Moti Ferder: Secrets to a Successful Diamond Business

Moti Ferder: Secrets to a Successful Diamond Business

As the founder of Lugano Diamonds, Moti Ferder is best known a leading entrepreneur and generous philanthropist. His family’s diamond business, which was established in Antwerp, Belgium in 1965, provided Ferder with the training and experience necessary to develop his craft and the acclaim of colleagues and clients around the world.

  1. Always work on perfecting your craft. 

Within the diamond business alone, there are so many ranges of skill sets. Because the diamond business is so competitive, you’ll want to have some tricks in your arsenal that’ll help you stand out from the crowd. In Ferder’s case, he is exceptionally skilled in diamond cutting. No one comes from the womb knowing how to cut diamonds perfectly. This is a skill he had to develop. He’s also one who constantly works on his business. When asked about one of the best parts of his work, he said, “we are most excited about perfecting our way of doing business.” In his book, Outliers, author Malcolm Gladwell suggests that a person should work on their craft for at least 10,000 hours. While some may disagree, there is definitely a benefit in focusing on one task until you get better at it.

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  1. Never regret anything. 

Before you could walk, you have to learn to crawl. During this process, you probably bumped your head and bruised your knee a few times. However, the painful experiences helped you to become an independent walker as a child. The same applies to your career in the diamond business. When you get started, it’ll probably be a little challenging at first. There will be some hiccups at all stages of your career. However, if you don’t learn the lessons, you can’t really grow. When he was asked if there was anything he’d look back and change in his career, he shared that he wouldn’t change anything because of the educational enrichment he received from his successes as well as his failures.

  1. Think about others. 

According to DiamondFacts.org, “diamonds and their revenues play a key role in the development and prosperity of countries worldwide.  From creating local employment opportunities, to funding building projects and infrastructure improvements, to education and healthcare, the contributions of the diamond industry are transformational.”

Moti Ferder proudly serves as a board member for the American Film Institute and the Segerstrom Center for the Arts, is deeply involved in the Los Angeles philanthropic community. Lugano Diamonds supports a variety of nonprofit causes, organizations and events including the Mission Hospital Foundation, CASA for Children, Juvenile Diabetes Research Foundation, United Way and The Center for Autism and Neurodevelopmental Disorders, among many others.

  1. Change your perspective. 

Right now, the diamond industry is looking at how to cater to the Millenials. Millennials (referring to a person born between the early 1980s and early 2000s) are different from Baby Boomers (referring to a person who was born between 1946 and 1964) in shopping tastes and habits and companies are using various ways to engage this population – such as SMS marketing.  Lugano Diamonds has an active presence on social media and their jewelry designs are shared widely on Facebook, Instagram and Pinterest.

Social media is the main driver for Millennials, according to a Neustar study.

  • 46% of Millennials surveyed said social media ads are extremely/somewhat influential in getting them to begin researching a product/retailer
  • 33% of Millennials spend over 11 hours per week using social media on mobile devices
  • 59% say social media advertising prompts them to begin researching a product or retailer
  • 52% say social media advertising influences their decision to purchase a product.

 

  1. Customer service is key.

It’s clear that fine diamonds are synonymous with status, money and luxury. When you’re dealing with customers who want and expect the best, it’s essential to remember the customer comes first. Customer service is key in any industry.  Not only should the customer come first, according to Ferder, the customer is always right. Customer service is one of the underlying principles embedded in his company and if you take a look at the longevity of Lugano Diamonds, spanning decades and gracing women all over the world with treasures that they will pass on to their children and grandchildren.

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