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BW Businessworld

Fiona Diamonds: A Revolutionary Story Of The Fresh Breeze Of Change In The Jewelry Industry

The brainchild of brother duo, Parag Agrawal and Saurabh Agrawal, Fiona Diamonds has introduced the concept of lab-grown diamonds and a relatively less known gemstone Moissanite to Indian jewelry buyers.

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Human’s association with jewelry is perhaps as old as human history itself, and diamonds are assumed as the most precious and integral part of it. The higher the carat value and precision of these diamonds, the costlier is the Jewelry. There is a brand that has come with a fresh breeze of change in this entire concept, its name is Fiona. The brainchild of brother duo, Parag Agrawal and Saurabh Agrawal, Fiona Diamonds has introduced the concept of lab-grown diamonds and a relatively less known gemstone Moissanite to Indian jewelry buyers. The idea that has been welcomed by both elite and middle-class buyers.

Parag Agrawal, the face behind Fiona Solitaires Pvt Ltd., is an engineer by qualification and businessman by passion. It is his many years of research and dedication and support of his brother Saurabh Agrawal that has helped make Fiona a successful Brand. Parag Agrawal began his business in 2004 after finishing graduation in engineering from reputed college VJTI. His initial business wasn’t of Jewellery making. He began by selling machines for testing diamond and other gemstones

including the one to differentiate between diamond and moissanite under the brand name ‘Sanguine Industries’. Moissanite is a gemstone that is extremely difficult to differentiate from diamond. His aimed to make Sanguine the leading export and import trading house of these types of equipment. It was in his bid to sell advance testers of Moissanite that he realized the potential of this gemstone.

The turning point to his business came when an elite businessman chose to order jewellery in Moissanites instead of Diamonds, and invested the saved money in Gold Bars (which appreciated over 6 x times since then). This is when the idea of starting a Moissanite business struck his mind at that time and he shifted his base to Mumbai. He earlier sourced Moissanite from Charles & Colvard, USA but later visited China and cracked a deal with Charles & Colvard there to be his authorized distributor. This deal made the import of moissanite cost-effective for him. In 2006 he was awarded as the youngest and fastest-growing distributor for Asia, Charles & Colvard for doing huge sales of Moissanites.

But then he faced the biggest hurdle of changing the perception of Indian buyers. As Moissanite was assumed as an imitation stone instead of a gemstone. This is when in 2007 the idea of creating jewelry aroused to make this appealing for customers. The name Fiona was given by Saurabh Agrawal to turn it into a brand. Fiona – Fine Moissanite Jewellery which became the first and only brand in India to sell Moissanite Jewellery. In 2009 Mr. Piyush Gilitwala joined the firm as Manager operations who shaped up the online presence of the firm in the next 10 years and holds the position of Head - Online Business. From 2008-2013 the firm completely focussed on expanding its franchise presence all over the country.

In 2015 the Fiona Moissanite rebranded itself and brought in the association of luxury to its name, with the incorporation of Fiona Solitaires Pvt Ltd. From here on the brand has only strengthened its position in every coming year. The brand has not only expanded with franchisee and online business but also opened its flagship stores in many key locations.

Fiona is a brand that represents how ideas picked up at right time with the right planning and strategies can evolve and shape up a business. The brand presently focuses on exclusively designed engagement rings and wedding jewelry. Its product line includes diamond jewelry, lab-grown diamond jewelry, and moissanite jewelry.