Rishabh Tongya, Creative Director, Diacolor recently joined NewsX for an exclusive conversation as a part of NewsX India A-List and said that one might exclaim that there are more jewellers than confectionery stores in India, but when it comes to fine jewellery, there is a dearth of it.
Tracing the journey of his family business Diacolor, Rishabh said, Jewellery has been my family business. It was started by my great-grandfather. We have been working with a lot of brands and designers around the world, mostly overseas. It was after I had my son that we decided to move to Delhi and open up our store. Since then, there has no looking back. It has been a tremendous, incredible and happy journey and i think that the best is yet to come.”
When asked about any significant milestones, achievements, or growth plans he would like to share, Rishabh said, “When you just start your first store, you want to get everything right. The checks on the list, you trying to get the right team in place, the right setting, the right product, and then of course reaching out to the Indian consumer. We have three branch stores in India with another two in pipeline and we have got plans to further move to other cities like Bangalore, Chennai, Hyderabad. We really feel that in India, there’s the dearth of fine jewellers. One might sort of argue that there are more jewellers than confectionery stores in India, but when it comes to fine jewellery, i think there is the dearth of it. That’s where we find a space and that’s what we’re looking to expand.”
Diacolor has long been known for its range of rare emeralds as a jewellery brand. An admirer of his father’s craftsmanship, Rishabh said that his father is very passionate about stones, so whenever he comes across something nice and beautiful, he makes an attempt to acquire it. Speaking on two stones that they acquired a few years back, Rishabh shared, ”About five years ago, one of them was found in Zambia and it was one of the most important finds in the last 12-13 years. Post two years, they found another important, rough stone with the right colour, saturation and size. Again, we couldn’t resist from acquiring it. Interestingly, we got covered as one of the most read stories of 2019 by CNN. We’re very happy and proud to have it over with us.”
On acquiring the assets for their brand, Rishabh expressed, “The most important thing that remains a challenge for any jewellery brand today is the acquisition because there is no consistent supply when it comes to emeralds, diamonds and rubies. We took a step further and acquired some great assets in Mozambique for rubies, for emeralds in Ethiopia and Colombia. We sort of pursue further assets and so, like in the energy business where one tends to focus all the way from pit to plug, i think here our challenge and our sort of mission is to acquire and secure our own assets in coloured stones and diamonds”
When asked about the challenges they had faced during the pandemic, he expressed,“2020 has been a challenging year for everyone, especially in the luxury business. Unlike other products, unless you really have the feel of ambiance, one doesn’t really transact. I must say the first eight-nine months of the year were extremely challenging. But then, things in India sort of turned the corner and the wedding boom was back again.”
On a concluding note, He shared his success mantra and said,“I think persistence, I mean, nothing comes easy and nothing comes faster. We’re all living in a generation and at times where everybody wants to add things immediately, but I think if you believe in it and if you want it and if you are persistent about any project you wish to pursue or anything you’d like to do in life, then I think things sort of come around. Human persistence and passion, I think these are two things that work for me.”