75 Stores, Demi-Fine, Omnichannel: The Palmonas Story

From pioneering India’s organised demi-fine jewellery segment to blending D2C, quick commerce and a rapidly expanding retail network, Palmonas is betting that the future of jewellery lies not in lockers, but in wardrobes…

For generations, India’s jewellery market has largely revolved around two distinct consumer mindsets. One viewed jewellery as an investment, purchased for weddings, festivals and family occasions. The other treated it as inexpensive fashion, bought largely for impulse or occasional styling. Between these two extremes, however, a sizeable gap remained—one that younger consumers increasingly wanted filled with products that looked premium, lasted longer than costume jewellery and yet remained affordable enough to become part of everyday life.

Palmonas believes that gap is now evolving into a category of its own.

The company’s recent milestone of 75 operational stores, with its landmark outlet opening at DLF Galleria, Gurugram, is therefore much more than another retail expansion announcement. It reflects the emergence of a new organised retail model centred on demi-fine jewellery—a category that combines premium materials, contemporary design, omnichannel accessibility and affordable pricing for a generation that increasingly buys jewellery for self-expression rather than long-term investment.

Founded by Dr. Amol Patwari and Pallavi Mohadikar, with Shraddha Kapoor joining as co-founder, Palmonas has evolved from a digital-first startup into one of India’s fastest-growing omnichannel jewellery brands. According to Shekhar Chandra, Vice President – Retail Expansion, the company is now operational across 31 cities and 18 states, with approximately 60,000 sq. ft. of retail space, while simultaneously strengthening its presence across digital commerce, marketplaces and quick commerce.

Unlike many young retail brands that measure success primarily through store count, Palmonas is attempting something more fundamental—creating a branded, organised market for everyday luxury jewellery.

Building India’s Demi-Fine Jewellery Category

Rather than competing directly with traditional jewellers or inexpensive fashion accessories, Palmonas has deliberately positioned itself between the two. The company has even trademarked the term Demi-Fine, underlining its ambition to establish the category as much as the brand itself. Internationally, demi-fine jewellery bridges the gap between fine jewellery and costume jewellery by combining premium materials with accessible pricing, allowing consumers to enjoy luxury aesthetics without making investment-led purchases.

Its product architecture reflects this philosophy. The core collections are crafted using surgical-grade stainless steel and 925 sterling silver finished with 18K gold plating or vermeil, while the company has recently expanded into 9KT everyday jewellery, offering customers an accessible entry into precious jewellery. The promise is straightforward—products that are waterproof, anti-tarnish, skin-safe, lightweight and durable enough for everyday wear while remaining easy on the pocket.

This positioning mirrors broader shifts across global fashion, where consumers increasingly prioritise versatility, design and functionality over ownership of expensive materials. Jewellery is gradually becoming an extension of daily fashion rather than an asset reserved for special occasions, and Palmonas is attempting to build its business around precisely that behavioural change.

Affordable Luxury As A Business Strategy

The phrase most frequently used by the company’s leadership is not “fashion jewellery” but Affordable Luxury. That distinction is significant because it shapes every aspect of the business—from product development and pricing to merchandising, retail design and customer engagement.

Instead of chasing the lowest price points, Palmonas has built its everyday collections around the ₹1,000–₹2,500 price band, while its new 9KT jewellery range starts at around ₹7,000, providing customers with a natural progression into higher-value purchases without leaving the brand ecosystem. The company also operates what it describes as a unique Plan of Purchase (POP) programme, allowing customers to purchase jewellery through a 5+1 instalment model, thereby reducing purchase barriers while encouraging repeat engagement.

This strategy reflects a growing segment of Indian consumers—particularly working women, urban Gen Z shoppers and millennials—who increasingly purchase jewellery for themselves rather than waiting for gifting occasions. Instead of buying jewellery once or twice a year, they are building personal collections much like they do with handbags, footwear or fashion apparel.

Omnichannel Is No Longer An Option

Like several new-age consumer brands, Palmonas began as a digitally native business. Online retail enabled rapid customer acquisition and nationwide reach, but jewellery remains one of the few lifestyle categories where physical experience continues to influence purchase decisions. Customers want to understand finish, weight, texture and craftsmanship before making a buying decision, particularly when encountering a relatively new category such as demi-fine jewellery.

