Online Diamond Dealers
An interview with Doug Blanchard, Adamaunt Diamond’s Managing Director.
History Diamonds Online
Rep: There’s a great deal of buzz about the changes taking place in the diamond and jewelry industries right now. In that buzz, we are hearing more and more about new diamond business models, online diamond companies that offer cheap deals on diamond engagement rings; and among other things, we are hearing about this Boston Diamond group Adamaunt Diamond Brokers. Now, you Doug, are Partner and Managing Director of Adamaunt. Could you tell us a bit about yourself and this wholesale diamond and jewelry operation you oversee?
Doug: Sure. Well, what we are is a national diamond and jewelry business via http://www.americas-diamonds.com and several other web presences. My partners and I have spent the past few years neck deep in the manifold and laborious processes of translating a successful brick and mortar Boston diamond and jewelry business to the web. Adamaunt Diamond Brokers, is simply an extension of a, 20+ year old Boston wholesale diamond and jewelry network that boasts arguably the cheapest public source for diamonds, engagement rings and jewelry in the nation.
Rep: When and how was did this partner relationship form with you and your Boston Diamond sources?
Doug: My partner and his established reputation and supply chains have been in place in the Boston area for over 2 decades. I met him by divine appointment (is there any other way?) 4 years ago after finding what I thought was a round brilliant diamond in my residence. The stone turned out to be cubic zirconia, or a “fugazi” as Mark called it, but fellowship was had and a deep friendship was forged. My background in b2b internet sales, his diamond resources, and the existing network of diamond importers and cutters that were in place, appeared to be a solid foundation for this crazy idea of selling diamonds over the internet. Not to mention the enormous influence of third party diamond certifications, Credit card fraud protection, and, most importantly, the massive success of companies like Blue Nile and Diamond.com
We were convinced that with the right relationships, a solid web presence and our under prices on diamonds and jewelry, online diamonds and engagement rings was the only way to go. Knowing that our business model and ethically centered practices were a huge success locally, we assumed the same would be true for our online presence. Furthermore, even as more and more diamond business became national with the web, we still had yet to find one that could or would sell to the public as cheap as we could.
Boston Diamond Dealer
Rep: Now you and the Adamaunt Diamond Brokers team have been at ifythis project for a few years now. You’ve been dealing with this emerging online diamond marketplace for some time; you’ve seen what’s out there, what the public is looking for and what your competition is up to. How are you able to separate yourself?
Doug: That “difference” is really what we are all about with our diamond and jewelry operation. Whether it be for the Boston Market or the entire United States, our goal is to read the changes taking place on the wholesale end of things and make the necessary adjustments so that we can continue to beat every price out there. The online diamond market has created a different type of diamond buyer.
There are hordes of websites out there that can equip diamond shoppers with valuable diamond information; Information that was not available to them before. It also enables diamond shoppers the ability to compare options very quickly and efficiently. This forces online diamond companies to present their best prices to the public. If your prices are not competitive, it’s just too simple for the public to visit another virtual diamond store. Adamaunt Diamond Brokers has positioned itself in such a way that we are not required to make substantial margin on our sales. In fact, if need be, we can and sometimes will sell at cost just to build the relationship for future business. Diamond Companies are not designed to do what we do. They have substantial overhead. They HAVE to make a profit to pay for inventory, employees, etc.