The 5 Most Successful Leaders in Gems and Jewellery Industry 2024.pdf

Transform-National
The Evolution of Modern
Resolute Business Leaders
in the Wake of Global Crisis
The 5Most
Successful
Leaders
in the Gems
and Jewellery
I n d u s t r y
www.insightssuccess.in
Agrawal
Fiona Diamonds’ Sparkling Star of the
Indian Gems and Jewellery Horizon
Leading the Ship
How Innovative Business
Leadership is Crucial for
the Transformation of
Industries?
VOL:01 | Issue:01 | 2024

The 5Most
Successful
Leaders
in the Gems
and Jewellery
I n d u s t r y
The 5Most
Successful
Leaders
in the Gems
and Jewellery
I n d u s t r y

n the glittering world of gems and jewellery, a select
Igroup of leaders has carved a niche for themselves,
becoming pioneers of elegance and success. This
edition aims to recognize and celebrate the
accomplishments of the 5 Most Successful Leaders in the
Gems and Jewellery Industry. Their stories unfold against
the backdrop of a dynamic industry that merges
craftsmanship with business acumen, creating a tapestry of
opulence and innovation.
The gems and jewellery industry is renowned for its
dynamism, influenced by ever-evolving consumer tastes,
market trends, and global economic shifts. Successful
leaders in this sector exhibit a unique ability to navigate this
complexity, demonstrating resilience, strategic vision, and
an unwavering commitment to excellence.
At the heart of the industry lies the artistry and
craftsmanship that bring precious gems to life. The
celebrated leaders highlighted in this editorial have not only
preserved traditional craftsmanship but have also been
torchbearers of innovation, introducing cutting-edge
designs that captivate the modern consumer.
The gems and jewellery industry is inherently global, with
its leaders contributing to the industry's growth on an
international scale. Successful leaders are adept at
expanding their reach, fostering collaborations, and
ensuring their brands resonate with a diverse clientele
across continents.
The industry is witnessing a paradigm shift towards ethical
practices and sustainability. Successful leaders are
PIONEERS OF ELEGANCE: CELEBRATING SUCCESS
IN THE GEMS AND JEWELLERY INDUSTRY
champions of responsible sourcing, ethical business
conduct, and environmental consciousness. Their
commitment to these values not only aligns with evolving
consumer expectations but also ensures a positive impact on
the industry's future.
The gems and jewellery sector, like any other, faces
challenges that demand resilience and adaptability. The
featured leaders have weathered economic downturns,
market fluctuations, and global crises with grace and
fortitude. Their ability to navigate adversity underscores
their leadership prowess.
As we celebrate Insights Success India’s ‘The 5 Most
Successful Leaders in the Gems and Jewellery Industry,’
it becomes evident that their stories are more than personal
triumphs; they represent the resilience, innovation, and
artistry that define the industry itself. In a sector where
beauty and business converge, these leaders have not only
shaped the trajectory of their respective enterprises but have
also contributed significantly to the broader narrative of the
gems and jewellery industry.
As we look towards the future, their legacies serve as
beacons of inspiration for emerging leaders and enthusiasts
alike, fostering a continued legacy of elegance and success
in this timeless industry.
Editor’s Note
Gaurav PR Wankhade
Managing Editor
gaurav.wankhade@insightssuccess.com

Agrawal
Story
Cover
08

Transform-Na onal
The Evolu on of Modern Resolute
Business Leaders in the Wake of Global Crisis
Leading the Ship
How Innova ve Business Leadership is
Crucial for the Transforma on of Industries?
Profiles
20
16
24
Articles
Treasurer of Jewells' Timeless Wisdom
Kanika Rana
Blending Timeless Elegance with
Modern Design Sensibili es to Bring You Glory
28 Mehul Oswal

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Transform-National
Resolute Business Leaders
in the Wake of Global Crisis
The 5Most
Successful
Leaders
in the Gems
and Jewellery
I n d u s t r y
Agrawal
Leading the Ship
How Innovative Business
Leadership is Crucial for
the Transformation of
Industries?
VOL:01 | Issue:01 | 2024

