How to start a Jewelery Business? With L Laine Jewelers

Welcome back to the Clappy Frank Show. Episode number 21. Like, subscribe. We have today on the most awesome, incredible jeweler in the world, Ley Lane from Lane Jewelers. Ley, what is going on? And tell us how you got into this business. Same old, same old. I see you're more enthusiastic than I am. I hope the show actually works out as well as you're portraying it uh to be. So, I think you're a little more enthusiastic than I am. How did I get into the jewelry business? by mistake like everything else. >> I was a teacher taught for I taught in >> Krasna. Surprise surprise. I taught there for a couple of years. >> Goyish. >> Krasna. I taught Goyish. I was I was the [ __ ] I would teach Lane. I was the [ __ ] >> Um and I actually I actually liked it. I I actually liked it very much. Um Mendy Balkn convinced me that I could be a teacher. I thought, you know, I'd be able to I could figure it out. So like I was like I was hesitant. He was like Lelay you'll be perfect. It's going to be great. >> Try it out. I actually really really really enjoyed teaching. I really really enjoyed it. Um the only issue that I had with that was that after a couple of years I was like either move me up a grade or move me down a grade. It's like I I understood and understand uh how teachers I I a lot of respect to all the teachers out there but you could have burnout. Like I I just >> You did that full time, isn't it? Like two hours a day. >> It was It was two hours a day, >> right? >> But uh I was teaching the same thing every year. It's the same material. I was switching it up a little bit when I would come to history instead of teaching. >> That was your only job. Two hours a day working. >> I I was in 770. I was learning. So >> you're studying. Okay. >> I was I was learning in 770 uh half a day uh the first year, the first year. The second year I was doing construction. Um >> so I was like, "Move me up, move me down." I was also doing a little bit of real estate. I was like, you know, like everybody everybody was doing real estate then and I also I got a license to go do real estate and I was doing real estate as well. Uh so I was like up or down a grade I can't continue teaching the same things over and over. I I need it to be a little challenging for me as well. And he was like uh this class it was I guess it's a tough grade. I'm not very familiar with the with with the with the school system um to the extent of knowing which grades are harder than others. >> Agree with it. Uh I was doing sixth grade and from what I understand sixth grade is a tough grade. He was like I need you to do sixth grade. The year before I was there they had gone through six teachers. Six teachers and they were telling me teacher lane you'll be out of here by Kaneka. I was like Kaneka came around. They were like pis I was there Kaneka. I was there pes I was like I'm going to outlast you. I'll throw you out before you throw me out. But our component was was a really really really great experience. I really enjoyed it and at a certain point I was like up or down he was like sorry this this is this is this is your class uh I found a replacement for myself and uh I was sitting at a >> party >> and I asked uh I I made a general announcement at uh at the time I was like if anybody knows anybody looking to hire somebody um I'm looking for a job. >> How how old are you? So this is after uh this is I finished schlikas and I finished probably I was about 22. >> I did uh 23 I was teaching 24 I was teaching. So 23 24 I was teaching >> um 25 also like a little bit of 25 26 27 I worked for the jewelry business. >> You were married? >> I wasn't married. >> 26 27 you weren't married. >> No I wasn't married. It's interesting. I had a very good group of friends. I don't know what parts you want to keep in what keep um had a very um first off um I had a very good group of friends still my friends today. So not had have a very good group of friends. Um some of them I'm I'm from the older part of the class like I would say the third if you divide it into into uh thirds. I would say I'm I'm on the top third. Uh the bottom third wasn't getting married all that quickly and they were about a year younger than I was. So I mean they weren't getting married. Uh we were all hanging out together. Uh we had shared they really really really good uh group of friends. They had uh it's the Bashne group today. So um we had it would change it would be different days but we had uh look we had air >> you were having a great time. you were never and and it was I would say to a to a degree alas. >> Is this the lab minion? >> Yes. >> Oh, great. >> So, I mean, yeah, it's a very good group of guys and um we we we we we hung out together uh and and and you know the night times and uh we would have different shorimm and uh just good gettogethers in general. So, >> travel together. >> We travel together as well. Nothing no crazy traveling. Uh I think our our years of traveling uh were done more before uh you know like before uh the SMA program etc. Guys were traveling a little bit more here. Guys were more settled down. Guys were getting jobs. Um so I mean like I I didn't feel the rush and the urge to go. Some people have this urge and this rush to immediately go and they have to go get married and start a family. I was like if it's not going to happen today it's going to happen tomorrow. At the end of the day, we all b Hashem, at least most of us, by the grace of God. We all end up married. We all end up with children. If I'm not going to be dealing with that challenge today, I'll be dealing with the challenge uh tomorrow or the day after. So, like I wasn't I wasn't in any particular rush to get married. After I did um the teaching job, one of the offers that was that was offered to me at the time was going to work for Delmare, the Genevish family. They had an office uh 585th Avenue on the 7th floor uh BYO and um I went to interview there. They gave me the job. Very very grateful. A great place to work. I worked with uh Mendy Lieberman, really really really talented great guy. And I worked there for a couple of years. And every time I was given another task and from those tasks that I was given um I was able to learn the inside the the ins and the outs of the jewelry business. I feel really really really well. So let's