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On each episode of Dragons’ Den there is inevitably a business that has not prepared enough before pitching to the entrepreneurs for funding. Viewers (well this one anyway) will grumble about founders that have not done their homework and do not have numbers and evidence to back up claims. One start-up keen to avoid that was lab-created diamond jewellery retailer Kimaï, with co-founder Jessica Warch telling the Evening Standard: “We watched old episodes, noted many of the questions asked and had answers ready for them. Plus we learnt all key numbers off by heart in case they were needed.”
That studying paid off, as those watching the latest programme on BBC One will have seen. Warch and co-founder Sidney Neuhaus, both aged 30, impressed the investors as they showed off their jewellery featuring lab-grown diamonds and said annual revenue is on track to reach £5 million.
Dragons’ Den star Deborah Meaden calls a ring she tries on “beautiful” and the narrator said: “Bling without the ethical, or environmental baggage is the offering.”
Neuhaus and Warch, friends who grew up in Antwerp, which has been at the centre of the diamond trade for centuries, received offers from Meaden and Sara Davies but opted to accept a deal from Steven Bartlett to tap into his digital marketing expertise.
The pair, who remain majority owners of the London-headquartered company, secured £250,000 investment from him in exchange for a 3% equity stake. That marks the largest amount the host of podcast ‘the diary of a CEO’ has invested since becoming a Dragon in 2022.
Bartlett initially went in at 5% but the Kimaï duo would not budge and he said: “I just can’t let you walk away.”
Warch reflects on the filming: “We were really nervous at the start of the pitch, but really enjoyed it as we went on.”
Today she is excited about the exposure and potential growth that will come following being on the show that has seen now very popular businesses secure backing, including Levi Roots’ Reggae Reggae sauce and personalised books group Wonderbly. Says Warch: “We are excited about the visibility our brand got from being on the TV and having access to Steven Bartlett for advice and his skills.”
However, Kimaï has done plenty of growing on its own pre-Dragons’ Den since launching in 2018. The retailer’s products have been worn by the Duchess of Sussex and Emma Watson, online demand has been climbing and Warch says sales in November and December 2023 surged 100% from the same months a year earlier. It benefited from the opening of its first permanent store in Chiltern Street in December 2022.
The brand told the Standard back in 2021 that it was seeing many shoppers become more open-minded about new innovations and fresh ways of doing old things. Historically, diamonds have been mined from the ground where they were created over centuries. But advances in technology mean the same effects can now be created in the lab.
Kimaï’s diamonds are made in India, and the jewellery parts in Belgium and Thailand, and the latest investment will be used to help the brand, whose prices starts from £220 for an earring and go up to £25,000 for bespoke pieces, spruce up its Marylebone store. It will also look at expanding wholesale partnerships and boost its online and offline presence.
Bartlett says of Neuhaus and Warch: “They are two of the most impressive entrepreneurs I have ever seen in the Den. Rock solid on their numbers, vision and convictions. Kind, humble, smart, tenacious and passionate.”
He adds: “Annoyingly, really incredible negotiators – which is annoying as an investor but perfect as business partners, so I’m happy to be in business with them. I’m going to support them in any and every way I can.”
Kimaï is hoping future sales growth will sparkle much more following their TV appearance.
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