In the ever-evolving world of jewelry, Ishank Sahadeva has emerged as a visionary entrepreneur with a passion for creating meaningful and exquisite engagement rings. As the founder of 18 Solitaire, India’s first specialist engagement ring brand, Ishank’s journey is marked by a blend of entrepreneurial spirit, innovative thinking, and a deep commitment to family. In this interview, he shares his inspiring story, the challenges he faced, and his vision for the future of the jewelry industry.
Q: What is your name? And please tell me your personal journey and what inspired you to become an entrepreneur?
A: My name is Ishank Sahadeva, and I’d like to share my personal journey that inspired me to become an entrepreneur. From a young age, I had a knack for entrepreneurship. While my classmates focused solely on their studies, I was busy creating and selling science projects. This early experience gave me my first taste of entrepreneurship.
In college, I organized a subscription program for an astronomy club to promote interest in astronomy. This initiative helped me pay my college fees, reinforcing my passion for entrepreneurial ventures. Later, while working in South Africa, I was offered a prestigious role as General Manager in Indonesia. However, in 2016, I chose to return to India to be with my parents. Recognizing my potential, I realized I could use my skills to build my own business venture in India while staying close to my family.
I joined Swarn Mahal Jewelers, a retail venture started by my parents, and helped grow it significantly from 2016 to 2023. Despite our success, I saw a need for stronger brand recognition in the engagement ring market. Observing that engagement rings account for about 18-25% of jewelry store demand, I saw a tremendous opportunity. With this vision, I founded 18 Solitaire in 2023 along with my mother, Mrs. Sweta Sahadeva, aiming to establish a leading brand in the Indian jewelry industry.
Q: What were some of the biggest challenges you faced when starting your business, and how did you overcome them?
A: Starting 18 Solitaire came with significant challenges:
Initial Funding:
- Challenge: The idea of starting 18 Solitaire required substantial financial investment, which we were unable to arrange initially, as my father was keen on promoting our existing family jewelry business.
- Solution: I envisioned creating a unicorn company, India’s first specialist engagement ring brand, and my entrepreneurial spirit drove me towards this goal. In August 2023, we established 18 Solitaire under the Startup India campaign, aiming for an omnichannel presence. Despite exhausting my savings, I still needed additional financial resources. In a remarkable gesture of trust, my mother offered all her savings to support me. Her unwavering support enabled the establishment of our store infrastructure and the launch of our e-commerce platform.
Inventory Funding:
- Challenge: Securing inventory and raising additional funds was a major hurdle.
- Solution: Inspired by Shark Tank, I learned the basics of fundraising through online research and analysis. We prepared a solid pitch deck and, after multiple attempts, secured support from Innovations Venture Studio, which provided our first seed funding. Through determination, family support, and strategic planning, we overcame these challenges and laid the foundation for 18 Solitaire.
Q: What key market trends do you think will shape your industry in the coming years?
A: A key market trend poised to shape our industry is the enduring allure of natural diamonds. As we specialize in natural diamond rings, we resonate with the adage, “Diamonds are forever.” However, I would extend this to, “Diamonds are forever, but buy the natural one if you are clever.” This is especially true given the declining price graph of lab-grown diamonds over the past five years. An investment of Rs. 1 Lakh in lab-grown diamonds five years ago has depreciated significantly, with its current value standing at merely Rs. 20,000. Such a steep decline underscores that lab-grown diamonds are not a worthwhile investment.
Natural diamond rings hold special significance, especially for engagements. They are akin to giving a real rose instead of a fake one, adding much more meaning. I believe that because of this, the natural diamond industry will become even bigger, especially in India, where there’s a lot of potential in the jewelry market.
Q: Can you share a story of how your product or service has significantly impacted a customer or client?
A: Engagement is like making a lifelong promise, and we treat our customer satisfaction the same way. Our specially curated product range for engagements has had a profound effect on our customers. Our engagement rings, designed with affordability in mind, ensure that everyone can afford a diamond ring while still receiving the promise of enduring quality and commitment inherent in our engagement offerings. This inclusive approach has resonated deeply with our customers, further solidifying our position as a trusted provider of meaningful and accessible jewelry.
Additionally, our strategy of providing complimentary lifetime refinishing and polishing services has notably enhanced our customer satisfaction and reputation. We go above and beyond by offering up to three free diamond replacements. If someone accidentally loses or damages their diamond, we will replace it at no cost, up to three times. This unprecedented offering sets us apart as the first in India and globally to provide such a service, further solidifying our commitment to exceptional customer care and satisfaction.
Q: What are your personal and professional goals for the future?
A: In just four months, we’ve achieved remarkable success, evidenced by the opening of our second store using a store-in-a-store model. Our future goals, both personal and professional, include aspiring to build a unicorn company and expanding to 30 stores within two years.
Q: What motivated you to start your current business, and how did the idea originate?
A: This idea stemmed from identifying a gap in the market, spurred by my experience running a jewelry store for five years. Recognizing the untapped potential in the engagement ring sector, I got inspired to fill this void and envisioned the possibility of creating a unicorn company in this niche. The catalyst for this venture was a pivotal encounter with a client who sought a specialized engagement ring but found the offerings lacking in larger stores and renowned brands. Leveraging this insight, I decided to establish a brand dedicated to crafting exceptional engagement rings tailored to meet the unique preferences and desires of each customer.
Q: Is there anything else you would like to share with our readers that we haven’t covered?
A: I believe taking no risks is the biggest risk, especially nowadays. When I started my brand, I put everything I had into it, even my mom’s savings, without any backup money. Thanks to my family, especially my mom and brother, I made it work. It’s crucial to have your loved ones by your side when starting a business. Their support helps turn dreams into reality. For me, having family support, especially from siblings, is key to building a successful and lasting brand.
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Ishank Sahadeva’s journey from childhood entrepreneur to founder of 18 Solitaire is a testament to his vision, determination, and the unwavering support of his family. As he continues to build his brand and advocate for the timeless beauty of natural diamonds, his story serves as an inspiration to aspiring entrepreneurs and jewelry enthusiasts alike. Join him in celebrating life’s special moments with 18 Solitaire, and experience the magic of a truly meaningful engagement ring
