Diamond Business: Insight into a Diamond Retail Outlet (with Vancouver Diamonds) // The Exchange #024

The Exchange with Sunil Prasad

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.