Company Description
Kanika Rana, the founder of Kanika Rana Fine Jewellery, has over 15
years of expertise in jewellery design.
Amol Bansal is the visionary behind the brand Mygold, a highly
experienced entrepreneur and a business leader who has been in the
gems and jewellery industry for over 27 years.
Gaurav Singh Kushwaha is the founder and CEO of BlueStone, one of
India's leading omnichannel ﬁne jewellery destinations.
Kanika Rana,
Founder
Amol Bansal,
Founder and CEO
Gaurav Singh Kushwaha,
Founder and CEO
Kanika Rana
Fine Jewellery
Mygold
BlueStone
As the Director, Mehul Oswal leads Mahendra Jewellers one
of the oldest and most reputed jewellers in the country.
Mehul Oswal,
Director
Mahendra Jewellers
Featuring
Bringing more than 18 years of experience in the gems and
jewellery industry, after the the success of moissanites and
natural diamonds, Parag Agrawal introduced the concept of
lab-grown diamond jewellery at Fiona Diamonds.
Parag Agrawal,
Founder and CEO Fiona Diamonds
The 5Most
Successful
Leaders
in the Gems
and Jewellery
I n d u s t r y

Agrawal
My passion for crea ng a
posi ve impact on the industry,
coupled with a commitment to
ethical prac ces, has been the
driving force behind my journey.
‘‘
‘
‘

Cover
Story
Parag Agrawal,
Founder

n the heart of a nation renowned for its centuries-old
Icraftsmanship 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.”
The 5 Most Successful Leaders in the Gems and Jewellery Industry

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.”
Our guiding philosophy
revolves around three pillars:
transparency, sustainability
and affordability.
‘‘
‘
‘

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
We were visionaries to
understand much before the
me that this is going to be
the future, and consumers
will love the product once
they are shown beau ful
jewellery made out of
lab-grown diamonds.
‘‘
‘
‘

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.
For more information, please click
https://www.fionadiamonds.com/.

LeadingtheShip
Jan 2024 www.insightssuccess.in
16

How Innovative
BusinessLeadership
isCrucialfor the
Transformation of
Industries?
he world, often referred to as our ‘blue planet,’ is dominated by
Tvast oceans covering a signiﬁcant portion of its surface.
Through the course of history, human endeavors have been
intrinsically tied to the seas, whether for exploration, trade, or
adventure. These water bodies, teeming with both mystery and
opportunity, have played a pivotal role in shaping the course of
humanity's journey. In the realm of business, much like captains
commanding their vessels through turbulent waters, visionary leaders
navigate their enterprises towards success in a rapidly evolving
landscape.
On a voyage to explore the profound relevance of innovative business
leadership in today's ever-changing world, the parallels between the
responsibilities of a ship's captain and the role of a business leader are
striking. Both are tasked with steering their vessels–be it a ship or an
entrepreneurial venture–through the unpredictable and often
tumultuous waters of changing markets, economic climates, and
technological advancements. Their ultimate goal: to ensure the safety,
prosperity, and return on investment for all stakeholders involved.
The Historical Parallels:
In the annals of history, captains of seafaring vessels were responsible
for charting their course across treacherous waters, making vital
decisions based on changing weather conditions, and ensuring the
timely and safe arrival of their cargoes. Similarly, the business leaders
of today navigate their companies through complex economic climates,
making strategic decisions in the face of shifting market dynamics, and
ensuring that their ventures remain on course for success.
In a historical context, captains had to embrace innovation and adapt to
new navigational techniques, ship designs, and communication
methods. Today, business leaders are confronted with the imperative of
innovation as well. Their ability to adapt and transform their strategies,
technologies, and operations can be the diﬀerence between triumph and
17