say for example in the beginning I was doing um uh I was part of um logistics. Okay. So I feel like I figured out the logistical end of things quite well. the orders coming in from different places putting the diamonds together with the gold uh the setting etc. Um at some point um they told me that they would like they would like this um massive parcel of diamonds to be graded and they're like lady you're in charge. I was like I don't know how to grade diamonds. I I know nothing about diamonds. So I hired >> So grading is you you do it independently or you get like isn't there a GG >> GIA? So these stones were all GIA certified. The question is, even within GIA certifications, let's say they're all going to be SI1's. It might be French to you, but SI1's are diamonds that have imperfections that you can see with a 10 time magnification. You might not see it without >> commonly known as the loop. >> The loop. So, you can see the imperfection with on the GIA's level, you can see the imperfection with a 10 time magnification, but to the naked eye, you won't see it unless it's a black imperfection smack in the middle. white and black imperfections based off the GIA. They'll both get the same grading. One of them is going to be more visible. It's like writing, you know, making a black dot on a white piece of paper. You'll see the black dot a lot quicker than you will a white dot, but uh at the end of the day, they're judging the imperfection itself, how imperfected the diamond is. So, >> a dot is a dot. >> A dot is a dot. So, uh, these were all GIA certified stones, but what makes it more expensive or less expensive is if it's going to be a black dot in the center, if it's going to be a white dot, if it's going to be off to the side, if you can prong it, you know, when you set the diamond, you have the four sticks that are holding the diamond in, or sometimes six sticks that are holding the diamond in. Um, so a lot of the times you could hide the imperfection underneath the prong. >> A lot of drama this summer. My wife had her diamond re put into a new setting, and the big conversation that went on for weeks was four prongs versus six prongs. It was like the biggest decision. >> That should be your biggest problems in life. If that if that's your problems, I guess you're doing okay. Um um the um they said um grade these stones, let us know, you know, what what the prices are. So um I hired someone to grade the diamonds. Now, in my head, and and I think it ended up being a very good thing in my head. Um, as a manager of of of the office, I felt like it was my responsibility to make sure that the person that was hired needs to be doing his job. I, you know, I I I don't want to go as far as saying I thought that the business was mine. Well, I knew obviously clearly it wasn't, and I know it clearly isn't. Um, but I was working for somebody and I was like, like the guy hired me to hire somebody to grade the diamonds. Obviously, I need to make sure that this guy's grading the diamonds well or it's going to reflect on me. So, I told the guy, "Every single day, I need you to walk over to me with uh four or five diamonds and show me why you graded it that way. What makes the how does how how does a diamond tick? What makes the diamond tick?" And every day would walk over with three or four diamonds and explain to me why this grading was a better grading. >> What national was he? I'm curious. He was uh are a lot of Indians in the diamond >> now at that time when I started they were starting to break in more and more but it was still this is before 2008 so it was still considered a very very very Jewish religious business very himish so it was a haisha guy it was aided guy that was teaching that was doing the grading and I would then go over to him every day and it just turned into like a normal thing I didn't have to go walk over to me he would walk over to me every day and he would show me two, three, four diamonds. Um, why he grade? Why the grading is that specific SI1, SI2, VS2? Is it a good SI2? Is it a bad SI2? Should we be giving an additional discount on that particular stone if the grading if it's an two SI1s will not get the same price. The MSRP will be the same price, but at the end of the day, wouldn't you prefer a white SI versus a black SI? Of course, you're going to you're going to want a white SI. The white SI is the one that you can't see. SI is there slightly included. It's an imperfection in the diamond. >> So in the company you learned every job because you were there and you wanted to make sure everyone did a great job. So you actually learned it by mistake >> and I felt like it was my responsibility to do that. So say >> was it ever because you wanted eventually open on your own? >> I never had in mind to go into business on my own. Never. I viewed this. I was like in my head I was always a in my head um people tell me otherwise I was always a very shy person. I I I I didn't feel like I can do sales. I didn't feel like I could talk to people. I didn't feel like I can actually do sales me could I'm sitting behind a cubicle. I'm doing what I got to be doing. I'm not interacting with other people all that much. That's my comfort zone in my mind. Obviously, as a teacher, I'm teaching uh children and I'm and and I'm and I'm talking to the parents. I would always follow up with the parents every day. I had a rule that I would call three parents just every single night. >> Troublemakers or any random >> No, randomly I would call up. Yeah. But everybody wants to hear about their troublemaking kids. I would call. By the way, your son did really well today on the test. We had a quiz. It was really, really great. Parents don't only want to be called up and and I see this now as a parent. Then I wasn't a parent. Uh I see this now. Like if if if if a teacher is going to call me up and tell me like, you know, your your your your son and your daughter had a pop quiz today and they did really really well, you know, like let them know that they're really doing that well, I I think it's really great. So I I would in my head I thought that it's a really nice thing. Obviously, >> the world of lost a great educator. >> I I I don't I don't I don't know if I was a great educator. Uh I I really enjoyed it. >> I don't think any of the teachers are calling three parents a night. >> I would I it was three