Celebrating its 40th year in business, iDD has evolved from its roots as a loose diamond wholesaler to become a fine diamond jewelry manufacturer leading in the development of innovative products, programs and technology to drive sales for independent jewelers.
Listening to its retail partners has been central to iDD. “Our primary focus is supporting our retailers and helping them enhance their sales performance,” says CEO Alok Mehta. “At the heart of our operation lies an unwavering dedication to the success of our retail partners, as captured by our slogan Life, Partnerships, Love.”
Independent jewelers are looking to align themselves with forward thinking companies like iDD that will work strategically with them. “The industry is changing, and as a leader, and I say that most humbly, we would like to drive that change in our industry,” shares Alok. “We have to be creative in developing products and services that help independent jewelers at the store level.”
iDD remains positive, vibrant and investing in the future, as exemplified by a recent move to a larger office at 545 5th Ave. Not your typical manufacturer’s office, iDD’s new space was conceived to foster collaboration and idea sharing.
Clients are first greeted with a comfortable lounge where conversations begin. “We start our meetings wanting to hear from our retail partners to learn how they are thinking,” describes Alok, adding that his team comes prepared with relevant data and insights to find the best solutions and strategies for their market.
Toolbox of Assets
For more than 15 years, iDD has been collecting retail market data, with a separate intelligence unit collating, filtering and analyzing the information on a variety of metrics to create real calls to action. “Our proprietary software provides incredible market insights, data that is driving a large part of our business strategy,” Alok explains, noting that iDD is continuing to invest in this capability to better equip retailers for the future.
The culture at iDD is centered on continually studying the fine jewelry marketplace to improve its offerings and provide valuable insights and solutions to independent jewelers.
“Everything we do is examined through the lens of how it will help our retailers sell more and be more profitable,” describes Alok. “For so long in our industry we have run on gut, but times have changed. There is so much information out there revealing actual, proven products. Today, less is more.”
Recognized for its market-proven private label and branded jewelry collections, iDD provides in house custom marketing, interactive B2B website, innovative e-commerce assets, dedicated sales trainers, and the industry’s No. 1 consumer finance program, The iDDEAL Credit Card.
Branded Collections
Nearly a decade ago, iDD introduced to the market the Flexie™ line of flexible diamond bangle bracelets, which has been a game changer for so many retailers, an over $10 billion category that Alok hopes more independent jewelers will capitalize on. This nice, light bangle, he says, has replaced the tennis bracelet as the modern classic.
There are over 100 bracelet styles in the line, as well as a selection of bands and rings, crafted in 14K gold and set with natural mined diamonds. Supported by a full marketing package, Flexie™ bangles and bands are backed by a lifetime warranty.
One of iDD’s latest branded collections, Mozé™ is an innovative custom bridal program born from brainstorming with retail client, Occasions Jewelry in Midland, Texas. “We were working on some technology, and they had an idea for customizable bridal, and through our collaboration Mozé™ Bridal Design Studio was conceived,” tells Alok. “This breakthrough collection features mix-and-match capabilities and omni-channel customer touchpoints that allow customers to choose from thousands of options to create their perfect ring. The online design studio takes customers from idea to finished design that customers can see, edit, and price online in real time.”
Recognized as a leader in the mined value space for bridal/anniversary basics and fashion diamond jewelry, retailers also have been partnering with iDD to help them navigate the complex category of lab-grown diamonds. Alok describes generic lab-grown diamonds as a “race to the bottom” for independent jewelers, with the way prices have been dealt with across the industry.
“Our focus is on offering our retail partners branded lab-grown diamond jewelry collections,” says Alok. “Our latest Skyset™ collection features curated lab-grown diamonds in a new setting. Thanks to patent-pending technological advances, Skyset™ shows up to 70% more surface, with no metal covering the top of the stone as with prong settings, making the diamonds appear to be floating above the skin.”
Like Flexie™, the Mozé™ and Skyset™ collections are supported by a full marketing package and dedicated sales training.
Consumer Finance Program
For nearly a decade, independent jewelers have leveraged the large scale, financial strength and innovative vision of iDD, empowering them to close more sales with the iDDEAL credit card. The industry’s preeminent consumer finance program, processing over a billion dollars of successful consumer financing transactions, is a point-of-sale payment solution that makes buying jewelry effortless for customers with an easy approval process, revolving credit, promotion plans, and competitive rates. For this program, Alok shares that there has been almost zero attrition, and its high double-digit growth has come mostly organically from existing customers using the program more.
A new component for jewelers, iDD offers the online credit eligibility platform Waterfall that saves retailers time, providing customer’s financing eligibility in seconds across many lenders. Waterfall allows retailers to maximize upsell potential and increase revenue, while decreasing retailers’ average cost of financing by displaying average financing costs for each available financing plan. It provides credit eligibility models using all major credit bureaus and its proprietary AI technology.
This pre-qualification, which does not impact customer’s credit score, minimizes the decline of applications on lender platforms, yielding upgrades to preferred rates and substantial savings. Alok describes this technology as pivotal for retailers to be more efficient in giving choices.
iDD brings decades of experience in the independent space, painstakingly earning the trust of its retail partners. “Beyond all the programs, technology, and marketing, our quiet strength is our long tenured sales team whose knowledge and customer centricity makes them a valued and trusted extension of our retailers,” Alok describes.
A member of the jewelry industry’s leading retail buying groups, iDD also is a member of The Plumb Club and American Gem Society, and is certified by the Responsible Jewellery Council as following responsible business practices. For more information call 800-621-1162, email sales@iddny.com or visit www.iddluxe.com & www.iddjewelry.com.
