Dr. Amol Patwari, a former orthopaedic surgeon, and Pallavi Mohadikar, an IIM Lucknow alumna, have teamed up to disrupt the Indian jewellery industry with their direct-to-customer (D2C) startup ‘Palmonas’. This innovative brand is revolutionizing the jewellery landscape by offering exquisite demi-fine jewellery that exhibits the appearance and quality of gold, without the exorbitant price tag.
Hailing from Udgir in Latur district and Nagpur (raised in Nashik) respectively, Dr. Amol and Pallavi settled in Pune. Inspired by a conversation, they established Palmonas in early 2022. The brand’s name, a fusion of Pallavi, Amol, and their daughter Anaya’s names, encapsulates their personal connection. Palmonas employs “surgical stainless steel” or sterling silver, plated with 18-carat gold, to create a range of stunning designs including bracelets, rings, chains, and earrings.
Dr. Amol expresses the vision behind Palmonas, “Our goal is to establish Palmonas as an international brand, with a focus on the thriving demi-fine jewellery segment in the US and UK. We began with 30 unique designs primarily centered around necklaces and earrings. Now, after 15 months, we’ve expanded significantly to offer 1000 different SKUs on our website.”
Distinguishing their jewellery from traditional gold-plated pieces, Dr. Amol elaborates, “We introduced the concept of New Age Gold, using 18Karat gold vermeil plating. Unlike typical flash-plated jewellery with a 0.5-micron-thick gold layer, our jewellery boasts a 2.5-micron-thick layer, resembling genuine gold and offering a premium finish.”
Pallavi highlights the rationale behind their venture, “In India, gold is cherished and often locked away, reserved for special occasions. Imitation jewellery lacks both skin-friendliness and elegance. People desire to appear affluent and elegant without the hefty price tag. Our ‘aha’ moment was realizing that we could craft jewellery using surgical stainless steel that closely mimics gold.”
Drawing from their previous entrepreneurial experiences, including ventures like IndoFash and Karagiri, Pallavi and Dr. Amol have honed their D2C strategy. They plan to launch 9 Karat and 12 Karat gold products for daily wear, staying in tune with evolving market trends.
“The millennial population in India is shifting from viewing gold as an investment to embracing affordable, elegant options like Demi-fine jewellery. This changing trend signifies the future of the jewellery industry, where Demi-fine, the new age gold jewellery that looks, feels, and stays like gold, is poised to shine due to its affordability, elegance, and diverse range of designs,” the couple emphasized.
With Palmonas, Dr. Amol and Pallavi are not only offering captivating jewellery but also shaping the future of the industry with their innovative approach to affordable luxury.
