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EYL #67 Bling Bling · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
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  Speaker 2: Sponsored by the United States Department of Homeland Security.
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  Speaker 3: All right, guys, welcome back, e y L.
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  Speaker 4: We got a very special episode today Bling edition to
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  Speaker 4: show jump right into this. So this is something that
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  Speaker 4: is extremely exciting episode for us growing up hip hop.
• 1:18
  Speaker 4: You know, if you listen to the podcast, you know
• 1:20
  Speaker 4: that music played a major part in our development growing up.
• 1:24
  Speaker 4: It really it really shaped our lives. And if you
• 1:27
  Speaker 4: listen to rap music specifically, you know that jury is
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  Speaker 4: a big part of rap music. Blame blame, Blame Blaine
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  Speaker 4: and Dictionary.
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  Speaker 2: That's a fact.
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  Speaker 4: So you know a lot of times we aspire to
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  Speaker 4: buy gold and buy diamonds and to buy chains, and
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  Speaker 4: that's just part of the culture. There's nowhere around that.
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  Speaker 3: That's it.
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  Speaker 2: It is what it is.
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  Speaker 4: But like all things in life, it's a business. The
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  Speaker 4: jury business. It's a billion, probably trillion dollar industry, worldwide,
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  Speaker 4: global business.
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  Speaker 3: That's every continent.
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  Speaker 2: Definitely.
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  Speaker 3: It's crazy.
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  Speaker 4: So my man, Dion Smith is a legend within his
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  Speaker 4: own right because if you if you're from New York City,
• 2:07
  Speaker 4: or if you haven't been in New York City, you've
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  Speaker 4: heard of the Diamond District. The Diamond District is crazy.
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  Speaker 4: It's like a two block radius in Midtown Manhattan, and
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  Speaker 4: every thing on there is jury, like all of the
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  Speaker 4: all of the big boys is there. That's where everybody
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  Speaker 4: gets their change from. That's where Jacob the Jeweler shop.
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  Speaker 4: I don't know if it's still there, but that's where
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  Speaker 4: it was.
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  Speaker 2: You can't miss it.
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  Speaker 5: The light poles has two big diamonds, just in case
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  Speaker 5: you forgot where you're at, Like and like you know, I.
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  Speaker 4: Was telling me, like the brink trucks pull up like
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  Speaker 4: three times a day and it's crazy, but it's it's
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  Speaker 4: real non discreete though, like if you don't really know,
• 2:44
  Speaker 4: it's not as flashy as you would think it would be.
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  Speaker 4: It's very non I mean, it's get robbed. You got
• 2:50
  Speaker 4: to kind of have it not strip welcome. It's a culture.
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  Speaker 4: It's a culture within itself. It's but one thing. If
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  Speaker 4: you go there, you know that the people that are
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  Speaker 4: in control of it don't look like the people that's
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  Speaker 4: buying it. For the most part now, they don't look
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  Speaker 4: like us at all. But Dion is interesting because he
• 3:10
  Speaker 4: has a jury manufacturing business. He's the only black jury
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  Speaker 4: manufacturing the diamonds in New York periods.
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  Speaker 2: Correct.
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  Speaker 4: So there's different levels of the jury game, Right, there's
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  Speaker 4: the retailers who's actually selling you jury.
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  Speaker 2: Well that's what we buy it from most of the time, right, But.
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  Speaker 4: Then there's the manufacturers who's actually making jury. So he
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  Speaker 4: has his own manufacturing company. He employs over twenty people,
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  Speaker 4: growth revenue over five million dollars last year, a thriving business,
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  Speaker 4: like I said, the only black company in the Diamond
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  Speaker 4: district percent and it's his father is a part of
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  Speaker 4: it as well as tell the backstory on that. So
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  Speaker 4: it's a good story. So first and foremost, thank you
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  Speaker 4: for joining us.
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  Speaker 2: Appreciate it, thank you for welcome, welcome having it.
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  Speaker 3: So and shout to my man Fernando, who.
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  Speaker 2: Thank you.
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  Speaker 4: Who referred this. All right, so can we talk. Let's
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  Speaker 4: jump right into it. So you have a jury manufacturing company, right, correct,
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  Speaker 4: But we gotta tell a backstory before we even go
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  Speaker 4: into what jury manufacturing is.
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  Speaker 6: My family is from Belize, so basically they migrated here
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  Speaker 6: probably late seventies to your first generation, correct, first generation.
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  Speaker 6: So yeah, my dad actually he looking for work. He
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  Speaker 6: just ended up take he took a job in the
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  Speaker 6: Diamond District basically, and his boss became his friend, became
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  Speaker 6: his mentor.
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  Speaker 2: And for me, again, I would after school.
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  Speaker 6: I mean I technically grew up out there, so I
• 4:43
  Speaker 6: grew up in a factory. But it wasn't glamorous, you know,
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  Speaker 6: it wasn't something you were proud of. At that time,
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  Speaker 6: as from my perception as a child.
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  Speaker 2: So what'd your dad do? Like what was his He was.
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  Speaker 6: Cleaning jewelry like he was cleaning, like bench polishing is
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  Speaker 6: what they call it. And but growing up in the Bronx,
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  Speaker 6: it was it was such a contrast. I mean, this
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  Speaker 6: is the eighties now, right, And I don't have to
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  Speaker 6: tell you what.
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  Speaker 2: The eighties were. I don't have to tell you crazy.
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  Speaker 6: But that train ride and I couldn't. You couldn't pull
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  Speaker 6: out a phone and hashtag and see what was going on.
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  Speaker 6: I mean, I could tell you what's going on in
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  Speaker 6: Nova Scotia right now. But back then, I mean, your
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  Speaker 6: world consisted of as far as your eyes can see.
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  Speaker 6: So I only knew that the radius of my neighborhood.
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  Speaker 6: But that train ride to the Diamond District was fascinating
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  Speaker 6: because it's the first place I saw wealth.
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  Speaker 2: I saw I saw.
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  Speaker 6: At that time. It was like limousines. I mean I
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  Speaker 6: saw money being spent and intrigued me. And I saw
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  Speaker 6: diamonds and I'm the kid, but but it was interesting.
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  Speaker 6: But when I would go upstairs, it was it was
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  Speaker 6: not glamorous at all. It was hard work. It was
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  Speaker 6: you're working with metals, working with metals. It was everything
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  Speaker 6: in there had the skeleton with the X on it.
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  Speaker 6: Every material we need said cause cancer. I mean it
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  Speaker 6: was it wasn't. It wasn't glamorous.
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  Speaker 2: How old were you when you do this?
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  Speaker 6: About maybe eleven when I started? When I started? So
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  Speaker 6: how did that feel?
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  Speaker 4: Where it's like you're seeing two sides of the coin, Right,
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  Speaker 4: You're seeing your father who immigrated to this country, correct,
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  Speaker 4: and he's working and I'm assuming he's not making a
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  Speaker 4: lot of money. No, but you go downstairs and you're
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  Speaker 4: seeing some of the wealthiest people in America.
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  Speaker 2: Yeah, and like you have to understand.
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  Speaker 6: And now, now if we've fast for a little bit
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  Speaker 6: to like the nineties and now I'm a teenager, so
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  Speaker 6: I'm I'm there, you know, after school summers. You know,
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  Speaker 6: I've literally Jacob the Jeweler was he was starting out
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  Speaker 6: right there. So I saw everyone like from Destiny Child
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  Speaker 6: when you know I've seen I mean, there's nobody in
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  Speaker 6: will Smith. I there's nobody I have not seen on
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  Speaker 6: this little block. And as a teen I mean right
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  Speaker 6: now it's.
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  Speaker 2: Normal to me. I mean it's not a big deal.
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  Speaker 6: But as a teenager, I was like you know, it
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  Speaker 6: was fascinating friends about that, right, but again it was
• 7:04
  Speaker 6: I was seeing the factory work part of it.
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  Speaker 4: What I'm saying like, did you ever see did you
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  Speaker 4: ever think to yourself like this is crazy? Like it's
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  Speaker 4: such a great contrast of like the haves and have not.
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  Speaker 4: You're seeing it because a lot of times, one of
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  Speaker 4: the good things I like about living in New York
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  Speaker 4: is that you can you're you can expose yourself to anything.
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  Speaker 3: Like the other thing.
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  Speaker 4: I just randomly walked down Fifth Avenue, like the Upper
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  Speaker 4: West Side, all the way down and it was just
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  Speaker 4: amazing to meet. It's like, there's so many wealthy people
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  Speaker 4: in New York.
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  Speaker 6: City across the street from poverty exactly. It's like like
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  Speaker 6: net worth of fifty million, seventy one hundred million. But
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  Speaker 6: then it's like you could take a train and people
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  Speaker 6: are in public housing.
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  Speaker 4: Correct, But a lot of times people never you just
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  Speaker 4: stay in your element, so you don't even realize that
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  Speaker 4: there'd such a big difference. But we're seeing that as
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  Speaker 4: a kid. Did that make you want to say, I
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  Speaker 4: need to get on the other side.
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  Speaker 2: Of the sad?
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  Speaker 6: So what I learned was again growing up in the Bronx.
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  Speaker 6: Your mind is again there's no way to see what's
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  Speaker 6: going on outside. The nationalities were Black, Puerto Rican, Dominican.
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  Speaker 6: That's it. That's all I grew up around. But the
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  Speaker 6: train ride would expose me to different cultures, the Jewish culture,
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  Speaker 6: the Indian culture, the Russian culture. And I was comfortable.
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  Speaker 6: I mean I was I admired these other cultures because
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  Speaker 6: at the time they were different. And you know, you
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  Speaker 6: would that that perception is as a black person in
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  Speaker 6: Julie industry, and you know, you'll never survive. That's a
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  Speaker 6: false perception because as long as you're honest in that business,
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  Speaker 6: I mean, you're going to thrive.
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  Speaker 2: They're going to help you, it's going to work with you.
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  Speaker 5: It sounds like your train ride is what people go
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  Speaker 5: to college to get, right, People leave that bubble of
• 8:46
  Speaker 5: that to get out of your bubble, go to college
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  Speaker 5: and get this experience of interacting with other cultures. Like
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  Speaker 5: you literally got that from right on the train.
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  Speaker 2: I got that. That's crazy.
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  Speaker 6: I got that, you know, and being upstairs and and again,
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  Speaker 6: you know, there's just this misconception that if the person
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  Speaker 6: doesn't look like you, you can't do business with them,
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  Speaker 6: or they don't want to do business with you, but
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  Speaker 6: it's false. And in that industry, I mean I could
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  Speaker 6: speak for that industry. I was embraced by by the
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  Speaker 6: other ethnicities that were there that were in total contrast
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  Speaker 6: to what I was at, you know, my neighborhood where
• 9:21
  Speaker 6: I was growing up. It was two different worlds. But
• 9:24
  Speaker 6: but yeah, I had I had the full support. I
• 9:26
  Speaker 6: had the full support.
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  Speaker 2: You know.
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  Speaker 6: By the time I was in my twenties, I was
• 9:29
  Speaker 6: trying to figure out, can I do this?
• 9:32
  Speaker 2: But I had to spend so much time there.
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  Speaker 6: I realized that if I needed funding, I can get
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  Speaker 6: that with a handshake. And I had already I knew
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  Speaker 6: everybody because when I started out, I started out so young,
• 9:45
  Speaker 6: so started off from doing delivery, so you would, Yeah,
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  Speaker 6: I was gonna ask you when you started working start working.
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  Speaker 6: About eleven, I started going again with my dad. I
• 9:53
  Speaker 6: was going to work like eight, eight years old, my
• 9:57
  Speaker 6: early correct.
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  Speaker 5: He's a real Islano, but a real But by.
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  Speaker 6: The time I was eleven, I'm already making runs. So
• 10:05
  Speaker 6: I'm going like again, I'm not seeing only the glamor
• 10:09
  Speaker 6: that's downstairs on street level. I'm upstairs. I'm meeting people.
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  Speaker 6: You know, so the deliveries helped me. Then, of course
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  Speaker 6: I did the actual labor. I had to learn that
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  Speaker 6: from how to make how to make it from you.
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  Speaker 6: I did every step of that. I learned that, but
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  Speaker 6: that could only get me so far. That could only
• 10:28
  Speaker 6: get me a job with someone.
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  Speaker 2: You know.