parents. I have 28 kids in the class. >> Wow. And I called every night. I would make it I would make it my business. Remember I was single, right? I had time. Time is one thing I had. Um, so I would call up I would make it my business to call up three parents every night. >> You see the families if the kids doing well in secular studies, they get nervous. No, >> you know what was interesting like when when they would make trouble and I would call up the parent. Let's say like I'm an olyic. So I don't know by them what's considered a big cannas or a smallass. call up and I would say I would like like I would say listen three strikes you're out today's prize if you interrupt me three times today's prize is pedal of picios you're going to write pedal of picios so three strikes in the beginning of the year for sure they're looking to test you five of those kids are getting those things before you can say boo so I would say okay you won you got pedal of pio you earned it you got your three strikes you earned it >> um and that night I would call up the parent and I would say hey look uh your son interrupted me three times he got three strikes and he's going to he has to write for me perhaps now that was you know that was a random Tuesday you wrote perhaps in zont I wasn't a very big troublemaker and I I probably wrote it a couple of times >> but um for these guys I guess writing isn't you know one of the uh major skills that they're obtaining. So, um, I I would call up and I would say, "Hooray, your son won paragraph pick." Teacher Lane, are you joking? Perfe, are you joking me? How's my son supposed to write that? And in my head, I'm like, "What do you mean how sit down and start writing?" Um, like they they can't write that amount. I'm thinking, you know, they're trying to negotiate with me. I'm like, "Of course he's going to write it before he comes back into my class. he's going to finish pay golf. Um I said like he's never written that amount like there there's no way this guy's writing pagus. So um I would I would tell them like you know what fine if you um tell your child that he has to write three mission me the first three mission and he still owes me the rest of it. He owes me all the rest of it but he's on a trial period. This guy interrupts me again. He's gonna have to write everything that he owes me and then some. Teacher Lane, my son will never interrupt again. Never interrupt again. Now, the way I would sell the English, the way I would sell the English was really, really, really simple. Hi, you're in business, right? How difficult is it for you to write a check today? How difficult is it for you to go through and and read a contract? Don't you want your son's life to be that much easier? I'm not teaching highlevel English. Mhm. >> I'm teaching addition, subtraction, multiplication. We had the government tests those years. So, like I'm bringing them up to par and they're going to know sixth grade level English. And I went to this to this uh teacher store and I bought all of the books to help me teach those levels to PE like when I took over the class like these most of the kids couldn't do addition like like uh three-digit audition and and carrying. They couldn't do any of that. They couldn't they couldn't they couldn't a lot of them couldn't some of them could some of the parents were very into it um and most of the parents were not they they they couldn't do the carrying they couldn't do u uh um simple addition and and subtraction uh >> Google you know kayak but what about what about um general history as well I was like look these are things that you want your kids to know and it's only going to be a plus if your kids know these things every parent and remember I spoke to all of them multiple times times throughout the year. >> Every parent was like, "I'm totally on board." So, I had every single parent's um um uh um backing and support and they all helped me out as well. They were they were very very very helpful. The kids were like, "My my father doesn't care nothing if I don't know no English. You're the shy kids." But at the end of the day, I spoke to every parent and every parent and and I did this for a few years. Every parent had my back. Every parent gave me the support that I needed in order to be able to to to help educate uh their kids. Came down to history as well. >> Back to the company. >> You did you did every job? Yeah. >> So, I did I did the the I I I learned how to grade. He would show me how to grade. Um I learned the uh original job that I was hired for was um the logistics. Uh eventually uh they were like uh we're paying all these different setters here in New York and abroad uh and the casters etc. Who's keeping who's keeping who's keeping the books here? Now we did have an accountant that worked in there but I guess he was doing the accounting for a different business. Um so they were like how is the accounting being kept? So I was like, "Um, I guess the accountant is doing the accounting." They were like, "But we would like you to keep your part of the business, the part that you're running. We want that accounting to be done separately." So again, uh, with Mendy Lieberman's help, he's a brilliant guy when it comes down to uh, on multiple levels, but >> I'm not such a big I know a lot of Which Liberman is this? Von Park, >> one of the 17 children can >> one of them. >> Okay. >> Very, very, very great guys. So there's one of them my age, Ley, and there's one of them slightly older than me, Mendy. Ley is the one that at that lime said, "Hey, my brother's looking for somebody." So Leyy's the one that introduced me to Mendy and Mendi is the one that hired me. Uh I guess with the okay from the Ganavishes. Um so I was very into the um so he tal like go figure out how to do >> Does that name Does that name affect them in the business? Ganavish sounds like you know >> I I >> Are you a little gaish? I I I hear what you're saying that they're actually >> in the jewelry industry with the with the whole scandal with tracks now he says they're all a bunch of gnov ganavish >> they're very honest they're very honest gavish look in my head people always they don't live up to their name >> I'm going to give a general statement my general statement is my general statement is if you're a community jeweler which they are in Montreal they have also a showroom there if you're a