When Jonathan Goldberg, HBA '06, MBA '09, was working as an investment banker, his friends often asked him to help them buy a diamond – the prelude to a romantic proposal in most cases.
They turned to Goldberg because he knows his diamonds. After graduating, he spent two years working for a diamond wholesaler, even receiving training overseas as a diamond cutter and grader.
Goldberg says his friends were torn –they knew that buying a diamond from a retail store meant paying a huge mark-up, but they weren’t comfortable making such a big investment online. Goldberg stepped in to help them find just the right sparkler at the right price.
“When I wanted to start a business on my own,” he says, “I realized that there was something perfect right in front of me.”
Goldberg’s business, Kimberfire (www.kimberfire.com), combines the price advantage of online buying with the comfort and confidence that comes from a retail purchase. After booking an appointment online, customers have a face-to-face consultation at the Kimberfire offices in downtown Toronto. They are educated about diamond buying and offered a selection of options tailored to their needs. The company sources diamonds exclusively from large diamond cutters; taking their customers as direct to the source as possible while still providing a unique in-person experience with in-house 3D jewellery design and manufacturing. Kimberfire also offers custom jewelry design.
The company launch was completely bootstrapped by Goldberg himself and initially depended on word-of-mouth marketing. The Ivey network was an important asset, he says, as many HBA and MBA students were clients.
Kimberfire is experiencing 160% year over year growth in only their second year and have begun seeking talent to strengthen the team.
Goldberg, who completed the HBA Entrepreneurship Certificate, says the Ivey experience helped him develop the work ethic, network and business tools he needed to succeed. Although he says he’s working harder than ever, he enjoys the business. “I’m dealing with people at a happy time in their life, and helping them with a decision that otherwise could be very stressful.”