Yasir Sultan, CEO, Sultan Gems & Fine Jewellery, took a calculated risk in a market largely dominated by diamonds by introducing rare gemstones such as Paraiba Tourmaline and Mandarin Garnet into jewellery collections. Backed by an education-led approach, in-house museum, and a focus on minimal gold settings, he aims to position the brand as a leading destination for exceptional gemstone jewellery.
Trigger
Sultan Gems & Fine Jewellery is known for its artistry in natural gemstones, and as a second-generation leader, I felt it was my responsibility to carry the legacy forward without changing its core strength. I experimented with some of the rarest gemstones, such as Paraiba Tourmaline and Mandarin Garnet, and introduced them into our collection—an unusual risk in India’s growing diamond market, which is not very experimental when it comes to using rarest coloured stones in traditional mainstream jewellery.
Execution
Experimenting with the rarest coloured gemstones in luxury jewellery came with its own set of challenges. However, we addressed this gap by creating awareness through education-led blogs and campaigns. The idea was to encourage consumers to choose exceptional rarity, and through field research and my GIA educational background, our in-house team was trained to strike the right chord. Our MGI Gem Museum, launched five years ago to display gemstones, has helped create awareness and educate visitors about the gemstones used in jewellery. The pieces are not for sale. I also introduced a catalogue system to provide viewers with more detailed and informative insights about the gemstones on display. Today, jewellery retail often functions like a fast-food business—I call it the “fast jewellery” trend—driven by quick styles and volumes. In contrast, we continued to execute rare coloured gemstone jewellery through personalised service, an aspect that is steadily diminishing in the industry. We also consciously focused on gold usage, using it only to support and hold the gemstone. This helped balance pricing and ensured consumers were not paying extra for unnecessary metal weight. Another anticipated challenge was introducing new designs in specific gemstones. We were prepared for this by working with modern cutters, and in cases where a chosen coloured stone could not be cut as per customer preference, we offered alternative gemstones in the same colour family.
Result
Our systematic execution sets us apart from the other gemstone jewellery retailers across India. Today, nearly 85 percent of our revenue comes from coloured stone jewellery, up from 60 percent five years ago, as customers increasingly come to us for exceptional craftsmanship in unique gemstones set in minimal gold. We are also known as an education-led retailer, helping consumers choose internationally coveted stones in exquisite jewellery.
As told to
Suchita Sail
The Retail Jeweller India Magazine