encouraged to spend a portion of their time on side projects,
leading to innovations like Google Maps and Gmail.
Adapting to Change:
Change is a constant in the business world, and innovative
leaders excel in adapting to it. They understand that success
depends on the ability to pivot quickly, whether it's due to
market shifts, global events, or emerging technologies.
Their adaptability allows organizations to stay ahead of the
curve and be well-prepared for unforeseen challenges.
Elon Musk, known for his leadership at companies like
Tesla and SpaceX, has demonstrated remarkable
adaptability.
Whether it's transitioning from electric vehicles to space
exploration or building an underground transportation
system, Musk's ability to pivot has been key to his
companies' success.
Driving Technological Advancements:
In many industries, innovation is closely tied to
technological advancements. Forward-thinking leaders are
often pioneers in adopting and driving technological
progress. They understand the transformative potential of
new technologies and invest in them to gain a competitive
edge.
Amazon's Jeff Bezos is a prime example. His emphasis on
e-commerce, cloud computing, and logistics technologies
revolutionized not only Amazon but also the retail and
technology industries as a whole. The company's focus on
artificial intelligence and drone delivery is just one more
example of how Bezos continues to drive technological
advancements.
On the Shores of Tomorrow
Innovation is the cornerstone of business evolution.
Innovative business leaders are at the forefront of this
transformation, using their vision, culture-building skills,
adaptability, and technological prowess to drive change and
shape industries. Their ability to anticipate market shifts,
foster innovation, and adapt to changing landscapes is the
driving force behind the ongoing transformation of
industries worldwide. As we move into an era of
unprecedented change, the role of innovative leaders will
only become more crucial in driving industry
transformation and ensuring business success.
obscurity in the competitive and ever-evolving global
marketplace.
The Role of Innovative Business Leadership:
Innovative business leaders are akin to modern-day captains
of industry, responsible for plotting their organization's
course and ensuring it stays on track to reach its destination.
These visionary leaders are well aware that success is not
merely the result of holding steady, but rather, it is borne
from their ability to seize opportunities and anticipate
change.
Much like captains who cannot control the sea but can
harness its power to navigate, business leaders cannot
control market forces, but they can harness innovation to
respond effectively.
The Power of Vision:
Innovative leaders are defined by their vision. They don't
just react to market trends; they anticipate them. These
leaders have the foresight to identify shifts in consumer
preferences, emerging technologies, and industry
disruptions.
They use this foresight to craft a compelling vision for their
organizations, one that not only adapts to change but
proactively shapes it.
One prime example of visionary leadership is seen in the
technology industry. Companies like Apple, under the
leadership of Steve Jobs, redefined the consumer electronics
landscape by anticipating and creating products that
consumers didn't even know they needed. Jobs' vision set
the stage for the modern smartphone and tablet revolution.
Fostering a Culture of Innovation:
Innovative business leaders understand that a compelling
vision alone is not enough. They nurture a culture of
innovation within their organizations. This culture
encourages employees at all levels to contribute ideas,
experiment, and challenge the status quo. It promotes a
sense of ownership and a willingness to take calculated
risks.
A company known for its innovative culture is Google, led
by leaders such as Larry Page and Sundar Pichai. They have
created a work environment where employees are
18

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In the cosmos of jewellery, where craftsmanship meets
creativity, Kanika Rana shines as a remarkable starlet
to watch. Her brainchild, the Kanika Rana Fine
Jewellery brand, is rewriting the rules of accessorizing by
offering a dazzling array of exquisite pieces that seamlessly
blend tradition and innovation.
Jewellery, as we know it, is more than just adornment; it's a
reflection of one's personality, style, and individuality.
Kanika Rana and her dedicated team understand this
sentiment profoundly. They bring unique expertise to the
table, specializing in both customized imitation and real
jewellery that transcends the ordinary. Focusing on high-
quality materials such as imported Swarovski CZ,
Moissanite, semi-precious gemstones, white stones,
diamond simulants, and authentic Swarovski crystals,
Kanika Rana Fine Jewellery ensures there's something for
every taste.
The Glimmering Jewels of Her Inner Beauty
What truly sets this brand apart is its dedication to
craftsmanship. In a world where mass production often
prevails, Kanika Rana's creations are meticulously
handcrafted, passing through multiple levels of quality
control before they grace the discerning customers. Each
piece tells a story of dedication, precision, and passion,
truly deserving the name 'craftsmanship.’
Established in 2020, Kanika Rana Fine Jewellery brand has
swiftly risen to prominence by working closely with its
customers, offering not just beautiful jewellery but also a
personalized experience. The brand's commitment to
delivering high-quality products at the best possible prices
has earned it a well-deserved place among the dynamic
women leaders to watch in 2023.
Kanika Rana's journey in the fine jewellery niche is one of
dedication, creativity, and a relentless pursuit of excellence.
As we delve into her remarkable career, we find a woman
whose vision is set to shape the future of this glittering
industry.
Crafting Masterpieces with Unmatched Artistry
At the heart of Kanika Rana Fine Jewellery's success lies its
dedication to the art of craftsmanship. Every piece that
"One Sapphire to Show Them All! One Emerald to Impress Them!
One Diamond to 'Wow!' Them All! To Express Yourself & Bless Them!”
Kanika
Blending Timeless Elegance with Modern Design
Sensibili es to Bring You Glory
20

