Click here to join Express Pune WhatsApp channel and get a curated list of our stories
© The Indian Express Pvt Ltd
Tags:
Journalism of Courage
During the Covid pandemic, Dr Amol Patwari, a Pune-based orthopaedic surgeon, and his father Dr Sangram Patwari, a gynaecologist, were talking about events in the operation theatre.
Amol’s wife, Pallavi Mohadikar Patwari, an MBA graduate from IIM Lucknow and a successful entrepreneur, heard them mention surgical stainless steel devices inserted in patients’ bodies.
“I was a little shocked that things were put in bodies and not changed for almost a decade. They told me these surgical stainless steel devices were inert and did not react with the skin or blood. I asked, ‘Then, why doesn’t somebody make jewellery out of it? Currently, there is a void between high-end jewellery, made of pure gold and diamond, and costume jewellery, which is made of brass and nickel’,” says Pallavi.
The conversation gave rise to one of the fastest-growing non-precious jewellery brands in the country, Palmonas, launched in 2022. Founded by Amol, with Pallavi as the investor and mentor, Palmonas uses stainless steel or sterling silver, plated with 18-carat gold.
On offer is a bracelet with hearts all over, a delicate solitaire ring, a chain woven like wheat and a pair of earrings in the shape of a snake, among others. The price ranges between Rs 2,000 for a chain and Rs 24,000 for a “cascading diamond set”.
Palmonas registered Rs 6 crore of sales in the first year itself. The earnings are around Rs 1 crore monthly, and plans are to scale 2.5 times monthly during the festive season. The company will soon start its Series A funding round.
“Gold prices are increasing daily, making it difficult for people to buy delicate jewellery for every occasion, and wearing cheap imitation jewellery is not what everyone wants. We decided to introduce jewellery that can be a status symbol but at a lower price,” says Amol.
How did a medical professional turn into an entrepreneur? Amol’s journey begins at Udgir in Maharashtra’s Latur district, where his family owns a farm. His father encouraged him to take the produce to the market. “This was my initial learning, and I liked doing business. I never felt that enterprise was different from my profession as a doctor,” he says.
Palmonas is the couple’s second venture. In 2017, they launched Karagiri, an e-commerce sari brand, soon after their wedding. “The success of Karagiri gave me a boost. Now, I have almost stopped practising as a doctor and devote all my time to business,” says Amol. Palmonas combines three names— Pallavi, Amol and Ananya, their daughter’s name.
Amol says his biggest challenge was cracking marketing. It was even tougher in 2021 at the height of the pandemic. “Since Pallavi is the brand’s mentor, I decided to handle the operations,” he says.
Palmonas falls under ‘demi-fine jewellery’, a new category that became popular when the fashion portal Net-a-Porter created a bridge segment between premium jewellery and trendier, affordable pieces that were better than costume jewellery.
“We have a 360-degree marketing approach, in which we invest heavily in Instagram and YouTube influencers and are trying to spread awareness through them in the market. This category needs a lot of education because we are convinced that it has the potential to be the market leader,” says Amol.
“People are fashion conscious and want different looks regularly. It is not possible to own multiple gold pieces,” he adds.
In the pipeline are designs in 9-carat and 12-carat gold, popular in the US and the UK, for Indian women and men who want to wear jewellery daily but nothing other than gold. “We would like to tap that market as well,” says Amol.
