For Pallavi Mohadikar, entrepreneurship wasn’t new territory. In 2017, she founded Karagiri, a digital-first saree brand that went on to achieve great success, eventually being acquired by Mensa Brands in 2021. While Karagiri marked the start of her journey in the D2C landscape, her next venture would be driven by a deeper personal connection.
One evening, while discussing work with her husband Dr. Amol Patwari, an orthopedic surgeon, Pallavi asked, “How do medical tools remain durable and safe for the skin? Don’t they tarnish or cause reactions?” Her husband explained that these tools are made from surgical steel—a material known for its strength and skin safety.
As someone who loved accessorizing but frequently experienced skin reactions from imitation jewelry, this conversation sparked an idea. She wondered: What if surgical steel could be used to create stylish and skin-friendly jewelry? This realization marked the beginning of her journey into the jewelry industry.
The Idea Behind Palmonas
The Indian jewelry market is dominated by two extremes: expensive fine jewelry, such as gold and platinum, and affordable imitation pieces made from materials like brass or nickel. Pallavi identified a missing middle ground—a space for affordable, premium-looking jewelry that was also safe to wear.
In 2022, Pallavi, alongside co-founder Dr. Amol Patwari, launched Palmonas, a demi-fine jewelry brand.
The brand bridges the gap between imitation and fine jewelry, offering designs that are crafted with high-quality materials such as sterling silver and surgical steel, coated with 2.5-micron gold plating. The goal? To offer customers the aesthetics and feel of gold jewelry at a more accessible price point.
What is Demi-Fine Jewelry?
Palmonas introduced Indians to the concept of demi-fine jewelry—a category that combines the elegance of fine jewelry with the affordability of everyday wear. Unlike imitation jewelry that tarnishes quickly, Palmonas pieces are designed to last, backed by a lifetime warranty.
A Star-Studded Partnership with Shraddha Kapoor:
In March 2024, Palmonas reached a new milestone with the addition of Bollywood actress Shraddha Kapoor as a co-founder. Known for her love of jewelry, Shraddha brought significant visibility to the brand, making it accessible to a larger audience.
Reflecting on her association with Palmonas in an interview with ET Retail, she shared:
“Our jewelry is for everyone—designed for everyday flaunting and priced affordably so people can keep coming back. It’s been an exciting journey, and I believe our authenticity truly resonates with people.”
The impact was immediate—Palmonas’ website traffic surged tenfold after the partnership announcement. Shraddha’s involvement added a layer of credibility and glamour to the brand and it strengthens its position in the market.
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The brand is now shipping to over 200 countries without raising external funds. It relies on its innovative franchise model and has consistently introduced new designs every week to keep its offerings fresh and trendy.
However, educating customers about the demi-fine jewelry category took time. By leveraging influencer marketing and transparent communication, Palmonas gradually built awareness and trust among its audience.
The brand’s efforts have been widely recognized, winning accolades such as the Best Online Store and Gems and Jewellery categories at the E4M D2C Revolution Awards in 2023.
Palmonas faces rivals from Voylla, Metaman, and Rubans. Despite this, it has carved out a niche with its focus on high-quality, affordable designs.
According to Tracxn, Palmonas reported an annual revenue of $479K as of March 31, 2023.
With Pallavi’s entrepreneurial acumen and Shraddha Kapoor’s widespread appeal, Palmonas is set to redefine the way Indians perceive affordable jewelry. The brand is committed to offering eco-friendly, luxurious designs that cater to modern sensibilities.
As the demand for demi-fine jewelry grows globally, Palmonas aims to be at the forefront of this shift—providing timeless pieces that empower customers to tell their unique stories.
