KRUTI & KRISHNA MAWANI, DIAMONDS OF EDEN
“We started Diamonds of Eden 2 years ago. We were both in other jobs and wanted to do something more creative. Our family has been in diamond trading for 25 years and we both gave it a try. But screening and assorting diamonds can be a tedious process and it’s not much fun. We also didn’t want to work in the family business; we wanted to have something of our own. Fine jewelry is very creative and we still get to work closely with the family, which made it feel a little easier to get into this field. The industry is run by businesses that have been doing this for a long time and it’s really hard to start from scratch so we have leveraged our family’s experience and built on it. Our dad is one of our diamonds suppliers.”
“In the tech start up world, people get involved in so many things. It’s a new sector and the rules of the game keep on changing so you always have to keep on doing and innovating. It’s important to fully understand your business and its value chain and explore synergies and collaboration with others. For example, when I worked with Easy Taxi I also worked with Diageo Moet Hennessy, the Metropolitan Police Bureau and the Thai Traffic Police on a CSR project called ‘Don’t drink and drive campaign’. That gave us a lot of PR. You need to try to find something that works not only for you but for you business partners as well. That will strengthen your reputation“We specialize in custom-made engagement rings and wedding bands. People come to us because they can choose their own design and the price is lower than in jewelry stores. But the whole personal experience is very important as well. We create something unique for each client and it’s a much more intimate process. We learn the story behind each order and they learn how their jewelry is made. People share their engagement stories or how they met. It’s really personal. And one of the best things is that we become part of their stories.”
“Learning the market and gaining credibility have been the biggest challenge. We work with a variety of clients. Younger people are very supportive and love the idea of promoting a new business. But we also work with older people that buy jewelry to celebrate a special occasion or that perhaps couldn’t afford diamonds when they were younger. It’s harder to gain their trust by looking this young. Fortunately we work mostly through referrals so people that come to us have already heard good things from their friends”
“The most difficult thing to learn is to let go. Let go of the business when it’s not going well and let go of some people that even if you like on a personal basis might not work out as colleagues. Learn to let go and accept that even if you want to do everything there will always be someone that can do certain things better than you and should be allowed to so.”
“I didn’t think it would be as difficult as it is. It’s not only the skills required to make jewelry but it’s also knowing the qualities and properties of each stone, how they are graded and how they are priced. There are so many technicalities involved in the jewelry business. Also, I didn’t think I would be running around so much, I thought I would be just sitting in my office. But I am definitely happy about my choice. I have learned so many things and there is so much more to learn. It’s better than any MBA I could have ever done”
“Looking back, we could have marketed more aggressively at the beginning and been more active in letting everyone know about our business, particularly because we are at an age when so many people around us are getting married. Also, we could have learned more about the market by asking people directly. What do you like? How much would you want to spend on this? We were too shy to ask at the beginning but it turns out people are actually quite open about these things.”
“Launching our business has been a wonderful journey with its ups and downs. A great support system of family and friends who want to see us grow has been key. To those that are starting a business of their own, I would say, ‘Do your research. Assess what you can and cannot do. Don’t underestimate yourself and take calculated risks’.”
Company: Diamonds of Eden
Location: Bangkok
Founded: 2013
No of Employees:
Women-owned and led
Diamonds of Eden is a handmade fine jewelry business created in the spirit of connecting exclusive jewelry designs to the independent woman
