Interested in starting your own entrepreneurial journey in jewelry but unsure what to expect? Then read up on our interview with Ajay Anand, Founder of Rare Carat, located in New York, NY, USA.
What's your business, and who are your customers?
At Rare Carat, we sell loose natural & lab diamonds and diamond engagement rings. Our mission is to help the average millennial online shopper make one of the most important purchase decisions of their lives by providing them with an online diamond marketplace and helpful advice. We help customers buy diamonds from any seller intelligently by providing them with 18 point grading system, advanced filters, and an abundance of educational libraries.
We have our own diamond reporting system called "Rare Carat Report™" Thousands of consumers daily rely on the Rare Carat Report to tell them if the diamond they are considering buying is a good deal and whether it has quality issues they should be aware of. Each report analyzes critical aspects of a diamond, like its value, cut, color, clarity, and more.
Additionally, our team of unbiased GIA-trained gemologists is available for customers to have good old-fashioned human conversations about diamonds from any seller they are considering purchasing from, thus allowing them to shop smarter and faster. We also inspect each diamond to guarantee authenticity before it's shipped to the customer. We give our customers free insured shipping, free resizing, and 30-day returns, no questions asked. And we offer a lifetime warranty on the ring, so customers are always covered.
Tell us about yourself
I founded Rare Carat after my personal experience of having difficulty buying a ring for my then-girlfriend, now wife. I found the process of purchasing a traditional engagement ring overwhelming as I knew next to nothing about diamonds. I was determined to find the perfect diamond for her, but I also wanted to make sure I was getting a good deal. My three-month search for the right diamond ring at the right price ultimately inspired me to start Rare Carat, the #1 online marketplace for diamonds today.
I am motivated every day to do what I do because I want to make it easier for people to buy diamonds and make better decisions when buying diamonds. I believe that by providing customers with all the information they need to make an informed decision, they can have a more positive and stress-free experience when purchasing a diamond.
What's your biggest accomplishment as a business owner?
As a business owner, my biggest accomplishment has been being able to create a platform that allows customers to buy diamonds with confidence and at a great value. One of our proudest moments was when a customer purchased a diamond for a record-breaking $2.5 million through our platform and stated that they felt they got a bargain. This was highlighted in a New York Post article, which reported on the sale and the customer's satisfaction with their purchase. This achievement is a testament to the effectiveness of our tools at Rare Carat and the expertise of our team of GIA-trained gemologists in providing unbiased and accurate evaluations of diamonds. It also demonstrates our commitment to providing customers with a wide range of high-quality diamonds at competitive prices.
What's one of the hardest things that comes with being a business owner?
One of the hardest things that come with being a business owner is the constant pressure to make the right decisions for the business. As a business owner, you are responsible for the company's success and failure, which can be a heavy burden to bear. You have to make decisions about everything from hiring and firing employees to budgeting and financial planning to developing and executing a business strategy. This can be incredibly challenging when the market is uncertain or when you are dealing with unexpected challenges.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Just be prepared for pain: Starting a business is not easy, and you will fail a LOT through the process. Be mentally prepared for that, and when it is happening, know that it is normal.
- Move fast: The only thing you have going for you against your bigger competitors is speed. Use it!
- Talk to customers: At the end of the day, we only have a business because of customers. To know what to build, talk to your users. Never stop!
Where can people find you and your business?
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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