The Premium Mindset

The Retail Jeweller talks to Director Vikram Verlekar about transforming a 98-year-old family legacy of Ulhas Jewellers into Goa's foremost luxury jewellery house, why the brand refuses to compete on price, and how premium positioning-built trust with HNIs and NRIs.

- MAITHILI PATANGE

EDITED EXCERPTS:

Ulhas has a 98-year history. Could you start by telling us about the brand's journey and how it transformed into what it is today?

Ulhas traces its roots back to 1927, when my great-grandfather, Amrutrao Verlekar, set up Goa's first organised jewellery store under the name Joalharia Modern. Over the decades, the business passed down through the family, and today my brother Pritam Verlekar and I represent the fourth generation.

My great-grandfather transitioned from being a goldsmith sitting with tools to opening a proper retail showroom. That was the real beginning of Goa's organized jewellery trade.

Today, we operate three showrooms in Margao. One is focused entirely on gold, another is a two-storey gold store, and our flagship is a five-level building housing platinum, diamonds, gold, silver, and offices. We've also diversified into platinum and premium silver, but gold remains nearly 80% of our business.

You often describe your entry into the business 30 years ago as a revival rather than a continuation. What happened at that stage?

When I entered, the brand had gone through a downturn. We didn't inherit large inventories or strong systems. I applied for a bank loan of one lakh rupees, which was rejected. Eventually, under a Prime Minister Yojana scheme, I secured three lakhs to restart operations.

That three lakh rupees was the seed for rebuilding Ulhas. We put in discipline, structure, and branding. From there, we grew systematically with consistent 15% year-on-year growth in last 5 years. The rebranding was also crucial. Instead of being known as Ulhas Jewellers, we became simply ULHAS, with a distinct diamond-shaped logo, standardised packaging, and retail systems that matched national standards.

Goa is often seen as a leisure and tourist market. Yet you've managed to position Ulhas as a serious luxury destination for HNIs. What opportunity did you see?