Diamond Brokers of Memphis

Apr 10

In their own words

“We try to educate and inform everybody as much as possible—especially with the new synthetic diamonds coming into play. We provide more information so people can make a good decision. We don’t carry any lab-grown diamonds. If someone wants lab-grown, we’ll get them one, but we carry natural stones and try to explain the value and what it’s going to be ten years from now. We make sure their investment holds well. We try to sell value and figure out what is most important to them, to their personality.”

-Stephan Stanley

Jason’s Interview with Stephan

Jason

We're back on Meet the Jewelers and today we're talking to Stephan Stanley from Diamond Brokers of Memphis. How is Tennessee?

Stephan

Oh, doing fabulous. Just really busy here in Memphis, very exciting time.

Jason

How did you end up in the jewelry industry?

Stephan

I opened this store in 1998, but been working on jewelry over thirty years now. I started when I was sixteen. My dad had owned a pawn shop, so I started working for him. There was a jeweler in the back of the store and I got interested from there, and apprenticed under him for years, and then became a graduate gemologist at GIA a few years later. I traveled the country working for other jewelers and big stores, and decided to go out on my own.

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It was a slow start, but after a couple of years of digging in and getting called on, just good honest and reputation, repeat customers. We work on low profit margins, but we really take good care of our customers. So it's grown exponentially from there.

Jason
In terms of engagement rings, what are some of your favorite brands?

Stephan
We carry a lot of engagement rings. Sylvie is a really good selling brand for us. We carry Ritani. As far as antique lines, we carry Saturn which we've curated for twenty years. It's a really well-designed product, good quality. We also carry Coast. And a lot of independent manufacturers from overseas. Altogether, 20 to 25 different brands and probably 2,000 rings in the case. We do a lot of special order manufacturing, we custom-make, especially the higher-end configurations of big radiant trillions, radiant half-moons, big oval with ovals, all of your three stones.

Jason
And you guys manufacture everything in-house?

Stephan
Yeah. We sub out the CAD because there's only so much you can do in a day. But once we get the CAD, we do everything else. I went to GRS for hand engraving back in the 1990s, so I'm a hand-engraver as well. I've been doing that for years.

Jason
Tell us about a really amazing proposal experience.

Stephan
The Peabody in downtown Memphis, the roof is a pretty special occasion for people to propose. A lot of times they'll have the photographer up there waiting. It's a really cool experience and you can see some of the river and a lot of downtown. We've had a number of our rings presented up there on the rooftop of the Peabody.

Jason
How have you changed with technology?

Stephan
Styles are changing, of course the classics are always going to be there. But you're seeing a transition of different designs. As far as equipment changing, just a lot more accuracy and investment microscopes for the bench itself makes a big difference. The super small micro pave work—without a microscope, it used to be difficult back in the day, but now it makes everything just perfect. We have microscopes out on the showroom floor for customers.

Jason
From an education perspective, how much teaching of diamonds do you do when somebody comes into your store?

Stephan
We just try to educate and inform everybody as much as possible, especially with the new synthetic diamonds coming into play. We don't do any lab-grown diamonds. If they want lab-grown, we'll get them one, but we try to explain value and what it's going to be ten years from now, make sure their investment holds good.

Jason
What are typical personality types of people who come inside of your store?

Stephan
A very diversified type of customer all around the Memphis area. Our most popular customer would be the 25 to 40 range and a variation of personality.

Jason
There's a lot of great jewelers in Memphis. Tell us what differentiates you?

Stephan
Memphis is a city that is definitely saturated with a lot of jewelers. One of the main things that's made us successful is low profit margins with good customer service. We stand behind everything. The main thing is honesty.

Jason
Why should people trust you?

Stephan
The overall integrity. I'm the actual buyer, I hand-purchase every diamond we sell. I'll pick through a ton of SI2's just to find the right SI2 that's going to be 100%.

Jason
Looking out five, ten years from now, where's Diamond Brokers of Memphis going to be?

Stephan
We're just growing every day, trying to see where it takes us. The next move would be to maybe move to a bigger facility and build our own building laid out exactly the way we want.

Jason
Tell us a few of the causes that are top of mind right now?

Stephan
We do some stuff with Forrest Spence Foundation. We do a lot of stuff for local schools. St. Jude is here in Memphis. We try to do as much as we can for them as well.

Jason
What do you want people to know about you, your store? This is your platform to say whatever you like.

Stephan
Diamond Brokers of Memphis delivers the best product for the best price without sacrificing anything. That would be one of the strongholds that's made Diamond Brokers so successful.