Kanika Rana
Enterprenuer, Jewellery Designer and
Founder of Kanika Rana Fine Jewellery
21

bears the brand's name is meticulously handcrafted by some
of the finest artisans in the industry. Their unwavering
commitment to detail and design results in creations that are
truly unparalleled.
The brand takes pride in its unique jewellery-making
approach, with artisans working tirelessly day and night to
bring these exquisite pieces to life. Kanika Rana Fine
Jewellery understands the true value that a piece of
jewellery holds, often being compared to treasured
heirlooms or priceless collectables by its discerning
customers. The brand's commitment to quality is
unwavering, and it stands firmly behind the craftsmanship
of each and every product.
Fearless Entrepreneurship and a Vision
Kanika Rana is not your ordinary entrepreneur; she is a
fearless force of nature who embarked on her
entrepreneurial journey in 2020 with a vision that set her
apart from the crowd. Her mission was clear – she didn't
want to be an ordinary lady but an unconventional one
who dared to dream bigger and inspire others to do the
same. Thus, Kanika Rana Fine Jewellery was born, a brand
that transcends mere accessories and represents a
movement of empowerment for women seeking to embrace
their uniqueness.
A Commitment to Excellence
Kanika Rana Fine Jewellery prides itself on offering
handcrafted products featuring Moissanite polkis set in 92.5
sterling silver and 24k gold plating. The exquisite finish of
each piece is a testament to the brand's commitment to
perfection. When you hold these pieces, you'll be hard-
pressed to distinguish them from real gold and polka
jewellery – that's how exceptional the craftsmanship truly
is.
A Brand Redefining Luxury
Based in the vibrant city of Surat, Kanika Rana Fine
Jewellery has crafted a distinct niche in the gems and
jewellery industry. It's not just about jewellery; it's about
blending timeless elegance with modern design
sensibilities. The brand's mission is nothing short of
transformational – to revolutionize India's fine jewellery
and lifestyle sector by placing paramount importance on
craftsmanship, quality, and the overall customer
experience.
In a remarkably short span, Kanika Rana Fine Jewellery has
garnered a dedicated fan base not only in India but also
beyond its borders. The brand's Founder and a seasoned
jewellery designer with over 15 years of experience,
Kanika Rana, views design as a journey to create something
uniquely beautiful for each client. Her mission is clear – to
leave an indelible mark on culture by crafting magnificent
pieces of art that seamlessly meld forward-thinking design
with age-old craftsmanship.
Empowering Women Through Art
Kanika Rana's jewellery collection is a testament to her
commitment to empowering women through wearable art.
At Kanika Rana Fine Jewellery,
her mission is to leave an
indelible mark on culture by
crafting magnificent pieces of
art that seamlessly meld
forward-thinking design with
age-old craftsmanship.
22

From classic to contemporary, the brand offers a diverse
range of designs that cater to a wide spectrum of tastes.
According to Kanika, "You can find anything from the most
timeless to the most cutting-edge styles here.”
The brand's journey has seen collaborations with some of
the biggest celebrities in India, including Asha Parekh,
Saie Tamhankar, Aahana Kumara, Ridhima Pandit,
Disha Parmar, Divya Aggarwal, Jannat Zubair, Rashmi
Desai, Palak Tiwari, Shivalekha Oberoi, Amruta
Khanvilkar, Jahnvi Kapoor, and many more. These
collaborations have solidified Kanika Rana Fine Jewellery's
position as India's leading fashion jewellery brand.
A Commitment to Quality and Craftsmanship
Diamonds and jewellery have always held a special place in
Kanika's heart. Her journey from dreamer to the owner of
one of India's most prestigious jewellery businesses is a
testament to her dedication. She attributes the brand's
success to the meticulous attention to detail of her award-
winning design team, which consistently delivers products
of the highest quality.
For Kanika, jewellery is not just for special occasions; it's
meant to be a part of one's life journey. The addition of fine
jewellery to the brand's repertoire reflects the rich cultural
heritage of India while infusing it with contemporary
fashion trends, giving each piece a distinctive character.
A Vision for the Future
Kanika Rana Fine Jewellery is more than just a jewellery
brand; it's a symbol of status and elegance. Celebrities and
fashion enthusiasts alike consider it a statement of style and
sophistication.
As Kanika continues to make waves in the Indian jewellery
industry, she has her sights set on going international with
her designs. Her vision knows no bounds, and her journey
as a leading light in the jewellery niche is set to inspire
many more to dream big, innovate relentlessly, and redefine
the art of adornment.
Recognized Excellence
Kanika Rana's journey as a fearless entrepreneur has
garnered recognition and acclaim. She was featured in
Business Standard in the edition titled 'Meet the 6 Fearless
Women Entrepreneurs Shaping the Future of Business
in 2023,' solidifying her position as a leader in the industry.
Further she has been invited to Filmfare, IIFFA, and Cannes
festival.
Kanika Rana is a name to watch in the world of fine
jewellery. Her commitment to quality, unique designs, and
fearless entrepreneurship make her a leading light in the
niche, and her brand, Kanika Rana Fine Jewellery, is poised
to continue making waves and setting new standards in the
industry.
Watch out for Kanika Rana – a name synonymous with
elegance, innovation, and timeless beauty.
23