• 10:30
  Speaker 6: I needed to think bigger. So I noticed we had
• 10:34
  Speaker 6: a problem. The phones kept bringing, so I started getting.
• 10:37
  Speaker 2: On the phones.
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  Speaker 6: Once I got on the phones, I knew the customers.
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  Speaker 6: I started having a relationship with the customers. Once you
• 10:44
  Speaker 6: have customers, now I'm in position to start a business.
• 10:47
  Speaker 6: But you have things like rent, you have things like khand,
• 10:51
  Speaker 6: you have employees that need to be paid. That's a
• 10:54
  Speaker 6: numbers game, and a lot of people do not know
• 10:56
  Speaker 6: their numbers. You could have a you could look good,
• 10:59
  Speaker 6: but you us know your numbing. Your numbers are changing
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  Speaker 6: hourly when you're running a business. So I realized that, Okay,
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  Speaker 6: I have the customers, I know the vendors that I
• 11:10
  Speaker 6: would need. The only thing was was backing. We need
• 11:13
  Speaker 6: we need capital, and I'm in my early twenties. I mean,
• 11:18
  Speaker 6: you're not getting again to borrow for the jewelry business.
• 11:22
  Speaker 2: That's all.
• 11:22
  Speaker 6: I mean, anybody will tell you banks are not lending
• 11:24
  Speaker 6: to the risk is just too high when you're dealing
• 11:27
  Speaker 6: with precious metals and things like that.
• 11:30
  Speaker 5: What are some of the risks that the banks are
• 11:31
  Speaker 5: looking at. Well, I mean it's money laundering, I mean
• 11:35
  Speaker 5: number one.
• 11:36
  Speaker 6: I mean the number one terrorism.
• 11:41
  Speaker 2: You're not getting.
• 11:42
  Speaker 6: But but if you are a trustworthy person and you
• 11:46
  Speaker 6: build your reputation, that's not going to happen overnight.
• 11:49
  Speaker 2: That's what I'm saying.
• 11:50
  Speaker 6: You can have all the money in the world, You're
• 11:52
  Speaker 6: not going to get up tomorrow morning and open a
• 11:54
  Speaker 6: jewelry manufacturing company. You're not because there's too many ways
• 11:59
  Speaker 6: to lose. I mean, the dirt on the floor is money. Okay,
• 12:02
  Speaker 6: so it's gold that needs to be refined. You lose
• 12:05
  Speaker 6: your shirt on the dust that's on the floor is gold.
• 12:10
  Speaker 6: People don't know that. So you would need to build
• 12:13
  Speaker 6: up your reputation before before embarking on that. And again,
• 12:19
  Speaker 6: once I realized that the peers in the industry would
• 12:25
  Speaker 6: trust me with capital, at that point, there was no
• 12:27
  Speaker 6: stopping me.
• 12:28
  Speaker 2: My decision was made.
• 12:29
  Speaker 3: That So all right, so your early twenty three, But
• 12:32
  Speaker 3: you know.
• 12:32
  Speaker 2: What I would say about like twenty five, I'm just like, Okay,
• 12:35
  Speaker 2: what am I? What am I going to do?
• 12:36
  Speaker 4: So at twenty five, you've been working in the industry
• 12:38
  Speaker 4: for fourteen years pretty much learning, learning every like.
• 12:42
  Speaker 6: I don't know I heard someone say this before, but
• 12:44
  Speaker 6: it's everyone's overnight. Success takes about fifteen twenty years. You
• 12:47
  Speaker 6: go to college, Yes I did. I went to BMCC.
• 12:50
  Speaker 4: Okay, So you at twenty five you decide, okay, I
• 12:54
  Speaker 4: need I need to actually have my own business, right, correct,
• 12:57
  Speaker 4: So you you can't get it a bit alan from
• 13:01
  Speaker 4: a bank.
• 13:02
  Speaker 3: That's not gonna happen.
• 13:03
  Speaker 4: So you have a mentor in the diamond district that
• 13:07
  Speaker 4: you said.
• 13:09
  Speaker 6: Basically, my father's boss turned into his friend and mentor
• 13:13
  Speaker 6: and turned into the same thing for me. So so
• 13:17
  Speaker 6: he taught he, along with my father, taught me the
• 13:21
  Speaker 6: craft of the business. So I knew how to how
• 13:25
  Speaker 6: to produce. I knew how to produce. But it came
• 13:30
  Speaker 6: to a point when he no longer wanted you know,
• 13:33
  Speaker 6: he retired and whatever the case may be, So that
• 13:36
  Speaker 6: I had to make a decision is am I going
• 13:38
  Speaker 6: to carry this on or I'm going to do something
• 13:40
  Speaker 6: else his business?
• 13:41
  Speaker 2: Correct? Okay? Correct?
• 13:42
  Speaker 6: Well, basically we branched out into two companies under the
• 13:46
  Speaker 6: same umbrella, under the same roof. The way that works
• 13:49
  Speaker 6: is there's a part of the jewelry industry that's called casting.
• 13:53
  Speaker 6: That's the lost wax process. That's where you see the
• 13:57
  Speaker 6: pouring metals and stuff like that. Then there's a part
• 13:59
  Speaker 6: called fishing. So we opened up a finishing company basically
• 14:03
  Speaker 6: a room inside his inside of his his his place,
• 14:08
  Speaker 6: where we would just finish what he cast it. Okay,
• 14:11
  Speaker 6: working hand in hand, working hand in hand, gone but
• 14:13
  Speaker 6: by it. But by the time you know, he he
• 14:16
  Speaker 6: came with agents, as you know, he was done. Now
• 14:19
  Speaker 6: I had the company, but having the space, having the equipment,
• 14:23
  Speaker 6: having even having the customers, you still need financing for
• 14:28
  Speaker 6: a business. For a jewelry business, I mean, I mean
• 14:31
  Speaker 6: you it's high end products. You need funding. But once
• 14:35
  Speaker 6: I was able to get again in that business, you're
• 14:37
  Speaker 6: able to get loans on a handshake. They're very old fashioned.
• 14:42
  Speaker 6: Whereas they look you in your eye, they feel you.
• 14:45
  Speaker 6: And once I was able to get funding, I was
• 14:48
  Speaker 6: probably like twenty five and one of the wealthiest people
• 14:50
  Speaker 6: out there was able basically had my back. So that
• 14:54
  Speaker 6: gave me the motivation and at that point there was
• 14:57
  Speaker 6: no turning back.
• 14:58
  Speaker 4: So you were originally you were under your mentor's umbrella.
• 15:02
  Speaker 4: Correct when did you break out.
• 15:03
  Speaker 2: Of at nineties? Probably ninety.
• 15:08
  Speaker 6: Actually my father named the company AJC because at that
• 15:11
  Speaker 6: time it was the phone book, so anything with an
• 15:14
  Speaker 6: A he wanted to be on the top or whatever
• 15:16
  Speaker 6: this may be. So I'll always keep that name. So
• 15:18
  Speaker 6: that's not synonymous for anyone's name. No, it just stands
• 15:21
  Speaker 6: for all jewelry contracts. And I explained, well, i'll explain
• 15:24
  Speaker 6: it why it's a contracting company. But but yeah, so
• 15:30
  Speaker 6: I took over maybe late nineties, two thousands around that time,
• 15:35
  Speaker 6: very young, but again at that point, I've already had
• 15:37
  Speaker 6: so much experience, and I just knew everybody.
• 15:40
  Speaker 2: I knew everybody at this point.
• 15:42
  Speaker 5: And at that time in the nineties, what ethnicity is
• 15:45
  Speaker 5: in control of the Diamond district.
• 15:46
  Speaker 2: We're talking Russian, Jewish.
• 15:47
  Speaker 6: All three the Jewish, the allies that I had, Uh,
• 15:55
  Speaker 6: we're Jewish people, which which they're awesome. And then again,
• 15:59
  Speaker 6: but those are the three nationalities that I dealt with,
• 16:02
  Speaker 6: But they were vast contrasts for what I was going
• 16:04
  Speaker 6: home to in the Bronx at that time. I'm not
• 16:07
  Speaker 6: talking about the Bronx today, I'm talking about the Bronx eighties, nineties.
• 16:11
  Speaker 6: You know, they weren't really role models out there. I mean,
• 16:14
  Speaker 6: you know, but I was able to have role models.
• 16:18
  Speaker 6: And I used to seeing people that were successful, so
• 16:21
  Speaker 6: I you know, I had things to aspire to. Whereas
• 16:24
  Speaker 6: I would go home and it was like the people
• 16:25
  Speaker 6: that aspired to I mean, we could go down that road.
• 16:28
  Speaker 2: The people that aspired to you. You know, they were
• 16:30
  Speaker 2: in the product that you.
• 16:31
  Speaker 6: Correct, correct, correct, And I always say, you need again,
• 16:36
  Speaker 6: I feel like you need to. Once I could see it,
• 16:40
  Speaker 6: I knew, I knew I could, I could have achieved it.
• 16:42
  Speaker 6: I mean I knew I could do it. So what
• 16:44
  Speaker 6: were the steps?
• 16:44
  Speaker 2: All right?
• 16:45
  Speaker 3: So you got a loan alone?
• 16:46
  Speaker 6: Or so what happens is I had to I had
• 16:50
  Speaker 6: the customers at this point, okay, but and I knew
• 16:53
  Speaker 6: how to do the craft.
• 16:55
  Speaker 2: But I'm still one person.
• 16:56
  Speaker 6: So I knew I needed I needed staff and and
• 17:00
  Speaker 6: so now I had the customers, I knew the vendors
• 17:04
  Speaker 6: to get material.
• 17:06
  Speaker 2: And at that point I didn't have didn't have any
• 17:08
  Speaker 2: real money.
• 17:09
  Speaker 6: But what is money? I mean, once I had, once
• 17:12
  Speaker 6: I had the allies. Once I had the vendors and
• 17:15
  Speaker 6: they would extend me credit. All I had to do
• 17:19
  Speaker 6: was work at this point, you know, you know, promote.
• 17:22
  Speaker 6: Back then, it was harder to promote, of course, but
• 17:24
  Speaker 6: it was word of mouth and things of that nature.
• 17:28
  Speaker 6: But that's pretty much that's what it was. That's why
• 17:30
  Speaker 6: I made the decision to move forward. And again I
• 17:33
  Speaker 6: grew up in it, so I love it. Like I
• 17:35
  Speaker 6: always say, manufacturing to me is the process of creating
• 17:38
  Speaker 6: something from nothing.
• 17:39
  Speaker 3: So where'd you When did you open a spot that
• 17:41
  Speaker 3: you're in now?
• 17:43
  Speaker 6: This spot we just we we moved to this location
• 17:47
  Speaker 6: about two years ago, and then we were in another location.
• 17:52
  Speaker 6: I had branched out and I opened on thirtieth Street.
• 17:55
  Speaker 6: We were there for like twenty years. But I decided
• 18:00
  Speaker 6: to move back to the Diamond Diustry just for proximity
• 18:02
  Speaker 6: purposes of you know, getting my materials and just there's
• 18:06
  Speaker 6: just a flow.
• 18:07
  Speaker 2: There's more workers out out there, and so.
• 18:11
  Speaker 4: All right, So when you started out, what was the steps?
• 18:14
  Speaker 4: What was the first step that you had to take?
• 18:16
  Speaker 4: You got the backing financially correct, but outside of that,
• 18:21
  Speaker 4: like what did you do to actually get up and
• 18:23
  Speaker 4: running with your own shot?
• 18:24
  Speaker 6: So basically again now it was customer pleasing, it's customer pleasing,
• 18:30
  Speaker 6: it's it's being competitive with pricing and basically letting people
• 18:34
  Speaker 6: as of right now is just letting people know that
• 18:36
  Speaker 6: I'm there, because like factories, they don't really promote because
• 18:43
  Speaker 6: they don't really have to. Like the jeweler or the designer,
• 18:48
  Speaker 6: they promote themselves and they once they generate business, they
• 18:52
  Speaker 6: generate business and send it back to the factories. So
• 18:55
  Speaker 6: most of my competition they were kind of like lazy.
• 18:58
  Speaker 6: They just sat back and waited for it for it
• 19:00
  Speaker 6: to come. But as time goes on again, you'll never
• 19:05
  Speaker 6: see most of these factories. They don't have a social media.
