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Manufacturing success


In a rapidly changing market, Rahaminov Diamonds sees its retail relationships and hands-on design as constants.

By Joyce Kauf


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.”

Tips for meeting the challenges
Rahaminov’s Melanie Goldfiner identifies the difficulties facing manufacturers, and offers some advice to make the most of opportunities.

Challenges:


  • High-end designers are now selling directly to the public, creating more competition not only for retailers, but wholesalers as well.
  • Millennials aren’t buying diamond jewelry. Manufacturers need to work more closely with their retail accounts to develop creative ways of enticing millennials into a store, and more importantly, getting them to buy. Millennials want an experience — but it has to be different than buying a phone.
  • Jewelers are seeing more competition from the internet.
  • Finding artisanal jewelers with the skills to produce intricate designs is no simple task.

  • Tips:

  • Be true to your brand. Maintain the same standards whether a piece of jewelry sells for $1,000 or $100,000.
  • Develop your singular story. Make sure you have a point of differentiation and promote it to your customers. Include it as part of in-store sales training so the end consumer is aware of it as well.
  • Encourage women to feel confident in wearing and purchasing beautiful jewelry that can be worn every day. Empowering women is a great cause.
  • Buying online has its limitations. Support retail accounts with in-store training. Remember business mogul Warren Buffett’s advice: “If you don’t know jewelry, know your jeweler.”

  • Image: Shutterstock

    Article from the Rapaport Magazine - June 2018. To subscribe click here.

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    Tags: Joyce Kauf