Transform-National
24

n the wake of unprecedented global crises, modern
Ibusiness leaders are facing challenges that demand
resolute, forward-thinking, and adaptable leadership.
The 21st century has already witnessed several major global
crises, including economic meltdowns, health emergencies,
and environmental catastrophes. These crises have revealed
the importance of having leaders who can navigate
uncertainty and steer their organizations through the storm.
The Resolute Qualities of Modern Business Leaders:
Adaptability: Modern leaders must be agile and capable of
swift adaptation. Crises often bring unforeseen challenges
and changes.
Leaders who can pivot and make quick, informed decisions
are better equipped to steer their organizations through
turbulent times.
Resilience: Resilience is the ability to withstand adversity
and bounce back stronger. Leaders must possess the mental
and emotional fortitude to persevere in the face of daunting
challenges. This resilience is not just for personal well-
being but also sets an example for the entire organization.
Empathy: Crises impact people’s lives, both personally and
professionally. Business leaders with a strong sense of
empathy are better equipped to support their employees and
communities during difficult times. Empathetic leaders
build trust and foster a sense of unity.
Innovation: Crisis situations often require innovative
solutions. Forward-thinking leaders embrace creativity and
innovation to find new ways of doing business, whether
through digital transformation, new products, or novel
strategies.
Transparency: Honesty and open communication are
crucial during crises. Leaders who are transparent with their
teams and stakeholders build trust and maintain credibility.
Resolute BusinessLeaders
in the Wakeof
Global Crisis
Approaches to Crisis Management:
Robust Contingency Planning: Effective leaders have
comprehensive contingency plans in place for various crisis
scenarios. These plans outline immediate responses,
resource allocation, and communication strategies.
Rapid Decision-making: Crises demand quick decisions.
Modern leaders are skilled in gathering data, evaluating
options, and making informed choices promptly. They
understand that indecision can be costly.
Community Engagement: Leaders recognize the
interconnectedness of their organizations with the broader
community. They engage with stakeholders, offer support to
communities, and act as responsible corporate citizens.
Remote Work Capabilities: Recent crises have
highlighted the importance of remote work capabilities.
Modern leaders invest in technology and systems that
enable their teams to work remotely without compromising
productivity or security.
Agile Leadership Teams: Collaborative leadership is
essential. Leaders assemble agile teams capable of
responding to emerging challenges. Cross-functional teams
can address issues from multiple perspectives and provide
innovative solutions.
Lessons Learned from Past Challenges:
Digital Transformation: Many organizations have
accelerated their digital transformation efforts in response
to global crises. These transformations are not only
beneficial during crises but also enhance operational
efficiency and competitiveness.
Health and Well-being: Crises have underscored the
importance of employee well-being. Modern leaders
prioritize physical and mental health initiatives to support
their teams.
25

