Wilson Diamonds

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Wilson Diamonds was established in 1974 by Keith and Richard Wilson, who were at the time students at Brigham Young University. Their whole idea to start a store came from Richard's attempt to buy a diamond engagement ring from the local stores. After looking around, Richard was disappointed at the lack of real information available from salespeople about quality, price, etc. He was also disturbed about the lack of respect for thinking, intelligent people shown through the sales pitches. (Do you really buy, because a salesperson tells you "you'd better hurry, this will be gone tomorrow?") Thoughtless, tacky pressure was rampant. So. . . Keith and Richard decided there was a huge opportunity to open a store that employed salespeople who would cut out the schmoozy sales pitches and give really low prices on good quality diamonds and engagement rings. Using Richard's Belgian diamond source (another long story), they began to develop this side of diamond sales. The whole philosophy was to sell better quality for less, only sell engagement rings and wedding rings, and show people how to tell what they are buying so they can compare prices knowledgeably. In 2005, the Wilson's opened their fourth location in Provo next to the Olive Garden on University Parkway. Wilson Diamonds is now the largest store in town. We employ 21 people, including three full-time goldsmiths to do custom work. Since 1986, Keith Wilson has pursued a teaching career and plays no active part in the management of Wilson Diamonds. He now has a doctorate degree and teaches religion full time at BYU. His first love has always been teaching. The way Wilson Diamonds teaches its customers is largely his legacy. He has eight children and lives in Provo with his wife of 29 years, Linda. Richard Wilson received his undergraduate degrees in microbiology and chemistry from BYU, with minors in English and Math. He received his Master's degree also from BYU. Richard went on and completed all the GIA (see The Learning Center ) courses available on diamond grading and has those certificates on display in the Provo store. Richard now handles the day-to-day management responsibilities of the Provo store near the Olive Garden, as well as a sizeable wholesale network. Richard is married (30 years now) to Debbie, and they have six children and six grandchildren. He lives in Orem. Wilson Diamonds is currently located next to the Olive Garden restaurant in Provo. An Interview with Richard Wilson Your schooling was in the hard sciences. How did you get into jewelry? It all started because I actually shopped for an engagement ring. I really hated seeing something so significant treated so sloppily. Being somewhat of a perfectionist, I decided there was a real need for someone to open a store that provided a different experience where people were treated with respect and sales pitches were legitimate. At first I just wanted to do it long enough to get through BYU, but the way we did things seemed to really hit a nerve. Consequently, the business grew rapidly and I decided to stay with it once my masters program was completed. That was 34 years ago. So what did you do differently from other jewelers? First, we decided we would charge less than anyone. This required us to buy very well and have a large following which we've been able to do. Second, we decided to never have a "sale" marking up to markdown. Instead we decided to guarantee in writing the lowest price always. We hated the negotiating game and we're convinced customers did too. We are a one-price store. Third, we didn't put our people on commission since it makes them pushy and greedy. Fourth, we decided to specialize and only sell engagement rings. This allows us to have 3 to 4 times more selection than our nearest competitor. Fifth, we chose to educate our customers how to buy a good diamond and compare prices accurately. We answer questions truthfully, directly, and completely, unlike most retail jewelers. How is it that you can charge less and still deliver quality? Lower mark-up is a big part of our lowest price equation. When you charge less, you get more customers. More customers allows even lower mark-ups. After 34 years of lowering prices you become a very tough competitor. Another huge reason for our lower prices is how we buy. Most jewelers in this area have cash flow problems, so they borrow diamonds (called "on memo") from dealers instead of buying them outright from direct sources. They only have to pay for them when they sell, but they pay 30-40% more for their diamonds doing it that way. Cash flow problems also mean that most jewelers borrow money constantly. This creates interest overhead which further complicates cash flow. We have never borrowed money to run our business, but instead elected to grow at a slower rate and have cash with which to buy at the lowest world rate there is. A third reason is our specialization. We only sell diamonds and engagement rings which sell much faster than watches, porcelain, and fashion jewelry. Our faster turn gives us the cash with which to buy from direct sources overseas. We are the only jeweler in Utah that sells only engagement rings. A fourth reason is our non-commissioned sales people. We don't have to pay out a percentage on each sale as others do. You're a charter member of the American Gem Society (AGS)

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