For over two decades, Kapil Agarwal has been redefining jewellery retail in Kota. As the founder of Siddhi Vinayak Jewellers, he saw potential in a market that traditionally turned to Jaipur, Mumbai, and Delhi for fine jewellery—and turned that gap into a golden opportunity. With a strong foundation in both education and ethics, and an eye for changing trends, he has built a brand that is trusted by some of Kota’s most prominent families.
In this candid conversation, Kapil shares his journey, the evolution of the local market, and why hands-on experience matters more than ever.
In Conversation with Kapil Agarwal, Owner – Siddhi Vinayak Jewellers, Kota | Shruti Kothari | Sr. News Editor
- Tell us about your background—both personal and professional. How did your journey into the jewellery business begin?
I come from a family that has been rooted in the jewellery business for generations, so you could say it’s in my blood. I completed my M. Com from Commerce College, Kota, and later pursued an MBA through a correspondence course from Symbiosis, Pune.
In 2006, I decided to take the plunge and start my own venture—Siddhi Vinayak Jewellers. At that time, the market in Kota wasn’t very open to fancy or designer jewellery, which I saw as a great opportunity. I introduced new styles and concepts, and the response was overwhelmingly positive. Over the years, I’ve been fortunate to scale the business significantly, building a loyal clientele and establishing a strong presence in the Kota jewellery market.
2. Did you undergo any formal training before starting your jewellery business?
Yes, absolutely. After completing my graduation, I moved to Mumbai to immerse myself in the technical side of the jewellery industry. There, I learnt about various forms of jewellery—particularly the manufacturing processes of diamond and antique pieces. I also gained hands-on knowledge about quality assessment and how to evaluate jewellery by identifying the authenticity of materials, which I believe is crucial for ethical business practices.
To further strengthen my understanding, I completed a short certification course with the International Gemological Institute (IGI), focusing specifically on diamonds.
After this intensive learning phase, I returned to Kota and launched Siddhi Vinayak Jewellers. While my family continued working with traditional jewellery—which still enjoys strong popularity in rural areas—I decided to carve my own path by focusing on trendy, designer jewellery that catered to changing urban tastes.
3. Tell us more about your showroom and the kind of work you do at Siddhi Vinayak Jewellers.
When I started out, many people in Kota used to travel to cities like Jaipur, Mumbai, or Ahmedabad to shop for Kundan or diamond jewellery. I saw that gap and decided to bring those very offerings to the city itself. We began with a focus on diamond, Kundan, and antique jewellery, and over time, we’ve carved a niche for ourselves by designing and customising pieces tailored to our clients’ tastes.
Today, our showroom has a dedicated team of 25 professionals—with 13 staff members managing operations at the showroom and the rest working at our in-house production unit. We source materials from across India: diamonds from Surat, antique jewellery from Mumbai, and lightweight jewellery from Kolkata.
Our collection includes a wide range—silver, diamond, Kundan-Polki, antique jewellery, gajre, bangles, and more. The Kota market has evolved immensely over the past decade, with a significant rise in purchasing power. People now have access to premium options right here, without having to travel outside the city.
4. What are some of the biggest challenges you’ve faced in this business?
Security is definitely one of the biggest and most constant challenges in the jewellery business—it’s something that needs to be managed with utmost care every single day. But beyond that, earning and maintaining customer trust has been a real test, especially in a city like Kota.
Traditionally, people here have been used to travelling to places like Delhi, Mumbai, or Jaipur to purchase jewellery. Convincing them that they could get the same premium quality and craftsmanship right here in Kota wasn’t easy. Building that trust took time and consistency.
Today, I’m proud to say that we’ve earned the confidence of several prominent families in Kota—like the Maheshwaris of Allen, the Bansals, and the Kasliwals—who are now our regular clients. We also serve over 70 % doctors, which speaks volumes about the reputation we’ve built.
With the influx of new jewellery brands in Kota, staying authentic, transparent, and loyal to our values is an ongoing commitment
5. What are your thoughts on the gold market, especially in the current scenario?
Gold has always been more than just jewellery in India—it’s considered a secure investment. People don’t buy it just for weddings or occasions; they buy it with long-term financial planning in mind. Unlike artificial jewellery, gold retains value and can be encashed anywhere, anytime—which makes it a dependable asset, especially in times of financial uncertainty.
Right now, the market is seeing a temporary slowdown due to global factors and high pricing—partly influenced by trade policies like the Trump-era tariffs. However, I believe this is short-term, and things should stabilise in the next two to three months.
That said, gold has offered up to 40% returns in the past year, which is impressive. I’d still advise people to continue investing in gold—it remains a time-tested financial safety net.
6. What suggestions would you offer to customers when buying jewellery?
My advice to customers is—don’t go by trust alone; go by proof. Always check for hallmarking on gold jewellery and ask for the HUID (Hallmark Unique Identification) mark. Hallmarking has made transactions far more transparent and has drastically reduced the circulation of fake or alloyed products.
For diamond jewellery, make sure the piece is IGI-certified. Always ask for a detailed bill and clarify the buyback terms. These small checks can protect your investment in a big way.
I also strongly recommend buying from local jewellers. With open markets and healthy competition, you’ll find great options right in your city. Plus, post-sale support becomes much easier. If there’s an issue, it can be resolved quickly—something that’s often not possible when you buy from another city, where prices may be higher and after-sales service is limited.
7. What is your vision for the future, and what message would you like to share with young entrepreneurs?
My vision is to expand Siddhi Vinayak Jewellers by opening more showrooms—not just within Kota, but in other cities as well. I want to continue offering modern designs backed by traditional values and quality assurance.
To young entrepreneurs, especially those eyeing the jewellery business, I’d say: you can’t learn everything from books or YouTube. This industry requires a deep understanding of materials, authenticity, and valuation, which only comes from real-life, hands-on experience.
You might come across jewellery pieces that are over a hundred years old—and you must be trained to assess and handle them. So, don’t shy away from getting practical exposure. Roll up your sleeves, get on the ground, and learn by doing. That’s where real expertise lies.
Interviewed & Edited By:
Shruti Kothari
