MajorsMay 28, 2025
Graff Unveils New Las Vegas FlagshipThe 3,300-square foot location is the jeweler's largest store in North America.
Brought to you by
How to Build a Successful Multi-Generational Jewelry Business
RDI Diamonds CEO Michael Indelicato shares his advice for taking a family business to the next level.
Brought To You By RDI Diamonds
Written by Michael Indelicato, CEO of RDI Diamonds
With passion and determination, I started RDI Diamonds from my parents’ basement more than 25 years ago. It’s become a family business that now boasts one of the largest active diamond inventories in the world and has consistently experienced tremendous growth. I’m proud to welcome the next generation into the business and excited to see where they will take us.
With passion and determination, I started RDI Diamonds from my parents’ basement more than 25 years ago. It’s become a family business that now boasts one of the largest active diamond inventories in the world and has consistently experienced tremendous growth. I’m proud to welcome the next generation into the business and excited to see where they will take us.
Research shows that family-run businesses like RDI Diamonds tend to outperform their competitors. It’s largely attributed to their long-term investment philosophy, commitment to their employees and suppliers, and strong ties to their communities. But, running a multi-generational business and eventually handing the reins over to younger generations isn’t always a slam dunk. In fact, 40 percent of family businesses are passed down to a second generation, while only 13 percent successfully transition to a third generation and a scant 3 percent make it to a fourth generation or beyond.
Creating a family business is an incredible experience, but it’s not without its challenges and growing pains along the way. It’s often about navigating family dynamics and generational differences, embracing unique perspectives, and being willing to compromise.
If you’re considering bringing family into your jewelry business or starting a new business together, consider these words of advice:
Find a Balance Between the Old Way and the New Way
Long-standing relationships will always be paramount to the jewelry business. Many of the traditional approaches to building them still hold true—think personalized attention and top quality products—but there are also powerful new strategies to explore.
“Things change and if you don’t change, too, your business won’t survive,” said Ted Koester, a third-generation jeweler at Herzog Jewelers. “It’s important to realize that you know what you know, but you’ll never be a master of everything. You need to be willing to explore the unknown, including others’ perspectives, and to regularly communicate to find what works best for your business. It often lies somewhere in the middle of the old way and the new way.”
Embrace Digital
Technology has changed the game for jewelers. While traditional approaches to marketing still have their place, in order to evolve the business you must embrace technology and the new marketing tools it provides. That means going digital. And guess what? Your younger counterparts are digital gurus. Take advantage of their knowledge to create a comprehensive digital strategy, which may include a website revamp, webinars, and digital advertising. A strong digital strategy will enable you to appeal to younger buyers and broaden your reach. It will also improve the buying experience for new and established customers by making it easier and more enjoyable for them to connect with you.
Don’t Discount Taste and Aesthetic Differences
Traversing personal taste is tricky, but it’s important and it touches everything from inventory to ad content. Realize that aesthetics go deeper than just color and photo preferences. If you haven’t updated your look and feel, it’s likely time to refresh your image to appeal to a younger, more diverse mix of shoppers. Younger generations are more emotionally driven and want to see themselves in your ads. Brands including Rare & Forever diamonds cater to everyone by using inclusive images and a fresh approach that earns shoppers’ trust and provides high-quality products they can feel good about purchasing.
Enjoy the Benefits
If you’re among the 5.5 million businesses that are family-owned, count yourself lucky. Working with family to build and sustain a business offers unique advantages: A high level of trust, years of shared wisdom, career training and mentorship, and the possibility of a smooth succession for the business and job retention for your employees.
Owned and operated by family, RDI Diamonds is committed to leveraging the perspectives and skills of each generation within its business. We embrace our values and fresh approaches to offer our customers the highest quality diamonds, a modern shopping experience, and a lifetime commitment to service and support. To find out more about RDI Diamonds, visit https://rdidiamonds.com/.
More on Independents
The Latest
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist TrialAging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic WinThe WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
MajorsMay 28, 2025
Andrew Rickard Named JBT PresidentA longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.
Weekly QuizMay 22, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsMay 27, 2025
MJSA to Become Part of Jewelers of America The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for AuctionThe platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsMay 27, 2025
182-Carat Paraíba-Type Tourmaline Sells for $487K Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored GemstonesGet a taste of the delicious candy-like gemstones in this Amanda’s Style File.
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ RingFrom Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.
GradingMay 23, 2025
GIA Updates Pearl Classification SystemThe lab has adjusted the scale it uses for nacre grading.
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the SpotlightSponsored by GCAL by Sarine
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO ShowDavid Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.
FinancialsMay 22, 2025
Watches of Switzerland’s Full-Year U.S. Sales Climb 14% The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce JudgesThe nonprofit elected five judges who will decide the winners of its design competition.
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s GuideThis year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ CollectionThe jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.
ColumnistsMay 21, 2025
Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.
MajorsMay 21, 2025
Beyoncé Dons Brilliant Earth Necklace During Cowboy Carter TourThe bolo tie necklace is inspired by “Queen Bey” and set with a nearly 15-carat black diamond.
SourcingMay 21, 2025
Gem Legacy Expands Advisory CouncilThe nonprofit focused on mining communities in East Africa has added three new members to its advisory council.
MajorsMay 20, 2025
Annie Doresca to Lead DCA as New CEO, PresidentCurrent Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.
FinancialsMay 20, 2025
QVC Group to Voluntarily Delist from NasdaqThe company's Series A shares will continue to trade following a reverse stock split while its Series B shares will be delisted.
ColumnistsMay 20, 2025
Peter Smith: Leading Through ChangeCommunicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.
MajorsMay 20, 2025
Tanishq Opens Seventh U.S. StoreTanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.
FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.
