Diamonds Factory Ireland increases its turnover to 1 million euros
Leading Diamond Jewelery Wholesaler diamond factory ireland increased its revenue from €100,000 to €1 million in the past year after its website saw a 54% increase in organic traffic and an 86% increase in direct traffic.
The company has doubled the size of its team in Ireland and will open a new operations office to respond more efficiently to the demand and delivery of bespoke jewellery, reducing the typical lead time from 4-8 weeks to 2-2 Three weeks.
Globally, Diamonds Factory is on track for sales of £35-40m this year following a large-scale expansion of its business into national markets which has seen its business quintuple in the course of the past three years.
Ben Stinsone-commerce manager at Diamonds Factory, said: “Diamonds Factory Ireland, in particular, has grown quite rapidly.
“We thought it [Ireland] would be an additional contributing country, but it went from a few hundred thousand to one million euros in turnover in one year to 18 months.
“We are actually going to have a hub in Ireland for the EU which will allow us to provide faster service to our customers in terms of delivery and to have a dedicated European service team which is really exciting.
“Currently, we allow customers to be able to afford what they want and receive it quickly, which I think is an unbeatable proposition.”
Stinson added that sales had actually fallen 12% year to date due to the rising cost of living in Europe, but sales were now increasing month on month. In Ireland, the company has made more affordable synthetic diamonds the default option in-store and online.
“Due to the default lab diamonds being discontinued, we saw a +23% increase in users, a +54% increase in organic traffic, and a +86% increase in direct traffic. lab-grown diamond sales now represent 55% of total sales,” Stinson said of the move.
The company also plans to open a larger store in Dublin, where it is headquartered, and Stinson said the company wants to focus on tailoring its offering to customer needs.
“For us, it’s all about the consumer. We’re just here to support them and provide them with the information they need to make a decision and create the jewelry they want.
Because we saw such a rapid increase and growth in sales – we didn’t have time to fine-tune this [tailoring content to Irish customers] by the very nature of what happened. Now we have time to sit down and really decide how we can best meet the needs of Irish customers.
Diamond Factory sources its stones from the most reputable gemological laboratories and adheres to the standards of the Gemological Institute of America (GIA) and the European Gemological Laboratory (EGL).
Pictured: Wayne Knowles, General Manager of Diamonds Factory Ireland store in Dublin.