Consequently, Palmonas has steadily invested in building an omnichannel network where digital discovery and physical experience complement each other. According to Chandra, nearly half of the company’s business continues to originate through its D2C platform, while marketplaces contribute approximately 23% and offline retail accounts for about 27%, a share expected to grow steadily as the retail network expands.

The physical stores therefore function as far more than transactional spaces. They introduce consumers to new materials, explain category differences and reinforce confidence in product quality, while digital channels provide convenience and discovery.

Quick Commerce Opens A New Consumer Occasion

One of the more interesting dimensions of Palmonas’ omnichannel strategy is its early experimentation with quick commerce. Through platforms such as Blinkit and Zepto, the company is beginning to reach consumers seeking jewellery for immediate gifting occasions—a use case that barely existed a few years ago.

According to Chandra, the response has been encouraging, particularly for gifting-led purchases where speed often influences buying behaviour. Although quick commerce still contributes a relatively modest share compared with D2C and marketplaces, it demonstrates how lifestyle categories are expanding beyond traditional retail boundaries. Jewellery, once considered an exclusively planned purchase, is gradually entering the world of instant commerce alongside beauty, fashion accessories and premium gifting.

Expansion With Operational Discipline

The rapid expansion to 75 stores has not been driven by opportunistic site acquisition alone. Chandra describes the process as a combination of location analytics, demographic assessment, lease negotiations, project execution, visual merchandising, training and supply chain readiness. Behind every store opening lies extensive coordination between retail expansion, projects, operations, finance, marketing and human resources.

The company’s portfolio today spans 45 high-street stores and 30 Grade A mall locations, reflecting a carefully balanced retail strategy. While premium malls continue to strengthen brand visibility, management believes high streets offer greater flexibility, wider catchments and significantly larger expansion opportunities. The objective is to build deeper market penetration rather than merely increase geographic presence.

Palmonas currently operates across 31 cities, with a long-term strategy of significantly expanding its city footprint while maintaining a minimum of two stores in key markets wherever operationally viable. This clustering approach enables stronger logistics, better customer service and improved brand visibility.

Productivity Before Scale

Retail expansion often draws attention, but long-term success depends on store productivity. According to Chandra, Palmonas’ larger stores typically generate monthly trading densities of around ₹3,000 per sq. ft., while smaller formats average approximately ₹4,000 per sq. ft. per month. Despite these differences, favourable occupancy economics enable both formats to achieve comparable returns within a similar period, allowing the company to remain flexible in choosing between malls and high streets.

The company’s largest store at Gaur City, measuring around 2,000 sq. ft., is also among its strongest-performing outlets, illustrating that larger formats can deliver compelling economics when supported by the right catchment and merchandising mix. Equally significant is the company’s reported 31% like-for-like sales growth, indicating that existing stores continue to deepen customer engagement even as new locations are added. In organised retail, sustained same-store growth is often regarded as a stronger indicator of business health than store additions alone.

Palmonas At A Glance

Creating A Fashion Brand, Not Merely A Jewellery Chain

The significance of Palmonas’ 75-store milestone lies less in the number itself than in what it represents. The company is attempting to build an organised business around a category that until recently remained largely undefined in India. Its proposition combines product innovation, accessible luxury, omnichannel distribution, quick commerce, disciplined retail expansion and a clear understanding of changing consumer behaviour.

According to Chandra, the confidence reposed in him by founders Pallavi Mohadikar and Dr. Amol Patwari has given him the ownership and agility to drive the company’s retail expansion with speed while remaining disciplined in execution. That alignment between entrepreneurial vision and operational autonomy appears to be one of the defining characteristics of Palmonas’ growth journey.

Whether demi-fine jewellery ultimately becomes a mainstream segment will depend on how rapidly consumers embrace jewellery as an everyday fashion purchase rather than an occasional investment. But with 75 stores already operational, a strengthening omnichannel presence, growing acceptance of quick commerce and a product portfolio built around affordable luxury, Palmonas has positioned itself at the forefront of that transition. In doing so, it is not simply expanding a retail chain—it is attempting to reshape the way a new generation of Indian consumers thinks about jewellery itself.