Global luxury jewelry industry is a competitive territory. Leaving the mark and becoming a household name in the market is a challenge not many brands dare undertake. Magnat Fine Jewelry – a Ukraine-born, Dubai-based jewelry house – wants to do just that.
The company has come a long way from a small Instagram account to a potential global player. Rodion Ksonzenko, the founder of Magnat Fine Jewelry, tells the readers the story of the brand, unveiling the vision and mission his jewelry house reflects.
The journey of Magnat began in 2015. Back then, Rodion Ksonzenko didn’t have impressive starting capitals or deep industry connections. However, he was willing to step into uncharted territories and experiment with business approaches in an otherwise traditional jewelry industry.
New vision in action
In fact, Rodion began by opening a branded Instagram account showcasing a couple of 0.4-carat diamonds to potential clients. Emphasis on social media presence proved to be a fruitful strategy and the brand steadily grew. In February 2016, Magnat had its own stall at an international jewelry exhibition in Kyiv and a small office to work with clients.
What Rodion craved to project through Magnat was innovation. And so he did – via unconventional marketing and sales approaches. Magnat was the first Ukrainian jewelry brand to introduce consumers to Rapaport and its unique discounts. The company also started exploring the diamond exchange, educating customers about GIA certifications and more.
“Just selling diamonds is something any jewelry brand can offer. We wanted to bring real added value to our clients. And we did it through education, among other things. For example, we were the first to promote the 4C rule to customers. The 4C’s are color, clarity, cut and carat weight – the criteria used to assess the quality of a diamond,” explains Rodion.
Another know-how Magnat tapped into was leveraging the power of social networks for diamond sales. The brand was the first in the world to sell its products on Instagram. Magnat Jewelry House provided an entirely new level of visual engagement for customers, posting live videos of the diamonds they offered. This and other innovations made Magnat a breath of fresh air in the post-Soviet jewelry market.
Setting new standards: Diamonds as a financial instrument
The next step for Magnat Jewelry House was a game-changer for the brand’s growth trajectory. Rodion emphasized the philosophy of seeing diamonds as not only beautiful pieces of jewelry but also a financial instrument for their clients. It’s a solid asset that can help people secure and increase their capital.
Through strategic collaboration with the Israel Diamond Exchange, Magnat meticulously studied the market and established profitable trading processes. Rodion proudly emphasizes,
“At that point, it was safe to announce: we aren’t just another boutique or jewelry brand. Our principles and approach prioritize our clients’ satisfaction. We provide exceptional quality, find the best offers, and help customers become real investors in diamonds.”
This commitment to professionalism, honesty, and providing a wide range of opportunities has enabled Magnat’s clients to enjoy diamonds and jewelry at the best prices on the market.
Evolution into an elite jewelry brand
Driven by the desire to expand and provide even more benefits to clients, Magnat Jewelry House underwent a transformation. In 2019, the company embarked on a journey to create its own elite jewelry brand, Magnat Fine Jewelry. With a rebranding effort and the opening of a luxurious showroom in the heart of the Ukrainian capital Kyiv, Rodion’s team set the stage for classic collections and a unified brand style.
Magnat Jewelry House’s horizons grew exponentially when the brand established relations with the Dubai Diamond Exchange. This milestone led to forging powerful partnerships in India and gaining access to world stock exchanges.
Procuring diamonds directly from the source allowed Magnat to offer even better prices and present clients with extraordinary pieces, including diamonds of 50 and 100 carats. The company’s strategy propelled it to the forefront of the luxury segment in Ukraine.
Going beyond borders
In 2021, Ukraine’s stringent regulations prompted Magnat Jewelry House to set its sights on new markets. Dubai became the first choice due to its favorable business environment and remarkable opportunities. With the allure of a thriving global economy and the advantage of operating in a tax-free zone, Magnat Jewelry House was poised for expansion.
Sadly, the grand opening of the brand’s showroom, originally scheduled for February 2022, faced unexpected setbacks due to the war. However, Rodion and his team persevered and adjusted to the quickly changing landscape, and by April, the doors were finally opened.
“The year 2022 was a tough one for all of us. But we’re proud to say it witnessed the revival of our business and marked a proud milestone. We commemorated this step with the creation of the D Flawless 18-carat diamond ring, solidifying our status and unlocking new horizons in the jewelry industry,” highlights Ksonzenko.
After a successful year in Dubai and the triumphant rebuilding of the company, Magnat Jewelry House set its sights on global expansion. As of 2023, the company embarked on an ambitious project to create a global brand, with boutiques planned in Dubai, Warsaw, London, Miami, and Kyiv.
Rodion’s vision is to redefine luxury and captivate the world with its exquisite craftsmanship and exceptional customer experience. His unwavering belief in his dream echoes in a simple yet inspiring motto: “We are not just crafting jewelry; we are crafting legacies that transcend time.”