For men and women alike, looking good and leaving the right impression on others is an important part of modern life and jewelry has always been a non-debatable part of such an effort. Jewelry business has thus remained in the spotlight throughout the centuries, making it possible for people of all income levels to purchase products that make them shine. Ranging from simple gold and silver items to more sophisticated products, such as emerald, jade or pearl jewelry, the market is always full of options, making it a matter of financial capability and market access for people to acquire products in accordance with their taste and preference.
E-commerce is a field of business that has gained significant amounts of acceptance and popularity in recent years, leading Tirath Kamdar to found TrueFacet, an online platform that enables jewelry buyers to connect with suppliers of high quality and pre-owned items. Coming from a jewelry dealing family, Kamdar teamed up with his partner Chris Chan to utilize his past endeavors with hedge funding to kick-start the project in 2013. Kamdar believes that the main problem in the market with respect to efficiency is that prices fluctuate from one store to another, making it impossible for the customer to develop trust in the market’s dynamics. The TrueFacet algorithm enables sellers to either place their products on consignment or directly market them to buyers, while the built-in trading software enables users to trade items for credit. Housing 28 appraisers in the US currently, the system also has a strict counterfeiting policy, requiring a TrueFacet certification of authenticity before allowing any seller to make sales or receive payments. TrueFacet developers work with the appraisers in this pursuit, keeping a close eye on the authenticity and quality of the products being sold over the platform.
Jennifer Fisher Jewelry is one of the most successful upstarts in jewelry business in recent years and the company’s success has gained the New York based designer a respected voice over competitors. Fisher was introduced to jewelry business after her son Shane was born when she could not find unique jewelry items to signify him, leading her to design her own pieces dedicated to him. Entering the custom jewelry business, Fisher took notice of the ‘personalization’ trend in the market for which no large establishment was producing any products. As her customer base grew, she began to spend more time on design and artisanship to add quality to her products. Developing a more serious business strategy, Fisher divided her accounts in various New York stores to sell her brass items separately, while also starting her own e-commerce site and a showroom to sell her finer jewelry products. This strategy increased her sales because interested buyers knew exactly where to go to and what to look for, finishing their purchases within a couple of minutes. As the brass pieces continued to dominate prestigious stores and outlets, the showroom and website promoted her more personal and artistic pieces to add more value to her charm as a unique designer and producer of jewelry.
More success stories are to be found in the market and Adina Kamkhatchi is a recent addition to innovators in the field. During her college years at Brooklyn College, Kamkhatchi grew interest in jewelry but could not afford high quality items and did not wish to settle down on low-quality ones just because they were cheaper. Using $1,000 of her own money, she bought supplies to start her production at her parents’ house, initiating ‘Adina’s Jewels’ in the process. Upon completing a sufficient number of pieces, Kamkhatchi began to sell her products going from door to door in New York City and eventually decided to sell them at a local hair salon in her neighborhood. Her business took off and turned into a multi-million dollar revenue generator in only four years, leading her to open a store in Brooklyn, start a website selling 600 different types of products online, using celebrity friends such as Ariana Grande, Emily Ratajkowski and Gigi Hadid posing with her jewelry for the company’s catalog. Meanwhile, her brother Mayer’s addition to the company strengthened the marketing aspect of her business, as successful blog promotions led to an incredible number of 140,000 authentic followers on the company’s Instagram page, consisting of actual customers aged between 18 and 34.