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Palmonas: Rising Star in India’s Demi-Fine Jewellery Market, and How It Fares vs the Competition

Palmonas: Rising Star in India’s Demi-Fine Jewellery Market, and How It Fares vs the Competition

Palmonas, founded in 2022 by Pallavi Mohadikar and Amol Patwari (later joined by Shraddha Kapoor), has quickly become a prominent name in India’s demi-fine jewellery space. Its core strength lies in delivering stylish, skin-safe pieces at accessible price levels, blending everyday wearability with designer appeal.

In its recent Series A round, Palmonas raised about ₹55 crore (approx. US$6.3 million) led by Vertex Ventures Southeast Asia & India. The funds are being used to scale up its 9-karat collection, strengthen offline + online presence, open ~100 stores, and continue product innovation. The brand has delivered over 6.5 lakh orders and is growing rapidly.


Market Context & Competitors

  • The India demi-fine jewellery market is estimated at USD 238.6 million in revenue in 2024, projected to nearly double to USD 460.6 million by 2030, with a CAGR of ~12.1%. 
  • Globally, the demi-fine category was valued at several billion USD in 2024, with Asia-Pacific (including India) contributing a large share. 

Key competitors include:

  • GIVA: Founded in 2019, GIVA has grown aggressively. It offers silver, gold-plated, and lab-grown diamond jewellery. In 2024, it had over 200 stores in India and raised multiple funding rounds (Series B etc.). 
  • CaratLane (Titan group): A major player in the jewellery market. In FY 2024–25, CaratLane’s revenue jumped ~24% to ~₹35.83 billion. It is also expanding offline stores (40+ new outlets) and focusing on lower-carat jewellery trends as gold prices rise. 
  • Others such as Mia by TanishqCandere (Kalyan Jewellers), BlueStone, and Melorra are well-known in the youth-oriented, fashion jewellery / demi-fine category. These brands combine online presence, trend-driven designs, and increasingly offline store expansion. 

How Palmonas Stands Out

FeaturePalmonasGIVACaratLane / Titan group & others
Product Price-ValueFocus on 9-karat demi-fine, design + skin-safe, affordable for younger consumersSilver / plated metals, lab-grown diamond pieces, mixes of materialsWide range including 9-carat, gold, diamonds; higher pricing tiers also
Store PresencePlans to aggressively open ~100 offline stores in next 12 months~200+ stores already (India, expanding)CaratLane has 300+ stores; strong offline + online omnichannel presence 
Brand PositioningEveryday luxury, aesthetic & youthful, “designer feeling”, celebrity co-founder adds visibilityTrendy, affordable, fast-fashion jewellery style, strong D2C baseTrusted brands, heritage (Tanishq etc.), wider product mix: fine jewellery plus demi-fine
Funding & Growth Capital₹55 crore raised in Series A for scale and innovationMultiple rounds (Series A, B, B2) totalling several hundreds of crores Titan group being large gives advantage in supply chain, trust, scale

Outlook

Palmonas is well-positioned to capture the fast expanding segment where jewellery is no longer just for special occasions, but daily fashion. The shift among younger consumers toward lower carat, more affordable pieces (especially with rising gold prices) works in Palmonas’s favor. However, to sustain growth, key challenges include:

  • Maintaining quality and design consistency
  • Managing cost pressures (materials, logistics)
  • Scaling offline presence while preserving brand identity
  • Differentiating from established players who may extend into Palmonas’s niche

If Palmonas keeps its momentum, delivers on its offline expansion, and stays trended with the aesthetics younger consumers want, it has a strong shot at becoming among the top names in demi-fine jewellery in India.

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