• 19:07
  Speaker 6: They're not going and for good reason, because I always
• 19:12
  Speaker 6: make this analogy like if you get your car washed
• 19:15
  Speaker 6: and they do a good job, you scream at the
• 19:18
  Speaker 6: top of your lungs.
• 19:19
  Speaker 2: Go over there, they do great job.
• 19:21
  Speaker 6: If I do a good job for you, I become
• 19:23
  Speaker 6: your best kept secret because you don't want your say,
• 19:26
  Speaker 6: if you are a jewelry designer, you don't want your
• 19:28
  Speaker 6: competitors to know where you manufacture, right because if you're
• 19:34
  Speaker 6: a jewelry designer, your foundation is your manufacturer. So I
• 19:39
  Speaker 6: do a good job for you, but you will never,
• 19:41
  Speaker 6: never promote because that keeps it custom correct. And then
• 19:46
  Speaker 6: so how do you promote? This is a very hard
• 19:48
  Speaker 6: business to promote because how do you promote it? I
• 19:50
  Speaker 6: make jewelry. Show me your jewelry, show me your quality.
• 19:52
  Speaker 6: I can't show it to you, So you can't because
• 19:54
  Speaker 6: it's not my design. Okay, you can't like intellectual property,
• 19:58
  Speaker 6: it's that person's design, right, So I'll mass produce it.
• 20:02
  Speaker 6: But yeah, so that's pretty much it. Now I can't
• 20:06
  Speaker 6: come out with my own line because now I'm in
• 20:09
  Speaker 6: direct competition with my customer, So I can't have a
• 20:13
  Speaker 6: jewelry line. You know, It's just it's a conflict of interest.
• 20:17
  Speaker 6: And you can't even tell people who your customers are.
• 20:19
  Speaker 6: I can't even tell you who my cousin, So how
• 20:21
  Speaker 6: do you promote? I can't tell you who I work
• 20:24
  Speaker 6: for most of most people, like the high end and
• 20:26
  Speaker 6: the bigger brands that I do mass production for, I
• 20:29
  Speaker 6: have to sign an NDA, you know. I have to
• 20:32
  Speaker 6: sign because I'm their best kept secret. Basically, another analogy
• 20:37
  Speaker 6: I like to make. If you go to a car dealership,
• 20:39
  Speaker 6: the person that sold you the car did not make
• 20:41
  Speaker 6: the car. You know, so factories are not really promoted.
• 20:46
  Speaker 6: How do you promote it? So what I started doing
• 20:48
  Speaker 6: because I realized that I had to get visible in
• 20:50
  Speaker 6: this new time. Every business, I believe right now, it
• 20:53
  Speaker 6: has to exist somewhere online.
• 20:55
  Speaker 2: You have to.
• 20:56
  Speaker 6: But everyone was like, what are you going to promote?
• 20:58
  Speaker 6: You have to stay quiet. You can't you know, any
• 21:01
  Speaker 6: customer I mentioned their name, I lose them. So how
• 21:04
  Speaker 6: do you promote it? So whatever I got creative. I
• 21:08
  Speaker 6: was like, look, I'm going to promote the service that
• 21:12
  Speaker 6: I that I offer. It's a service and you know
• 21:15
  Speaker 6: it's a service. And I started promoting the process and
• 21:18
  Speaker 6: some of the stuff I would I would post on
• 21:20
  Speaker 6: social media. They're like, what does that have to do
• 21:23
  Speaker 6: with jewelry? But it was enlightening. People got interested in it,
• 21:27
  Speaker 6: wanted to know, you know, who was making this stuff
• 21:29
  Speaker 6: and things like that, and a lot of designers started saying, hey,
• 21:32
  Speaker 6: you could go ahead and post my stuff some of them,
• 21:35
  Speaker 6: you know, but without their permission.
• 21:37
  Speaker 2: I would never never What are some of the services
• 21:39
  Speaker 2: are we talking? Like the molding?
• 21:40
  Speaker 6: And so basically, if you my company is like B
• 21:44
  Speaker 6: to B, so it's business to business basically you had
• 21:48
  Speaker 6: an idea, you would submit like a drawing to me, said, listen,
• 21:52
  Speaker 6: I'm going to go into jewelry design space. I want
• 21:56
  Speaker 6: to manufacture these pendants, these rings, these you know what.
• 22:00
  Speaker 6: Right you would give me a drawing, we would do
• 22:03
  Speaker 6: cat design. I'd give you a wax model. That wax
• 22:06
  Speaker 6: model is something in your hand. It's off, it's out
• 22:08
  Speaker 6: of the paper. Now you would now just decide, okay, wow,
• 22:11
  Speaker 6: I'd like this in silver, brass, gold, anything you'd want.
• 22:16
  Speaker 6: So then I would cast it. Now you need one
• 22:19
  Speaker 6: right now. But let's say you promoted it and you
• 22:22
  Speaker 6: needed you needed five thousand you then I would mass
• 22:26
  Speaker 6: produce it for you. Now let's say you did handmade
• 22:29
  Speaker 6: jewelry and you made Julie for yourself. So you made
• 22:33
  Speaker 6: one piece. Now people like it, you get an order
• 22:38
  Speaker 6: for five pieces. So you sit here and you make
• 22:39
  Speaker 6: five pieces. People really like it, they order five thousand pieces.
• 22:44
  Speaker 6: You're not going to sit here. So even if you
• 22:46
  Speaker 6: can do it yourself, you're not going to. So that's
• 22:49
  Speaker 6: why it's a contracting company, because now you would contract
• 22:51
  Speaker 6: the work out to me, say listen, this is my
• 22:53
  Speaker 6: original piece. I need you to make me five thousand.
• 22:56
  Speaker 6: Now I have the manpower, the equipment, the machinery, the
• 22:59
  Speaker 6: resources to produce on a large scale like that and
• 23:03
  Speaker 6: that and that and that entail would grow your company.
• 23:07
  Speaker 6: So my my business also technically goes to entrepreneurs who
• 23:11
  Speaker 6: have their own perspective, own respective lines of their own
• 23:15
  Speaker 6: and then you know, like that they order from me
• 23:18
  Speaker 6: daily as they get orders.
• 23:20
  Speaker 4: So the best way to really describe it is that
• 23:22
  Speaker 4: you're the back end. You're the actual manufacturer, actual where
• 23:27
  Speaker 4: nobody sees that part of the process, Like you're actually
• 23:30
  Speaker 4: making the hot dog correct.
• 23:33
  Speaker 2: Correct, correct, all right, that.
• 23:37
  Speaker 4: Because everybody a lot of time when were talking about Jurry,
• 23:39
  Speaker 4: you're just thinking about the storefront.
• 23:41
  Speaker 3: You think about that actually is selling.
• 23:43
  Speaker 6: You got the perfect lighting, you got everything sparkling in
• 23:46
  Speaker 6: front of even it's not being made. If you saw that,
• 23:49
  Speaker 6: it's it's it's not glamorous.
• 23:51
  Speaker 3: You're making the jury to sell to the jewelry store.
• 23:54
  Speaker 2: Correct, to sell to the designer.
• 23:57
  Speaker 6: That's right, right, right, right, And so you know, so
• 24:00
  Speaker 6: that that that's basically what that is. Now another thing
• 24:05
  Speaker 6: is it's like, all right, so let me come and see.
• 24:07
  Speaker 6: There's nothing to see there, because you know it's just
• 24:11
  Speaker 6: nothing to see there. There's no showcase, there's no Every
• 24:14
  Speaker 6: jewelry is customed it. It could be mass produced, but
• 24:19
  Speaker 6: every every piece of jewelry is the intellectual property of
• 24:23
  Speaker 6: the designer. So it's basically the factory. Very hard to promote,
• 24:29
  Speaker 6: very hard to promote that, you know, but I'm again,
• 24:32
  Speaker 6: I'm just shedding light to it, and a lot of
• 24:34
  Speaker 6: people have been receptive.
• 24:35
  Speaker 2: I mean, it's unbelievablevable. So you had the business right
• 24:38
  Speaker 2: you started it. You talked about equipment.
• 24:41
  Speaker 6: What's the type of equipment that you need, like and
• 24:44
  Speaker 6: what is the cost because it's not like it's gonna
• 24:45
  Speaker 6: be really really pricing.
• 24:47
  Speaker 2: So you need ovens to make jewelry.
• 24:50
  Speaker 6: Now, unless you see someone with ovens from here to
• 24:53
  Speaker 6: the ceiling, they're not making it there, right, So you
• 24:56
  Speaker 6: need ovens to make jewelry. Just the kinetis on having
• 25:01
  Speaker 6: ovens burning all day. Could be five to ten thousand
• 25:05
  Speaker 6: dollars a month. That's your content built.
• 25:08
  Speaker 3: That's an electric build.
• 25:10
  Speaker 5: Electric built, right, tens a month could be that's crazy,
• 25:13
  Speaker 5: and like how many would you need to run?
• 25:15
  Speaker 2: At one or two? But but but that, I mean,
• 25:19
  Speaker 2: that's your first cost. It's crazy.
• 25:21
  Speaker 6: You can't do everything yourself because you just you can't.
• 25:23
  Speaker 6: You have two hands. I get an order for five
• 25:25
  Speaker 6: thousand pieces, I can't do it myself. So you need employees.
• 25:29
  Speaker 6: You need skilled craftsmen. A lot of people there's not
• 25:34
  Speaker 6: that's a dying breed of skilled. A lot of people
• 25:37
  Speaker 6: come from you know, their countries with that skill. I
• 25:40
  Speaker 6: try to find them, you know, and hire them, because
• 25:43
  Speaker 6: it's not everybody that has that skill, that craftsmanship to
• 25:47
  Speaker 6: work on jewelry, you know.
• 25:50
  Speaker 4: All right, all right, So in the next seven we're
• 25:52
  Speaker 4: going to be going to get into the jury industry
• 25:54
  Speaker 4: as a whole and ask some questions that I'm curious about,
• 25:57
  Speaker 4: and I'm sure that a lot of other people will
• 25:59
  Speaker 4: be curious.
• 25:59
  Speaker 2: About as well.
• 26:00
  Speaker 4: Sure, all right, So okay, so jury business is interesting.
• 26:04
  Speaker 4: So you actually make you make jury. But he was
• 26:07
  Speaker 4: telling you off cameras the whole process to make jury, right, Like,
• 26:10
  Speaker 4: you have to go buy like let's say go watch
• 26:14
  Speaker 4: you go buy goal right right, Then you have to
• 26:17
  Speaker 4: like correct me I'm wrong, but you you melt it
• 26:19
  Speaker 4: down correct and then you you like sculpt it into
• 26:23
  Speaker 4: whatever you want to make it right.
• 26:24
  Speaker 6: So there's a process called the lost wax process. Right,
• 26:27
  Speaker 6: This is how this and also it's also called casting.
• 26:30
  Speaker 2: All right. So now with this, to create.
• 26:33
  Speaker 6: A piece, you would go you'd buy raw gold twenty
• 26:37
  Speaker 6: four carried gold. You would then alloy it down where
• 26:40
  Speaker 6: you're buying the gold. So I saw some of my
• 26:42
  Speaker 6: metals right on forty seventh Street. Okay, okay, So you
• 26:47
  Speaker 6: would buy the raw metal, you would alloy it down,
• 26:50
  Speaker 6: then you would melt it. That's why you need a melter. Okay,
• 26:55
  Speaker 6: you would have You need a wax. You need a wax.
• 26:59
  Speaker 6: If you see some of the videos, you'll see like
• 27:01
  Speaker 6: wax trees, and then we put a plaster over it. Right,
• 27:05
  Speaker 6: this is like a twenty four hour process. Put a
• 27:07
  Speaker 6: plaster over it. That plaster hardens. The reason you need
• 27:12
  Speaker 6: ovens is because now that wax holds the form that
• 27:15
  Speaker 6: was inside those cylinders that you see that I post.
• 27:19
  Speaker 6: The heat from the oven is about twelve hundred degrees, right.
• 27:23
  Speaker 6: That melts the wax and leaves the cavity the wax had.
• 27:28
  Speaker 6: He leaves an empty cavity. So when you melt the metal,
• 27:32
  Speaker 6: you go ahead and pour that into that cavity, so
• 27:34
  Speaker 6: that gold is now in a liquid form. You pour
• 27:38
  Speaker 6: it in it. It hardens once you break the cast off,
• 27:42
  Speaker 6: whatever was in that wax form, whatever was in that
• 27:45
  Speaker 6: tree is.
