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By: Ikedi Ani-okoye

Man Made Diamonds on sale

In 1999 Michel Einhorn launched a diamond jewellery website called Cool Diamonds, his father, himself a third generation jeweller, asked his son why he was bothering. Nine years on, the site sees more than five million hits a month. Both Sotheby's and the Financial Times have invited Einhorn to speak publicly about online jewellery retail. The Cool Diamonds four-storey clicks and mortar building in Hatton Garden has recently expanded into the cellar to double its sales team and at £5million, its turnover is second only to American online jeweller www.bluenile. com

With an estimated 300 family members in the diamond trade, no need to invest his own money in his start-up thanks to family wealth (he started by taking goods on sale or return from his father), and work experience in the family business at age 12, you could say Michel Einhorn had a head-start.

Man made diamond achievements

But Einhorn says one of his greatest achievements has been transforming Himself from a wholesaler into a retailer. Formerly based at the London Diamond Bourse, Einhorn's business was 98% wholesale with "a couple of private clients". A self-educated techie who built robots as a teenager, Eishorn is fully committed to capitalising on the web's capability. Having been in the jewellery business for over 30 years.

"Cool Diamonds Focuses on access to quality diamonds and High quality designer jewellery", he says. Cool Diamonds has worked closely with some of the most established names in British fashion, From Jasper Conran and Bruce oldfield to Vivienne Westwood, as well as Versace diamond jewellery. Cool Diamond's link with the fashion world started in 2001, when it created catwalk jewellery for Jasper Conran. The company also runs an annual competition for third year Central St Martins students.

Man made diamond designs

This year's awards go to the best designs of alternatives to a traditional engagement ring. The winning piece and three runners up will be sold alongside the Cool Diamonds commitment and right hand ring collection. "we bring a bespoke service - where you can come in and ask for exactly what you want - to the £2,000 to £25,000 price bracket".

While classic designs are still outselling the contemporary pieces available on Cool Diamonds, the share of contemporary designs has increased From almost nothing a few years ago to over a third of the sales, due to the introduction of new lines by fashion designers Paul Costelloe, Bruce Oldfield, Jasper Conran and Vivienne Westwood, says Einhorn.

Last summer Einhorn launched an Irish site with Irish resigner Paul Costelloe featured on the home page, and a Spanish site. Now, Einhorn is busy "trying to make himself redundant". He would ultimately like to sell the company to one of the large luxury goods groups. "l built the business from day one with the intention of scaling it. I'm a serial entrepreneur", he says, cautiously hinting that his next project will involve the Internet.

CONCLUSION

One of Einhorn's memorable sales involved a woman coming in to buy an engagement ring. Obsessed with consumer patterns, Einhorn knows that after looking online, a man comes into the Cool Diamonds office and spends an average of an hour buying an engagement ring and a woman spends longer. But this lady knew exactly which style, colour, cut, clarity and size she wanted, and spent a total 10 minutes in the building before leaving Evita her ring. Einhorn, who was serving her, couldn't help asking why she was so quick. "I've spent every lunch break for the last four years looking at your website. Now I've found Mr. Right, believe me, I know exactly what I want", she replied.