Built by a diamond industry insider and launched this past December, MyDiamond has quickly grown a following with private sellers and jewelry designers, along with the tightly-knit diamond industry, to differentiate itself against catch-all marketplaces.
Since launching late last year, MyDiamond (C.G. Diam Corp) has quickly grown its subscribing network of retail stores and private sellers listing their inventory on the free platform. This includes both chain and independent retail stores, jewelry designers and private sellers all listing new and used diamond jewelry alongside each other.
There has been a hidden impact on consumers from the decline of brick-and-mortar jewelry stores as they lose out to the online shopping trend. Purchasing a diamond online for a seemingly lower price, also without seeing it in person first, has lowered the quality of a diamond a consumer settles for. This could manifest in a diamond with less “sparkle” than it appeared to have online, or a smaller carat size than they would have found if some less important diamond features were changed.
“Having worked in the industry for a number of years now, I have seen the effect that online shopping has had on the retail jewelry business. Customers deserve the convenience and pressure free environment of online shopping, but in the case of diamonds and engagement rings, we believe a consumer should see the diamond in person first. You wouldn’t buy a car without test driving it first, and diamonds are the same.” – Adam Gharavi, CEO
Born out of these first-hand experiences of working in the diamond industry in Toronto, Canada, MyDiamond has enabled consumers to get the most value from a diamond based on its detailed search filters with accompanying explanations, while also being able to contact the nearby seller listing the diamond or diamond jewelry. After contacting the seller, a consumer can choose where to meet in the case of a private seller, or drop by the actual store for retailers, before making any purchase. There are no obligations to purchase when meeting to view inventory in person. Alternatively, search results can be saved to a private MyDiamond Box to come back to later. All searches can be done within a set travel distance based on actual location, and sorted by price or the nearest available results.
On the other hand, private sellers or retail stores looking to list their inventory can start off with a Free Account that allows two free inventory postings to the MyDiamond platform. For the full suite of benefits to listing on MyDiamond, a Standard Account for a monthly subscription fee of $100 USD (includes a free 30-day trial) has a strong enough presence to act as its own website for any seller.
Full subscription features for sellers include a customizable profile URL (mydiamond.io/seller-name) with unlimited inventory posts linked directly from the profile. Optional profile sections include seller description, location map, operating hours, services offered, social network links, inventory gallery and a main cover photo.
The MyDiamond team, composed of co-founders with decades of overall experience in the tech industry working on services that have reached millions of users, are fast at work on improving the MyDiamond platform for both buyers and sellers. They have found local business support through MaRS Venture Services and Enterprise Toronto, being headquartered in one of North America’s largest tech hubs.