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Diamond Business: Insight into a Diamond Retail Outlet (with Vancouver Diamonds) // The Exchange #024
Manage episode 332511058 series 3193399
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Josh Raber from Vancouver Diamonds joined us on The Exchange recently to give us some insight into his business and provide some context for the industry as a whole. Vancouver Diamonds is a boutique style retail diamond outlet and jewellery wholesaler.
Topics include where their diamonds come from; how diamonds are priced from store to store; diamond markups; lab grown diamonds; trends with millennials and diamond purchasing; + more.
Thanks for coming by, Josh! Check out Vancouver Diamonds here:
www.vancouverdiamonds.ca
510 West Hastings Street, Vancouver, BC.
Instagram: @vancouverdiamonds
Facebook: @vandiamonds
Timestamps:
( 00:06 ) Introduction to Vancouver Diamonds and owner Josh Raber.
( 02:00 ) How Josh started Vancouver Diamonds and challenges associated with starting.
( 04:39 ) The process for clients looking to purchase a diamond through Vancouver Diamonds.
( 06:18 ) Where Josh and the company gets their diamonds from + why typical retail jewellers are closing down...
( 08:33 ) Repeat clients as a jewelry business; buying back diamonds from customers; and loading up on diamonds during a recession.
( 10:10 ) Dealing with regulations on diamond dealing/importing/exporting/etc.
( 10:55 ) What a diamond is and what it's made of and how it is processed and then sold.
( 13:19 ) Catering/marketing to different demographics as a diamond outlet + dealing with social media algorithms and organic reach.
** Q & A begins @ 16:44
* ( 16:47 ) Do you find that the younger generation coming up (gen Z, etc) will still be interested in the traditional way of doing things, especially with rings/diamonds/etc + talking about lab grown diamonds.
* ( 21:11 ) Have you ever turned down a potential client?
* ( 23:31 ) If you had an extra $50,000 to invest in your business and you had to spend it before the end of the year, what you invest in and why?
* ( 24:41 ) Does my diamond really need a certificate?
( 28:27 ) Closing remarks.
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