A New Era for Indian Jewellery

In a country where gold jewellery is often synonymous with tradition and investment, a fresh wave of innovation is reshaping the market. Palmonas, co-founded by Bollywood star Shraddha Kapoor and entrepreneur Pallavi Mohadikar, is leading this transformation with its demi-fine jewellery. Recently securing ₹55 crore in funding, the brand is set to redefine how Gen Z and millennial buyers perceive and purchase jewellery in India. By blending affordability, sustainability, and contemporary style, Palmonas is carving a niche in the fast-evolving demi-fine segment, a category that sits elegantly between heirloom gold pieces and fleeting fast-fashion accessories.

The Demi-Fine Revolution

Demi-fine jewellery is the sweet spot for modern consumers who want luxury without the exorbitant price tag. Unlike traditional fine jewellery crafted from solid gold or precious gemstones, Palmonas uses high-quality materials like 925 sterling silver, surgical-grade stainless steel, and 18k gold vermeil, often adorned with lab-grown diamonds or cubic zirconia. This approach delivers the look and feel of premium jewellery while being skin-safe, tarnish-resistant, and affordable. For young buyers, particularly Gen Z and millennials, demi-fine pieces are not just accessories but expressions of individuality, designed for daily wear rather than being locked away for special occasions. Palmonas has tapped into this shift, offering versatile designs that pair as effortlessly with a kurta as they do with casual jeans.

Shraddha Kapoor’s Star Power

Shraddha Kapoor’s involvement has been a game-changer for Palmonas. Initially a loyal customer, her journey with the brand began when founders Pallavi Mohadikar and Amol Patwari noticed multiple orders under her name. A serendipitous Instagram interaction led to her becoming a co-founder, bringing both credibility and visibility. Shraddha’s quirky, relatable Instagram reels showcase Palmonas’ collections, resonating with her massive fanbase and amplifying the brand’s appeal. Her passion for affordable, sustainable luxury aligns perfectly with Palmonas’ mission to make high-quality jewellery accessible. As she puts it, jewellery should feel like a “second skin”—beautiful, effortless, and part of everyday life.

Strategic Expansion with ₹55 Crore Funding

The recent ₹55 crore Series A funding, led by Vertex Ventures Southeast Asia & India, marks a pivotal moment for Palmonas. The brand plans to scale its retail presence from three to 25 stores across India, targeting metros like Mumbai, Delhi, and Bengaluru, as well as emerging markets like Aurangabad. This omnichannel strategy builds on its strong direct-to-consumer (D2C) foundation, which accounts for 70% of its revenue, while also leveraging platforms like Amazon and Flipkart. The funding will also fuel product innovation, with a focus on expanding its 9-karat gold and lab-grown diamond collections. Additionally, Palmonas aims to strengthen its global shipping network, eyeing markets like the US, Middle East, and Southeast Asia, where demi-fine jewellery is already thriving.

Sustainability at the Core

Palmonas is not just about aesthetics; it’s also committed to sustainability. The brand’s use of lab-grown diamonds addresses ethical concerns around mined diamonds, offering conflict-free, eco-friendly alternatives that don’t compromise on brilliance. Over half of its production uses recycled metals, and the brand is transitioning to 100% sustainable packaging. A 2024 PwC India survey revealed that 60% of Indian consumers are willing to pay a premium for sustainable products, and Palmonas is capitalizing on this trend. By prioritizing ethical sourcing and production, the brand appeals to environmentally conscious buyers who value both style and responsibility.

Targeting the Modern Consumer

Palmonas’ core audience—Gen Z and millennials aged 20 to 40—craves jewellery that reflects their dynamic lifestyles. Unlike traditional gold, which is often seen as an investment, Palmonas’ pieces are designed for self-expression. From minimalist chokers to bold statement necklaces, the brand offers something for every mood and occasion. Its mangalsutras, a nod to Indian tradition, are among its best-sellers, proving that demi-fine can blend heritage with modernity. With first-time purchases averaging ₹2,500–₹2,900 and repeat orders reaching up to ₹46,000, Palmonas has built a loyal customer base that trusts its quality and design.

Challenges and Opportunities

Despite its rapid growth, Palmonas faces challenges in a market dominated by legacy brands like Tanishq and CaratLane. Convincing Indian consumers to prioritize fashion over investment in jewellery requires a mindset shift. However, the brand’s direct-to-manufacturer model, which eliminates middlemen, allows it to offer premium craftsmanship at competitive prices. With competitors like GIVA and BlueStone also vying for the online jewellery market—projected to reach $3.7 billion by 2025—Palmonas must continue to innovate and leverage Shraddha’s influence to stand out.

The Road Ahead

Palmonas is poised to become a household name in India’s jewellery market. Its blend of affordability, sustainability, and trend-driven designs resonates with a generation that values individuality and practicality. As the brand expands its retail footprint, enhances its lab-grown diamond offerings, and ventures into global markets, it’s clear that Palmonas is not just riding the demi-fine wave but shaping it. With Shraddha Kapoor’s star power and Pallavi Mohadikar’s business acumen, Palmonas is redefining what luxury means for the modern Indian consumer—one sparkling piece at a time.

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