Pune (Maharashtra) [India], November 8: The story of RINGS & I - India's First Ever Designer Ring Studio is a testament to the power of innovation, resilience, and a profound understanding of customer needs. Established in 2019 by two engineers from Pune, this brand has disrupted the traditional diamond ring shopping experience, making it more accessible, personalized, and affordable than ever before.
The Pioneers: First-Generation Entrepreneurs from Pune
The founders of RINGS & I, both hailing from typical middle-class Maharashtrian families, started embarked on a journey that would redefine how people buy diamond rings. Their vision was clear-creating a space where customers could find their dream diamond rings without the challenges commonly faced in traditional jewellery stores.
A Year of Meticulous Market Research
Before opening their doors, the founders committed to 12 months of intensive extensive market research. Their approach was unique - they engaged themselves in the customer's shoes. They visited various jewellery stores in Pune, adopting different personas and purchase stories each time. They engaged with salespeople, experiencing the process as clients. Their goal? To gain an authentic understanding of the pain points customers face while buying diamond rings.
Engineering Solutions with Remarkable Effectiveness
Armed with invaluable insights, these engineers turned entrepreneurs designed a model that achieved a remarkable visit-to-close business conversion rate of 90%. Such an astounding conversion ratio is almost unheard of in the industry, a testament to the effectiveness of their solution. With over 700 satisfied customers, it's clear that their approach resonates with buyers.
Identified Problems and Ingenious Solutions
One of the first problems identified was the lack of variety of ring designs. The potential solution to it was innovating more and more designs. Accordingly, they designed more than 1200 diamond ring designs. It would help customers choose from a range of designs suiting their preference. The next issue identified was design and budget. Prospect found innovative designs more expensive. Accordingly, Rings & I set nine different prices for each of the 1200 designs. As customers, they also experienced the fear of getting cheated. To address the issue, they designed educational and awareness sessions on diamonds, metals and certifications.
In addition to the above, the animators of Rings & I innovated a range of personalization options to allow customers to choose from a broad array of designs. Lastly, a technical concern that the duo identified included the exorbitant costs associated with the rings, owing to the long and complicated supply chain through which they reached the customers. However, the team researched throughout the country and chose to manufacture in-house diamond jewellery in Surat to keep costs in control.
Eliminating The Middlemen, Empowering Customers
One of their most innovative moves was establishing an in-house diamond jewellery manufacturing facility in Surat, the world's largest diamond hub. With the capacity to produce a whopping 100 kg of jewellery every month, they effectively eliminated middlemen like wholesalers and retailers. This strategic decision translates to substantial cost savings, which are then passed on to customers. As a result, RINGS & I's diamond rings are at least 20-25% more affordable than those found in traditional jewellery stores.
A Vision For The Future
Rohit Avinash Hudke, the Co-founder & CEO of the company, shared that their vision is to expand the concept of RINGS & I - India's First Ever Designer Ring Studio across the nation over the next 5 years, focusing primarily on tier 2 cities in India.
RINGS & I has become a symbol of excellence in the diamond ring industry. With their innovative solutions, commitment to customer education, and dedication to transparency, these Pune engineers have created a brand that's not just about selling jewellery; it's about crafting unforgettable moments and empowering customers to make informed decisions.
These Pune-based engineers, rising from humble middle-class backgrounds, have displayed exceptional smartness, hard work, and dedication. They've successfully navigated the high-capital, challenging domain of diamonds, carving their path to success. Now, every Punekar and every Indian is invited to stand with them, supporting their vision to expand pan-India.
RINGS & I is the first designer ring studio in India, revolutionizing the way people shop for diamond rings. Founded by two engineers from Pune, the brand offers an extensive variety of diamond ring designs, personalization options, and an educational approach to empower customers. Their in-house manufacturing facility in Surat eliminates middlemen, ensuring that customers receive high-quality diamond rings at affordable prices.
Diamond Headquarters Private Limited is the parent company of RINGS & I - India's First Ever Designer Ring Studio. It is a first-generation entrepreneurial venture focused on providing innovative solutions to the diamond jewellery industry.
For more information, please visit: ringsandi.com.
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