Panelists on this week’s episode of Rapaport’s Heard on the Street video series pointed to customer relationships as a key part of the sales process when show moderator Heather Chambers asked them to share their approaches to selling.
Diamond wholesaler House of Diamonds is built on a one-price principle, said CEO Ari Jain. “When we give you a price, we’re never going to lower it, because if we do, even once, it goes against the essence of our company.”
He never wants a customer to feel like the company was originally going to charge them more, he explained, adding that none of the bosses at House of Diamonds’ various locations can lower a set price.
“We don’t want to get an extra dollar from our customer,” Jain said. “We see our customer as we see ourselves, and I don’t want to get extra money from someone. It doesn’t feel good in our hearts. We haven’t been taught that way.”
At jeweler Diamanti NYC, co-owner Kerri Lavine – the influencer known as the “Godmother of Diamonds” – has found that her social media platform means clients already know her and feel comfortable when they come in to make a purchase.
“It’s personalization,” she said on the episode. “I am a one-on-one person. I only wish sometimes I had nine arms…because everybody grabs at me. They all want me in their sale.”
Sometimes, maintaining a customer relationship can take priority over making a sale, said Arife Shehi, sales manager at Kiran Gems USA and guest panelist on the episode. “Losing that sale but building that trust and relationship and connection with someone is far more important than a couple thousand dollars, hundred dollars, whatever it is, because in the end, that person will remember that connection and come back.”
Joining Jain, Lavine and Shehi on the panel were Jeff Angel, head buyer for RDI Diamonds, and guest panelist David Berdugo, CEO of Caratwise.
The episode also features a “Street Interview” segment on the same topic with Zalman Davydov, co-owner of The Watch King NYC.
Heard on the Street is co-produced by Rapaport and Shop LC.
