From a private school in Kharkiv to an international jewelry business
My name is Bohdan Zhadan, and I am an entrepreneur in the jewelry industry based in Dubai. I am building a family business together with my partner and managing an international team spread across several countries.
My path could be described as unconventional: I have hardly changed industries, and since entering the jewelry business, I have consistently deepened my expertise—from operations management to international sales and, ultimately, founding my own company.
The foundation of my approach was formed in childhood, when my parents decided to move partway from Kup’iansk to Kharkiv to give me better opportunities, a stronger environment, and a higher-quality education. They enrolled me in a private school in Kharkiv, where I studied throughout. This environment had a major influence on my development. I was surrounded by children from entrepreneurial families, and being immersed in that mindset shaped me from an early age.
My next important growth milestone came when I was introduced to the jewelry industry through my first serious relationship. My girlfriend’s father, the owner of a large Kharkiv jewelry factory, became someone close to me and a mentor. It was through this fami’ly that I got my first real look at the jewelry business from the inside.
Over time, I took on a level of management responsibility that usually comes much later. Managing an organization with more than 550 employees became an intensive education in real-world management.
The third turning point was the war.
At the beginning of 2022, I was immersed in a very active period of work: the business was growing, major projects were being launched, and 2021 was the factory’s most successful year in the past decade—with practically every month setting a record.
On February 22, I flew from Kharkiv to Dubai on one of the last flights. I had a business meeting planned in advance with our largest partner in Ukraine. After the full-scale war began, I could no longer return: my parents were caught in occupied territory, and the factory’s operations came to a halt. This sudden break from my familiar context became a catalyst for international growth.
At the same time, another important event took place. I was invited to take the position of Head of Sales at the international Spanish jewelry brand Carrera, with a presence in 59 countries and at sales locations. The experience of negotiating with markets from New York to Tokyo greatly broadened my understanding of business-to-business sales and operating globally.
Eventually, I reached a point where I had to choose between two paths: continuing to grow within the top management of large companies or fully committing to my own business. It was not an easy decision. In the end, I decided to focus entirely on my own company and leave all the organizations where I had worked as an employed senior executive.
Today, I am deliberate about building a company with no equity partners and without selling stakes in the business. At the same time, I use financial investors in the form of loans, without bringing them into the company’s ownership structure.
It is a more challenging path, especially given the high capital requirements of the jewelry business, but it allows me to retain control of the company, freedom in decision-making, and full responsibility for the results.
How a jewelry atelier grew into its own business
How did the business idea come about?
The idea did not come as a sudden flash of insight—it took shape gradually. I have always been interested in the operational side of business. I studied at business universities in Poland and France and was deeply interested in processes, management, and production.
After working at a marketing company in Indonesia, I joined the Kharkiv Jewelry Factory. That is where my full-fledged care’er in the jewelry industry began. The factory’s core business focused on the mass market, but we also regularly received requests for bespoke premium jewelry. Gradually, a small atelier took shape within the factory—a separate production unit dedicated to these personalized orders.
That business line eventually gave rise to the idea for the company that exists today as ZHADANA—an independent company focused on making bespoke premium jewelry to order.
Communication, honesty, and responsibility
What key skills helped you launch your business?
Communication, honesty, and responsibility became the foundation of my growth. These qualities allowed me to build trust in a challenging industry where the cost of a mistake is high and reputation is part of one’s capital.
Capital requirements, reinvestment, and the human factor
What were the 3 most difficult challenges you overcame in the early years?
The first challenge was the business’s high capital requirements. Funds are constantly needed to purchase products and materials, and I built the business without financial support from my family—in fact, I was supporting them myself.
The second was balancing reinvestment with my personal standard of living. After earning a steady income at large companies, I had to learn to redirect a significant share of my resources back into growing my own business.
The third was the risks associated with people and deals. Theft, financial losses, and mistakes in agreements may not seem like major challenges in the moment, but over the long run they have a significant impact on the business.
The war changed the business
What crises has your business faced, and how did you overcome them?
The greatest crisis was the war, which instantly changed the business’s geography, operating processes, and my way of life.
Value and referrals first, then scaling
What decisions proved most effective for growing the company?
The most effective decision was to create a product and service of such a high standard that clients would want to recommend me themselves.
Today, most of our growth comes through referrals. We are only just beginning to build systematic marketing, but my logic is simple: first create value and give people a reason to recommend you, and only then scale through marketing.
Mistakes in agreements that cost hundreds of thousands of dollars
Which of your mistakes do you now consider your most valuable experience?
The most valuable lessons came from mistakes involving agreements that were not properly documented.
When I was in a hurry or too eager to close a deal, I could underestimate the details during negotiations. As a result, those very details led to significant consequences—losses of tens or even hundreds of thousands of dollars, both in direct losses and in profits that were never realized.
