Pune: Guts is what it takes to start your own business. But to start a diamond jewellery company with no family history or huge capital that this industry demands cannot be just guts, but something else. For Priyanka Padhye and Rohit Hudke, co-founders of Rings & I, it is not just about courage that all startup founders possess in huge amounts but also methodical calculations covering the business and an in-depth study of the industry.
Priyanka said, “We found that jewellery industry operates on an inventory rotation model – jewellers have large stocks that they keep rotating and selling, yes, again and again, and their financial success depends on the number of inventory-turns per year. Their profitability depends directly on the number of turns they can do.”
Fair enough, but surely all the jewellery store owners know what they are doing? “Yes, they do. But what does this do for the customers? Because of their inventory their branches have to simply push the same product over and over again till sold, leaving customers with really little choice and more importantly no personalisation of choice. The trend these days is on personalisation. Everyone wants a piece of jewellery that is unique and designed as per tastes. We found this wide gap and decided that customers should rightly have a choice to have jewellery that is personal. So, we introduced this made-to-order segmented scale that democratises bespoke jewellery,” she said.
How? Priyanka said, “Rings & I offers a prototype-based design studio that eliminates the need for extensive inventory thereby reducing costs. A customer can walk into our studio and we have 1,200 diamond ring designs at a time that they can choose from. In addition to this, they can choose to design their ring as they go. Once the customer has either picked from our prototype or has given us a design we offer nine different prices for the same design, and customer can pick their personal price which is recommended by our AI. Once they select the price, pick their diamond, gold and personalise the ring with their choice of metal tone, metal finish, engraving. The ring is then manufactured in Surat. This process takes 12-15 working days.
“The result? The customer is happy with the ring she buys because it is not off the shelf, not pulled out from the inventory stocks rather has been made to order as per her wishes. We also give them comprehensive information on diamonds and gold so their decision to purchase is based on correct information and that in turn builds trust. The result is that as a startup providing customised jewellery, we have managed to do away with high inventory costs that are typical in the traditional diamond business and lack of personalisation,” she said.
That takes a lot of effort compared to the inventory-based model. Is scaling such a model possible? Priyanka believes that technology can enable this. “When we scale bespoke, technology plays a crucial role of an enabler. Personalisation is not just in the product, but the end-to-end experience during the process. We use technology in three major verticals.
Marketing
It is important for us to show personalised problem-specific advertisements. For eg: If your problem is you do not find your ring size in different stores in inventory model, you will only see an ad which shows how made-to-order ring can be made in your perfect size. If you are looking for engraving, you will only see an ad about how you can engrave a ring and what are the different ideas.
Sales
Right from recommending your perfect ring from the large variety that we offer, to recommending a personal style, our AI is your personal shopping who understands your occasion, lifestyle and personality to suggest a personal style and price.
Manufacturing
Getting bespoke at the time, quality and cost of mass-produced rings is how we can democratise this market. This is exactly where our technology in manufacturing works to handle the volume, visualisation and inventory prediction.
Customer education
How often is it that you buy jewellery and can depend on only what your jeweller says regarding the purity of gold and the diamond? It’s a grossly unfair practice where the one paying for the product knows nothing about it but pays what is demanded. Of course, there is now a standard for gold which is a BIS Hallmark but diamonds? It’s not possible to know for sure if a diamond is the American diamond or the real one. So, Rings & I felt that making customers aware can only help the business. “So, we have real diamonds of various colour clarity kept in front of customers so that they can differentiate and visualise it at different price points. This way they cannot just see but also understand the 4Cs that is cut, clarity, colour and carat practically. After all, buying jewellery is an investment and it is only fair that the customer makes an informed purchase that can protect their financial investment.
Light on money
Despite being in jewellery business, Rings & I have invested ₹2 crore via seed a funding in an Angel round and strategic round within industry. They now plan to raise ₹5 crore that they will use to set up their first flagship store, utilise in marketing and branding, enhance technology for the expansion phase and work on end-to-end customisation.
Competition
Priyanka said, “Our competitors include traditional jewellery brands and online diamond retailers. They are our competitors because they serve the same market but often lack the personalised, tech-driven approach that Rings & I offers. The market size in India is approximately ₹89,200 crore. We plan to capture a significant share by expanding our store presence, leveraging our digital-first approach and offering unparalleled personalisation and customer education.
Co-founders’ alignment
Since co-founder disagreements are often one of the most common causes for a startup going bust, how do Rohit and Priyanka manage their relationship? “Rohit focusses on business, strategy and direction and I specialise in scaling the business. Our complementary skills and experiences ensure a balanced and effective partnership. By bringing different strengths to the table, we avoid conflicts and foster mutual respect and acceptance, which is crucial for any successful co-founding team. This dynamic allows us to tackle challenges from multiple angles and drive the business forward cohesively.
Customer corner
My partner got his ring customised and it turned out incredible! If you’re looking for engagement ring for your loved one, I highly recommend this shop.
Shaivi Chapalgaonkar
We had explored all the leading brands for my engagement rings, before settling with Rings & I. It’s quite a nice concept, really. Not only did we get great designs for our rings, but also learnt a lot about diamonds, gold tone and ring size.
Sachin Kumar Kashyap
I feel that they are ahead of their time because they’re using amazing technology to find out the perfect ring for you and your loved ones! I went there to select a ring for my mom and was surprised to see more than 1,000 designs displayed there. The ring expert there really knows everything about the rings and is helpful.
Sourish Waikar
My fiancé wanted something unique and felt that why should only women be given so many choices. At Rings & I, he got more options than he expected. The best place to get customised rings.
Nimisha Pandhare