community jeweler people always ask me about jewelers in our neighborhood. What do you say about this jeweler? If he's in business and he's in business already for a while and people are still shopping there, he's obviously an honest guy. It's honest. Obviously an honest guy. If he was an honest guy, PEOPLE WOULDN'T BE GOING TO HIM ANYMORE. >> THAT'S WHAT THEY say about Moff. He's in business 40 years. He's very good. >> I hear what you're saying, but jewelry I mila that at the end of the day, the piece of jewelry is or isn't good. you got what you paid for or you didn't or your customer service was good or wasn't good at the end of the day. >> One mistake everyone in their cousins or uncle. So what do you say about your competition? What do I say about my competition? I I think that again if they're in business for the amount of time that they're in business, obviously they have a following. Obviously they have people that like them. Obviously they have people that are happy with their customer service, etc. So like they'll continue shopping there. Um, and and you'll continue doing your thing. You'll do as best as you can to get your following and the people that are your cup of tea. Not everybody's going to be everybody's cup of tea. And not everybody's going to sell the items that are that you're looking to sell. Say, for example, I like to sell all of my stones or all all the stones that are above 30 pointers in general are all GIA certified stones. Are you paying a little bit of a premium >> because I'm such an honor in jewelry. 30 pointers. A carrot I know what a carrot is. >> So a carrot is let's say let's say let's look at it as a dollar. A dollar has a carrot's 100. >> So a carrot's 100. >> A 50 pointer is going to be 50 cents. Half a carat. >> Uh 25 pointer same thing. >> 30 is pretty big. I'm saying >> so a third. So usually 30 35s they'll already have like in the early years not so much. The the the the larger the stone was it was more worth it to have it certified. Today you can get certified stones that are 30 35 pointers. You'll find GIA certifications already on those things. I my comfort zone is selling um the larger stone. The smaller stones are not GIA certified. >> Smaller ones are called chips. >> The so it's not chips. They're they're they're melly. Very good. They're full cuts. So if there's full cut and there's there's single cuts. So a full cut would mean you have your regular your wife, let's say assuming she has a round diamond in the center, it's going to have 57 or 58 facets. That's how many cuts it's going to have. those tiny little diamonds if it's a full cut stone is going to have the same amount of facets. You look at it under a microscope or under the loop and it will have the same amount of facets. >> I want to say uh Ley, they say a best customer's educated customer. So the fact that you love teaching I think has never stopped and uh played into your success if I may say because you teach your customers. Maybe I I may maybe very possibly so. I I like >> I say a a transaction with Ley in a store is minimum hour. I'm just >> I've spent I've spent >> I'll tell you the good and for the bad I like to hear myself speak. I I don't know. I spent many tens of thousands of dollars in jewelry in the last 15 years and I don't know any of these things. >> So I I I do like getting into the technicalities of the jewelry. I I really do enjoy it very very much. Um I manufacture a lot of my jewelry. Another thing that I learned there at the Gavishes, they were manufacturing. Uh, like I said, at some point they wanted going back. I guess I'm jumping all over the place. I guess we have a very good editor. >> It's fine. No editing. >> The um >> Clappy said in the summer you have crowds for four hours listen to you straight. So >> this this again I I I think this is a walk in the park. I >> I I think Thank you very much. I think he's being I think I think he's being nice. The exact story is Nissi Sternberg had me in inner circle to the entire night. Not one word of taluis. We sat around wavy the entire night and he had a very large crowd. Not not one word of tu. Now think about how my kids still have to get into what are you doing to me here. By the way, Ley Lane doesn't say any tick. There's no showing up. He showed up. >> There's no tick that you get. At least at least you showed up to show what he was doing is a different story, but at least he showed up. Okay. >> Right. Exactly. It might have a value. Okay. Um so I'll um the the um they wanted me to do my own accounting. So I learned how I went to I went to courses at night after hours. I went to learn how to use QuickBooks. Um and uh I had my own Quickbooks running obviously again with all with the help of Mandy Lieberman. Um, I I was doing um I was doing the Quickbooks. Um, and then at some point the guy finished, I would say three months later, he finished grading all the stones. He comes over to us and he tells us there's a lot of stones here that can be upgraded. So, they were already GIA certified stones. For those that don't know what a GIA stone is, stones, if I'm telling you, oh, you have a G-color stone, it starts from D, D, E, F, G, all the way down to Z and then it gets yellowower and yellowower or browner and browner or grayer and grayer as it goes down the scale, but generally yellowower. When you have a GIA certified stone, the jeweler isn't the one that's telling you, oh, this is a G color. So if you're starting from D, D E F would be colorless. Uh F G HI on the GIA's scale J would be considered near colorless. So you don't have a jeweler coming to you and telling you this stone is a very white stone. This stone is a very clean stone. The GIA is telling you that they're an independent uh grading company. Um >> it's like a hexure. >> It's a very good. It's a he >> just turn off the you can turn off the violence. >> The hexure. Speaking of hex, you have a hexra on your phone or no? >> No, I have a hexra on my phone. >> No comment. >> Hexure. No comment. >> No comment. >> So, I'll pun the um the the GIA is considered third party. >> They're they're a third party that's grading it and they're considered the best grading system in the world. So, you have you have different grading companies. >> Um and they're considered the gold standard. No pun intended. No pun intended. Exactly. Of of of diamond grading. So