We recently connected with Jodi Reynolds and have shared our conversation below.

Jodi, thanks for joining us, excited to have you contributing your stories and insights. How did you find your key vendor or vendors? Maybe you can share the backstory and share some context and the relevant details to help us understand why you chose them, why they chose you, etc.

The jewelry industry is still a bit of an old-fashioned, male dominated industry in which handshakes secure business deals and if you or your family haven’t been in the industry for decades, it’s very difficult to start doing business without solid references. However, it’s difficult to get solid references, without having done business in the industry before. It’s very cyclical. I leveraged my first key vendors through 2 organizations- the alumni group for the GIA Institute, where I obtained my degree, as well as searching social media for private groups/forums specifically for jewelers. I spend hours/days/weeks scouring these forums looking for vendors and scheduling calls and zoom meetings with them to sell them on working with me. Additionally, I have leveraged credit, meaning I would offer suppliers to charge my credit card for orders prior to them shipping which is not the common practice in this industry. Most business transitions are done on 30 days terms where the buyer has 30 days from receipt of items to pay the supplier.
Once I was able to obtain a meeting to discuss working with suppliers, I drove home the changes that many industries are seeing, which is that consumers are being driven by social media. This is a strength that I have with a strong social media presence. Since Covid, the industry, along with many others, has seen a change in consumer behaviors, in which consumers are purchasing fine jewelry online (outside of the small amount of large online historical sellers such as Blue Nile). Social media is driving this curve with the more successful jewelers being women. Female owned jewelers that have embraced social media have grown their business by consistently posting photos and videos of fine jewelry, trying it on, and styling for everyday or special events.
In the last few years, I have noticed a huge curve with the vendors and manufacturer’s looking to partner with female jewelers with an online presence and their willingness to be flexible with order limits, etc. with the hope of growing along with the jeweler.

As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?

I am the founder and owner of The Karat Concierge, a private concierge jeweler out of Austin, Texas. I work directly with individuals and couples both locally and throughout the country to design and source fine jewelry pieces as requested by clients and specialize in assisting spouses with gift giving. Additionally, I provide very reasonable pricing on stock fine jewelry on my website, thekaratconcierge.com, including my specialties of tennis bracelets and tennis necklaces, and can be contacted directly for pricing on stud earrings of any size, loose stones, and engagement rings. A concierge jeweler is a jeweler that works with private clients upon request, and since the pandemic, became crucial with the increase in demand in the fine jewelry industry and the need for a more personal and private design or shopping experience either autonomously through my website, or through communication that ranges from phone, text, e-mails, social media direct messaging and ZOOM. This allows for a more comfortable and private shopping experience for consumers without the pressure of walking into a jewelry store. The Karat Concierge clients range from high-profile athletes and CEO’s to everyday consumers looking for small and affordable pieces.
I find the most joy in working with spouses to help gift fine jewelry for holidays or special occasions. “I hear the same story over and over again from my clients. Their husband wanted to buy them something nice. He walked into a jewelry store and walked out spending more than he should have on a piece that his wife never liked and rarely wears. Good intentions don’t always end up with money well spent.”
Over 90% of jewelry is worn by women, yet men dominate the fine jewelry industry in all aspects. I am on top of the trends and classic pieces but also helps work with clients to decide which fine jewelry investments should be prioritized for both their style and their lifestyle. in educating consumers on diamonds and gemstones on my Instagram page @thekaratconcierge. Educated at the most prestigious fine jewelry institute, The International GIA Institute, the Instagram page for The Karat Concierge includes education on diamonds and gemstones which I learned throughout my schooling, experience, and the trade organizations I belongs to. Additionally, I posts one-of-a-kind pieces available from wholesale partners ranging from $300 to over $50,000; but always well under retail and appraised value. By working without a storefront, I keep overhead costs at a minimum and pass that savings to clients.
It’s no longer necessary to make a trip to NY to get a great deal on fine jewelry. The Karat Concierge is the new “Diamond Gal” that works as closely with the diamond cutters and brokers as those in NY do- I just don’t have New York real estate to pay for. “Most jewelry is designed for women-, but not by women. The fine jewelry industry has been dominated by men for as far back as you can trace”, Reynolds says. “I joined this industry with a background of business and negotiating large contracts to disrupt the cycle of predominantly men creating pieces for women. I wanted to start creating and sourcing pieces that I knew my clients would love to wear and help their spouses gift pieces to them that would be a big hit. Most jewelers don’t accept returns on nay fine jewelry, and almost never on custom pieces so it’s important to get it right the first time. “Who better to design something for you or your spouse than a designer that wears and displays fine jewelry”.

What do you think helped you build your reputation within your market?

The entire fine jewelry industry is built on trusting your jeweler, especially now with lab grown diamonds being so prevalent. The average consumer would not know whether a diamond is natural or lab grown without an advanced diamond tester- that’s of course a benefit of lab grown diamonds, however those buying a natural diamond need to know that they can trust that what they are receiving from their jeweler is actually what they are paying for. My reputation has been built on the fact that I am a mom first and a jeweler second. My clients know that they can trust me because I see them on the football field, at school, at the grocery store, etc. My reputation as a member of the community is just as important to me as my business. If I was dishonest, not only would my professional reputation be tarnished, so would my personal reputation. And without having a storefront and employees, my clients know that I am the sole person behind every piece and design.
Additionally, I do not appraise any of my own pieces that I sell or redesign. I personally think that it’s a conflict of interest for a jeweler. By having my clients that need or want appraisals use a third party appraiser, this creates a checks and balances, so that another trained jeweler can tell my clients that what I told them they were receiving is actually what they recieved- and for a fair or below market price based on the appraised value.

Any thoughts, advice, or strategies you can share for fostering brand loyalty?

My favorite part of my business strategy is helping people gift for their loved ones, and 80% of that “gifting” is working with husbands to gift for important holidays. These include birthdays, anniversaries, the December holidays, and Mother’s Day. I encourage my clients to build wishlists with me so that I can easily guide their loved ones into picking the perfect gift for them. These wishlists are either built during in person appointments, simply by them messaging me on instagram when I post something they like and saying “add this to my wishlist”, through a phone or Zoom meeting, or buy “dropping a hint” to their gift giver on my website. Part of building the wishlist is collecting information on the dates of birthdays, anniversaries (including the year so I know when the BIG anniversaries are coming), etc. as well as the contact information for their gift giver. Prior to the date, I send one reminder that there is an important date coming up and I’m here to help with a gift if need be. I know that not every holiday will be a jewelry gift, but I also like providing a reminder for the gift giver that there’s an event coming up that they need to think about a gift for. This provides a service for my clients (often it’s husbands) that they can come to rely on and creates brand loyalty because many spouses just want an easy gift that they know will be appreciated.

Contact Info:

• Website: thekaratconcierge.com
• Instagram: @thekaratconcierge
• Facebook: The Karat Concierge
• Linkedin: www.linkedin.com/in/jodi-reynolds-mba-710b2b2a

Image Credits
Courtney Greer Photography and Marine Barian Photo