Supply Chain Diversification: Global supply chain
disruptions have encouraged leaders to diversify and build
resilient supply chains that can withstand disruptions.
Environmental Sustainability: The climate crisis is a
global concern. Leaders are increasingly focusing on
sustainability and environmental responsibility to address
long-term global challenges.
Navigating uncertainty is a fundamental task for leaders in
today’s complex and ever-changing business landscape.
Uncertainty can arise from a variety of sources, such as
economic instability, global crises, technological
disruptions, competitive pressures, and more.
Here are several reasons why having leaders who can
effectively navigate uncertainty is of paramount
importance:
Strategic Adaptation: In uncertain times, the ability to
adapt and adjust strategic plans is critical. Leaders must be
flexible and capable of revising their strategies based on
evolving conditions. This agility can mean the difference
between a business’s survival and its demise.
Risk Management: Effective leaders understand that
uncertainty is often accompanied by increased risks. They
are skilled at identifying, assessing, and mitigating these
risks, whether they are financial, operational, or
reputational. By doing so, they protect their organizations
from catastrophic losses.
Innovation and Opportunity: Uncertainty is not solely a
source of risk; it can also present opportunities. Leaders
who can see beyond the immediate challenges and identify
innovative solutions can lead their organizations to seize
new prospects for growth, even in turbulent times.
Employee Morale: Uncertainty can be unsettling for
employees. Leaders who can provide clear communication,
support, and a sense of direction can help boost employee
morale and maintain a motivated workforce.
Resource Allocation: Scarce resources must be allocated
wisely during periods of uncertainty. Leaders who can
make informed decisions about resource allocation ensure
that their organizations remain financially stable and are
positioned for future success.
Customer Trust: During uncertain times, customers seek
reassurance and stability. Leaders who can maintain and
enhance customer trust are more likely to retain loyal
customers and expand their market share.
Global Resilience: In today’s interconnected world, global
events and trends can have a profound impact on
businesses. Leaders with a global perspective and an
understanding of geopolitical and macroeconomic factors
are better equipped to navigate international uncertainty.
Operational Continuity: Business continuity planning is
vital. Leaders who have prepared their organizations for
disruptions can ensure that essential operations continue
even when external circumstances are uncertain.
Reputation Management: In a digital age of immediate
information dissemination, preserving a company’s
reputation is essential.
Leaders who can make sound ethical decisions and respond
effectively to crises can safeguard their organizations’
public image.
Long-term Vision: While dealing with immediate
uncertainty is crucial, leaders must also maintain a long-
term perspective. Effective leaders balance the need for
short-term survival with the pursuit of a strategic vision for
the future.
From Evolution to the Revolution
Modern business leaders have evolved in response to global
crises. They embody adaptability, resilience, empathy,
innovation, and transparency. Their approaches to crisis
management include robust contingency planning, rapid
decision-making, community engagement, remote work
capabilities, and agile leadership teams.
These leaders have learned valuable lessons from past
challenges, leading to accelerated digital transformation, a
focus on health and well-being, supply chain
diversification, and environmental sustainability. The
evolution of modern business leadership is crucial not only
for weathering the storm but for building more resilient,
responsible, and innovative organizations capable of
thriving in an ever-changing world.
26

The most successful entrepreneurs I know are optimistic.
It’s part of the job description.
- Caterina Fake
”
”

Mehul Oswal
Director
Nowadays, whenever the name
diamond comes into clients' minds, they
think of Kolhapur and Mahendra
Jewellers. We are becoming synonymous
with Diamonds.
28

ou know how the most precious Jewells, Gems,
YDiamonds, Rubies and costliest metals like Gold,
Silver, Chrome, and Platinum are hiding beneath
the earth's crest?
Ancient people believed that these are the timeless seeds of
our galaxy's brightest, ever-glowing, starry Sun God, who
sowed them into the planet earth to be found by the future
generations of Sun God worshippers.
According to these Sun God-worshipping ancestors, the
deity also set the rules for the finders. Every generation
must work hard, earn their treasure with ethics, ingenuity,
and innovation, and upgrade their material and mental
wealth by changing old things and constantly adding
something anew. That is the only way to keep the deriving
value from this treasure of Jewells' timeless wisdom.
Innately knowing this automatically without being told, as
if the story was transmitted to his unconscious mind by
birth, Mehul Oswal, the fourth generational treasurer and
Director of Mahendra Jewellers from Kolhapur began his
entrepreneurial journey from the bottom instead of from
atop, as is the case with ninety-nine per cent others.
Inherent Legacy of Values and Principles
Mehul conveys, "We have a legacy of 117 years in the
jewellery industry. Our great grandfather was one pioneer in
expanding the jewellery business in Kolhapur. So, I am the
fourth generation in the jewellery business. The inspiration
was always in my blood from my childhood days." True to
his inherent legacy, Mehul used to visit the store and
observe everything keenly from his childhood days, he used
to go to the showroom in summer vacation.
And though from that young age, Mehul realized that he
was born with a golden spoon in his mouth, later on, when
he began his own ascent, he did it by keeping that golden
spoon out of his mouth.
Mehul shares, "I knew we as a family are sitting on a
legendary treasure grown into this brand of Mahendra
Jewellers by my great grandfather, grandfather, my father,
and uncles, including our traditional exports as well.
However, I began my learning from the basics. First thing, I
noticed that our brand has excellent potential. We have the
legacy of the brand name. So, as a new generation, I felt I
should do something, bring in some change, some upgrade
like creativity, innovation or new trends, anything.”
Thus, after completing his education in 2009, Mehul joined
the family business, not as an owner but as a lowly
salesman. He began attending to clients coming to his
jewellery showroom. And he kept interacting with his sales
team and his clients to learn about the process and
expectations of customers. And he began his research and
analysis that what was Mahendra Jewellers' potential as a
brand in the Kolhapur city. What was the buying potential
of the people of the city? And what difference he could
make?
For example, the brand name of Mahendra Jewellers was
well known for its antique golden, temple, and Kundan
jewellery. Mehul says, "This has been our strength like
customization of these types of traditional jewellery, but not
Diamonds. The diamond section was a very small portion
of our showroom. So I focused on Diamonds.”
The Kohinoor of Kolhapur
Mehul decided to find out the reasons behind this factor so
that he could expand his Diamonds section. And he saw that
even people from Kolhapur used to travel all over India to
buy diamond jewellery. They used to go to metro cities like
Pune, Mumbai, Delhi, or Bangalore but would not purchase
it from Mahendra Jewellers; why? This made Mehul
curious. And he decided to change this trend.
Mehul remembers, "To change the trend, I must know the
trend. I must understand the market. Hence, I started
visiting national shows like international jewellery shows in
India.
29
Treasurer of Jewells' Timeless Wisdom

