The Business Of Clarity: 3Soul's Approach To Diamond Pricing Transparency

In 2023, Jay Parikh, a second-generation diamantaire with a background in Wall Street finance, reached a point of frustration familiar to many jewellery buyers. Despite working in the diamond trade, he found the pricing of fine jewellery—especially diamonds—surprisingly opaque. For most consumers, the process of buying a diamond remains an exercise in trust rather than understanding. Prices fluctuate without explanation. Resale values are unclear. The logic behind the numbers is rarely shared.

“What bothered me most was how normalized the lack of transparency had become,” Parikh recalls. “If you can track the price of a stock in real time, why shouldn’t you be able to do the same with a diamond?”

Teaming up with entrepreneur Hemali Shah, Parikh launched 3Soul, a jewellery brand that places pricing clarity at its core. Together, they built a proprietary Diamond Jewellery Cost Estimator — a tool that breaks down the cost of a jewellery piece into its individual components, from metal weight to diamond quality to labour charges. The tool is available to anyone, regardless of whether they make a purchase.

“We didn’t want people to buy from us out of persuasion,” says Shah. “We wanted them to buy because it made sense.”

The estimator works in a simple but methodical way. Customers upload an image of a jewellery design they want to replicate or get evaluated, choose their preferences (natural diamonds, lab-grown, or both), and note any specifications or design tweaks. Within 24 hours of sharing their preferences, customers hear back from the 3Soul team with a detailed price estimate. This includes metal weight calculations, comparisons of diamond grades (VVS, VS, SI), metal types (18k, 14k, 10k, Yellow, Rose & White Gold), and cost options based on different combinations. The tool lays out more than 100 possible variations, helping customers understand what’s driving the price — and choose what fits both their taste and their budget.

The diamonds are sourced directly through 3Soul’s parent company, Janam Diamonds, a family-run business with decades of industry experience. Gold used in every piece is BIS-hallmarked, and customers can opt for internationally recognised certification as needed. With Janam Diamonds being a member of the Responsible Jewellery Council (RJC), 3Soul also follows global standards for fair trade and ethical sourcing.

But pricing clarity is just one part of the experience. Whether it’s designing an engagement ring from scratch or bringing a vintage piece back to life, customers work closely with the design team at every stage. Sketches are shared, feedback is welcomed, and updates continue through production until the final delivery. Each finished piece comes with complete documentation — for transparency and for peace of mind.

Sushant Pujari, one of 3Soul’s early customers, came in after being quoted ₹3.3 lakh for a diamond mangalsutra. After using the cost estimator, he was offered the same design for less than half that amount — ₹1.5 lakh — with full clarity on what went into the price. Another customer, Arjun, used the tool to get an estimate of a fully customized 3-carat lab-grown engagement ring curated using our ‘ring selector box’. After comparing prices with other jewellers, he returned to 3Soul. “The ring felt personal and fair,” he said. “It was everything I hoped for — and so was her answer.”

For Shah, the human side of jewellery remains central. “Jewellery is emotional — it marks life moments. Technology doesn’t have to take away from that. It can support it.”

Looking ahead, the company is focused on raising awareness of its pricing tool as a regular part of the jewellery purchasing process — not just through 3Soul. New features are in development, including a tool designed to simplify quote comparisons from traditional jewellers and understand the true value of any jewellery piece. The long-term goal: to support greater transparency in pricing across the industry.

As Parikh puts it, “This industry has survived on opacity for too long. It’s time to shift the power back to the buyer.”