CORONAVIRUS ASSISTANCE
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Vital Diamonds is extending
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30 to 60 days for
the next three months.
Offer Ends 30 June 2020
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In 2020, diamond supplier Vital Diamonds will mark its 20th year in the Australian jewellery industry.
The Melbourne-based business expanded at a rapid pace in its first 10 years, but director Natella Aminov tells Jeweller that a balanced approach is key to Vital Diamonds’ continued success.
“During the years we learnt not to have one area of specialisation and instead stock all varieties of diamond shapes and colours. It’s great to offer a wide range of exciting quality stock to different clients with different requirements,” she says.
“In the first 10 years, the business grew very aggressively, and in the last 10 years we have focused on maintaining our position at this scale. We want to stay as we are and provide quality service to quality clients. This is our goal,” Aminov adds.
Vital Diamonds pioneered the supply of matched pairs and calibrated sets, and is seen as a market leader in brown and yellow fancy colour diamonds.
“Every five years, we develop a new line or new direction that pays off in the future. Around 15 years ago, we came up with our matching pairs and layouts line. At the moment, without exaggeration, we are the leading in the industry for matching pairs and sets – we are very well known for having the best calibration in the market,” Aminov explains.
“Then we started with another line, which was coloured yellow diamonds. We developed it slowly. Around 10 or so years ago, we started with brown diamonds and now we are leading in the industry in that category too,” she adds.
As for the next innovation Vital Diamonds will introduce into the market, Aminov tells Jeweller: “We have developed future strategies and lines that will stay secret, so that once they are released, they are a surprise for our clients and the market.”
Vital values and a firm foundation
Indeed, Vital Diamonds is able to supply high quality products due to a deep knowledge of the stones themselves, as well as the international diamond supply chain.
“The business was built on more than 20 years of experience. The other director, my husband Ben Aminov, was a diamond cutter and polisher in Israel for many years. He will regain the value of your chipped or scratched diamond using our in-house diamond cutting machinery," says Aminov.
"We have his expertise in diamonds, my expertise in running a business, and our team’s expertise in everything else!”
Today, the majority of Vital Diamonds stones are still cut and polished in Israel, a global centre for high-quality diamond finishing.
Aminov says part of Vital Diamonds’ success comes from being a family-owned and operated business with a close-knit team of staff.
“Our permanent staff have been working together with us for more than a decade, and I think that is the strongest side of the business – that we, from one side, are a small family business, and from the other side we are also a family because all our team members have been together for such a long time,” she explains.
A strong emphasis is placed on customer service and reliability.
“We supply what we promise: if we promise certain quality goods, that is what the client will receive. And if we say we will send it today, it will be sent today,” says Aminov.
Instincts for survival
Vital Diamonds has faced its share of challenges in two decades of trading.
Aminov recalls the currency crash of 2008 – when the Australian Dollar slipped from $US1.03 to $US0.62 – calling it an “absolute disaster”: “Because we sell in Australian Dollars at a fixed price, at the time each sale made a loss. That was definitely the hardest challenge for us. Luckily, the business was strong enough to cope with this change and loss!”
Today, the global diamond trade is also facing headwinds – but Aminov is confident Vital Diamonds is well placed to overcome the challenges.
“This kind of business is always exposed to risk, so you want to feel comfortable and confident with the clients you sell to,” she explains. “Our Australian clients are knowledgeable, reliable, and honest. These are the clients we want to work with.”
It’s that commitment and loyalty between the supplier and its customers that has allowed Vital Diamonds to be successful for two decades, and will ensure its bright future.
Vital Diamonds' Company History