to me, the easiest thing to do is if we're not dealing with Melly, I'll I'll discuss Melly in a minute. If you're not dealing with Melly, the easiest thing for me to do, and that's what I do, is sell GIA certified stones. Ley Lane didn't say that it's a G. I didn't say it's an H. I didn't say it's an SI1 or an SI2. The GIA, the gold standard of the world, says this is a G. This is an H. This is an SI1. This is an SI2. What I do is I sit down with people with a magnifying glass and I show them what an imperfection looks like. This is what a black SI look SI1 looks like. This is what a white SI1 looks like. Teach them how to use the loop. It's not very difficult. And now here is the diamonds that I brought in for you to look at. Pick which diamond speaks to you, which imperfection you like the best. In my head, the diamond will have an imperfection, but only under if you can't see it with your eye, for all intents and for all intents and purposes, it's a great stone. >> Would you say that's a life lesson? Everything's imperished is perfect. So, at the end of the day, like there are those that say, I want the stone to be a flawless diamond. The girl that I'm marrying is flawless. I want a flawless diamond. You start telling them the difference in the price between uh nonvisible imperfection and a flawless diamond. You know what? If it's not if you can't see it, it's okay. It's all good. We're we're good. >> No, people trade just on paperwork, right? In the jewel cuz I've seen guys in the streets hustling just paperwork saying, "Oh, look what I have." >> So, when it comes down to diamonds, um flawless diamonds, def flawless diamonds, I feel like there are people that buy them. I feel like they're more of an investment sort of diamond in in my head. Again, to each their own. In my head, it's more of an investment type of uh thing. Like you're getting the perfect certification, you're getting the perfect color, you're getting the perfect clarity cut. >> Can we talk numbers? A one carat. What's the most common size thing for a kenat? Everybody wants in or around one carat. Yes. >> A 1 karat 57 facet is the most common thing. >> The round brilliant is the most >> one karat traditional round zone. If it was really really perfect, zero per imperfections with a magnifying glass or under a loop or whatever, how much would that cost in 2026? >> In 2026, take a look at the uh >> around. You don't have to take out a calculator. >> Let's say 25 grand. But I don't have to take out I don't have to take out a What do you have? You have the wrap sheets. I have the rap on my phone. We can take a look what these things cost. So, if I go to the calculator, for example, uh you go to the rap. It's spinning. I guess the the internet here is uh we're going to have to um >> so you check the wrap sheet and that's the price, right? >> One carat. No. So I'll I'll explain that in a second. So no, I'm wrong. The wrap sheet is down. So uh you're going to have to edit that part out. Today a perfect one stone round D um flawless is going to be at a minus 35. Well, I heard today the gold price is more important than the wrap sheet. Is that true, Levy? >> So, the full price of a D flawless round diamond one carat would be $16,000. >> $16,000. >> And something tells me that most cows are not getting that's before you do a setting. >> That's a one karat stone. That's before the setting. So, no. Um, in our neighborhood, as you well know, most of the time, Rubam Kulum, most of the time, the parents are the ones that are buying the diamond. This is coming um, uh, right after putting the kid through Yeshiva for a whole bunch of a lot of years. And this is coming, you know, and summer camp, the summer camp, and all of the other wonderful stuff that are all connected to all those things. And now they're the ones that are also paying for the because Barashem the guy went through the system and he just uh he doesn't probably doesn't have a job yet and just finished 77 or whatever >> average spend. >> So the average um so the the the parents are usually going to be the ones that are buying the diamond, right? >> Um and like I said before, most of them are trying to get a stone that's in or around that carrot range. I'll I'll discuss the the the the ups and the downs of that. Uh if they're looking to try to get the in the one carat range, a one carat today is going to be about 33,3300. Again, if you're comparing it, it's all about the apples to apples, etc. Why? What do you mean? I I saw a 1 karat diamond that was $1,500. You'll see those and I just told you that you could also get a 1 karat that's $16,000. So, so it's going to depend on its grading. Um, I usually like to sell the GH's. I need a very good benon. Uh, good GH, uh, a good SI1, good SI2 where you don't see any of the imperfections. Um, and you have a very hard time finding it. Also, under the 10 time magnification. >> So, three 2 3,000 >> 3,3300. >> That's before the setting. >> That's before the setting. Today, gold is through the roof, which is probably another thing that you're probably going to ask me about. So, uh, you could be looking at another $1,000 for the setting. So five. So you're you're about >> Let me ask you a sour question. Sour question. >> The kala fallen hard times within 6 months. I have to pay the rent. >> What could they expect to get back from the jeweler after spending four grand? >> Okay. So um >> I hate to ask this question. No. No. Surprising. So I GET THIS QUESTION >> BEFORE YOU ANSWER that question. Probably the last thing the kas and kawa are ever going to sell or hawk we call it hawking when you pull on jewelry is the wedding ring. They're going to probably do all the >> I just want to just put this necklace. It's a very fair question. It's a very good question because jewelry no you get a lot more than that. Jewelry is always >> not trade in cash. >> So jewelry people a lot of times people would think at least there was a in my head there was a there was based off of my experience there was a very long period of time where people were like okay jewelry is an investment so I'm probably going to get back more money than I spent. So, it really depends on what you're investing in. If you buy gold jewelry and you bought it in the 80s with today's gold prices being around $5,000 or so, and you know, at the time the prices were, let's say, $380, yeah, you