• 27:45
  Speaker 2: Now in gold. Okay.
• 27:47
  Speaker 6: And at that point then then it's then it's clipped
• 27:51
  Speaker 6: off the tree and then it goes on a bench
• 27:53
  Speaker 6: and it's polished and things like that. So again, you
• 27:54
  Speaker 6: need motors, you need you need equipment. I mean, you're
• 27:59
  Speaker 6: not going to see this in the still because they're
• 28:00
  Speaker 6: not making jewelry there. They might have a little steamer
• 28:03
  Speaker 6: or they might have a little polisher, but they're not
• 28:06
  Speaker 6: casting jewelry there. You need you need equipment.
• 28:09
  Speaker 5: So after the polishing process, now it goes into the
• 28:12
  Speaker 5: mold is they're.
• 28:13
  Speaker 6: Like, after the polishing process is pretty much done unless
• 28:16
  Speaker 6: there's a stone setting and things like that. And yeah, so
• 28:19
  Speaker 6: because when it comes out, it's a raw, raw, raw casting.
• 28:22
  Speaker 6: It's raw metal, so you know it'll cut you, it's
• 28:25
  Speaker 6: it's rough. It's so those wheels that you see the polishing,
• 28:28
  Speaker 6: that's what gives it that refined finish. And then that
• 28:31
  Speaker 6: point is packaged in my customer's packaging and then sent out.
• 28:35
  Speaker 4: So all right, So and you were saying that like
• 28:38
  Speaker 4: the difference between fourteen carrot, twenty four carrot, So.
• 28:41
  Speaker 6: Twenty four carrot is fine gold. That's one hundred percent gold,
• 28:46
  Speaker 6: pure gold. That's pure gold. All right, Now they're different.
• 28:50
  Speaker 6: You have twenty two carrot, you have eighteen carrot, fourteen carrot,
• 28:53
  Speaker 6: and ten carrot. You know, for example, seventy five eighteen
• 28:58
  Speaker 6: carrot is only seventy five percent gold arend his alloy.
• 29:01
  Speaker 6: Fourteen carrot is fifty eight point three percent gold.
• 29:04
  Speaker 2: The rest is alloy.
• 29:05
  Speaker 6: So if you're wearing fourteen carrot, you're you're wearing half
• 29:09
  Speaker 6: gold half alloy. Like Rolex doesn't even there's no rolex,
• 29:14
  Speaker 6: no gold, Rolex that's fourteen carrot. It's not considered. It's
• 29:18
  Speaker 6: just not for their standard. So does that make fourteen
• 29:21
  Speaker 6: carried strong a stronger gold?
• 29:23
  Speaker 2: Well, the more alloy, the alloy makes it longer.
• 29:25
  Speaker 6: Correct, Like if you wouldn't wear twenty four carrot because
• 29:29
  Speaker 6: it would be bendable, it wouldn't it wouldn't work. The
• 29:31
  Speaker 6: highest carrot you would wear is twenty two carrot. That's
• 29:34
  Speaker 6: about like ninety six percent gold. So but and then
• 29:38
  Speaker 6: ten carrot is forty one point seven percent gold, so
• 29:41
  Speaker 6: you have to you know, it's not simply throwing your
• 29:44
  Speaker 6: chain on a scale and saying and looking at the
• 29:47
  Speaker 6: price of what gold is trading on and saying, oh,
• 29:50
  Speaker 6: this is what my chain is worth.
• 29:51
  Speaker 2: No, because it's not full gold. It's a percentage of gold.
• 29:54
  Speaker 2: So nobody has fully gold anything.
• 29:57
  Speaker 6: No, you wouldn't wear twenty four cab twenty two carrot
• 29:59
  Speaker 6: is ninety things like ninety six percent, so that's that's
• 30:04
  Speaker 6: that's fully gold.
• 30:05
  Speaker 2: Eighteen carrot is that's respectable.
• 30:08
  Speaker 6: You know it's seventy five percent, it's seventy but but
• 30:11
  Speaker 6: you know, when I was in the Bronx, everybody was
• 30:13
  Speaker 6: like it better be fourteen and fourteen.
• 30:15
  Speaker 2: But you know, fourteen carrit is half gold and half hours.
• 30:18
  Speaker 5: So when it's somebody and we've seen people when you
• 30:20
  Speaker 5: know the big kilo rope chains, right, they put that
• 30:22
  Speaker 5: on the scale, right, you know, the weight is not
• 30:26
  Speaker 5: know the percentage of the goal.
• 30:28
  Speaker 6: So you cannot look at the market and say, okay,
• 30:31
  Speaker 6: gold is fifteen one hundred and an ounce and they
• 30:33
  Speaker 6: put it on the scale and it's ten ounces whatever. No,
• 30:36
  Speaker 6: it's not fifteen hundred times ten, it's the percentage of
• 30:39
  Speaker 6: gold times ten.
• 30:40
  Speaker 3: How do you test gold?
• 30:41
  Speaker 4: So if I'm buying gold, right, and somebody tells me
• 30:43
  Speaker 4: this twenty carrot, where it's really twenty it's really it's
• 30:46
  Speaker 4: really fourteen carrot.
• 30:47
  Speaker 3: I can't tell by looking at it.
• 30:48
  Speaker 2: You can't you.
• 30:49
  Speaker 6: I mean as throw we look at it a lot.
• 30:52
  Speaker 6: I mean your eye gets kind of trained to the color.
• 30:55
  Speaker 6: You see it all day. But the old fashioned where
• 30:58
  Speaker 6: you'll see them rub it on a piece of you know,
• 31:01
  Speaker 6: it's just very primitive. But now there's there's computers that
• 31:05
  Speaker 6: will just print out full element, every element that comes,
• 31:08
  Speaker 6: every element.
• 31:09
  Speaker 2: So at this day and age, I mean, no one
• 31:11
  Speaker 2: is gonna so you.
• 31:12
  Speaker 3: Like scan it.
• 31:13
  Speaker 6: Yeah, they put it in a machine that scans it
• 31:15
  Speaker 6: and gives a print out of all the elements, and
• 31:17
  Speaker 6: then you'll know how much carrots characters because it's a
• 31:20
  Speaker 6: lot of time, you know, I would see people come
• 31:22
  Speaker 6: to me and it was like, you know, this is
• 31:23
  Speaker 6: ten carrot, but no it's not, it's eight carrot. You know,
• 31:27
  Speaker 6: if the person that's mixing the alloy has the control.
• 31:30
  Speaker 2: You know, and they doing that on purpose, right, so
• 31:32
  Speaker 2: they can I don't want to say they're doing that
• 31:34
  Speaker 2: on purpose. I mean back there's a human element, and
• 31:37
  Speaker 2: he's talking about.
• 31:38
  Speaker 5: Money, yeah, back in high school, Like you know, a
• 31:41
  Speaker 5: few of us used to go to Florida Road. We
• 31:42
  Speaker 5: won't say names, myself included, and we would get changed
• 31:45
  Speaker 5: and I'm like, yo, there's no.
• 31:46
  Speaker 2: Difference, betweens.
• 31:47
  Speaker 5: It looks a little more shiny, right, but fourteen carrot man,
• 31:51
  Speaker 5: what's yours?
• 31:52
  Speaker 2: And it was like we didn't know, you know, no idea.
• 31:55
  Speaker 2: And then here's the other here's the other thing.
• 31:57
  Speaker 6: Gold is it's like synonymous with time, right, it's the
• 32:03
  Speaker 6: time you bought it. We could have the same chain,
• 32:05
  Speaker 6: same weight, but if you bought it in two thousand
• 32:08
  Speaker 6: and ten as opposed to twenty and twenty, it's the
• 32:12
  Speaker 6: same chain, same weight, totally different price. Is that change
• 32:18
  Speaker 6: okay by the day? Yeah, well the day we were so.
• 32:20
  Speaker 6: So if you had again, if you had a shoe
• 32:23
  Speaker 6: box of cash, well you know that that's spending even
• 32:26
  Speaker 6: if you don't touch it. It's spending with time at
• 32:29
  Speaker 6: least gold gold. Now gold, if it's charted, it usually
• 32:34
  Speaker 6: goes up. So the chain you bought for this just
• 32:38
  Speaker 6: throwing up five thousand dollars ten years ago.
• 32:42
  Speaker 2: Now that chain double inflation? Really correct?
• 32:46
  Speaker 6: The chain could be double So now you can sell
• 32:48
  Speaker 6: it for ten thousand. Now, if you had five thousand
• 32:51
  Speaker 6: in the shoe box ten years ago, it's still five thousand.
• 32:55
  Speaker 6: But you can do less with five thousand back then,
• 32:58
  Speaker 6: as you as opposed to a day, right. So so
• 33:01
  Speaker 6: that's why gold is is an investment. It is an investment.
• 33:05
  Speaker 6: I mean not diamonds per se. I mean diamonds you
• 33:09
  Speaker 6: need to find the customer for it.
• 33:10
  Speaker 2: But gold.
• 33:11
  Speaker 6: The government buys gold, So I mean it is an investment.
• 33:14
  Speaker 6: I mean you could a lot of people look at it.
• 33:17
  Speaker 6: If you're not educated, you say, wow, what a waste.
• 33:19
  Speaker 2: I mean, it's theory. It's not a waste of money
• 33:22
  Speaker 2: in theory.
• 33:22
  Speaker 3: It's a commodity.
• 33:25
  Speaker 4: And yeah, like you said, I mean it does right
• 33:27
  Speaker 4: like you can you can buy goldst So it's interesting
• 33:31
  Speaker 4: because you it's it's it's jury, but you can also
• 33:34
  Speaker 4: use it as an investment as well. Like the price
• 33:35
  Speaker 4: of goal we were saying ten years ago was eleven
• 33:37
  Speaker 4: hundred dollars.
• 33:38
  Speaker 2: It peaked a few years. It peaked in like two.
• 33:40
  Speaker 4: Thousand and eleven at nineteen hundred, and now it's fourteen hundred,
• 33:44
  Speaker 4: little more than.
• 33:45
  Speaker 6: Four fourteen seventy per ounce. I remember when it was
• 33:47
  Speaker 6: two hundred and ounce. I remember when when it went
• 33:50
  Speaker 6: to three fifty, we were like, forget it. This is something,
• 33:52
  Speaker 6: this is outrageous. We're gonna wait for it to drop.
• 33:56
  Speaker 6: Then when it was nineteen hundred, we were like, wow,
• 33:59
  Speaker 6: we would every three hundred and fifty dollars we spent
• 34:02
  Speaker 6: was now going to be nineteen hundred dollars.
• 34:05
  Speaker 2: You know.
• 34:05
  Speaker 6: So again, when you buy a chain or you buy
• 34:08
  Speaker 6: a ring, there's labor in that. You'll never get your
• 34:11
  Speaker 6: labor back, but the gold stands now if that goal
• 34:14
  Speaker 6: appreciates path.
• 34:16
  Speaker 5: This episode is brought to you by P and C Bank.
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• 35:00
  Speaker 2: What's up?
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  Speaker 5: You ever walk into a small business and everything just
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• 36:06
  Speaker 6: That's the labor that you paid or the premium you
• 36:09
  Speaker 6: paid on it. And now your option was to put
• 36:13
  Speaker 6: that money in the bank. The best bet was to
• 36:16
  Speaker 6: buy gold. But you said, also with like Jurry.
• 36:22
  Speaker 4: Stores or I think it's Joey stores, you said they
• 36:26
  Speaker 4: have three times markup, right.
• 36:27
  Speaker 2: Well, now I don't. It depends on whoever.
• 36:32
  Speaker 6: Like some of my customers, right which will remain nameless,
• 36:35
  Speaker 6: they mark up about three times.
• 36:38
  Speaker 2: But what I said, that's.
• 36:40
  Speaker 6: Kind of standard because you have to understand they have
• 36:42
  Speaker 6: their own respective brands, they have their own rents to pay,
• 36:45
  Speaker 6: they have their own marketing that they have to do.
• 36:48
  Speaker 6: I mean, they would not do it if there's no profit. March,
• 36:52
  Speaker 6: so they get it from me. Then they package it.
