Updated: Apr 11
Offering a jewelry experience unlike any other, The Diamond Room's owner and founder Matt O'Desky finds his clients don't have to sacrifice quality when looking for affordable diamonds.
It doesn't require an expert to understand that a diamond's allure is undeniable. The celebrated gemstone has captivated consumers for generations, and its beauty and significance add to its timeless appeal. While an enigma to many, one Austin-based jeweler uses his extensive knowledge and skillset to re-imagine the diamond buying experience.
O'Desky Has Redefined the Private Jewelry Industry
While many seek ways to surround themselves with beauty, Matt O'Desky has made it his life's work. What emerged was a tailored and unique private jewelry experience unlike any other.
"After about seven years in retail and during that time in retail, I just found a niche and a passion for custom designing. When I opened up The Diamond Room, we started with one-on-one custom designing," O'Desky said. "Instead of opening a base store, we opened up a private office with a showroom and operated by appointment only, and we haven't changed anything in all these years."
The formula for O'Deksy's success perhaps comes from the idea that buying a diamond is as unique as the client purchasing it. Luck plays a crucial role in a company's trajectory for many business owners. For O'Desky, however, the strategy would prove critical in navigating a business in a post-pandemic world.
"We've had a lot of growth; it's been in two parts. Pre-pandemic, we were mostly focused on mined diamonds, and then about a year before the pandemic hit, we really shifted and started offering lab-grown diamonds. I would say our sales were probably 50/50 mined and lab, and following the pandemic, [our] lab-grown has really blown up, and we've seen astronomical growth. So, now, we're growing specific diamonds for people. For instance, clients that are wanting 10 carat plus diamonds."
For context, the COVID-19 pandemic impacted all facets of the diamond industry in 2020. From diamond mines closing globally to polishing centers facing supply shortages or closing altogether, consumers faced challenges when they sought to purchase. According to the Antwerp Diamond Center (AWDC), rough diamond imports dropped by 20% throughout the pandemic— or 39.7 million carats of rough diamonds imported in 2019 compared to 31.9 million carats in 2020.
Facilitated by e-commerce expansion to focus on neighborhood stores, companies evolved to cope with COVID-19, and these pivots will seemingly remain in the long term. The result? Consumers can access items such as luxury goods more readily and conveniently.
The Diamond Room Meets Consumer Desire for Quality and Affordability
For many, the ability to buy luxury is tantamount to celebrating—we celebrate the important aspects of life and have it within us to make a celebration of quotidian life. O'Desky offers a solution for consumers looking for affordability without sacrificing quality. In addition to a premier selection of mined diamonds, The Diamond Room's lab-grown diamonds are offered at 40% to 80% less.
O'Desky has observed in his years of experience that consumers gravitate toward lab-grown diamonds for numerous reasons. In May of 2020, O'Desky showcased the largest lab-grown diamond ring in the world at the time. The ring was 15.32 carats in size and held a price tag of $132,000, compared to the $500,000 price of a mined diamond of similar size.
In addition to the cost difference and the sustainability factor, clients reach out directly to O'Desky to find their unique gemstone.
"Clients come in with a $10,000 budget, let's say. I would show them a mined diamond, and what a $10,000 budget could give them in a lab, and then suddenly, they want to know more about these lab diamonds and become educated on it because they're indistinguishable."
O'Deksy has found a way to offer luxury to a greater demographic through innovation.
"I think within our walls, we've changed the way you buy an engagement ring. The way we do things within our office … it's very one-on-one. It's very individual-focused. For us, it's more about education than it is about sales. We try to give our clients the education they need to make the best decision they can for themselves."