In an exclusive conversation with BW Retail World, Leshna Shah, Founder & CCO at Irasva Fine Jewellery, discusses the brand’s evolution, design philosophy, growth strategy, and how Indian craftsmanship meets global sensibilities
The brand has carved an identity in the fine jewellery space. Could you take us through Irasva’s journey so far and how its design philosophy and positioning have evolved?
Irasva was founded in 2018, just before the pandemic. Initially, we positioned ourselves around everyday jewellery that could transition from day to night. The pandemic, however, forced us to re-evaluate. Post-pandemic, our focus shifted towards Indian craftsmanship — modernising traditional techniques to create fusion collections. Today, with lab-grown diamonds transforming the market and new players entering rapidly, Irasva is positioned more as a curator of design. Our parent company’s strong export presence also gives us insight into global trends, which we adapt for the Indian market. Alongside Irasva, we also operate With Clarity, an international brand that specialises in lab-created diamonds.
How has Irasva performed in terms of revenue and growth recently, and what were the key drivers?
The past year has been about realignment and repositioning. The natural diamond market has faced disruption with the rise of lab-grown diamonds, affecting sales trajectories. For instance, With Clarity has seen around 80 per cent of sales coming from lab-created diamonds. While tariffs and uncertainties did impact spending temporarily, our strength lies in design innovation and agility. Thanks to our export business, we have the intellectual property and capability to stay nimble and offer product categories that help us stand apart.
What jewellery trends do you see resonating most with today’s luxury buyers?
Jewellery has become more of an accessory and less about pure investment. With gold prices rising and new materials emerging, consumers are exploring alternatives like titanium and carbon. Demified jewellery, lab-created pieces, and silver with semi-precious stones are gaining ground. Ultimately, design distinction drives purchase decisions. Buyers value exclusivity, trend-led styles, and personal meaning — whether it’s a first solitaire or a wedding ring. Mindset plays a big role too: some are open to alternative materials, others still prefer the traditional route.
What are Irasva’s expansion priorities in the coming year?
We remain predominantly brick-and-mortar, where the experience is highly personalised. However, we are strengthening our digital platform to enable e-commerce with categories suited to that model. On physical expansion, we are rethinking our strategy. Rather than chasing presence in every city, we want to curate collections for specific regions — since design preferences vary greatly between the North, South, and other markets. Expansion will be design-led, not just based on purchasing power.
Do you see Tier 2 and Tier 3 cities becoming key markets?
Absolutely. We already reach Tier 2 cities through pop-up exhibitions and curated events. These markets are aspirational, and consumers here are increasingly looking for distinctive, premium jewellery. We aim to expand thoughtfully into these cities.
Looking ahead, how do you envision Irasva strengthening its place in India’s luxury jewellery market — and perhaps on a global stage?
Our advantage lies in being part of Renaissance Global, with strong retail experience internationally. For example, With Clarity in New York and Jean Dousset in Los Angeles combine digital and offline models. Learning from these brands helps us shape luxury experiences in India. Globally, jewellery brands from India have often been relegated to white-label production. I believe there’s a huge opportunity for Indian-origin brands to command premium positioning internationally — similar to what Sabyasachi has achieved in fashion. For Irasva, the goal is to bring together heritage craftsmanship and modern design to build a brand that resonates both in India and globally.