• 36:54
  Speaker 6: I mean again, they spend the money on building their brand,
• 36:57
  Speaker 6: and brands are powerful. They have a following the exact
• 37:00
  Speaker 6: same material, but people are loyal to a brand, so
• 37:05
  Speaker 6: they're able to set their price and get it so.
• 37:09
  Speaker 3: Right, goal is fourteen hundred dollars out I think.
• 37:14
  Speaker 2: It's about fourteen eighty eight and out for twenty four k.
• 37:16
  Speaker 4: For twenty I think it's like fourteen sixty one to
• 37:19
  Speaker 4: be exact, But whatever, fourteen sometime. This is fourteen sixty
• 37:25
  Speaker 4: one an ounce. Right, but let's say by the time
• 37:31
  Speaker 4: you buy it, what do you buy fifteen hundred eight?
• 37:35
  Speaker 6: So what it's trading for. No one will get it
• 37:38
  Speaker 6: for that, right because they have to make a market
• 37:39
  Speaker 6: as a premium. Now again, possession gold could be that price,
• 37:45
  Speaker 6: and this guy over here could have it. He could say, listen,
• 37:49
  Speaker 6: it is cheaper than what I'm charging. But he doesn't
• 37:52
  Speaker 6: have or he doesn't have the amount. So who has
• 37:55
  Speaker 6: it that the time of need can set the price.
• 37:58
  Speaker 6: It's usually twenty five bucks above above above spot they
• 38:03
  Speaker 6: call it spot is what it's trading at at I
• 38:06
  Speaker 6: believe it. I think it's in the London fixed closes
• 38:08
  Speaker 6: about eleven twelve o'clock. At twelve o'clock, the price is set.
• 38:13
  Speaker 6: Doesn't matter what you bought it for yesterday. It yesterday
• 38:16
  Speaker 6: is gone. So now today that's what your goald costs.
• 38:20
  Speaker 6: And if that's per ounce, or is that fifty dollars,
• 38:24
  Speaker 6: I mean like, there's twenty pennyweight in an ounce, so
• 38:26
  Speaker 6: you'll take whatever the price is divided by twenty.
• 38:28
  Speaker 2: You can buy it by pennyweight.
• 38:30
  Speaker 3: All right, So then they mark it up.
• 38:31
  Speaker 4: So then you buy it, but then people buy it
• 38:33
  Speaker 4: from you, and then if you have to make a profit,
• 38:37
  Speaker 4: then they So what I'm getting at is that it
• 38:39
  Speaker 4: is an investment. But for the average retailing person buying
• 38:42
  Speaker 4: a goal watch, they're buying at a tremendously higher price correct,
• 38:48
  Speaker 4: so it'll take time before correct even if goal goes up.
• 38:51
  Speaker 6: So what I do, I would buy the materials. I
• 38:54
  Speaker 6: would lay out buy them. And this is why you
• 38:56
  Speaker 6: need funding that you're buying gold. So you get a
• 38:58
  Speaker 6: big order, you need more money, you know you need,
• 39:02
  Speaker 6: so so I would I would buy. And I'm also
• 39:06
  Speaker 6: what I'm selling is the labor and the craftsmanship of
• 39:10
  Speaker 6: what what we've done to it to produce your vision
• 39:14
  Speaker 6: or you know, your jewelry, your art, whatever it is.
• 39:17
  Speaker 6: So you know, so it's the labor that I'm billing
• 39:19
  Speaker 6: for at that point.
• 39:21
  Speaker 5: So what what what's the amount of funding that somebody's
• 39:24
  Speaker 5: starting with typically need.
• 39:26
  Speaker 6: So again, you're gonna operate. I can speak only for
• 39:29
  Speaker 6: New York. I mean you're gonna operate in Manhattan, especially
• 39:32
  Speaker 6: if jewelry. You don't want to be in a corner somewhere,
• 39:35
  Speaker 6: you know, you want to be in the epicenter right,
• 39:39
  Speaker 6: So you're gonna need You're gonna need space to operate.
• 39:42
  Speaker 6: You're gonna need brick and mortar. You're gonna need a place.
• 39:46
  Speaker 6: You could sell online, but you have to exist somewhere.
• 39:48
  Speaker 6: You know, some landlords would want you know, six months,
• 39:55
  Speaker 6: you know, six months deposit. It's a business, right, It's
• 39:58
  Speaker 6: not like an apartment. Six mon, You're gonna have to
• 40:00
  Speaker 6: sign a five, ten year lease. So you're gonna commit.
• 40:04
  Speaker 6: You have to be committed to that. Millions in the
• 40:07
  Speaker 6: jewelry business, yes, a million dollars really doesn't get get
• 40:10
  Speaker 6: you to far. It'll get you started. But again, you're
• 40:12
  Speaker 6: gonna constantly need allies. You're gonna constantly need you need vendors,
• 40:19
  Speaker 6: you know, you need to you need to keep your
• 40:21
  Speaker 6: rent keep I just explained what kan Ned could be,
• 40:24
  Speaker 6: you know, so, so it's serious.
• 40:26
  Speaker 2: I mean it's not like you're not selling socks. I
• 40:29
  Speaker 2: mean socks, you know.
• 40:33
  Speaker 6: So it's easy to lose your shirt. So you got
• 40:35
  Speaker 6: to be focused. You got to watch your numbers. You
• 40:37
  Speaker 6: got to have great relationships with your customers. And it's
• 40:40
  Speaker 6: a small business. It's a small, very small community, so
• 40:44
  Speaker 6: everyone knows everyone. So you make money on your reputation,
• 40:49
  Speaker 6: But you can also borrow with a handshake. You know,
• 40:53
  Speaker 6: there'll be no forms, there will be no once. Once
• 40:56
  Speaker 6: you're trusted and people believe in you, they don't really
• 41:01
  Speaker 6: lend to the business. They look at you, you know,
• 41:04
  Speaker 6: they investing in you. They're investing in you. Yeah so
• 41:07
  Speaker 6: so so yeah. But with a handshake, you can get
• 41:10
  Speaker 6: the funding you need and you should be fine.
• 41:14
  Speaker 4: How do you how is jewelry de value? Because you said,
• 41:16
  Speaker 4: like once you start to like put diamonds and it
• 41:19
  Speaker 4: kind of like devalues it.
• 41:20
  Speaker 6: Right, So every time you clean a piece of jewelry,
• 41:22
  Speaker 6: it loses value. Clean it, clean it, any piece, any piece, anytime,
• 41:27
  Speaker 6: because you're removing gold.
• 41:29
  Speaker 2: You're removing a layer of gold every time you clean.
• 41:32
  Speaker 6: Every time you see it get shiny, that's a layer
• 41:34
  Speaker 6: of gold gone. And that's dust on the floor. You know,
• 41:37
  Speaker 6: That's what you were saying before factories there's refiners. You
• 41:41
  Speaker 6: don't throw your garbage out regularly. Refiners come and and yeah,
• 41:47
  Speaker 6: so the dust on the floor.
• 41:48
  Speaker 3: Is money, you know, So how how much does it
• 41:51
  Speaker 3: go down like a couple, It.
• 41:53
  Speaker 6: Just depends on how many times it's cleaned. I mean,
• 41:56
  Speaker 6: if you keep cleaning it over time, you're gonna lose
• 41:59
  Speaker 6: again what you're losing. It's fluctuating by the day as well.
• 42:02
  Speaker 6: Different values clean. Are you not post clean jewry?
• 42:05
  Speaker 2: Not too much? No, you're not.
• 42:07
  Speaker 6: Actually, If I mean on forty seventh Street, you can
• 42:10
  Speaker 6: clean a rolex every day if you want rolex. They
• 42:15
  Speaker 6: they are only will clean your watch three times in
• 42:18
  Speaker 6: its lifespan, so the you can't go to them. They
• 42:22
  Speaker 6: document how much times they because the value is weight
• 42:26
  Speaker 6: as well. So yeah, no, every time you clean your
• 42:31
  Speaker 6: jewelry you lose value.
• 42:33
  Speaker 5: So when we see you know, these watch companies fully
• 42:36
  Speaker 5: protect and Richard mill and we see people putting diamonds
• 42:39
  Speaker 5: in them, they're actually losing value from the watch.
• 42:43
  Speaker 6: They're the watch is losing value because it's not it's
• 42:47
  Speaker 6: been stack, will not vibe.
• 42:48
  Speaker 2: It's done.
• 42:49
  Speaker 6: You've drilled holes in it, put after market diamonds in it.
• 42:53
  Speaker 6: That's it's done. But but they do have should I
• 42:59
  Speaker 6: say street value? There a street value the consumers want it.
• 43:02
  Speaker 6: There's people that say, no, I want that, and I'm
• 43:05
  Speaker 6: willing to pay for the labor that you'll never get back.
• 43:08
  Speaker 2: That labor.
• 43:09
  Speaker 6: Someone sat there and drilled holes and do it. You're
• 43:11
  Speaker 6: not getting that labor back the diamonds, you're not really
• 43:14
  Speaker 6: I mean the bank doesn't buy your diamonds. So but
• 43:17
  Speaker 6: it's a preference and if if you have a customer
• 43:20
  Speaker 6: for it, then it's worth doing.
• 43:23
  Speaker 5: Okay, and to do the diamonds wants their cut. Are
• 43:25
  Speaker 5: they losing value because I heard that when they're in
• 43:27
  Speaker 5: the rarest form that's when they're the most valuable.
• 43:29
  Speaker 2: Well, I'm not. I'm not a diamond I work closely
• 43:32
  Speaker 2: with diamond dealers.
• 43:33
  Speaker 6: Yeah, but the diamonds will get damaged and trying to
• 43:36
  Speaker 6: take them out, I mean you're not going to really read.
• 43:38
  Speaker 6: They're going to break when you try to take them out.
• 43:41
  Speaker 6: So it's it's a custom piece. It's the consumer that
• 43:45
  Speaker 6: says I want that, so it's yours. I mean it
• 43:49
  Speaker 6: has a value, but but it's an after market.
• 43:53
  Speaker 2: Everything is after market, you know.
• 43:55
  Speaker 6: So if somebody a plane Jane, they call it a
• 43:57
  Speaker 6: plane Jain is the best investment shout out, defer plan
• 44:02
  Speaker 6: that's it, that's the best, and that's the best investing
• 44:04
  Speaker 6: place you're plan on investing.
• 44:06
  Speaker 2: I mean, you know, no place to park your money?
• 44:08
  Speaker 3: All right, it's all your rappers out.
• 44:09
  Speaker 2: There, get your plane real quick.
• 44:12
  Speaker 5: The difference between white gold, rose gold and yellow, no
• 44:17
  Speaker 5: difference in price.
• 44:18
  Speaker 2: That's just an alloy that's creating the color gold is yellow.
• 44:24
  Speaker 2: I've been gotten.
• 44:27
  Speaker 4: Somebody just buying jury off the street, right because there's
• 44:30
  Speaker 4: really no like rule book to say, like it's all
• 44:34
  Speaker 4: kind of whatever somebody wants to kind of value it
• 44:37
  Speaker 4: a subjective subjective subjective how like what do how does
• 44:41
  Speaker 4: somebody know this is a good price to pay for this?
• 44:44
  Speaker 6: Well, again, this person he's selling you a product that's
• 44:50
  Speaker 6: that you don't know when he got it, so you
• 44:52
  Speaker 6: can never know his profit, right, Like we just said,
• 44:56
  Speaker 6: if he bought this change this chain could be worth
• 44:58
  Speaker 6: ten thousand dollars right now. Can google it, you can
• 45:00
  Speaker 6: wagh it's worth ten thousand dollars right now today. But
• 45:04
  Speaker 6: if it's something he had for the past two three
• 45:06
  Speaker 6: years and he paid six thousand for it, well he
• 45:09
  Speaker 6: makes four thousand on it, and he could he's he
• 45:12
  Speaker 6: held it for that amount of time, so you know,
• 45:16
  Speaker 6: but you'll never know. You don't know if he got
• 45:18
  Speaker 6: it yesterday and he's making two hundred bucks on you,
• 45:20
  Speaker 6: you won't know.
• 45:21
  Speaker 2: You just won't know.
