Parag Agrawal: Fiona Diamonds’ Sparkling Star of the Indian Gems and Jewellery Horizon 

Parag Agrawal | Fiona Diamonds
Parag Agrawal

In the heart of a nation renowned for its centuries-old craftsmanship in the gems and jewellery industry, Parag Agrawal emerges as a trailblazer, reshaping the narrative. India stands as a veritable hub for the creation of exquisite ornaments, a birthplace where every ounce of crafted jewellery intricately weaves artistry and finesse. From the ornate jewels of the Indus Valley civilization to the diamond-studded crowns that adorned distant lands like Mesopotamia, India’s legacy in this realm is unrivalled.

At the helm of Fiona Diamonds, Parag’s inception into the gems and jewellery industry heralded a new era. His visionary approach, rooted in a fervent desire to revolutionize the conventional landscape of this time-honoured trade, marks a pivotal moment in the industry’s evolution. Parag’s motivation was rooted in a desire to revolutionize the traditional gems and jewellery industry. “Witnessing the lack of transparency, sustainability, and affordability in the market, I saw an opportunity to make a difference. My passion for creating a positive impact on the industry and a commitment to ethical practices have been the driving force behind my journey,” shares Parag.

Lab-Grown Eco-Friendly Diamonds

For example, when Parag first discovered lab-grown diamonds, he observed that not every jeweller disclosed them as lab diamonds, and traders misrepresented the diamonds as natural. There had been cases where Jewellers sold a Lab Diamond of ₹ two lacs for ₹25 lacs by selling it as a Natural Diamond.

Parag says, “I somehow found my purpose with such incidents to bring transparency in the industry.” The entire diamond industry was against lab-grown diamonds, but eventually, they all had to accept it since consumers started demanding it.

For centuries, India’s dominance in gems and jewellery has been founded upon pillars of trust, reliability, craftsmanship, and technological prowess, offering unparalleled artistry at accessible prices to the world. Parag recognized the potential for transformation within this sphere, and with this passion, he embarked on a journey to redefine industry norms and set new benchmarks.

Through Fiona Diamonds, Parag’s pursuit has been one of innovation and reinvention, ushering in an era that seamlessly blends tradition with modernity. His commitment to pushing the boundaries of traditional craftsmanship and leveraging cutting-edge techniques has redefined the paradigms of the gems and jewellery industry.

Trust is Our Crown Jewel

Fiona Diamonds has emerged as India’s leading gems and jewellery company. Parag shares the guiding philosophy that has propelled his organization’s success: “Our guiding philosophy revolves around three pillars: transparency, sustainability, and affordability.” By prioritizing these principles, he led his team to meet their consumers’ evolving demands and earn their trust. He adds, “We believe in crafting timeless pieces that resonate with our customers, all while ensuring a positive impact on the environment and society.”

At the beginning of their journey, they introduced Moissanite gemstones mixed with natural diamonds in the Indian market in 2005. They started holding seminars and educating customers and retailers about these stones.

Eventually, at Fiona Diamonds, Parag and his team built a transparent brand around it, with a resale value and buyback for all the jewellery.

Customers Are Our Lords

The industrial landscape is continually evolving. In such a scenario, according to Parag, Fiona Diamonds distinguishes itself through innovation, cutting-edge craftsmanship, and a commitment to ethical practices. He says, “We leverage advanced technology to create lab-grown diamonds, ensuring quality and sustainability. Our emphasis on customer education and transparent business practices have positioned us as a trusted brand in the gems and jewellery sector.”

Moreover, Fiona Diamonds is the first brand in the country to sell Lab Grown Diamonds, Moissanites and Natural Diamonds all from the same company and under the same roof but with different brand names: Fiona Diamonds for Lab Grown Diamonds and Cutiefy for Fine Moissanite jewellery in Silver.

Parag adds, “Our USP is that we customize as per the budget and occasion of the customer, which is guided by the design they are aspiring to own. We help them decide which kind of stones should be used for which design is budget-friendly and has the highest perceived value.”

Clients Are Our Ornaments 

Parag’s prominent leadership style is often recognized as a driving force behind Fiona Diamonds’ achievements. Shedding light on his approach to leadership and team building within the organization, he says it revolves around fostering a culture of collaboration and innovation. “I believe in empowering my team, encouraging creativity, and providing avenues for professional growth.”

A shared vision and a commitment to excellence drive our collective efforts, resulting in the remarkable achievements of Fiona Diamonds.

I always believe in cultivating fresh talent, and that’s the reason we intend to hire many interns.” The young and energetic minds have great enthusiasm for learning, and mentoring them and getting output from them is a very thrilling experience.

