49 Palas Jewellery
More than $2 million
Anna Dimond, 43
- Head Office
- Year Founded
Palas Jewellery founder Anna Dimond says her jewellery company has been through a lot to become what it is today.
Dimond founded Palas alongside her sister Eran in 1996, after spotting a gap in the market for unique jewellery.
Slowly growing their brand from just 30 earring styles to a broad jewellery range with a mid-level price point, the business hit a rough patch in 2007 when the price of silver shot up and cheaper competitors flooded the market.
It was around this time that Eran, the brand’s chief designer, suddenly passed away.
“I’d be less than honest if I didn’t confess that I seriously contemplated walking away, putting the Palas Jewellery chapter behind me,” says Dimond.
“Thankfully, I found the courage and the strength to continue, knowing that I owed it to Eran, her memory and myself to keep our shared dream alive.”
Dimond set about completely reinventing and repositioning the brand.
“I basically disassembled the brand and wound it down to just me. I did everything myself, packed orders and went to trade shows alone, until I built it all back up again.”
Drilling down into the business’ financials, Dimond says she looked at what the market wanted and decided to lower her price point from $50-$150 to $12-40.
“I wanted the brand to be a household name and something people didn’t have to think hard about buying,” she says.
With a new ‘impulse buy’ pricing model, Dimond also began to work on internal infrastructure and growth strategies to set the brand apart as a mid-market ‘volume sales’ leader.
The company, which now turns over more than $2 million annually, has just completed record sales at its latest trade show and has already “smashed” its budget for 2014-15, according to Dimond.
She says she has learned key lessons about financial management since launching the business, including the need to confidently map out strategic growth based on detailed knowledge of financials.
The brand is concentrating on expanding its Australian presence and bringing in a loyalty program with its top stockists. It is also looking to build its presence in the Middle East and the US in the coming years.