When I think about diamonds, a few words come in my mind instantly. Shiny, glamorous, precious, rare and expensive.
Buying diamond jewellery used to be a luxury for most people in India. People would save for years and buy on special occasions like family weddings, anniversaries, birthdays & festivals.
But, times have changed. And diamond trade is going through a phase of evolution. A wave of disruption caused by lab grown diamonds (LGDs).
LGDs are an exact replica of mined diamonds with a contrasting difference - their cost. Cost of LGDs are lower by 80-95% compared to mined diamonds.
Riding this wave, is Solitario - a luxury lab grown diamond brand with presence in India, Dubai, Malaysia among others.
The brand promotes sustainable practices with the aim of making luxury diamonds more accessible to a wider audience.
This podcast was a crash course for me on LGDs and I had an absolute blast hosting Anurag. We spoke on a range of topics like:
(3:13): TRICKS OF THE TRADE - How does a mall work?
(8:03): The Engineering DNA - how can do they everything?
(14:06): Joining Solitario + creating the offline launch strategy
(20:05): GOING GLOBAL - launch in Dubai @ Burj Khalifa & other countries + how mall zoning helps in building an aspirational brand.
(27:16): A crash course in lab grown diamonds [CVD / HPHT]
(33:50): Potential of the LGD Market
(36:03): Quick take on Distribution / Marketing strategies - Target audience, Exclusive Brand Outlets (EBOs), Multi Brand Outlets (MBOs), Indian customer profile, Global customers
(40:11): Current challenges for growth
(42:52): Leadership Team @ Solitario (Ricky + Vivek Oberoi)
(46:17): RAPID FIRE Qs
You can check out Solitario's luxury collection here