Striking Gems

The essence of the gems and jewels niche lies in innovation, disruptions, and enhancing the end-user experience. Parag says they prioritise customer-centric innovation without compromising operational efficiency to strike a balance between operational efficiency and customer satisfaction. By embracing technology, they streamline processes to ensure precision and quality.

Continuous feedback loops and a customer-centric mindset allow them to tailor their offerings, creating an unparalleled experience for their clients.

And since the founders are well versed in tech, the team uses various tools within the organisation, which helps them with efficiencies. For example, from ERP and CRM to organizational management tools are used.

Tech-Impetus Glow

Parag furthers that digitalization and technological advancements are crucial aspects of the modern industrial ecosystem. “We embrace digitalization across our value chain – from sustainable diamond cultivation to personalized customer interactions. Our investment in cutting-edge technology ensures product quality and enhances the overall customer journey, positioning us at the forefront of a technovative future.”

For digitalization and technological uses, they drive the entire team towards research. This helps to keep the culture of innovation within the organisation. “For example, we use extensively ChatGPT and different Generative AI for jewellery designing and social media post creations.” Since freshers get a different level of learning curve, they are hooked and committed to performing better.

Fiona Diamonds has achieved remarkable success. Parag says their lab-grown diamonds exemplify their commitment to innovation. By combining traditional craftsmanship with modern technology, they’ve disrupted the industry norm, offering ethically sourced, high-quality diamonds.

This initiative underscores their dedication to excellence and sustainable practices.

Setting the Highest Benchmarks of Excellence

They entered the space of Lab Grown Diamond jewellery when the entire market was against it and never believed it would get mainstream. “But we were visionaries to understand much before the time that this is going to be the future, and consumers will love the product once they are shown beautiful jewellery made out of lab-grown diamonds,” says Parag.

Moreover, the buyback policies introduced by Fiona set the threshold norm within the market, which everyone followed and learned from. “Thus, we set the market standards and policies for the same,” he adds.

The workforce is the cornerstone of every successful organization. To foster a culture of growth, skill development, and empowerment among his employees, Parag says they do it through continuous learning and development programs. “Our company culture encourages collaboration and empowers individuals to take ownership of their roles. Research and learning is given the most importance.”

Parag fosters a supportive environment and ensures that his team is equipped with the skills and knowledge needed to excel in their respective areas.

Shimmering Jewels of Tomorrow

As a leader in India’s gems and jewellery sector, Fiona Diamonds has faced its share of challenges. Sharing an instance where his team’s resilience and ingenuity triumphed over adversity, Parag says that his team displayed remarkable resilience during an economic downturn.

By diversifying our product range, optimizing operations, and enhancing customer engagement through social media platforms, we not only weathered the storm but emerged stronger.” This experience reinforced the importance of adaptability and perseverance in facing challenges.

There was a time in COVID-19 when we thought we would be out of business. Why would anyone buy jewellery any more? So, we were put to the test during that time. But we sustained the storms and were up on our feet,” he reveals, adding that the pandemic prompted them to re-evaluate and strengthen their business continuity plans. They implemented agile working practices, invested in robust e-commerce capabilities, and diversified their supply chain.

These measures ensured uninterrupted operations during challenging times and positioned them for future uncertainties.

The biggest learning and openness that COVID-19 taught us was that we can work from anywhere. Distances are no longer a barrier. We work more efficiently now since major meetings happen online, which saves the team much time. So we are following a hybrid model between Working from Home and going to the office,” informs Parag.

Glittering Diamonds Forever 

Businesses are a way for the Indian industry to pace its economic potential and capacity. Parag advises other budding entrepreneurs who aspire to venture into the startup space to stay true to their vision, be adaptable, and embrace innovation. In the ever-evolving business landscape, resilience and a willingness to learn are key.

Additionally, prioritize ethical practices, as they contribute to sustainable growth and build trust with consumers.

The most important advice to an entrepreneur is to find a unique product or service that solves a problem. “Once you have that only then can you build a company around it.”

Aspiring to continue significantly impacting India’s dynamic gems and jewellery’s future landscape, Parag divulges that their vision for 2024 is to further establish Fiona Diamonds as a global leader in sustainable and affordable lab-grown diamonds. “We aim to continue setting industry benchmarks for transparency, ethical practices, and technological innovation.”

By staying ahead of market trends and consistently delivering value to our customers, we aspire to play a pivotal role in shaping the future of India’s dynamic gems and jewellery landscape,” he concludes.

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