RARE CARET HOW TO

“You can have that whole chain of information there, transparently, in front of you.” – Ajay AnandĬhaudhuri: How do you do that? How do you tackle these challenges and consumers’ hesitations?Īnand: We have an interesting position in the marketplace, and the most important word in the industry is trust.

RARE CARET HOW TO

The big challenge for this space is how to get people comfortable with buying online. But that’s the main reason that online penetration has slowed. In Philly, you’ll be able to see them tomorrow. I can see tens of thousands of diamonds in person in New York within a couple of hours. Rare Carat has launched a program called Rare Carat Local, so whether it is you sitting in Philadelphia or me sitting here in New York, we can book an appointment. There are many reasons people still buy locally. And then there’s the question of ongoing service and support.

You’re sending huge amounts of money over the internet to an unknown person for an unseen item. Just talking to consumers and talking to retailers, there’s a lack of romance to buying a gem online. It is one of the least-penetrated categories, and there’s a host of reasons for that. Online retailers have struggled to penetrate the diamond market. Saikat Chaudhuri: Where are the hurdles and the challenges for your company, given the competition in the market and the traditional way of people buying diamonds?Ījay Anand: Our big challenge is that the vast majority of our commerce happens online. Transcript Ajay Anand (WG’13 Founder, Rare Carat) Because even tech-savvy consumers remain reluctant to conduct such a major purchase online, the company combines a brick-and-mortar presence with technological tools, like blockchain and machine learning, designed to inspire trust.Īn excerpt of the interview is transcribed below.

He went on to found Rare Carat to provide consumers a source of unbiased information about diamond rings and save customers the tedious job of researching specific gemstones. When Anand decided to propose to his then-girlfriend in the spring of 2015, he found himself in an uncomfortable position: He wanted to buy a traditional engagement ring, but he knew next to nothing about diamonds. In this episode of Mastering Innovation on SiriusXM Channel 132, Business Radio Powered by The Wharton School, Ajay Anand (WG’13), Founder of Rare Carat, explains how the company is working to increase transparency in the diamond industry and smooth out the purchasing process for consumers. Diamonds may be widely adored as symbols of romance, but they can pose a steep learning curve for those who set out to buy the perfect gem for someone special.

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