The Retail Jeweller talks to Director Vikram Verlekar about transforming a 98-year-old family legacy of Ulhas Jewellers into Goa’s foremost luxury jewellery house, why the brand refuses to compete on price, and how premium positioning-built trust with HNIs and NRIs.
EDITED EXCERPTS:
Ulhas has a 98-year history. Could you start by telling us about the brand’s journey and how it transformed into what it is today?
Ulhas traces its roots back to 1927, when my great-grandfather, Amrutrao Verlekar, set up Goa’s first organised jewellery store under the name Joalharia Modern. Over the decades, the business passed down through the family, and today my brother Pritam Verlekar and I represent the fourth generation.
My great-grandfather transitioned from being a goldsmith sitting with tools to opening a proper retail showroom. That was the real beginning of Goa’s organized jewellery trade.
Today, we operate three showrooms in Margao. One is focused entirely on gold, another is a two-storey gold store, and our flagship is a five-level building housing platinum, diamonds, gold, silver, and offices. We’ve also diversified into platinum and premium silver, but gold remains nearly 80% of our business.
You often describe your entry into the business 30 years ago as a revival rather than a continuation. What happened at that stage? When I entered, the brand had gone through a downturn. We didn’t inherit large inventories or strong systems. I applied for a bank loan of one lakh rupees, which was rejected. Eventually, under a Prime Minister Yojana scheme, I secured three lakhs to restart operations.
That three lakh rupees was the seed for rebuilding Ulhas. We put in discipline, structure, and branding. From there, we grew systematically with consistent 15% year-on-year growth in last 5 years.
The rebranding was also crucial. Instead of being known as Ulhas Jewellers, we became simply ULHAS, with a distinct diamond-shaped logo, standardised packaging, and retail systems that matched national standards.
Goa is often seen as a leisure and tourist market. Yet you’ve managed to position Ulhas as a serious luxury destination for HNIs. What opportunity did you see? The opportunity was in trust and transparency. Goa has always had a reputation for handmade Goan jewellery, but customers were seeking reliability and design variety. From the beginning, I focused on honesty in weight, pricing, and purity.
At the same time, I wanted Ulhas to be seen as more than a family jeweller. I introduced certifications, hallmarking, and imported jewellery from Dubai, Italy, and Hong Kong. We were among the first in Goa to get ISO certification, BIS hallmarking, GIS/IGI certificates and GJC trust mark recognition. These steps reassured customers that they were dealing with a professional, luxury-focused brand.
You often say Ulhas does not compete on price. How did you move into premium positioning in a market like Goa?
About 20 years ago, I had an eye-opening experience at a Hong Kong fair. A leading international jeweller explained that jewellery should be sold as art, not just by weight. In India, unfortunately, the commodity mindset dominates.
From that moment, we began selling diamonds on an MRP basis, treating jewellery as art. Our pieces are priced higher, and we rarely give discounts. But our customers understand that they are buying artistry, not just gold weight.
Premium pricing became part of our identity. Imported jewellery contributed another 20–30% boost in sales during its introduction, because it appealed to a segment seeking exclusivity and global design. This positioning made Ulhas the go-to name for Goa’s HNIs and NRI clientele.
You also created sub-brands like Pridora and Esper. How do they fit into your overall strategy?
Pridora is our gold-focused brand with expressive, stackable, fashion-forward designs that appeal to younger buyers. Esper is our contemporary silver brand, bold and experimental. Both were designed to speak directly to Gen Z and millennial customers who want individuality.
We launched these brands with fashion shows and dedicated lounges. The shows were curated to showcase jewellery in motion, styled in real-life contexts. They attracted media, influencers, and HNI audiences. The lounges, on the other hand, created an intimate, luxury retail experience. Together, they helped us refresh Ulhas’ image as a house of innovation.
What would you say is Ulhas’ USP today?
Designs and innovation. In Goa, many players are still heavily traditional. We differentiate by offering sleek, western-inspired jewellery in white gold, 18kt, or imported designs that you won’t find elsewhere locally. Customers know Ulhas for unique styles and premium quality.
Equally important is our treatment of artisans. We maintain a small in-house team along with specialized collaborators for Goan motifs like Goth bangles, Bajubandhs, and Pake earrings. We ensure our artisans get proper working conditions, insurance, and education support for their children. I believe fair treatment reflects in the quality of artistry, and customers value that story.
Ulhas has also been bold in marketing. Could you share some examples of campaigns or initiatives that shaped the brand?
One of the most talked-about campaigns was 15 years ago, when we featured a bold visual of a model styled with jewellery in a provocative but artistic way. It created huge buzz, attracted criticism too, but it positioned Ulhas as a modern, fearless brand. ROI was strong—higher engagement, sales lift, and long-term loyalty.
On the cultural side, we created Goecha Awaaz, a Konkani singing competition. It became a statewide movement, drew thousands of participants, and boosted sales by nearly 10% annually during its run. We also built Goa’s first 50-foot Christmas tree, which made headlines for promoting cultural harmony. These initiatives helped Ulhas connect emotionally with the community, not just commercially.
The industry has faced major challenges in recent decades. How has Ulhas responded to competition and crises like COVID-19?
Competition is healthy. When big brands like Tanishq, Malabar, and PNJ entered Goa, we didn’t step back. We welcomed competition and used it as motivation to stay sharper in design and service.
COVID was tougher. Sales dropped and uncertainty was high. But we supported our staff fully, and they supported us. Instead of cutting back, we continued buying inventory and engaging with customers. That risk paid off. We came out stronger, and our growth trajectory of resumed quickly.
Looking ahead, what are your plans for Ulhas as you approach a century of legacy?
We are not looking at geographic expansion within Goa or outside. Instead, we will strengthen silver through dedicated outlets, possibly in malls.
The bigger plan is e-commerce. I believe online discovery and luxury positioning can work better for us than opening more physical stores. Our goal is to balance technology with personal service, so customers get both convenience and the emotional connect Ulhas has always stood for.
By Maithili Patange