The top ten shows. After that, I visited the Hong Kong,
China, Singapore, and Dubai shows. And I began grasping
the nit-bits from the market, what was going on in the
world. And how I can present this to the Kolhapur people.
From the bottom-most point of view, That was my first
lesson learned that be a humble learner, then only you will
know what is going on.”
With the new learning came new strength, knowledge, and
confidence to build a team that can showcase what this new
generation can do to the Kolhapur city people. "And I knew
our potential and strength, which the Kolhapur people
trusted. Slowly, I started organizing three to four HNI
special exhibitions every year, where we welcomed people
to participate in any of the special outdoor exhibitions.
There I used to present new and trending jewellery. And I
focused on diamonds. For us, the diamond was a big task in
Kolhapur. The old mindset was diamonds won't go well in
Kolhapur. Don't take interest. That was the senior's mindset.
Uncle used to say, "Kolhapur and diamonds won't go." But
I had complete confidence in the Kolhapur people. What's
the potential of Kolhapur? I know these people go out of
Kolhapur to buy not only diamonds but imported cars and
diamond jewellery too. And Kolhapur has the records of
buying these things.”
The Golden Vision
Kolhapur's per capita income, its ranking, area-wise, was
first or second highest. Thus observed Mehul with his
golden vision, and to change the age-old mindset, he
combined advanced technology with jewellery exhibitions.
He kept launching new exclusive diamond jewellery year
after year in Kolhapur by inviting prime, VIP, and HNI
clients, getting huge responses and grand success in 201516.
Mehul showed his seniors the results on paper and
convinced them to change their traditional mindset that
diamond jewellery won't go well in Kolhapur.
Mehul proclaims, "And today, I would like to say that the
Mahendra Jewellers brand is known for its diamonds, along
with its silver, gold, platinum, and other classic jewellery.
Whenever the name diamond comes into clients' minds,
they think of Kolhapur and Mahendra Jewellers. We are
becoming synonymous with Diamonds."
Also, Mahendra Jewellers is getting popular because of
their speciality of customization like diamond iPhones,
branded diamond watches, and diamond ornaments. "I
launched a diamond iPhone around 2015. It was a perfect
publicity event. And we as a brand were recognized not
only in Kolhapur but all around the globe.”
Although, again, convincing his seniors was not easy.
However, Mehul, with a golden vision set on the future and
Sun God's story stirring in his unconscious mind, succeeded
against all the odds and completely transformed the brand
of Mahendra Jewellers by taking it to the next level.
30

