Beyond its traditional value, gold is also seen as a stable investment, offering financial security in times of uncertainty. Its enduring worth makes it a preferred asset for Indian households, blending cultural reverence with economic foresight. As of the date of publishing this story, the price of gold in the capital stands at Rs 8,972 per gram for 24-karat gold. Enter, Demi fine jewellery, a category that sits between fine jewellery and fast fashion, that gives you the same look and feel at one fraction of the price. According to Grand View Research, the demi-fine jewellery market is estimated at $2,462.5 million in 2024 with a CAGR of 11.6% till 2030.
Out of the many brands attempting to make a dent in this market, Shraddha Kapoor owned Palmonas, a D2C jewellery startup that recently secured Rs 1.26 crores for a 1% equity stake on the recent episode of Shark Tank India. The question, however, lies in whether India is truly ready for a new way of wearing jewellery, one that isn’t safely locked away in a bank.
In FY 2022-23, Palmonas reported a total revenue of Rs 38.43 crore, with a profit of Rs 8.51 lakh. However, in FY 2023-24, while revenue grew to Rs 53.83 crore, the company recorded a loss of Rs 12.42 crore, reflecting increased operational and expansion costs.
The Shark Tank moment
Walking into Shark Tank India, Palmonas’ founders weren’t just hoping for investment; they were looking for investors who got the vision. “We were very confident going in. Our product-market fit was already established, and our first offer itself was at the exact valuation we asked for,” Pallavi Mohadikar, co-founder and CEO, Palmonas, told BrandWagon Online.
Pallavi and Amol asked for Rs 1.26 crore for a 1% equity stake, valuing Palmonas at Rs 126 crore. While Aman Gupta countered with a significantly lower Rs 20 crore valuation, Namita Thapar matched their ask but insisted on a 1% royalty, which initially met resistance. Eventually, Namita and Ritesh Agarwal sealed the deal on their terms. While Shark Tank provides funding, mentorship, and exposure, it doesn’t guarantee long-term success—especially in an industry dominated by legacy brands that have built consumer trust over generations. The biggest challenge here is to shift the mindsets in a country where jewellery has always been an investment first, fashion second.
A business born out of frustration
Palmonas wasn’t built in a boardroom—it was born from personal frustration. “I was always disappointed with imitation jewellery because it never suited my skin—I’d end up with rashes every time. But spending on gold wasn’t a practical option either,” Mohadikar recalled. Capitalising on the consumers’ want of something in between, jewellery that looked premium, lasted longer than fast fashion pieces, but didn’t require a bank loan, that’s when the idea of demi-fine jewellery clicked: premium enough to feel special, but practical enough for everyday wear.
Palmonas set out to challenge the status quo. Instead of traditional bridal sets, they designed pieces you could wear to work, on a date, or even while lounging at home—without the fear of ruining them.
Can luxury be affordable?
The biggest challenge in disrupting the fine jewellery market is pricing. Traditional brands rely on heavy markups, expensive showrooms, and the psychological weight of gold as an asset. Palmonas’ strategy, as Mohadikar claims is to strip away everything unnecessary. “We work directly with manufacturers, cut out middlemen, and use high-quality materials like lab-grown diamonds and 18k gold vermeil,” Mohadikar explains. This means they can offer luxury aesthetics at a fraction of the price, however, it simultaneously raises questions about maintaining the quality at that scale and whether Indians will trust the newbies over legacy brands that dominate trust and tradition. So far, the response suggests there’s demand. But whether it can convert into long-term customer loyalty remains the real test.
The sustainability play
Sustainability isn’t just a buzzword in jewellery anymore—it’s an expectation. With ethical sourcing concerns around mined diamonds, lab-grown diamonds (LGDs) are emerging as a viable alternative. “Lab-grown diamonds were a game-changer for us—they’re sustainable, conflict-free, and actually more affordable than mined diamonds,” Mohadikar noted. But sustainability isn’t just about materials—it’s about how brands manage waste, production ethics, and long-term impact. But are Indians actively prioritising sustainability when consuming products or is it just a bonus. Here is the data, a 2024 PwC India survey found that 60% of Indian consumers prefer sustainable products and are willing to pay an average premium of 13.1% for them.
Can Palmonas compete internationally?
While Palmonas is focused on India, its ambitions extend beyond borders. The next step? Expanding into international markets where demi-fine jewellery is already booming—like the US, Middle East, and Southeast Asia, Mohadikar said.
But competition is fierce. Global brands like Mejuri, Missoma, and Monica Vinader have already captured market share and built strong brand loyalty. Breaking into these territories will require more than just competitive pricing—it will demand strong branding, customer experience, and differentiation.
Palmonas has found a gap in the market, but whether it can own that space long-term is still uncertain. The Indian jewellery market is slow to change, and while younger consumers are open to experimentation, traditional buying patterns remain deeply ingrained.