ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Brought to you by
How to Build a Successful Multi-Generational Jewelry Business
RDI Diamonds CEO Michael Indelicato shares his advice for taking a family business to the next level.
Brought To You By RDI Diamonds
Written by Michael Indelicato, CEO of RDI Diamonds
With passion and determination, I started RDI Diamonds from my parents’ basement more than 25 years ago. It’s become a family business that now boasts one of the largest active diamond inventories in the world and has consistently experienced tremendous growth. I’m proud to welcome the next generation into the business and excited to see where they will take us.
With passion and determination, I started RDI Diamonds from my parents’ basement more than 25 years ago. It’s become a family business that now boasts one of the largest active diamond inventories in the world and has consistently experienced tremendous growth. I’m proud to welcome the next generation into the business and excited to see where they will take us.
Research shows that family-run businesses like RDI Diamonds tend to outperform their competitors. It’s largely attributed to their long-term investment philosophy, commitment to their employees and suppliers, and strong ties to their communities. But, running a multi-generational business and eventually handing the reins over to younger generations isn’t always a slam dunk. In fact, 40 percent of family businesses are passed down to a second generation, while only 13 percent successfully transition to a third generation and a scant 3 percent make it to a fourth generation or beyond.
Creating a family business is an incredible experience, but it’s not without its challenges and growing pains along the way. It’s often about navigating family dynamics and generational differences, embracing unique perspectives, and being willing to compromise.
If you’re considering bringing family into your jewelry business or starting a new business together, consider these words of advice:
Find a Balance Between the Old Way and the New Way
Long-standing relationships will always be paramount to the jewelry business. Many of the traditional approaches to building them still hold true—think personalized attention and top quality products—but there are also powerful new strategies to explore.
“Things change and if you don’t change, too, your business won’t survive,” said Ted Koester, a third-generation jeweler at Herzog Jewelers. “It’s important to realize that you know what you know, but you’ll never be a master of everything. You need to be willing to explore the unknown, including others’ perspectives, and to regularly communicate to find what works best for your business. It often lies somewhere in the middle of the old way and the new way.”
Embrace Digital
Technology has changed the game for jewelers. While traditional approaches to marketing still have their place, in order to evolve the business you must embrace technology and the new marketing tools it provides. That means going digital. And guess what? Your younger counterparts are digital gurus. Take advantage of their knowledge to create a comprehensive digital strategy, which may include a website revamp, webinars, and digital advertising. A strong digital strategy will enable you to appeal to younger buyers and broaden your reach. It will also improve the buying experience for new and established customers by making it easier and more enjoyable for them to connect with you.
Don’t Discount Taste and Aesthetic Differences
Traversing personal taste is tricky, but it’s important and it touches everything from inventory to ad content. Realize that aesthetics go deeper than just color and photo preferences. If you haven’t updated your look and feel, it’s likely time to refresh your image to appeal to a younger, more diverse mix of shoppers. Younger generations are more emotionally driven and want to see themselves in your ads. Brands including Rare & Forever diamonds cater to everyone by using inclusive images and a fresh approach that earns shoppers’ trust and provides high-quality products they can feel good about purchasing.
Enjoy the Benefits
If you’re among the 5.5 million businesses that are family-owned, count yourself lucky. Working with family to build and sustain a business offers unique advantages: A high level of trust, years of shared wisdom, career training and mentorship, and the possibility of a smooth succession for the business and job retention for your employees.
Owned and operated by family, RDI Diamonds is committed to leveraging the perspectives and skills of each generation within its business. We embrace our values and fresh approaches to offer our customers the highest quality diamonds, a modern shopping experience, and a lifetime commitment to service and support. To find out more about RDI Diamonds, visit https://rdidiamonds.com/.
More on Independents
The Latest
SourcingApr 23, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
MajorsApr 16, 2024
Loudr Adds 2 DirectorsEmily Highet Morgan and Emily Bennett have joined the agency’s team.
MajorsApr 16, 2024
Stuller Releases First Lab-Grown Diamond Jewelry CatalogIts updated book for mountings is also now available.
SourcingApr 16, 2024
Karen Rentmeesters Takes Over as Interim CEO of AWDCShe has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
TechnologyApr 15, 2024
Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move ForwardJoyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
