AV Diamonds staff at a collaborative staff meeting.“Life is about the relationships we create, not the people we know.”
This philosophy has guided Vinay Kotak, founder and president of A.V. Diamonds, as he has built his business the past quarter century, one relationship at a time. Since its inception, the company has supplied diamond jewelry to over 20,000 stores.
Today, A.V. Diamonds is a world leading manufacturer and wholesaler of fine diamond jewelry, catering to over 4,000 active retail customers throughout the Americas and neighboring islands – from independent jewelers and top mid-size and major multi-unit jewelry chains to department stores, television shopping channels, catalog companies and ecommerce platforms.
“A corporate company with family values,” is how Kotak describes A.V. Diamonds, touting that his average associate has been with the company for over 15 years.
Hersh Jhaveri, operating manager of its loose diamond division, ZK Diamonds, captures it well when speaking of his teammates: “I enjoy working with such a diverse group of people who really enjoy what they do; people who are motivated every day to walk in the door. There is passion behind what we are doing, which is helping catapult us into an entirely different league in the industry.”
AV Diamonds staff at the company headquarters and flagship showroom in Houston, Texas.It is this zest for helping jewelers succeed that makes A.V. Diamonds a collaborative partner for jewelry retailers of all sizes and types.
Consistent Targeted Products
A.V. Diamonds’ unique structure and substantial customer base provide the manufacturer with valuable market intelligence that benefits its clients in all areas of the jewelry industry, shares Amin Samnani, vice president of sales.
“Our business model is different than most jewelry companies, and that is why we have many different divisions,” explains Sharon Sable, senior sales executive major division. There also is a mid-major, independent, fine, and ecommerce division. Kotak notes that while there are separate groups focused on the needs of jewelers in those categories, the divisions collaborate for the best outcomes for all.
With manufacturing facilities in Mumbai, India (in the Seepz Export Promotional Zone), and Shenzhen, China, the company produces 80,000 pieces of diamond jewelry, and 50,000 carats of natural diamonds a month, with the ability to grow with clients, says Mike Bhatt, vice president of global sales. He says about 40% of production is bridal, 40% fashion, and 20% men’s diamond jewelry, and product development is a big part of keeping inventory fresh.
A.V. Diamonds has rapidly grown, since its inception in 1998, into a jewelry powerhouse with strength in catering to jewelry retailers with consistent, targeted products that turn, tells Kotak. The manufacturer’s large quantity production allows it to maintain consistent diamond supplies at attractive prices, and provides retailers with the ability to more tightly control inventory levels with ready-to-ship products.
Located in Houston, Texas, A.V. Diamonds has a 26,000 square foot state-of-the-art flagship showroom that displays its vast diamond jewelry collections, as well as manages its merchandising, invoicing, telemarketing, shipping, IT, and accounting departments. The company also boasts an award-winning, in-house marketing department that offers diverse sales packages, including Customer Reward Programs, customized flyer and specialized state-of-the-art display programs in a range of categories, and their Certified Bridal Jewelry line.
“We have 60 to 70 display programs turning two to four times a year, this is what every jeweler wants,” says Bhatt.
A.V. Diamonds created in 2016 web4jewelers as the ultimate ecommerce solution for jewelers, offering services from optimizing existing websites to creating new platforms and integrating social media to help jewelers grow their digital footprint.
The manufacturer offers more than 5,000 diamond jewelry products available to drop-ship for retailers and online stores direct to consumers. “Retailers interested in a low-cost alternative to grow their online business, or have an existing online jewelry store and want to offer more styles than you can stock, would benefit from this flexible service,” Bhatt explains.
Ecommerce is the future, underscores Kotak. “The Millennials and Gen Z are online, everything is online. We have brought in our next generation to focus on ecommerce, how to best present the product as if it’s in their hands. With innovation, with technology, we are finding ways for customers to understand the product.”
Focus on Independents
In 2022, A.V. Diamonds intends to increase its outreach to independent jewelers, particularly those who are members of the buying groups to which the manufacturer belongs, says Bhatt, including Retail Jewelers Organization, Continental Buying Group, Leading Jewelers Guild, Independent Jewelers Organization and Southeastern Jewelers Organization.
A.V. Diamonds – a partner to over 2,000 active independent jewelers across the United States, in addition to supplying major, multi-unit jewelry retailers like Kay Jewelers, Zales, JCPenney, Macy’s and Piercing Pagoda – is well positioned to provide proven bestsellers with rapid restock in diamond bridal, basic and fashion jewelry programs to jewelers enjoying the benefits of these buying groups.
Jewelers also can find A.V. Diamonds exhibiting at JCK Las Vegas, JA New York, JIS Miami, SJTA Atlanta and MJSA shows.
“We present an abundant amount of merchandise, enough to fill eight to 12 booths per show a year,” says Bhatt. Customers can also order online, with access to high-quality product images with 360-degree visuals that are consistently updated.
With 2022 declared the year of the wedding, diamond engagement rings and wedding bands, as well as the classic diamond jewelry that often marks and adorns the nuptials, undoubtedly will be in high demand. The New Year is expected to bring about 2.5 million weddings, marking a four-decade high.
Bhatt finds market intelligence of new store openings – from chain stores adding to their numbers to ecommerce platforms launching live showrooms – optimistic for the growth of the jewelry business. “We’re planning a 30% increase in our production in anticipation of this growth.”
A Rising Tide
The aphorism, a rising tide lifts all boats, runs throughout this organization that is driven to empower its team to find the best solutions for its customers, who are empowered with products proven to turn a profit consistently.
“I’ve seen this company grow every single year, regardless of COVID or other uncertainties in the market, we have survived,” Bhatt shares, attributing this success to providing staff and retail partners with the tools they need to succeed.
Forging relationships also extends to being a good partner in the supply chain, which is why A.V. Diamonds made social responsibility an integral part of its corporate structure, and went through the rigorous process of certifying its production plants as a member of Responsible Jewellery Council, as well as following the Kimberley Process for responsible diamond sourcing. The company also is a charitable partner with Jewelers for Children, St. Jude Children’s Research Hospital, and BAPS Charities.
Be the change you want to see, advocates Kotak, underscoring that teamwork built on relationships is what brings success for all. “I can only do so much, but together we can do a lot.”
He says the company started with a dream of adding value to the fine jewelry industry. “Today, A.V. Diamonds is fulfilling that goal, building loyal relationships, one customer at a time. We’ve created a reputation of delivering innovative products and packages, with the mission of adding consistent value to the businesses of all of our clients.”
