Voice On The Highstreet

Voice on the High Street – Rich Diamonds

We speak with Raj Jain of Rich Diamonds to hear how he set up and established his brand

When was Rich Diamonds founded?

We have become an internationally recognised and trusted purveyor of rare vintage and luxury jewellery, trading for more than 32 years and serving the maharajas of India and royal families.

Setting up as a private buyer in Mumbai, I brought operations to London several years later, opening a Bond Street store and taking services online in 1999. Rich Diamonds is part of Watches and Jewellery of Bond Street group, which specialises in both luxury branded watches and jewellery items, and employs a 25-strong team of sales advisers and administration.

What type of Jewellery do you specialise in?

Pre-owned branded jewellery. We are one of very few premium pre-owned branded jewellery dealers in the UK – and internationally – that buy and sell such a large range including Cartier, Tiffany, Chopard or Van Cleef & Arpels pieces and sell them at up to 50% off the retail price. Our vast trade experience enables us to authenticate and purchase these high value items and pass them on with great savings to our clients. It makes financial sense to pay far less for the same luxury piece of jewellery than buying as new.

You also sell your own range, what does that add to the company’s offering?

Yes we do sell our own diamond jewellery range that we design and manufacture, from diamond tennis bracelets and bangles to pendants, rings and earrings. All these are beautifully designed with diamonds and precious stones. This is a recent bespoke service that we’ve added to the business. It is a very exciting project that we are excited to develop and grow in the next few years. We also offer non-branded pieces and we have plans to expand our own Rich Diamonds branded jewellery along with the luxury premium brands.

Are you concerned about Brexit and rising gold prices?

Brexit has affected us more than gold prices. Gold prices won’t affect luxury brands in the short term. However, due to Brexit and the record low pound, our buying overseas has been severely halted and our goods have become far more expensive for us to purchase. We are therefore focusing on buying more from the UK market and are hoping that UK customers will buy more at home from companies like ours rather than abroad.

 

Has the evolution of e-commerce changed the way you run the business?

Definitely. E-commerce has allowed us to grow our presence overseas and in markets outside of London. We are one of the very few independent shops remaining on Bond Street, and as rents continue to rise, e-commerce will allow us to eventually evolve the business more into an online presence. However, due to the high-value nature of our goods, we will always maintain a physical space where our valued clients can view the goods before finalising a purchase if they wish to do so.

Where do you see Rich Diamonds in, say, five years time?

We are very excited about the future of Rich Diamonds. We are just getting ready to launch our enhanced and beautifully designed website for a more fulfilling customer experience for our clients. We are also making investments in other parts of the business, including our own brand collections, and we hope that these efforts will result in our increased profiling as one of the most recognised names in pre-owned and luxury brand retailing.

This article first appeared in the August 2016 issue of Jewellery Focus

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