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Profile: Bill Boyajian
Nov 7, 2013 4:00 AM
By Rapaport News
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RAPAPORT... Bill Boyajian & Associates, Inc. is a consulting company focusing on business development, management, and leadership with clients primarily in the gem and jewelry industry. The company also coaches leaders in business and conducts speaking presentations. Bill Boyajian is also a former president of the Gemological Institute of America (GIA).
 Name: Bill Boyajian
From: U.S.A.
Company: Bill Boyajian & Associates, Inc. – Founder & CEO
Rapaport News: What prompted you to pursue a career in the diamond and jewelry industry?
BB: I worked in jewelry retail during my college years and became fascinated with the industry. My boss recommended that I go to GIA to obtain a Graduate Gemologist Diploma if I was serious about the business. It was one of my best decisions in life.
Rapaport News: Do you have a business philosophy that guides you in your work?
BB: My mission in life and business is to help people achieve, so I filter everything I do through that mantra. I work with my clients as a “partner” in their businesses, and try to create win-win results in every endeavor.
Rapaport News: What has been the most notable change in the diamond and jewelry industry over the course of your career?
BB: The most notable change in the industry was the absolute dependence on diamond grading reports on every level in the polished market, the universal use of the Rapaport Price List as a pricing guide, and the vast improvement in the quality of diamond cutting industry-wide.
Rapaport News: If you could make any change to the industry, what would it be?
BB: I would enforce consistent use and norms for laboratories that use the GIA diamond grading system so that there isn’t any over-grading or misuse of standard GIA terminology. I would also force the discontinued use of inflated appraisal reports which mislead the public into believing they are getting a better deal than they really are.
Rapaport News: What is the toughest professional challenge that you have faced?
BB: My toughest professional challenge was the threat of the Teamsters Union attempting to infiltrate the GIA Grading Laboratory, during my term as president of the GIA. Through a lot of hard work by many fine people, we were able to defeat the union’s attempt.
Rapaport News: What do you consider to be your greatest professional accomplishment?
BB: One of my greatest professional accomplishments was building the GIA’s headquarters in Carlsbad, CA and helping to develop the institute to a size and stature which it continues to enjoy and build on today.
Rapaport News: How has the U.S. jewelry retail market changed in the past decade?
BB: The “Great Recession” years forced a lot of retailers out of the marketplace and into retirement or bankruptcy in many cases. The reality of Blue Nile and the ease of information on diamonds and jewelry have continued to put pressure on margins and challenge the jeweler to get better at his or her trade or get out.
Rapaport News: How has the emergence of new consumer markets such as China and India impacted the way the U.S. diamond and jewelry industry operates?
BB: The emerging consumer markets in China and India have shifted the balance of purchasing power for diamonds, in particular, from west to east. Suppliers now work in an ever-more-global marketplace, where decisions about market focus are critical. The low-labor markets and manufacturing capabilities in China, India, and Southeast Asia not only serve their domestic markets but have also turned most North American manufacturers into supplier-distributors.
Rapaport News: What are the biggest challenges facing U.S. jewelers today?
BB: Most retail jewelers suffer from a lack of cash flow due to their limited capital being tied up in largely underperforming inventory. Such retailers lack the business acumen, experience, and reporting capabilities to both understand their dilemma and be able to act upon it without outside professional help. Moreover, many lack the willingness to ask for help, which is readily available from a number of good sources. Retailers today need to understand:
• what is and how to buy the right merchandise
• why they should reorder fast-selling items quickly
• the importance of increasing their average retail sales
• the negative influence that discounting has on their business.
Rapaport News: What should jewelers be focused on in order to overcome these challenges?
BB: Jewelers should get business management education and expertise in order to compete in a fast-changing marketplace.
Rapaport News: What advice would you give to someone starting out in the diamond and jewelry sector?
BB: Go to GIA and take as many courses and classes as possible to build a solid foundation for success. Then get some retail experience so you can learn what people buy (and why) and how to deal with the public. All the while you should be assessing your strengths and interests so you can follow your passion.
Rapaport News: How do you envision the diamond and jewelry market developing in the next decade?
BB: There will be continued dislocation of independent retail jewelers; increased competition from major retail chains, big-box stores, and e-tailers; continual vertical integration with suppliers and brands becoming retailers; and continued competition from emerging global retail markets. The best suppliers and retailers will get better, and those that cannot compete will slowly disappear.
Rapaport News: What role do you envision yourself playing to facilitate those developments?
BB: I hope to continue to help jewelers and industry professionals who are open to change, who seek the guidance they need, and who wish to succeed in business and life. I can’t quite imagine ever retiring from something I love to do, so I will likely continue to be involved in some way to help tradespeople achieve what they envision as their success.
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