• 45:22
  Speaker 6: It's a time thing you have to know, like, look,
• 45:24
  Speaker 6: the person that's in possession of it, that's giving me
• 45:27
  Speaker 6: this product is making on me. You just have to
• 45:29
  Speaker 6: be comfortable with the price that you're paying in relation
• 45:31
  Speaker 6: to what gold is going for and what you know
• 45:34
  Speaker 6: labor is going for at the time of purchase, and
• 45:37
  Speaker 6: be comfortable with that. And again, gold usually charts up
• 45:43
  Speaker 6: with I mean inflation. Things don't get cheap or they
• 45:45
  Speaker 6: usually go up. So whatever you buy now and whatever
• 45:48
  Speaker 6: you spend in a premium or someone's labor ten years
• 45:53
  Speaker 6: from now, five years from now, I mean in a
• 45:54
  Speaker 6: year from now, it could be paid for.
• 45:56
  Speaker 2: Yeah, does the recover you know, does the retailer actually
• 45:59
  Speaker 2: know when the gold was made?
• 46:02
  Speaker 5: Because is there like some type of certification that they
• 46:04
  Speaker 5: get when it comes to their store.
• 46:08
  Speaker 2: I don't.
• 46:08
  Speaker 6: I can't speak for other manufacturers, but with me, no,
• 46:12
  Speaker 6: they won't know. I mean, gold is timeless right here
• 46:15
  Speaker 6: before us, it would probably be here after us. It's
• 46:17
  Speaker 6: you know, but when it's made some I believe some
• 46:21
  Speaker 6: people would would give some sort of paperwork as to
• 46:24
  Speaker 6: when it was made. But who can really prove that.
• 46:27
  Speaker 2: I don't.
• 46:27
  Speaker 6: I don't know if that can be proven. Us to
• 46:29
  Speaker 6: win something it's actually manufactured.
• 46:33
  Speaker 3: No, So what about platinum platinum?
• 46:36
  Speaker 2: I mean there was again. Now when when gold was
• 46:38
  Speaker 2: like two hundred.
• 46:39
  Speaker 6: Dollars metal precious metals, platinum was like over one thousand dollars,
• 46:43
  Speaker 6: I mean it was. It was ridiculous. That's why everyone
• 46:46
  Speaker 6: started wearing white gold. So it looked like, you know,
• 46:49
  Speaker 6: we can't tell the difference. But but now platinum is
• 46:51
  Speaker 6: cheaper than gold, so is it.
• 46:52
  Speaker 2: Yeah?
• 46:53
  Speaker 6: I mean I didn't check the numbers as of today,
• 46:55
  Speaker 6: but but platinum good.
• 46:57
  Speaker 4: Time, So nobody's wearing platum anymore. Now your advice long
• 47:02
  Speaker 4: term is just gold gold. Gold is better than gold.
• 47:05
  Speaker 6: Gold, gold is better than cash in the shoe boxes.
• 47:10
  Speaker 6: But you know, its gold is like frozen money. You know,
• 47:15
  Speaker 6: can it drop? Of course it can drop.
• 47:17
  Speaker 4: But made platinum spike up because I remember everybody was
• 47:19
  Speaker 4: wearing platinum. That was like the thing in like the
• 47:21
  Speaker 4: two thousands.
• 47:22
  Speaker 6: I'm not sure the music and I don't know what
• 47:24
  Speaker 6: was music got to be. I don't know what's going
• 47:27
  Speaker 6: on in the world at the time. Sometimes that you know,
• 47:29
  Speaker 6: they use platinum for for whatever, other types of manufacturing,
• 47:34
  Speaker 6: you know, piping, whatever.
• 47:35
  Speaker 2: I don't know what it was going on.
• 47:36
  Speaker 5: You said the reason pretty much it was more expensive
• 47:39
  Speaker 5: than gold, and people were trying to show that I
• 47:40
  Speaker 5: can buy.
• 47:42
  Speaker 3: But I think it's less of it. It's a scarcity.
• 47:44
  Speaker 6: I think it's a lot of it's world factors. When
• 47:47
  Speaker 6: you're talking about precious money. Yeah, it's a world fact.
• 47:50
  Speaker 6: I did this and then and then like you said,
• 47:51
  Speaker 6: then the music. Then it comes into demand. Once the
• 47:54
  Speaker 6: demand is there, the failure is going to go up, right.
• 47:57
  Speaker 6: You know, simply not buying platinum can make the I'm
• 48:02
  Speaker 6: not buying anything, make the value drive. We're not We're
• 48:05
  Speaker 6: not wearing it right now.
• 48:07
  Speaker 2: You know.
• 48:08
  Speaker 6: It could be that in other parts of the world,
• 48:10
  Speaker 6: gold is still like very sort after as far as
• 48:13
  Speaker 6: like just to hold.
• 48:14
  Speaker 2: Gold is Listen, gold has always been the currency of kings.
• 48:19
  Speaker 2: That's that's a fact.
• 48:21
  Speaker 4: Like even in India, like when you get married, like
• 48:23
  Speaker 4: they they give tons of gold, the family gives tons
• 48:27
  Speaker 4: of goal and they hold it.
• 48:28
  Speaker 2: It's like treasure ritualizing.
• 48:30
  Speaker 4: Yeah, it's a store value of you know, wealth that
• 48:34
  Speaker 4: grows over the course of time. Like you said, I
• 48:35
  Speaker 4: mean going back to forever.
• 48:37
  Speaker 6: Yeah, gold, I don't know if it was JP Morgan
• 48:40
  Speaker 6: Chase I think he said. He says, the only real
• 48:43
  Speaker 6: money is gold. Everything else's credit. We could look that up.
• 48:48
  Speaker 6: I'm sure money you see American do alarays to be
• 48:51
  Speaker 6: back by goal, right, right, But they took it off
• 48:53
  Speaker 6: the gold standard. Yeah, you know, they took it off
• 48:56
  Speaker 6: the gold standard. But I mean to me, that just
• 48:57
  Speaker 6: means that we literally create money now, I mean we
• 49:01
  Speaker 6: you know, it's not like well I can't service your
• 49:06
  Speaker 6: heater anymore because we don't have gold. You know, we
• 49:08
  Speaker 6: create money, We printed every day. So that just means
• 49:11
  Speaker 6: that it's not it's not going to run out. You
• 49:13
  Speaker 6: just have to But that makes value of keep keep
• 49:16
  Speaker 6: providing value, and the money will be there for you.
• 49:19
  Speaker 3: I want to ask you.
• 49:20
  Speaker 2: Money is a side effect of service and product.
• 49:23
  Speaker 4: Basically, if somebody like you have to be licensed obviously probably.
• 49:28
  Speaker 6: No, no, not any no no, not in New York
• 49:32
  Speaker 6: no no. No. Insurance you need insurance. You need insurance.
• 49:38
  Speaker 6: There is licensing for not not to hold the company.
• 49:43
  Speaker 6: But there's certain manufacturing, like certain when you're working with
• 49:47
  Speaker 6: certain toxins, you need you need certain certificates, not not
• 49:51
  Speaker 6: it's like a certificates.
• 49:52
  Speaker 2: But but yeah, so yeah.
• 49:55
  Speaker 4: What about like retail, somebody brought it, buys jury, they
• 49:59
  Speaker 4: can get insurance on that jury, right, correct, what's the
• 50:02
  Speaker 4: best route for them to go and do that?
• 50:04
  Speaker 6: Well, I mean, I don't promote any insurance company, you know,
• 50:08
  Speaker 6: because I don't have the experience that I haven't you know,
• 50:11
  Speaker 6: I haven't heard any horror stories. But but it's just
• 50:14
  Speaker 6: like a car insurance, you're going to pay monthly if
• 50:16
  Speaker 6: nothing happens when your money is gone. You recommend people
• 50:19
  Speaker 6: do that. It depends on the if you have expensive
• 50:21
  Speaker 6: if you have one hundred thousand to a five hundred
• 50:23
  Speaker 6: thousand dollars worth of jewelry, get insurance.
• 50:25
  Speaker 2: Yeah.
• 50:25
  Speaker 5: We've seen people, you know, lose their jewelry on get
• 50:28
  Speaker 5: yachts and on the jet skis, and it's like what
• 50:31
  Speaker 5: I do now, insurance?
• 50:33
  Speaker 3: But we've heard rumors of rappers that robbery up.
• 50:36
  Speaker 6: Yeah, right, it could always, it can always gets insurance police,
• 50:41
  Speaker 6: And then we don't encourage that, you know. And then
• 50:44
  Speaker 6: it's just like, how do I know it's missing and
• 50:45
  Speaker 6: it's not in your closet, you know, I don't know,
• 50:48
  Speaker 6: I don't know.
• 50:48
  Speaker 4: All right, all right, So then in the last time
• 50:50
  Speaker 4: we're gonna talk about scaling model, your business, and a
• 50:54
  Speaker 4: few other different things.
• 50:55
  Speaker 2: Cool.
• 50:55
  Speaker 4: All right, So as far as the jury business, it's interesting,
• 50:59
  Speaker 4: especially in New York with the domitancy. Everybody is so
• 51:01
  Speaker 4: close together. But you said it's kind of a community
• 51:04
  Speaker 4: because everybody knows each other. Correct, So how does that
• 51:08
  Speaker 4: work as far as competition, because you're saying that, like
• 51:11
  Speaker 4: these guys helped fund you, but you're also kind of
• 51:13
  Speaker 4: their competition.
• 51:14
  Speaker 2: So I'm interesting. Interesting.
• 51:17
  Speaker 6: You know, we had moved the company a few about
• 51:19
  Speaker 6: sixteen blocks off the Diamond District, and the numbers at
• 51:24
  Speaker 6: one point plummeted. I couldn't understand why because I was
• 51:28
  Speaker 6: I was saying, again, now I'm looking at it from
• 51:30
  Speaker 6: from a business standpoint. I love what I do that,
• 51:34
  Speaker 6: but now it was about business and keeping my employees fed,
• 51:38
  Speaker 6: keeping their families, giving their checks coming home, and I
• 51:40
  Speaker 6: have to figure that out. So I'm trying to figure
• 51:43
  Speaker 6: out why and move. We moved because of it was
• 51:46
  Speaker 6: like a lot of competition. But what I realized where
• 51:51
  Speaker 6: I was, I had moved to Chelsea area. So when
• 51:55
  Speaker 6: you think jewelry, you don't think Chelsea. So I moved
• 52:01
  Speaker 6: myself out of the consumer traffic pattern. You know, and
• 52:07
  Speaker 6: not only that, all the materials I needed to operate
• 52:10
  Speaker 6: on a day to day basis came from this. So
• 52:12
  Speaker 6: now I'm paying someone to travel up there get materials.
• 52:15
  Speaker 6: So I'm losing time, you know, And that's that's the commodity.
• 52:19
  Speaker 6: And in business they say we broke even. I don't
• 52:22
  Speaker 6: believe in breaking even because you lost time and you'll
• 52:24
  Speaker 6: never get time back, right, So I started realizing that,
• 52:28
  Speaker 6: and then when I moved back there, it.
• 52:31
  Speaker 2: Was almost it was almost.
• 52:35
  Speaker 6: Immediate, like within the same week. What happens is you
• 52:39
  Speaker 6: get an overflow of work. You know, before I could
• 52:43
  Speaker 6: say all right, screen someone hire someone, I could send
• 52:46
  Speaker 6: the work upstairs. I could send the work around the
• 52:48
  Speaker 6: corner to help me facilitate. So now I had like
• 52:52
  Speaker 6: working hands. All the materials I need are right there.
• 52:55
  Speaker 6: The skilled workers are like walking up and had a
• 52:58
  Speaker 6: problem finding workers because they would not they wouldn't venture
• 53:01
  Speaker 6: off into into you know, say Chelsea. Where where are
• 53:06
  Speaker 6: you finding these skilled workers? Are they coming out of
• 53:08
  Speaker 6: a specific school or is there some type of technicians
• 53:11
  Speaker 6: something they come with from there from like their their
• 53:14
  Speaker 6: their countries. They were a lot of people that that
• 53:18
  Speaker 6: do craftsmanship and stuff. They started young. Most people and
• 53:21
  Speaker 6: it's like their families and you know, taught them and
• 53:23
  Speaker 6: things like that. But being in this hub actually actually
• 53:29
  Speaker 6: made my number spike because everything I needed was right there.
• 53:33
  Speaker 6: So what happens is instead of competing act it might
• 53:37
  Speaker 6: look if you walk the street, you'll see gorilla marketing here.