did really, really, really, really well. Um, in terms of regular jewelry, when you're buying a piece of jewelry, forget about a plain diamond. When you're buying a regular piece of jewelry, you have to realize that there's labor involved. Yeah. Let's say you're going to buy a flower ring that's going to have a whole bunch of little diamonds. Somebody sat there and set those 200 tiny little diamonds and it could be three to five seven dollars per stone to set. >> Labor. >> So there's labor skill. You're not getting back your labor. >> Um there is going to be all those tiny little stones. Someone sat there with all those little diamonds and match them all that they should all be let's say G's and H's. You have a lot of labor labor based based on the price. >> So there's with a painting. You could buy a painting, spend $1,000 in the frame, you bring it back to my gallery, we will give you $0. I'm just saying that on record. >> So with with with with >> custom frame with a diamond though, with a diamond, if you're buying a GIA certified stone and it's a one karat, it's kind of like the breadand butter item. Everybody's trying to sell the 1 karat diamond and everybody's trying to get in or around one carat. So you're going to tell me that there's one grocery store that's selling a gallon of milk. >> Three grand. So liquid price 1,800? >> No. >> Three. 2,000. >> You're going to get more than that? >> Over two. Oh, not bad. over. >> So 60.7 70 cents on a dollar. >> You're probably going to end up with in certain cases you'll probably end up with 80$85. I want to be competitive, right? >> Let's say I'm going to charge up 10 15%. I'm allowed to. I got to make a living too. I got an overhead as well, right? So I don't think like I don't I I don't have to uh um uh justify the fact that I'm trying to mark a stone up. But at the end of the day, a round diamond is the most common stone as well. 80% of people that are walking into a jewelry store are buying the round brilliant, which is the name of the company. >> How do you get from working in the company to open your own business? >> So, Leavenu 2008 happened in 2008. there was that wonderful little crash that happened and um Delmare made a decision that they were they were on Fifth Avenue. Um they employed a decent amount of people in the Fifth Avenue office and they made a decision that they're moving all of their operations to Montreal. They were already uh headquartered in Montreal. Um so they were moving all the parts of the business that I was dealing with. I was dealing with my myself, Mandy Lieberman, etc. They're moving all of those operations to Montreal. >> You had an option to move back to move to Montreal. Was that wasn't >> I I I I wasn't given the option and I wouldn't have uh taken the option. So, uh looking at it like could I have made the phone call possibly and said, "Hey, you're moving the operations to Montreal. Could I join you there?" I I never made that call. I was um I I I I learned Montreal for Yeshiva. inviva in Montreal for a year and to me that was again what what doesn't kill you makes you stronger Morty Wanger >> hey my wife >> very good >> Ricky Winganger >> told me she's not moving back to Montreal >> so I I I I learned in nishiva there for a year I got I got my I got sent on there Morty Wanger sent me on from Montreal out of nothing negative to say about Montreal the fact that it's freezing there >> where' you go I went to New Haven. I got sent to New Haven. Over. Great man. >> Yeah. Very great. Really, really, really good times. Uh really, really fantastic guy. >> So, they closed and then >> So, they closed up shop there and um I had gotten married three weeks before they told me Zyazont. >> Wow. >> Three weeks before I saw it coming. Meaning um when I was dating my wife, I already told her while we were dating that it's very possible that yes, you're marrying somebody that has I'm not going to say a 9 to5, it was a 9 to6. You have some you're marrying somebody that has a 9 to6 job. But at the end of the day, just based off where the economy is going, it's very possible that that job's not going to be there all that long. >> How old are you when you got married? >> 27. >> Oh, 27. >> 27. Um, so yeah, I was like, it's very possible that this job's not going to be there. Uh, >> and she didn't run away. Your wife didn't run away. >> No, she didn't run away. I I guess I said it with enough confidence, maybe. Yeah, maybe not. That she was like, "Ah, he probably has it figured out. I don't know. Maybe, you know, he's working already for the last couple of years. Maybe he has a little stash." I don't know. I don't know what she was thinking. Uh, but I'll uh I was working there for 3 weeks and they were like, "Okay, we're downsizing the office here." They they they closed it, but it took a little bit of time until they closed it up entirely. And um I was uh >> pink slipped. >> I was uh pink slipped. I was out on the streets. I at that time um I I I paid into all the the FICO and all that other stuff. I had uh unemployment. Um so I was on unemployment, >> $400 a week. >> Wasn't $400 a week. Um and uh then apartments also weren't that crazy. I was paying $1,100 for my onebedroom and it was a very decent onebedroom. Um so yeah, uh I was on unemployment for for for a little while. >> So it's a nice honeymoon you have to work >> and um yeah, but but I I I it's very nice to say that there there there's it's a nice little honeymoon in your head at the time. You're busy saying to yourself, I don't have a job. I've been working for the last couple of years. I just got married. There's expenses um that are that you didn't have before the expenses are only hashem going to grow barem and I don't have a job so yeah great I'm getting unemployment and unemployment is usually then it lasted for 99 weeks they kept on extending it but you don't know that it's going to get extended they extended it for 99 weeks but generally it's 6 months >> because of the >> because of the economy it was the 2008 YES extended >> they kept on extending it and extending it and extending it and you need to go out there and show that you're looking for a job and who's hiring and at the end of the day you just got married. You don't want to look like a loser. So you're like, "Yeah, I have it figured out. I'm going for another interview." And you know, like