In India, gemstones are more than just ornamental accessories; they are spiritually significant, believed to bring good luck and positive energy. From sapphire and moonstone to iolite, aquamarine, garnet, and ruby, these stones hold deep cultural and astrological relevance. Pankaj Khanna, who developed a fascination with these vibrant stones from a young age, began collecting silver coins and small trinkets with his pocket money. His childhood admiration quickly evolved into a passionate journey that led him to study gemology across various geographies.
In 1987, his love for gems and jewelry became the foundation of Gem Selections. Initially starting as a supplier for jewelers and astrologers across North India, the business quickly expanded, establishing itself as a key player in the retail, wholesale, and export markets for gemstones, diamonds, jewelry, handicrafts, Rudraksha, Yantras, and more.
Entrepreneur India takes an in-depth look at the remarkable journey of Gem Selections, led by its visionary founder and MD, Pankaj Khanna.
A Family That Works Together, Stays Together
As the saying goes, behind every successful man is a supportive woman, and in Khanna’s case, his wife, Anu Khanna, played a pivotal role in establishing Khanna Gems Private Limited, where she now serves as the director. Their son, Aaradhya Khanna, joined the business in 2016 and revolutionized the company’s online presence.
Khanna believes that evolution is the key to success in today’s rapidly changing world. “The world and consumer preferences are evolving at an unprecedented pace. An entrepreneur must continuously adapt to meet these changes. What works today may not be effective tomorrow,” he says.
Selling Gems Online
In an era where online visibility is crucial for market recognition, Gem Selections launched its e-commerce operations in 2012. However, it was Aaradhya’s involvement in the business that shifted the company’s focus to its online growth. In 2018, the brand introduced various apps to further enhance customer experience.
“Gem Selections is an omnichannel brand,” Pankaj Khanna states. “We are constantly strengthening our online presence and expect our website traffic to exceed 1 million monthly visitors by the end of 2019. We also plan to expand our retail network to 10 stores by 2023.” With a market value exceeding INR 100 crores, Gem Selections has been growing at an impressive rate of 19.63% annually.