• 53:40
  Speaker 6: You come in here, come in here, you know, you
• 53:42
  Speaker 6: feel uncomfortable. But when you go upstairs, on a manufacturing standpoint,
• 53:45
  Speaker 6: we're working together. So I'm able to produce faster, you know, faster, cheaper,
• 53:50
  Speaker 6: and again all my materials, everything I need is right there,
• 53:55
  Speaker 6: you know. And I can only speak for the manufacturing sector.
• 53:58
  Speaker 6: I don't know what it'd be like to have a
• 54:00
  Speaker 6: I always said that this guy has a booth, this
• 54:01
  Speaker 6: guy has a booth, and they're all selling the same thing.
• 54:04
  Speaker 2: I don't know about that.
• 54:05
  Speaker 6: But from a manufacturing standpoint, having other manufacturers around me, uh,
• 54:12
  Speaker 6: it makes me stronger.
• 54:13
  Speaker 2: It makes me stronger.
• 54:14
  Speaker 5: You said, one of the biggest pieces to your success
• 54:17
  Speaker 5: is having the mentorship. Obviously your dad had, you know,
• 54:20
  Speaker 5: the man that you guys he was working for, he
• 54:23
  Speaker 5: mentored you.
• 54:24
  Speaker 2: Are you at the stage where you are.
• 54:26
  Speaker 5: Mentoring someone or is it like a mentoring like program
• 54:29
  Speaker 5: within your business.
• 54:30
  Speaker 2: Well, no not.
• 54:31
  Speaker 6: And again I've been a lot of people have emailed
• 54:33
  Speaker 6: wanting to in turn wanting to just see what a
• 54:36
  Speaker 6: day actually they did apport on me like a day
• 54:38
  Speaker 6: in the life of what I do, which is flattering,
• 54:41
  Speaker 6: which is flattering. But I still consider myself still still growing,
• 54:46
  Speaker 6: you know, still learning, still adapting, you know, to an
• 54:50
  Speaker 6: you know that industry is it's old fashioned, but it's changing.
• 54:53
  Speaker 6: So I'm still adapting. And again not my quote, but
• 54:59
  Speaker 6: overnight ccess is like fifteen twenty years, you have to
• 55:02
  Speaker 6: know your business inside out and and you know that's
• 55:07
  Speaker 6: that's definitely the next step as I continue again, I'm
• 55:10
  Speaker 6: going to branch out into more like investing and things
• 55:12
  Speaker 6: like that. So it'd be it'd be awesome to show
• 55:16
  Speaker 6: what I've learned, you know, to someone else, absolutely, because
• 55:19
  Speaker 6: again that's that was the key. It was mentor ship.
• 55:23
  Speaker 6: Looking at someone do something day in and day out,
• 55:27
  Speaker 6: you know, watch the routines that they do, and routine
• 55:30
  Speaker 6: builds character. You know, you got you know, you stick
• 55:33
  Speaker 6: with something and basically mimboring them, mimicking them. You find
• 55:38
  Speaker 6: someone successful and copy them. That's that's to me too.
• 55:43
  Speaker 6: That's what I did, and that's the fastest way, fastest
• 55:46
  Speaker 6: way to climb a ladder.
• 55:47
  Speaker 2: You know. Shoty said that that was one of like
• 55:50
  Speaker 2: his great analogy.
• 55:51
  Speaker 5: It was like when we're in school, it's it not
• 55:53
  Speaker 5: to copy right business, you actually should should I be.
• 55:57
  Speaker 2: Careful who you copy? Be careful who you copy.
• 56:00
  Speaker 6: You know, whatever you're around that that's gonna rub off
• 56:03
  Speaker 6: on you. You know, you could learn to be the
• 56:06
  Speaker 6: best crook. I mean whatever, But but you force yourself
• 56:10
  Speaker 6: around people you know that inspire you, you know, and
• 56:15
  Speaker 6: you need to be inspired. I mean, you're not going
• 56:17
  Speaker 6: to to run an operation.
• 56:19
  Speaker 2: To control a bit just means you're dealing. You're dealing
• 56:22
  Speaker 2: with a lot of people.
• 56:22
  Speaker 6: You're dealing again being a being a boss, being a
• 56:27
  Speaker 6: leader of a company.
• 56:29
  Speaker 2: I mean you're wearing a lot of hats.
• 56:31
  Speaker 6: Yes, it's all about the numbers, but those numbers are
• 56:33
  Speaker 6: not going to come if the employees are not happy.
• 56:36
  Speaker 6: You need to sometime be a therapist to an employee.
• 56:39
  Speaker 6: You got to be a referee, You got to be,
• 56:42
  Speaker 6: you know, a mediator. You know, you have twenty thirty
• 56:45
  Speaker 6: people working under one roof, you know, and you're the leader.
• 56:50
  Speaker 6: You have to be sympathetic, you know. Sometimes sometimes you
• 56:55
  Speaker 6: have to deem someone not good for the team.
• 56:57
  Speaker 2: You have to you have to let them go.
• 56:59
  Speaker 6: I mean, it's a lot of uncomfortable conversations as you
• 57:05
  Speaker 6: rise in business.
• 57:07
  Speaker 3: That's a fact. Uncomfortable conversations.
• 57:10
  Speaker 2: That's a lot.
• 57:13
  Speaker 3: That's a fact. So all right, So if somebody is.
• 57:19
  Speaker 4: They have an idea to make a jury line like
• 57:22
  Speaker 4: eyo jury line, right, Okay, you're gonna you can supply us,
• 57:26
  Speaker 4: right absolutely, But first.
• 57:28
  Speaker 6: We have to actually draw up the mock up like
• 57:31
  Speaker 6: what we like. We have to create the logo. You
• 57:34
  Speaker 6: would have to find it. I don't know if it
• 57:36
  Speaker 6: be you yourself or get some finding artists to create
• 57:38
  Speaker 6: the logo. Trademarket correct, next up correct and then once
• 57:42
  Speaker 6: you even before that, I mean we could again we
• 57:45
  Speaker 6: can play with different things, can change, you know, trademark
• 57:49
  Speaker 6: something and then you like, you know, I don't even
• 57:50
  Speaker 6: like this anymore. So once you agree on on the
• 57:53
  Speaker 6: on the design, which you'll be holding them in your hand,
• 57:56
  Speaker 6: you know, before before you get to the point of
• 57:58
  Speaker 6: trademarking it. And but yeah, so you would give me
• 58:01
  Speaker 6: the drawing, I would give you the piece.
• 58:03
  Speaker 4: Back okay, and all right, So and you said, like
• 58:06
  Speaker 4: on average, if it's three times markup, so I buy
• 58:09
  Speaker 4: it for you from thirty, I'll seller.
• 58:10
  Speaker 2: For ninety correct, correct?
• 58:12
  Speaker 6: I mean that's that's not a written rule, right, yeah, industry,
• 58:15
  Speaker 6: but it's reasonable reasonable.
• 58:17
  Speaker 2: Yeah, Why is that reasonable?
• 58:19
  Speaker 3: I seem like a pretty high mark up.
• 58:21
  Speaker 6: Well, because they have their overhead. They have to spend
• 58:24
  Speaker 6: money to build a brand. The brand needs promotion they're
• 58:28
  Speaker 6: gonna have. Again, it's it's it's B to B right.
• 58:30
  Speaker 6: So I'm in theory, you guys would be you guys
• 58:33
  Speaker 6: would be a business. I'm selling to a business. You
• 58:36
  Speaker 6: guys have operating costs. You don't have employees. I mean
• 58:40
  Speaker 6: you need websites. You need so they have to and
• 58:43
  Speaker 6: if they and if they don't have capital, they can't
• 58:46
  Speaker 6: promote the business. You know, you need capital too, You
• 58:48
  Speaker 6: need capital to operate, even even if you could promote
• 58:51
  Speaker 6: online for free to operate.
• 58:53
  Speaker 4: So, if I wanted a custom piece of jurey, it's
• 58:55
  Speaker 4: cheaper to go to you correctly, correct, get much much
• 58:58
  Speaker 4: much cheaper, much cheaper.
• 58:59
  Speaker 3: How does somebody do that?
• 59:00
  Speaker 2: So?
• 59:00
  Speaker 6: Well, again, you'd have to know, you'd have to I
• 59:03
  Speaker 6: mean I would have I would, I would have to
• 59:04
  Speaker 6: give it drawn up first.
• 59:06
  Speaker 2: Correct.
• 59:06
  Speaker 3: I can't go to you and say, can you make
• 59:07
  Speaker 3: me a gold chain?
• 59:09
  Speaker 6: Now I do have someone there that can do drawings,
• 59:14
  Speaker 6: but it's better if you would just bring the idea
• 59:16
  Speaker 6: and even if it's a rough sketch. And then at
• 59:18
  Speaker 6: that point then we go into three D modeling. Cat design.
• 59:22
  Speaker 6: You'll see it on a computer, you'll prove it from
• 59:24
  Speaker 6: a computer. Then you'll prove it in your hand with
• 59:27
  Speaker 6: a wax. We can control the price point because the
• 59:30
  Speaker 6: price will come from its weight.
• 59:32
  Speaker 2: So in the cat design, the.
• 59:34
  Speaker 6: Computer will tell you what it's going to weigh, and
• 59:36
  Speaker 6: we can make it lighter. We can make so we
• 59:38
  Speaker 6: could control the price before we even put anything on
• 59:41
  Speaker 6: the table. The only upfront court would be the cat
• 59:44
  Speaker 6: designing and the printing of waxes. How you want five
• 59:48
  Speaker 6: hundred one thousand bucks and you have a piece in
• 59:51
  Speaker 6: your hand, you have a prototype, you know, and you
• 59:54
  Speaker 6: can start off with cheaper metals like brass. You know
• 59:57
  Speaker 6: once you wouldn't you wouldn't play with gold until you
• 1:00:01
  Speaker 6: are positive and things like that. So you make the
• 1:00:04
  Speaker 6: first one.
• 1:00:05
  Speaker 5: Let's just say it's a ey L pending and it's
• 1:00:07
  Speaker 5: like Shotty gets when I get one, and then if
• 1:00:09
  Speaker 5: we put it out, then you mass.
• 1:00:10
  Speaker 6: Produce it, and were mass produce it, so you'll get
• 1:00:12
  Speaker 6: an order. And now again you'd have to hire I
• 1:00:15
  Speaker 6: mean people to you can do it yourself to a
• 1:00:18
  Speaker 6: certain extent. But then let's say someone says, listen, we
• 1:00:22
  Speaker 6: want to give this at an event. Again, it would
• 1:00:25
  Speaker 6: be brass. It's not going to be gold. You know,
• 1:00:27
  Speaker 6: it would be a low ticket item. But but still
• 1:00:30
  Speaker 6: you just want your logo out there, you know, in
• 1:00:32
  Speaker 6: metal form. Right, So so at that point, yeah, we would,
• 1:00:37
  Speaker 6: we would mass produce it. At that point, what can
• 1:00:40
  Speaker 6: so what can you make?
• 1:00:41
  Speaker 2: What you can make?
• 1:00:42
  Speaker 3: A watch?
• 1:00:43
  Speaker 2: Watches? No, we don't make.
• 1:00:44
  Speaker 6: We don't make why watches are made by those brands whoever,
• 1:00:47
  Speaker 6: We don't know who makes it, you know, but I
• 1:00:49
  Speaker 6: guess you know Rolex protect. Those are their you make
• 1:00:52
  Speaker 6: like rings and rings, pendants, bracelets, charms, air rings.
• 1:01:00
  Speaker 4: Anyway, So there's a lot of talk about a pending recession,
• 1:01:04
  Speaker 4: and I assume that that would have a drastic impact
• 1:01:08
  Speaker 4: on the jury business, because that's that's explainable. You don't
• 1:01:10
  Speaker 4: need a jewey, right, right, But you were around through
• 1:01:13
  Speaker 4: the last recession, right two thousand and eight.
• 1:01:15
  Speaker 3: Yeah, how does economic downto?
• 1:01:18
  Speaker 2: So that's what happened. It made me change.
