimum bid. The 72-page untitled manuscript was written in 1912, seven years after Einstein's special theory was first published.
In 1996, Albert Einstein's earliest available manuscript in which he elaborated on his theory of relativity was auctioned by Sotheby's in Manhattan. The item, which was expected to sell for $4 millio..
Read More
In 1958, Jack Kilby at Texas Instruments made the world's first microchip by hand. The second prototype of this historic chip went under the hammer in 2014, but failed to meet the reserve price. Kilby won the Nobel Prize for the creation of the microchip and his other contributions to the computing era. Christie's had estimated that the chip would bring in between $1-2 million.
Image: Christie's
In 1958, Jack Kilby at Texas Instruments made the world's first microchip by hand. The second prototype of this historic chip went under the hammer in 2014, but failed to meet the reserve price. Kilb..
Read More
Cook was a famous explorer and was the man who claimed Australia for Great Britain in 1770, naming eastern Australia 'New South Wales'. One of Cook's wai st coat s passed through a few hands, including Australian pianist Ruby Rich who altered it to suit a woman's body. It landed up in an auction in 2017. The 250-yearold waistcoat was valued close to $1.1 million by Aalders Auctions.
Photo: Aalders Auctions
Cook was a famous explorer and was the man who claimed Australia for Great Britain in 1770, naming eastern Australia 'New South Wales'. One of Cook's wai st coat s passed through a few hands, includi..
Read More
Father Jamie McLeod had bought an artwork from a small antique shop in Cheshire for £400. It later came to light that the artwork was an original Van Dyck painting. It was discovered after a television show evaluated the painting. In 2014, Christie's set an estimate of 400,000-500,000 pounds for the painting titled 'Head Study of a Man in a Ruff', which failed to sell.
Image: Christie's
Father Jamie McLeod had bought an artwork from a small antique shop in Cheshire for £400. It later came to light that the artwork was an original Van Dyck painting. It was discovered after a televisi..
