If you want to stand out in today’s marketplace, you need to find your niche, advises Melanie Goldfiner, director of business development at wholesaler and jewelry manufacturer Rahaminov Diamonds.
“Our designers are women, and our jewelry is made by artisans in Los Angeles,” she says. “This is all part of our story…it’s who we are…it’s what we do.”
While adaptability is key in a market driven by fashion trends, demographic shifts and technology, so is remaining true to your brand values. “Even with things changing so rapidly, there are certain constants that are critical to our success,” notes Goldfiner, the third generation to join the family business. In particular, she points to the company’s relationships with its retailers. “We are very proud of these partnerships; our focus is on strengthening them.”
Building partnerships
She advocates a proactive, sustained approach to working with retailers, explaining, “We don’t try to compete with them. We’re here to support them by providing whatever they need, especially in terms of training and sales collateral.”
For Goldfiner, the emphasis falls on education. “We don’t interact with the end consumer, so it is super important to us to educate the store owner and the sales staff about what makes our jewelry unique — the quality of the stone, and the craftsmanship that you can’t get in mass production. The consumer has to know why she is paying a premium for our jewelry.”
Made in America
Rahaminov jewelry is an American product, another key point of distinction Goldfiner cites. “We are proud to say that our jewelry is made in Los Angeles; only a handful of companies can say their jewelry is made in the US, let alone in the city where they live.”
Domestic production also affords Rahaminov the advantage of controlling its own design and manufacturing process. “We see the piece at every step of the way and can make changes as needed,” says Goldfiner.
While many manufacturers use technology to streamline labor-intensive processes, she notes that Rahaminov doesn’t look for any manufacturing shortcuts. “‘Where the diamond inspires the design’ is one of our slogans, and it reflects our approach to jewelry. We’re still pretty old-school at the end of the day.”
Being located on the west coast hasn’t influenced the company’s approach to business or its design sensibilities, she continues. “Our retailers are across the country, and their expectations are the same [nationwide when it comes to] luxury diamond jewelry.”
Goldfiner acknowledges the competition retailers are facing from e-commerce, but she has seen an uptrend in brick-and-mortar sales. She is optimistic about the future of the mom-and-pop jeweler.
“Something can look beautiful on paper,” she says. “But that doesn’t mean it will sparkle when you put it on your finger.”
Image: ShutterstockArticle from the Rapaport Magazine - June 2018. To subscribe click here.