SUMMARY
Fiona adopted a digital-first strategy post-pandemic, focussing on content-driven marketing, social media and online search for sales and lead generation
The Origin Story
Diamonds are forever, but the way these precious stones are mined takes a toll on the environment and exploits the people involved in diamond mining. Natural stones are extremely expensive and shoppers with little knowledge of gemstones often pay more than the fair price for inferior quality. A veteran in the diamond industry with more than 19 years of experience, Parag Agrawal wanted to usher in a much-needed change and sell lab-grown diamonds (LGD) and diamond-like moissanite as sustainable and affordable options. So, he joined forces with brother Saurabh Agrawal (a computer engineer and a seasoned entrepreneur with more than 20 years of experience in technology and the startup space) to launch Fiona, the first D2C brand offering LGD as prized possessions.
The Differentiator
Fiona offers a sparkling range of natural and lab-grown/sustainable diamonds and moissanite suitable for every pocket and fit for every occasion. It crafts unique pieces and made-to-order jewellery in modern and vintage designs at its Surat unit, ensuring resale value and providing buyback options. Among its flagship products are a wide array of rings, earrings and pendants. To build trust, the brand is transparent about its eco-friendly policies and helps raise consumer awareness about sustainable diamonds and their minimal environmental impact.
The Growth
The brand believes that the LGD retail market will soon see a huge growth opportunity as the technology is now available everywhere, and very few retailers offer gem-quality sustainable diamonds for fear of losing the market for expensive natural diamonds. Fiona sells its products on Nykaa and through its website and flagship stores in Mumbai, Delhi and Bengaluru. It is also present at 10 Shoppers Stop outlets in Mumbai, Bengaluru, Hyderabad, Kolkata, Indore and Lucknow.
Fiona adopted a digital-first strategy post-pandemic, focussing on content-driven marketing, social media and online search for sales and lead generation. These initiatives have increased footfall online and offline, and the brand currently has 81K followers on Facebook and 51K on Instagram. It has also started e-auctioning to drive sales and saw an approximately 21% jump in revenue in FY23.
What’s Next
The jewellery brand will grow its offerings and expand distribution in 2024 to accelerate sales. It wants to emerge as a global brand for bridal jewellery in lab-grown diamonds by 2025, thus creating a green impact on people and the planet.
