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Reno's Hidden Gem; Diamond Vault |
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Written by by Doresa Banning * sponsored by Diamond Vault
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Monday, 03 November 2008 |
Out of view of passersby in Reno is a small business with big offerings: a vast array of diamonds, significant consumer savings, and ample customer service.
“The Diamond Vault is Reno’s hidden gem,” says Mark Miller who, with his wife Pat, owns and operates the company.
The Diamond Vault is a diamond brokerage office, which means the Millers first help the customer identify and understand what specific diamond they want. Then they see if they have the diamond in stock. If not, then, unlike retailers who sell solely from their inventory, the Millers shop a nationwide network of about five thousand diamond dealers to find the desired diamond at the best price (the wait for a selected diamond to arrive is a few days at the most).
“We have no allegiance to any other diamond dealer,” Miller says. “Our allegiance is to the customer.”
In addition, the Millers also acquire and import diamonds directly from sources in Israel.
“We are the middlemen of the diamond industry,” Miller says. “Buying from the Diamond Vault is one step away from the true commodity.”
Most retailers, on the other hand, Miller says, purchase diamonds from middlemen and then pass their markup on to the consumer. Unlike retailers, the Diamond Vault doesn’t charge a second markup on its merchandise. Rather, its prices reflect a savings of up to fifty percent off of retail costs, Miller says. Its prices are equivalent to what can be found on the Internet and always are at or below costs on the New York wholesale price list, the industry standard used for pricing diamonds.
The Millers can offer these reduced diamond prices because their overhead is low—about one-fifth the cost of a standard mall operation, Miller says. They chose their location, above the bank in the Bank of the West building on Kietzke Lane, for the lower rent, so they could then pass that savings on to the customer. The spot also provides additional security and allows the Millers to close the brokerage when on merchandise-buying trips.
Merchandise variety
Because the Diamond Vault is a brokerage, it also can offer diamonds that range from one carat to ten-plus carats. On any given day, its on-hand inventory includes about fifty-plus, one-carat diamonds and more than one hundred designer-ring settings. Many of these are on display in the Diamond Vault’s showroom, which gives consumers a visual idea of what’s available.
“Our clients have many options,” Miller said.
Also, diamonds at the Diamond Vault aren’t limited to traditional, natural stones. The Millers also supply colored, synthetic and clarity-enhanced diamonds.
“We really focus on giving consumers the most up-to-date options on diamond consuming,” he said. “Every piece we sell is customized because it can have multiple different sizes, shapes, and qualities.”
Personal touch
Mark and Pat Miller are the mom and pop of the Diamond Vault operation, and customers are sure to get either one’s attention when there. The two, having twenty-five-plus years of expertise in the diamond industry, pride themselves on the assistance and service they give customers and the relationships that form as a result.
Some Diamond Vault customers who’ve moved out of the area, as far away as Texas, return to the store for a new purchase or service.
“Their confidence is high that we will take care of their needs,” Miller says.
Because buying a diamond is a complex task, the Millers are happy to educate their clients. For instance, they’ll help people understand why a one-carat diamond can cost anywhere between $1,900 and $8,000. The Millers know, too, that buying a diamond is a large, oftentimes emotional, purchase and therefore do what they can to get their customers the best value and guide them through the process.
“There are no salespeople here,” he adds. “We don’t sell anything. We help clients understand the industry so they make an informed decision.”
The Millers even will demonstrate, when possible, how their prices compare directly to other places’ to ease customers’ concerns about getting the best value.
Service doesn’t stop, however, once a purchase is made. The Millers provide basic maintenance, including resizing, cleaning, stone checking, and tightening.
“We’re a full-service jewelry operation in that we provide all the services expected from a jewelry store,” Miller says.
These services include getting words or initials laser inscribed directly onto a diamond, which are invisible to the naked eye. Trade-ups are another option for clients. They can return a jewelry piece they purchased at the Diamond Vault and buy the same piece with an upgraded diamond, having the original purchase price deducted from the cost.
It’s best to make an appointment to consult with one of the Diamond Vault brokers, but walk-ins always are welcome. The company Web site, www.DiamondVaultReno.com, is another information source.
Niche knowledge
The Millers worked for a decade-plus learning the diamond and jewelry industries at various Bailey Banks & Biddle stores. In 1996, they parlayed their knowledge into running their own brokerage firm in Sacramento, the Diamond and Gold Vault.
After nine years, they identified an opportunity for a similar venture in the Northern Nevada market, and relocated. In January of 2006, they launched the Diamond Vault.
“Diamond brokerages aren’t unusual in the industry, but they were really unusual to Reno,” Miller says.
In fact, in a slowed economy, the enterprise is more than holding its own. Last year, business at the Diamond Vault was up forty percent from the previous year; this year it’s up twenty percent from last, Miller says.
Earlier this year, the Reno Gazette-Journal recognized Mark Miller and the Diamond Vault with an Honorable Mention in the award category: “Best New Entrepreneur for Companies Formed in 2006 or Later.”
“We’ve been well received,” Miller says.
Diamond Vault
Owners/Brokers: Mark and Pat Miller
Address: 4950 Kietzke Lane, Suite 301, Reno, NV 89509
Phone: (775) 342-6663 / (775) DIAMOND
Fax: (775) 827-8885
Website: www.DiamondVaultReno.com
Hours: 10 a.m–5:30 p.m. Monday–Friday, 11 a.m.–3 p.m. Saturday |
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