In the League of Royals
Every year, Mehul kept launching different types of
products, such as accessories, phones, watches, sunglasses,
specs, gold specs, diamond specs, uncut jewellery, and
Diamond Polki jewellery by specializing and customizing
them. It took Mehul around five to seven years to turn
around the diamond category with his experience, surveys,
lot of travel where he kept attending other multiple shows.
Mehul's hard work, risk, and daring paid off, as people,
including royal, prime and VIP families, who were going
outside the city for a diamond or other jewellery began
preferring Mahendra Jewellers. Thus Mahendra Jewellers
became the family jeweller of the people of Kolhapur.
Yet, Mehul, keeping the Kolhapur's royal background,
culture and the blessing of Chhatrapati Shahu Maharaj alive
in his soul, is humble enough to attribute all of his success,
each of his achievements to his ancestral legacy of fathers,
grandfathers, and great grandfathers who treated their
customers as Gods. Mehul expresses, "This is the ancient
legacy of ethics, trust, quality control, craftsmanship,
innovations, creativity, varieties, and different classes of
design, and the warm relations with our peoples, customers
and society. This is what we have in our blood, our spirit
that we have to always work with ethics and innovation.
This is our positive strength, our very backbone.”
Even today, after so much success and achievement Mehul
never stops but keeps attending to all of his clients
personally. And clients, too, have so much trust and
bonding with Mehul that they take an appointment and call
him whenever they wish to buy any kind of jewellery.
Mehul reflects, "People's faith in us is our greatest
achievement. Such achievement never comes from
marketing gimmick, paid advertising, or fake show-off.
Today, not only Kolhapur people but clients across the
globe, whenever they land in India, they plan to visit
Kolhapur and Mahendra Jewellers. So we have national as
well as global recognition and presence.”
The Book of Raining Wisdom
Mehul's advice for the budding aspirants who are willing to
venture into the jewellery industry is a book of raining
wisdom. "As per my past 12, 13 years' experience in
business, I would like to say that instead of relying on
ancestral or family fortune, you must work hard on your
own, be ethical in all your business dealings, and never stop
learning. It is never late or enough to learn new things. You
must have a learning attitude."
"Never think that I have a good, big brand or a good
backup. Time changes. It would help if you always
upgraded with time, whether it is a designing part,
technology, etc. You must adopt that change."
"We have a strong presence over here, but with time, we
always upgraded our showroom interior-wise, hospitality-
wise, because it is the demand of time. We have to change.
Keep on changing our business pattern."
“If you don't change with time, you will be outdated. In
today's competitive, one-touch access to everything,
customers are smarter and do their own research before
buying. They have impulses and abundant choices;
however, they have an already fixed mindset of "I want to
buy this. I want this jewellery. And I want to customize it
this way.”
And to cope with them, you should know every info related
to the industry you are in. You must know your industry in
and out. You can not only rely on your father or ancestors'
earnings, fortune, and goodwill. If you don't have enough
education and practical knowledge, you will not succeed in
the long run. So, always keep a learning attitude; whether
you have 20 or 50 years of experience, learning should
never stop."
“Value the time. Value your team. And one more thing I
must mention. Your health is important as well. It would
help if you gave your time, like morning time, at least one
hour or whatever you can give, to your mental health and
Always keep a
learning attitude;
whether you have
20 or 50 years of
experience,
learning should
never stop.
31

Diamonds are Forever
Mehul envisions, "We plan to keep on expanding to serve
better and best. Naturally, we are very aggressive in
expansion. In the near future, we will add many greater
number of stores. Even before COVID, we relaunched our
flagship store where we had changed everything
technology-wise, like the software, hardware, testing and
designing lab. Right now, we are working in an entirely
seamless environment."
physical fitness. If you are mentally and physically fit, you
can do anything. You can work hard. You can work
efficiently. After I wake up at around 6:00 AM, I give my
morning time, one to two hours, to my physical fitness and
mental health, whether it is yoga, gym, meditation, or
spiritual thing. This is one thing many people forget to give
time to their fitness. And at an early age struggles with
anxiety, mental exhaustion and depression. So in the
morning, please give one hour to yourself, your fitness. I
am myself a fitness freak. For the last 15 to 18 years, I have
been giving my morning time to myself. That is most
important. The rest of the 18 hours working is yours. How
you make it productive, that's up to you.”
Even if the customer does not come to the showroom,
everything is seamless, online, and secure with Mahendra
Jewellers. The level of technology adopted by Mehul at his
showroom is amazing. Everything, including quality
assurance, authenticity, transparency, and all types of
reports related to customers, including their feedback, is
online.
“We have every team of HR, branch manager, floor
managers, sales, customer service, CRM, etc. For the last
seven years, I have been training our staff to focus on
customer experience. We are maintaining a personal
relationship with our customers. On their anniversaries and
birthdays, we invite them over and celebrate with them.
That is the way we want to grow together with our clients.
This is our present and future focus. We will always be
known for our ever-shining ethics and dazzling brilliance
of transparency. That is our core belief at Mahendra
Jewellers, Kolhapur," concludes Mehul.
"That is how we became the first silver hallmarking license
holder in India. And we are an ISO 9001 company. Also, we
were the first one to get the hallmarking gold license in
2005, the first in Western Maharashtra. Moreover, I started
authenticity like international lab certification for diamond
jewellery. So, our jewellery is authentic internationally; the
trend I started first in Maharashtra, Western Maharashtra.
Authentic lab certification."
These were the small steps which enhanced and boosted,
and later all Mehul's seniors trusted him and wholly handed
over the reins of Mahendra Jewellers to him. They never
interfered after that. Today, Mahendra Jewellers is the
benchmark of quality assurance and hallmark of
international authenticity.
Today, Mahendra
Jewellers are the
benchmark of quality
assurance and hallmark
of international
authenticity.
32

The 5 Most Successful Leaders in Gems and Jewellery Industry 2024.pdf

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