what are you going to stay in bed till 11:00? I'm married for 3 weeks. You you're sleeping until 11 12:00 because uh you don't have a job. And your wife's like, "Uh, you're just going to lie around here. That's what I married. I married the guy. I married somebody with a normal job." And you know, like and now all of a sudden what gay schluffing because what? because you're getting unemployment. So, also no one knew how long the the the effects of the the crash was going to last for. So, yeah, I was out there looking for a job, constantly looking for a job. Uh any job. And again, I have a pretty decent background now and I have a pretty good resume. Um I I know how to use QuickBooks. Uh I know how to do the logistics. If it's in the diamond world, I know how to grade diamonds. remember that, you know, after they graded the diamonds, there was uh the guy said that there's a a number of diamonds that have upgrades. So the upgrades means that you're recutting the diamond. A lot of times if the imperfection is all the way on the tip of the stone, you could have it recut. >> You can reurb, >> huh, >> you can reurb it. Refurbish. >> And once you recut it, you got to get GIA again. No, >> you got to go get it reg correct. And also, you got to be a little careful careful when you're recutting a stone. If you have a stone that's exactly 2 karat or 2011, as it hits the two carat mark, it becomes more hush. The price jumps. A two karat stone could be a 15 to $18,000. Doesn't exactly double apples to apples. Again, let's say uh H or GH SI1, it could be suddenly a 15 $18,000 stone. So, it doesn't go by square footage. If you're cutting it and now it's no longer a two karat stone, you just cut it and it's a 190. you're falling under the one the one and a half, >> but a 190 perfect versus a 2.1 that's terrible. >> So So then the question is how how much of a better grading you're going to get. You have to calculate all of >> Yeah. Exactly. So if you're getting let's say a VVS now because you got rid of very very slightly included so it's a lot better a couple of steps up you're going to get a much better stone. In addition, if you're getting some some of the times you could open the stone up when you're cutting it, you'll get a better color on the stone. Um, so depending on if you feel like you're going to get a better color and a better clarity, a lot of the times it's worth it to cut the stone or sometimes you have a 208 and they tell you you're only going to lose five points by recutting it. Still going TO REMAIN OVER. YEAH. So as long as you're over the two carat, you're not losing that. >> So you're sitting in bed all day. >> So I um I would >> How long did you sit in bed all day for? How what was it? >> I didn't sit in bed. >> Not in one day. You didn't want to be the guy to >> I didn't want to I was like again I was married. just got married 5 minutes ago. I don't want to be the guy lying around in bed. Uh I'm I'm sure I did it for a couple of days, but like uh like any other person, I'm I'm a human being. I'm I'm sure I was a little depressed also and enjoying the fact that I don't have to go run to work first thing in the morning, go catch a train. Um, so like I I'm sure I I took a little bit of time off, but uh in general I was looking to uh to get a job as quickly as I can and I was looking out there trying, you know, to get hired and obviously there there aren't any opportunities. No one's looking to hire. So in the interimm you got to you got to do something. So people were bringing me pieces of jewelry to repair. I had very good repair people in the city. I would take the pieces of jewelry. I would take it to my repair guys and have it repaired. There's no reason for me to get on the train, go to the city, repair the piece of jewelry. I have all the contacts. >> Just on word of mouth. >> So, from word of mouth. Yes. Word of mouth. No advertising. People would bring me pieces of jewelry to repair. Uh people would tell me, "Oh, um u getting engaged. Could you bring my my daughter's getting engaged, my son's getting engaged, could you bring in pieces of jewelry to show?" >> So, um >> and at the time there were other retailers in Crown Heights, right? >> So, uh just in basement, they were always retail. My parents have been married 55 years. They've been buying jewelry. It's always Yeah. Whatever. But there's people in Crown that sell jewelry. >> Yeah. People people >> No retail. >> So, um I would I would I would bring in um a bunch of pieces of jewelry. Let's say the person would say to me, so I didn't have to carry a whole uh inventory at the time. Let's say the person would say to me, "My my my budget's $3,000." Just giving that as an example. >> Sorry to interrupt. You already had connections in 47th Street to >> remember I worked there for a few years. >> You worked there for one particular guy. You could go in and grab stuff on consignment. >> No, not so push it. So, um, I worked for the Ganabishes. The Ganavishes are the ones with the credit, not Ley Lane. So, Ley Lane is not the one with the credit. Yes, I've been, let's say, picking up pieces, diamonds, uh, and items for the Ganavishes, but at the end of the day, it's on their credit. And Baram, they have very good credit. Now, Ley Lane was walking in and saying, "Yeah, I would like to pick up 10 pieces and show it to my clients." And who are you? Are are the Ganavves underwriting this? And the answer is, no, they're not. So I needed to establish um my own credit and >> so just for the listeners in the diamond district there's not official line of credit just from trust and knowing there's people extending >> you can pick up pieces of jewelry based off of um >> your your reputation and or people and or people signing off that you that they'll either take responsibility for you or that you're a good person. So yes. >> So what was your what was your mahabak? How did it work with you? I got really really really lucky. The Aisha was very very nice to me. Um I tried to pick up pieces of jewelry and diamonds and the answer was absolutely not. And these were people that I was seeing for years and they were all like uh who are your references? Um and um how long have you been doing business with them? So I I did open up uh I did have a business that I did have a company. I opened up a company that was uh in it and so on. It's uh a very