“Innovate or die”: The secret to Cullen Jewellery’s 300% revenue growth

From growing up on a dairy farm in rural Victoria to founding a multi-million-dollar jewellery business, the story of a pioneer in made-to-order lab-grown diamond and moissanite engagement rings Cullen Jewellery truly began when its founder Jordan Cullen couldn’t find the right engagement ring for his soon-to-be fiancé, now wife.

Since founding Cullen Jewellery in 2018 from the spare room in his house, Cullen has grown the Melbourne-born business into a highly profitable eight-figure company with 300% revenue growth YoY that is taking up 7% of the Australian engagement ring market.

Cullen Jewellery, equipped with Cullen’s first custom ring, was initially launched as a direct-to-consumer e-commerce storefront and today the business operates four showrooms across Australia and has grown its team from eight to 60 employees in just two years.

Global sales for lab-grown stones have increased to over $12 billion annually and the industry is estimated to be worth $34.7 billion by 2025.

Cullen told SmartCompany he believes that the brand is where it is today because of a commitment to an attitude of “innovate or die”.

“Early on, we had to be better because we were so new in the business that without being better, we wouldn’t stand a chance,” he said. 

“We did not have the reputation of other jewellers or the time in the industry. 

I certainly didn’t have the industry knowledge, and we were completely underfunded, with the business being sustained by my savings.”

The sum of its parts

However, Cullen said he knew he could break the business down into the sum of its parts, work out who in his industry did the best in that area, and try to do better — product quality, client care, warranty, price, lead time and social media.

In each of these areas, we strived to do better than what our competitors were doing,” he said. 

“We wanted to be more generous with our clients, give them more attention, keep them waiting for shorter periods of time, and add more value through our social media instead of just trying to push the sale like most other jewellers.

“Due to our initial need to innovate, we created a company culture of innovation and a pursuit of being better, which has not stopped to this day and still drives us to improve every day. 

The Cullen Jewellery team. Source: Supplied.

“Even though we are far more advanced in everything we do than we were in the beginning, we have simply changed who we compare ourselves to and now look to different competitors as a benchmark for what we need to achieve. 

“This is something we want to keep as part of our culture; simply copying others is not enough. We always strive to be better, which is not easy but always worth it.”

Currently, Cullen Jewellery operates four storefronts in Melbourne, Brisbane, Sydney, and Perth.

Its biggest sellers tend to be engagement rings and wedding bands, as that’s where the brand’s journey began and what Cullen Jewellery is known for.

Evolving trends in jewellery

Cullen confirmed that with engagement rings, Cullen Jewellery has been seeing a massive trend towards oval solitaires that have exploded in popularity, with oval now outselling round, which has been really uncommon throughout history.

“We’re definitely looking at further expansion, both in Australia and internationally,” Cullen added when asked about the brand’s expansion plans. 

“With so much international demand, we are excited to be able to open stores and ensure our international clients are getting the same high-quality service and access to our workshops locally for repairs and resizing.”

Cullen said in Australia the brand is always assessing the market to see where there might be demand for showrooms.

The next chapter for Cullen Jewellery

“So we’re looking at opening a showroom in Adelaide shortly and a bigger one in Sydney, where demand has been high and our showroom has been consistently booked out,” he said. 

“Internationally, we have ambitious plans to open new showrooms in key markets like the United States, the United Kingdom, Canada, New Zealand, and possibly Singapore in 2024 to show our clients that we heard them.

“This expansion is about bringing our unique blend of ethical, affordable, and beautiful jewellery to a wider audience, making ethical options more accessible globally.”

Cullen also spoke about embracing social media not just as a marketing tool, but as a way to connect and engage with their community. 

“Our strategy has been about authentic storytelling, showcasing not just our products but the stories behind them, our ethical practices, and the joy our pieces bring to people’s lives,” he said. 

“We’ve used platforms like Instagram and TikTok to reach our audience, as well as Pinterest to showcase our beautiful jewellery. 

“Our focus has been largely on educating our clients about the industry and the engagement ring buying process. We want to make it easy for people to find exactly what they are looking for and avoid making the same mistakes that so many make. 

“Buying an engagement ring can be a really complicated process for someone with no experience, and for many, it is the largest purchase they have ever made.”