After years in the beauty industry, Sanjana Balani founded Potion Inc, a skin care brand. However, before she did, she ended up working in the diamond industry with one of the oldest and most notable names in the history of the business, De Beers.
Speaking on the Beauty 4.0 Podcast, the founder and CEO said her first-hand experience learning about one of the most sought-after gems in the world was instrumental to the development of her brand.
“If it wasn’t for the diamond industry, Potion’s emphasis on confidence and inner beauty would never have existed. I would have probably launched something that was all about quick results… The diamond industry made me accepting of flaws better.”
She believes that both the cosmetics industry and the diamond industry have many similarities including challenges.
For instance, she noted how cosmetics and diamond companies must contend with a much more aware and knowledgeable consumer.
“I think these are two industries that a lot of people wouldn't strike any similarities between… I think both industries are moving towards a trajectory of transparency. Consumers, for example, now are demanding more proof of authenticity to ensure ethical practices – in both industries.”
Sanjana noted that today consumers can trace their diamonds to the very mines they were unearthed from.
“It not only creates this complete storytelling concept, but it's also extremely transparent to the consumer. You're reinstating a factor of trust for the customer. And I think that adds a huge value to both industries.
“Similarly with skin care ingredients, customers now especially increasingly want to be able to see the raw version. Like what bioactive compounds does it include? They want things that are closer to their original source… If you have hyaluronic acid, they're now demanding to know what process is used to create this hyaluronic acid?”
Sanjana also underscored the parallels between lab-grown diamonds and synthetic cosmetic ingredients, highlighting the consumer psyche and responses to these man-made materials.
To hear Sanjana’s views on the similarities between both industries and her insight into the Indian market, check out our podcast above.