From IUM graduate to founder of luxury jewellery brand Sapfira, Valeria Hordiyenko’s journey is the perfect example of how the International University of Monaco can help equip young people and entrepreneurs with the skills, network, and mindset to succeed.
Valeria Hordiyenko, a 28-year-old Ukrainian entrepreneur who has spent the past decade in the Principality, is building a name for herself in the fine jewellery industry. A graduate of the International University of Monaco (IUM) in 2019, she is now the founder of Sapfira, a locally based brand specialising in ethically sourced diamonds and gemstones, and shares her story with Monaco Life‘s Niki Borisova.
Hordiyenko’s entrepreneurial journey blends her academic background with a passion for gemology. After earning a bachelor’s degree in marketing and communication at IUM, she pursued a Master’s in geology at the private School International de Gemologie de Monaco. At the time, both institutions were based at Stade Louis II, making for a seamless transition between the two.
The IUM influence: shaping an entrepreneurial mindset
Hordiyenko credits her time at IUM with giving her the business knowledge and mindset needed to launch her own brand.
“IUM played a crucial role in my journey,” she says. “It exposed me to so many areas of business—marketing, finance, strategy, even design—which helped me see the bigger picture. It also taught me how to ask the right questions, which is essential as an entrepreneur.”
Beyond academics, she remembers IUM as a welcoming and supportive community.
“When I first arrived, my English wasn’t the best, but people were so kind and accepting,” she recalls. “It was a great environment to be a part of, and that helped me a lot, both personally and professionally.”
Hordiyenko moved to Monaco 10 years ago and now considers the Principality her long-term home.
One course that stood out during her time at IUM was Economics and Strategy with Dr. Ingo Böbel, a professor later appointed Co-Leader of the Microeconomics of Competitiveness Curriculum Council at Harvard Business School.
“His classes were inspiring,” she says. “He had this determination and depth of knowledge, and the real-life case studies he brought to class were incredibly valuable.”
She also spotlights the hands-on nature of IUM’s entrepreneurial courses.
“We had to analyse real companies, spot their mistakes, and propose solutions. That kind of experience made the transition to running a business much easier,” she explains.
Since Hordiyenko’s graduation in 2019, IUM has continued to grow, reflecting its success as an institution. It has moved to a new, larger campus with improved facilities, expanded academic programmes, and a growing student body. The university has also developed more student-led organisations and networking clubs.
Building a brand in Monaco’s competitive luxury market
But despite this exposure to the world of business, launching a brand in Monaco came with challenges for Hordiyenko.
“The biggest shift is when you decide to take that first step—to take responsibility, not just for yourself, but for your employees,” she says. “IUM encourages that mindset. Even after you graduate, you never stop learning. As an entrepreneur, you’re a student for life.”
Sapfira, Hordiyenko’s jewellery brand, started in 2020 with custom pieces for private clients. By 2022, she had officially established the marque.
The name comes from a sapphire-blue dragon in one of her favourite books, as well as a nod to the gemstone itself.
Her focus is on ethical sourcing, with diamonds over 0.30 carats certified by GIA or HRD laboratories.
“Transparency is extremely important to me,” she affirms. “I work with trusted suppliers to ensure every gemstone meets high ethical and quality standards.”
Hordiyenko’s time in Monaco has shaped not just her business, but also her design aesthetic.
“Monaco has a very refined and sophisticated clientele, and that influences my approach,” she explains. “My pieces aren’t about mass-market appeal—I want them to be unique, something that stands out.”
She also acknowledges the competition in Monaco’s jewellery scene, home to established names like Cartier, Chopard, and Van Cleef & Arpels.
“People buy those brands for status, but I want Sapfira to offer something different—jewellery for those who want to stand out,” she says.
Looking ahead, she plans to expand into the Asian market while maintaining a strong presence in Monaco.
“Asia’s luxury market is booming, and there’s a deep appreciation for high-end craftsmanship there,” she notes, “but Monaco remains my base. It’s heaven on earth here. It’s the perfect place for luxury.”
She frequently holds pop-up events in the Principality, with five to 10 in the works for 2025.
“Monaco is a great place for luxury brands—not just because of the clientele, but also the security. Here, people can wear fine jewellery without worry, which isn’t always the case in cities like Paris or London,” she says.
Reflecting on her journey, she has no regrets, saying, “I made the most of my time as a student and used everything I learned.”
For aspiring entrepreneurs, her advice is simple: “Be flexible. The world is changing fast—trends, technology, everything. If you want to succeed, you have to be willing to learn.”
To view Sapfira’s collections, click here.
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