MIRARI is a fine jewellery company based in New Delhi. Founded by Mira Gulati, MIRARI aims to satisfy India’s growing demand for luxury jewellery with a contemporary edge, as well as the international market’s craving for aesthetic, incredible Indian treasures.
What is your assessment about precious jewellery market in India? According to you what are the factors propelling growth in this segment?
Precious jewellery sure is appreciated by those who are either collectors or who have love for real fine jewellery. Then off-course there are our Indian occasions, festivals and weddings which call for the precious stones and diamond jewellery. These days, minimal is the approach and that is being followed in the fine jewellery segment as well. There are design options which are not extravagant and appeal to the woman of today, who is wanting to wear those solitaires to work or that emerald ring to office, without attracting too much attention! So yes, the growth propelling factors may have twisted or shifted a bit, the appeal remains.
Tell us about the journey of Mirari Jewels into Indian market. Also shed light on your entrepreneurial journey, what inspires you to launch Labyrinth?
I was always mesmerized by the antique jewellery, which was part of my family heritage. Soon it transformed from a simple fascination into a vision to design and manufacture world-class jewels for an international audience. Determined to acquire the necessary training to turn this dream into reality, I trained at the Gemological Institute of America in Carlsbad, California, where I gained expertise in gemmology and jewellery design. Even before embarking on this journey, I worked at several jewellery stores in California to develop my skills in sales, operations, security and dealing with clients.I decided to channelize this passion into my profession and launched my brand Mirari in the year 2007. With no family background in jewellery business, it’s my determination and interest that helped me to give ‘birth’ to the brand.
Has Mirari Jewels raised any sorts of funds so far or plan to?
No, it’s a completely self-funded company.
According to you what are the major challenges of precious jewellery retailing?
The biggest challenge is to break the long-standing tradition of buying jewellery in India. Indian consumers are accustomed to buying jewellery based on the price of gold and diamonds. They don’t understand that unique designs and good quality come at a price too. It took a long time for the fashion industry to reach the stage where clients stopped questioning why clothes are so expensive, and it’ll take a little more time for jewellery designers to achieve the same.
Kindly tell us about your current distribution in the online as well as offline space. Going forward, what are the plans to scale-up the distribution?
We are looking at some of the luxury portals, which are very few but the international ones like net-a-porter in the future but yes we are open to e-commerce model. Atleast the lower value pieces can fit well with such a model. As we speak, we are exploring options for the same. We are also looking at our retail presence in Mumbai. It could also be through a shop-in-shop with a brand which shares our philosophy.
Tell us about your best-selling collection. What kind of business is generating from your best sellers?
We launched Iris last year and have received an overwhelming response from both Indian and international clients. Inspired from the Iris Flower known for its unparalleled beauty and born with only three petals.The collection has made everyone fall in love with its vivid trillion shaped diamonds combined with trendy rose and classic white gold. Nature is epitomized through this unique jewellery range which elicits strong emotions especially created for all age groups. Its overwhelming brilliance and sparkle is an added advantage to this bespoke range, immaculately complimenting the amalgam of the gold colours and fancy trillion diamonds. Apart from its opulence the jewellery is light weight yet majestic and illustrious, birthing an attraction irresistible to the onlooker!Price starting from INR 30,000/- it has been popular amongst the working women, and even the younger audience has loved it. Apt to wear at your work place, a holiday or a wedding – there are choices available for various occasions. We sold a lot of Iris pieces at the Jewellery Arabia show 2019 at Bahrain. We hope to work the Labyrinth magic at the Kuwait International Jewellery show in April 2020 as well.
At last, kindly mention your growth plans?
Within a period of next 5 years we plan to establish Mirari’s presence in the international and emerging markets including cities such as Dubai, Kuwait, Moscow, New York and Shanghai.