• 1:01:20
  Speaker 6: First we would only do silver and gold, but in
• 1:01:23
  Speaker 6: a recession, it was like, again, no one's buying not
• 1:01:27
  Speaker 6: buying precious metals. So that's when what we did was
• 1:01:31
  Speaker 6: we got very creative. A lot of people got creative,
• 1:01:33
  Speaker 6: and we started manufacturing brass. So brass gives the look
• 1:01:37
  Speaker 6: of gold, it's yellow, but you could do big pieces
• 1:01:42
  Speaker 6: like a lot of ladies wear, like big cuffs and
• 1:01:44
  Speaker 6: stuff like that. So we started manufacturing brass. So so
• 1:01:49
  Speaker 6: now let's say you would make a thirty dollars cuff,
• 1:01:56
  Speaker 6: a thirty dollar airring, but you do ten thousand of that.
• 1:02:00
  Speaker 2: That's how you're surviving.
• 1:02:01
  Speaker 6: People can in a recession, they can afford a thirty
• 1:02:03
  Speaker 6: dollars earring, you know, whereas opposed there was a fifty
• 1:02:07
  Speaker 6: thousand dollars chain and you have enormous markups and things
• 1:02:11
  Speaker 6: like that.
• 1:02:12
  Speaker 2: So that's how we were. But you have to be creative.
• 1:02:13
  Speaker 2: You have to be creative.
• 1:02:14
  Speaker 6: That that costume jewelry, that costume jewelry is also saved
• 1:02:19
  Speaker 6: save you saved.
• 1:02:19
  Speaker 2: Me costume Jewey is a huge market and it's expensive now.
• 1:02:22
  Speaker 6: I mean I'm saying, I'm saying these numbers for back
• 1:02:26
  Speaker 6: then and things like that. But you go in the
• 1:02:28
  Speaker 6: store and buy an eight hundred dollars, you know, brass
• 1:02:32
  Speaker 6: pair of earrings depending on whatever brand it is, and
• 1:02:36
  Speaker 6: they demand that mouthful it get it.
• 1:02:38
  Speaker 2: So it's it's not even say silver silver.
• 1:02:41
  Speaker 6: So that that's how we started selling lower ticket items
• 1:02:45
  Speaker 6: by volume, and that's how I got.
• 1:02:48
  Speaker 2: Through that no good plant. To get creative, you got
• 1:02:53
  Speaker 2: to play above the water.
• 1:02:55
  Speaker 3: That's dope.
• 1:02:56
  Speaker 4: So all right, so what's your as far as like,
• 1:02:59
  Speaker 4: if someone wants to reach out to you, how can
• 1:03:02
  Speaker 4: they find like? Because you're in an industry that's not
• 1:03:05
  Speaker 4: really marketable for the most part, right right right, you're
• 1:03:07
  Speaker 4: breaking the mold because you know, obviously you're younger and
• 1:03:10
  Speaker 4: probably you know you have a different whole vibe.
• 1:03:12
  Speaker 3: So how can somebody like find you?
• 1:03:16
  Speaker 5: Like?
• 1:03:16
  Speaker 3: As far as.
• 1:03:17
  Speaker 6: Well, if this day and age is social media, social media,
• 1:03:20
  Speaker 6: but it's always been word of mouth.
• 1:03:21
  Speaker 2: It's always been word of mouth.
• 1:03:24
  Speaker 6: Right again, because even say a jeweler or a designer,
• 1:03:28
  Speaker 6: they're gonna hide me, They're not gonna they're gonna they'll
• 1:03:31
  Speaker 6: give me the business, but they won't say, you know
• 1:03:34
  Speaker 6: who who didn't work. So if someone, let's say you
• 1:03:37
  Speaker 6: were an entrepreneur or or you wanted to create your
• 1:03:39
  Speaker 6: own line, or you just wanted to get a good
• 1:03:42
  Speaker 6: price on on something and skip the middle man, then
• 1:03:45
  Speaker 6: you do a little bit of homework. You know, now
• 1:03:47
  Speaker 6: you can hashtag jewelry making, jewelir manufacturing, and then you know,
• 1:03:52
  Speaker 6: I would definitely pop up at that point. And again,
• 1:03:54
  Speaker 6: my you can email me info at JC jewelry dot
• 1:03:57
  Speaker 6: com and we take it from there. And again I'm
• 1:04:01
  Speaker 6: definitely I don't have much competition in this industry where
• 1:04:06
  Speaker 6: it comes to like social media and stuff like that,
• 1:04:09
  Speaker 6: because most of these companies they're not gonna they're not
• 1:04:12
  Speaker 6: gonna promote so because they don't need to, or well
• 1:04:16
  Speaker 6: because of all the what I just explained is promote
• 1:04:19
  Speaker 6: what right, right, right.
• 1:04:20
  Speaker 5: I'm just saying I'm thinking in terms of like they
• 1:04:22
  Speaker 5: probably have been customer, they have more established car and
• 1:04:26
  Speaker 5: their customers will continue to promote themselves and then the
• 1:04:29
  Speaker 5: kickback is the work.
• 1:04:30
  Speaker 2: You know.
• 1:04:31
  Speaker 6: But again for me, again, those those now those companies
• 1:04:34
  Speaker 6: have been around for the grandfather's grandfather's grandfather. You know,
• 1:04:39
  Speaker 6: they're one hundred year old. Most of those businesses one
• 1:04:42
  Speaker 6: hundred year old businesses. You know, for me saying I've
• 1:04:45
  Speaker 6: been doing this for twenty twenty five years, I mean
• 1:04:47
  Speaker 6: that that that pills and you know, the first generation young.
• 1:04:51
  Speaker 4: What's what's the clientele breakdown percentage wise is like eighty
• 1:04:55
  Speaker 4: percent designers.
• 1:04:58
  Speaker 2: Regular people that just want designers, design, designer.
• 1:05:03
  Speaker 6: Correct, that's my designers, entrepreneurs and even startups, like a
• 1:05:07
  Speaker 6: lot of startup companies and you know, but but now
• 1:05:12
  Speaker 6: you know, I'm starting to get calls from from people
• 1:05:14
  Speaker 6: that's just trying to skip.
• 1:05:15
  Speaker 2: The middle man.
• 1:05:16
  Speaker 6: How many brands in the portfolio, it's a lot. It's
• 1:05:21
  Speaker 6: it's like twenty years of brands. So I don't have
• 1:05:25
  Speaker 6: a number on that, but so over maybe they're not
• 1:05:29
  Speaker 6: ordering on an everyday basis, but like over fifty fifty brands.
• 1:05:33
  Speaker 6: And but yeah, now you have to understand there are
• 1:05:36
  Speaker 6: some people that don't want to skip the middle man
• 1:05:38
  Speaker 6: because the jeweler that they trust and they've been going
• 1:05:42
  Speaker 6: to for years, actually they don't do they'll the jeweler
• 1:05:45
  Speaker 6: will do that backward. Get the cat designed, get it,
• 1:05:48
  Speaker 6: draw it design it. Some people don't have time for that.
• 1:05:52
  Speaker 6: They just want to see it finished product, you know.
• 1:05:55
  Speaker 6: But if you if you have a little bit more
• 1:05:57
  Speaker 6: foresight and you want to do the designing because it
• 1:05:59
  Speaker 6: is work, then you would come to somebody like me
• 1:06:02
  Speaker 6: and you're safe.
• 1:06:02
  Speaker 3: So you can potentially say sixty by going to somebody
• 1:06:05
  Speaker 3: like you.
• 1:06:06
  Speaker 2: Absolutely, absolutely absolutely.
• 1:06:10
  Speaker 6: And depending on how aggressive you're you're, the person you're
• 1:06:13
  Speaker 6: buying from is maybe even more. I mean, like I said,
• 1:06:16
  Speaker 6: these mark ups could be three times or more, you know.
• 1:06:20
  Speaker 6: So you're coming to a manufacturer, you know. So if
• 1:06:23
  Speaker 6: you go to you know, Raymond and Flann again, they
• 1:06:26
  Speaker 6: didn't you know, they have a factory where that's me,
• 1:06:28
  Speaker 6: it's like you skip them, you know, you skip the brand.
• 1:06:33
  Speaker 4: So all right, so it's powerful, man, I appreciate you
• 1:06:37
  Speaker 4: coming in. So contact information, social media handles all that
• 1:06:40
  Speaker 4: information for okay.
• 1:06:41
  Speaker 6: So yeah, so basically, if you want to contact me,
• 1:06:44
  Speaker 6: it's info at ajcjewelry dot com. The Instagram handle is
• 1:06:50
  Speaker 6: a JC Jewelry. That's pretty much it. That's how you
• 1:06:53
  Speaker 6: would contact me on my business this wedding season, y'all.
• 1:06:55
  Speaker 6: So if you need to hit them up.
• 1:07:00
  Speaker 4: Also, but more importantly aspiring entrepreneurs that want to become
• 1:07:03
  Speaker 4: absolutely jewelry designers that you got.
• 1:07:06
  Speaker 3: You gotta reach out to the source. You gotta get
• 1:07:08
  Speaker 3: it from somebody. Why not? Why not?
• 1:07:11
  Speaker 2: Don't say we didn't We didn't tell you who?
• 1:07:15
  Speaker 3: Troy?
• 1:07:16
  Speaker 2: Yeah, Yeah.
• 1:07:16
  Speaker 5: Shout to everybody on Patreon dot com. That's our Proud
• 1:07:19
  Speaker 5: to Pay program. It has grown. We had a community
• 1:07:22
  Speaker 5: on there, y'all. So I just want to give a
• 1:07:23
  Speaker 5: shout out, huge shout out to some of our Tier
• 1:07:25
  Speaker 5: five members, Joseph and Markel. They have joined at Tier five,
• 1:07:29
  Speaker 5: so you know that now at Tier five you have
• 1:07:32
  Speaker 5: access to e y l University, our online website where
• 1:07:36
  Speaker 5: we have courses, live webinars, and you'll be able to
• 1:07:39
  Speaker 5: live stream our workshops. So shout out to y'all. And
• 1:07:43
  Speaker 5: Christian who was a Tier four member and Janice who
• 1:07:46
  Speaker 5: was actually on ey L University when we did our
• 1:07:48
  Speaker 5: webinar about getting in the podcasting game. She said, you know,
• 1:07:52
  Speaker 5: she gave up her membership at the gym to come
• 1:07:54
  Speaker 5: to e y L. So thank you for joining and
• 1:07:57
  Speaker 5: keep supporting that. And uh earn Leisure dot com merches
• 1:08:00
  Speaker 5: up there. We are wearing our winter season merch is
• 1:08:04
  Speaker 5: cold in New York, so we have on our sweatshirts.
• 1:08:07
  Speaker 5: He has the hoodie on, I have the crew neck
• 1:08:10
  Speaker 5: and we added some more things on there. Our Earner's
• 1:08:12
  Speaker 5: shirt is coming. So shout out to everybody that'support you know,
• 1:08:15
  Speaker 5: the earners, our our community of supporters. They they find
• 1:08:20
  Speaker 5: our guests, our alumni and they support man.
• 1:08:23
  Speaker 2: So be ready.
• 1:08:25
  Speaker 4: And also e YO University is something that we're extremely
• 1:08:28
  Speaker 4: excited about. That's really really dope interactive platform where you know,
• 1:08:34
  Speaker 4: we bring We have three classes a week right now.
• 1:08:36
  Speaker 4: Matt teaches a class every Monday or real estate investing,
• 1:08:40
  Speaker 4: and then Wednesdays of floating class depending on different topic
• 1:08:43
  Speaker 4: from a different investment instructor. Every single week we have
• 1:08:47
  Speaker 4: everything from life insurance to mobile home, taught me well
• 1:08:49
  Speaker 4: to notary probably won't have mobile home and law will
• 1:08:55
  Speaker 4: credit credit, got it all, got it all. And then
• 1:08:59
  Speaker 4: me and Troy teaching class every Friday. May move that
• 1:09:02
  Speaker 4: to a Thursday.
• 1:09:02
  Speaker 2: Yeah, we put it on.
• 1:09:04
  Speaker 4: And that's also on a variety of different topics. So
• 1:09:06
  Speaker 4: the good thing about the YA University is as interactive
• 1:09:08
  Speaker 4: so it's on zoom so you can actually ask questions
• 1:09:12
  Speaker 4: and get a manswered, and it's a whole. It's a
• 1:09:14
  Speaker 4: whole interactive vibe. So yes, that is that, and thank
• 1:09:18
  Speaker 4: you guys for rocking with us. We'll see you next week.
• 1:09:19
  Speaker 3: Peace.
• 1:09:20
  Speaker 2: Peace.
• 1:09:22
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 1:09:25
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
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