Dubai resident launches diamond jewellery business, achieves first million in just two years

UAE-based Moroccan-French expat, Basma Chaieri, took a bold leap of faith by transitioning from a 15-year career in travel to starting her own diamond jewellery business, Etika Jewels. With Dh400,000 of her savings, she ventured into the world of lab diamonds and gemstone jewellery, eventually launching an online platform for her creations.

Chaieri’s entrepreneurial journey was not without its challenges. She encountered hidden costs related to bank accounts, regulatory compliance, and real estate expenses. Despite setbacks in the initial stages, she persevered and rebuilt her platform twice to ensure its success.

Through her experience, Chaieri learned valuable money management lessons. She emphasized the importance of avoiding borrowing money, living within one’s means, and investing in real estate for long-term financial stability. She also adopted the 80/20 budgeting rule to manage her resources effectively.

As her business continues to thrive, Chaieri remains focused on creating value and building wealth rather than solely increasing revenue. She credits her success to prioritizing customer education about lab-grown diamonds and adapting to the complexities of the e-commerce and luxury goods market.

In her 40s, Chaieri’s perspective has shifted towards valuing time spent with family and loved ones. She now works smarter, applying the 80/20 budgeting rule to balance expenses and savings. Her story serves as an inspiration for aspiring entrepreneurs looking to pursue their passion and achieve financial success.