All About Diamond Business with Dr. Preeti Jain of Jewels by Preeti
Sep 23, 2024
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Dr. Preeti Jain, founder of Jewels by Preeti and a former medical professional, dives into the captivating realm of lab-grown diamonds. She explains how these sustainable gems are shaking up the diamond market and discusses the innovations that keep her business ahead. From the science behind diamond creation to the essential 'four Cs' of buying, Dr. Jain shares invaluable insights. Additionally, she explores the influence of marketing, including the role of social media and celebrity partnerships in today’s jewelry industry.
Dr. Preeti Jain's transition from medicine to jewelry entrepreneurship illustrates the importance of pursuing personal passion and creativity in business.
The rise of lab-grown diamonds is reshaping the market by offering sustainable and cost-effective alternatives, challenging traditional diamond pricing.
Deep dives
Journey from Medicine to Diamonds
A transition from medicine to jewelry entrepreneurship is highlighted through the story of Dr. Preeti Jain, who initially pursued a medical career due to familial expectations. After completing her medical education, she discovered her dissatisfaction with the field and her true passion for creativity. Encouraged by her supportive father, who wanted her to have a secure foundation, she decided to embark on a journey in business. This newfound passion began when she designed a ring for her mother, leading to her first jewelry orders and the establishment of her brand, Jules by Preeti.
The Rise of Lab-Grown Diamonds
Lab-grown diamonds are gaining significant attention as a cost-effective alternative to natural diamonds. The process of creating these diamonds involves replicating the natural conditions under which diamonds form, leading to products that are nearly indistinguishable from their natural counterparts. The price disparity is substantial; for example, a natural diamond necklace priced at 10 lakh rupees can cost only around 3 lakh rupees when lab-grown. This shift reflects both changing consumer preferences and the broader movement within the industry towards more sustainable and affordable options.
Understanding Diamonds: The Four Cs
An essential guide to selecting diamonds is provided through the concept of the Four Cs: cut, color, clarity, and carat. The cut influences how light interacts with the diamond, while color ranges from D (the highest quality) to K (lower quality). Carat refers to the size of the diamond, with significant price increases at certain benchmarks, such as the one-carat mark. Clarity measures inclusions and imperfections, with options ranging from internally flawless to noticeable inclusions, helping buyers make informed decisions based on budget and preference.
Navigating the Jewelry Business Landscape
Key factors in running a successful jewelry business include going for trading rather than manufacturing, maintaining quality, and fostering a strong relationship with clients based on trust. Dr. Preeti Jain emphasizes the importance of understanding client needs and providing a personalized shopping experience, particularly given the significant investments clients often make in jewelry. Additionally, operating in a competitive market means that continuous marketing and innovation are critical, including adapting to trends such as detachable jewelry that offers versatility for wearers. The evolving landscape also suggests that major jewelry chains may eventually embrace lab-grown diamonds, indicating a potential shift in consumer preferences.
In this episode, Anupam explores the fascinating world of lab-grown diamonds with Dr. Preeti Jain, founder of Jewels by Preeti. Moving behind the scenes of the modern diamond industry, explaining how lab-grown diamonds are revolutionizing the market. She shares insights into the science behind creating these sustainable gems and why they are gaining popularity over traditional diamonds.
Learn about the entire process—from sourcing to crafting stunning jewelry pieces—as well as the major cost centers involved in running a diamond business. Dr. Jain also discusses the economics of lab-grown diamonds, comparing their profit margins to those of natural diamonds, and how Jewels by Preeti has stayed ahead of market trends with innovative strategies.
Tune in to understand the business behind of luxury jewelry.
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