With Panagiotis we didn't just talk about jewelry.
We talked about the burden but also the beauty of taking over a family business of almost 50 years and trying to give it your own direction without losing its identity.
About the anxiety of continuing to invest in a constantly changing market, for the moment you realize that the model you knew is no longer viable. But also about that need that people who truly love what they do have to keep going even when everything around them tells them to “play it safe.”.
And just like that, the conversation about jewelry eventually ended up being a conversation about evolution.
The company that grew up with him
The history of the Varsakis company begins almost half a century ago.
Panagiotis's father, Mr. Vasilis, entered the field as a child, already working in workshops from the age of 13-14, until around his 20s he decided to start out on his own.
The company started with handmade jewelry, like almost all Greek businesses of that era. For many years, the foundation was the cross—a piece of jewelry deeply connected to the Greek market and an entire era. Afterward, other categories followed: children's jewelry, women's jewelry, and more collections.
«Like all Greek small businesses, we had to evolve to survive,» Panagiotis says characteristically.
He literally grew up inside the workshop. He was there during the summers since he was a child. From the age of 18 he started getting actively involved, and by 22 work became his entire daily routine. And although many take it for granted that children in a family business are “pressured” to continue, he makes it clear that he never felt anything of the sort.
«My father had told me “whatever you want to do.” I chose it myself because I loved this job.»
However, that does not mean it doesn't carry weight. Because when you take over something that has existed for decades, you can't just come in and change everything.
«You must respect what you have inherited. To listen, to learn, and then slowly add your own touch.»
And somewhere around there he speaks perhaps with the greatest esteem for his father. Not just for what he built. But because he gave him space.
«It’s not easy to have built something your whole life and then step back for someone else to continue it in their own way. I truly take my hat off to him for that.’
«If I knew then what I know today…»
Although she entered the field very early, today she says that if she could turn back time, she would do some things differently. Not because she thinks she took the wrong path. But because she now understands how important specialization in jewelry is.
He wished he had studied gemstones more, perhaps having earned a degree in gemology or spent time in Italy for design.
«The more I get involved with high-end jewelry, the more I understand how important this knowledge is.»
And it is something that, as he says, he would advise his own children to do as well if at some point they want to get into the business. Nevertheless, he believes that his studies in economics helped him a lot too.
«When you run a business, you need to be able to understand everything around it.»
The turn to 18K and the need for evolution
In recent years, the company has made a quite dynamic shift toward high-end jewelry and 18K collections with precious stones. Not because it was easy. But because it felt that is where it truly wanted to go.
«Since I was young, when I went to exhibitions abroad and saw such jewelry, I knew that at some point I wanted to get involved with this.»
And while the decision may not have been easy at all from a business perspective, for him it was the only way.
«I don't like stagnation. If you don't try, you will never know.»
This new direction did not happen by chance. There were people from abroad who helped him better understand the logic of the international luxury jewelry market and find his footing.
And just like that, a new collection began to take shape that is constantly evolving.
«Every year there is a huge difference. And every month many new designs come out.»
At the same time, however, the company already had a strong presence abroad. Nearly 40% of its production is currently exported to markets such as England, Cyprus, the United States, Canada, and Dubai. And this, he says, speaks volumes both about Greek craftsmanship and the quality of Greek jewelry.
Contemporary Greek jewelry has changed
One of the most interesting parts of the chat was when the discussion turned to the changes that have taken place in recent years around jewelry and the way people view it now.
The cross, the wedding band, and all that very traditional part that dominated for decades, as he says, has started to decline. Today, people are looking for something more personal. Something that expresses them. Something that carries a story or a symbolism. That is why we are seeing more and more custom jewelry and more unique pieces.
At the same time, however, he believes that contemporary Greek jewelry must also retain something “Greek” within it. A color. A light. A feeling.
And that is somewhat where his great weakness comes in: sapphires. To the question of what your favorite gemstone is, the answer came instantly.
«These vibrant royal blue ones remind me so much of Greece. Sea, summer, light.»
Perhaps that is why colored gemstones fascinate him so much. Because, as he says, no two are exactly alike. Each stone has its own character. And that is somewhat how most designs are born as well. Not starting from the piece of jewelry. But from the stone itself.
«I see a stone and on it I begin to build the whole piece of jewelry.»
«In handmade jewelry we have nothing to envy»
When the conversation turned to Greek know-how, Panagiotis was absolute.
«In handmade jewelry, we have nothing to envy.»
And he says this without a trace of exaggeration. Because he believes that Greek craftsmen possess a knowledge that is hard to find elsewhere. What is lacking is not quality. It is the production volumes and specialization that exist abroad.
«There are companies that produce only one component. Only clasps, only beads, only specific jewelry parts. We in Greece do not have such volumes.»
Nevertheless, almost all of the company's jewelry is made within the workshop itself. And this is something she considers very important.
Even in the rare cases where some pieces come from abroad, such as rivieres, the final finishing and completion are done here. Quality, after all, is something he does not compromise on.
«I will never use lower-quality stones just to make the piece of jewelry more affordable.»
And yet, today's greatest anxiety is neither prices nor the market. It is the artisans. Or rather the fact that they are slowly disappearing.
«People who truly know the art of jewelry are now getting old and leaving production. And unfortunately, we don't see young people easily entering this field.»
And that is where the conversation takes on a different weight. Because you realize that he is not simply talking about a job. He is talking about an art that he fears might be lost.
«The art of jewelry is not only machines or production. It is hand, it is eye, it is years of experience.»
Reports, market image, and the need to stand out
In recent years, the company has also invested heavily in its image. A prime example was the new booth it presented at recent exhibitions. Not only for aesthetic reasons, but because, as it says, when you present such a unique piece of jewelry, it requires a corresponding environment.
«You cannot present such a high-quality piece of jewelry in an impersonal setup.»
Nevertheless, he believes that the overall picture of exhibitions and the market has changed a lot.
«Regardless of the numbers being announced, I feel that year after year fewer and fewer people are coming.»
And perhaps this phrase sums up the entire climate of the era. A market more pressured. More cautious. More difficult.
«The only thing that gives me strength is that I truly love what I do»
Toward the end of the chat, the discussion inevitably turned to the present day. To how the way people consume has changed. To how a gold piece of jewelry has now become a much more difficult purchase for the average person.
And there Panagiotis makes a comparison that perhaps says more than it seems.
«Today someone might spend 1500€ on a phone that will be replaced in just one to two years, but they will hardly spend the same amount of money on a piece of jewelry that can last a lifetime.»
And yet, he believes that there are still people looking for something substantial. Something with a history. Something unique. And somewhere along the way, the conversation becomes more personal.
Why when I ask him if there are moments when all this gets him down, the answer comes without a second thought.
«Many times.»
And what does he do then? He goes to the warehouse. He looks at the stones. And he begins to imagine designs.
«Designing is something that relaxes me a lot. That's where I remember why I love this job so much.»
And perhaps, in the end, that is the most important thing you take away from this conversation.
That in an uncertain era where everything changes rapidly, there are still people who continue to build things by taking risks, because they truly love them and believe in them.
And this shows.
Published in Venetico magazine issue 125.