interesting um uh story. So I I did have already um a company uh that I had opened up with my brother um and I was using that name that company name which is still around today. It's my manufacturing company Lynx of New York. Uh I had a manufacturing company and I would go to the dealers and I would say okay links of New York would like to pick up these diamonds or these pieces of jewelry. Uh what's Links of New York's uh credibility? Well, who are your references? and I didn't have any. And I went around to different diamond dealers trying, you know, guys that I knew. And I was like, "What do you mean? I' I've been coming here for years. You know me. I've been like I wasn't a runner, I wouldn't be picking up the jewelry from the diamond dealers." But every once in a while, again, I in my head, the business I I the business was mine. I like if a diamond needed to get picked up and the runner was out and he wasn't picking it up and we needed to ship that package. Remember, I was also a logistics. So, I was also on top of the shipping and I wanted the shipping, you know, the packages. It's not a malafa mala. I wanted the package put into uh to to the box at a certain time. You know, you know, we're still able to deliver it to FedEx before their cut off time and and all of that. So, I need to get that package there right away. We need to get that diamond set immediately. You know, like things got to move. So, if the runner was out busy picking up other things, I would go down to the diamond and pick it up myself. I would have a haste. Nothing there. There wasn't a job that was I was ready to do anything. If the diamond needs to be picked up, I'm ready to pick up the diamond. I would go very often to these diamond dealers to these uh really great diamond dealers that I still Barashem do business with Admaz and I would pick up the diamonds. So I was like wait one second you've been seeing me for the last couple of years you know who I am but what do you think is going to happen? Look you were picking it up on the Gavish's account. So uh >> it was it must have been a real humbling experience. >> It was a very all of a sudden they pretend they don't know you not pretending me. Lady we love you. You want to have a piece of cake is good. You want a coffee? Very nice. You want to sit in all very good remember coming look look at it from their perspective like yeah you were working under the G I have no fire what you didn't build your own brand you didn't build your own brand I am totally I I still deal with all of these people and I have very good relationships with all these people look at it from their perspective and you got to remember people have also asked me >> hold hold the thoughts we have very important corporate sponsors that keep all the fun happening over here we have with us I think they're related to you the Roskin family >> yes >> the Roskins which were ways were rascins >> there that these rascins uh were originally lanes. Um burka rascins dad uh was a lane >> Sicilian herring Scandinavian matchas herring jalapeno Holland herring. They have over 32 flavors. >> Wow. And the special crackers. >> Holy. You taught English. How do you read this? >> No asking me now. What is it? Oh, honey. Honey natural, right? 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You have to check the if you know if you're a proper Russian if you don't like herring. I I don't dislike it. >> Um personally I like all those you know the they have the uh they have this the salmons that are pickled like herring. No they have that course. I buy it all the time. I love that course. So I I like that very very much. >> We also want to welcome a new corporate sponsor. Many many people get credit cards. They say 0% APR. Oh my god. Amazing. They buy up their entire house's furniture, all the faucets, everything. They go on expensive vacation. >> Buy some nice jewelry by Lane. Buy beautiful jewelry by Lady Lane. And then they start getting hit with major interest. 15, 20, 30% interest. So, we have a company over here that specializes in lowering your interest rate. They guarantee you zilch. >> It's called zil. >> It's called zilch. They try to get you down. They try to renegotiate with the banks to get it to zero. But for only $500, they guarantee you it's >> not they're not trying. They're succeeding. >> They're succeeding. Hundreds of very successful stories, all the stories are minimum. They're going to get your credit, the the APR, the percentage, they're going to get it down minimum 2%. That means if you're paying thousands of dollars a month just in the interest payments mostly, they're going to guarantee to bring it down 2% for only $500. Zilch 5164412418 5162 uh 4412418 >> and the website is >> zilch.com. Well, I had to get the name >> has a great name to have. >> We're going to put the link and number in the >> We're going to put the info in the um >> comments comments and the subject and everything. >> Another one of our amazing amazing guests and corporate sponsors is Wheels to Lease. Wheels to lease. I was there a few days ago. Their parking lot is loaded. New cars, used cars, leased cars. From the college, for the for the for the seminary graduate that just got her license at 19 years old. We have beautiful bumper cars for those Nissan Nissan Sentras. For the guy that's going through a midlife crisis, we have the Genesis, the Honda Pilot. The Honda Pilot is the new cool minivan for the mamas and the soccer moms. Comfortable Pilots. The prices are down on the Pilots. Saul tells me today that the pilot has a crazy deal going on now. It comes in seven and eight passenger fully loaded from when you call until it's in your driveway. Could be as little as 4 hours with getting your credit. >> You have said before if a company's been around that long, almost 40 years. >> No, they've been around obviously doing something like No, unless you're in one of these tourist places where you're never seeing the person again. I'm not saying that those guys are are or aren't honest. I'm simply saying like they don't have to see the customer again. Guarantee alo you know it's work until the door after this we take no you know how you say guarantee no guarantee >> call my friend Saul or ask for his top salesman Izzy Herman from >> by the way a couple nights ago Moshi and I went to CH Butcher. We always talk about their beef jerky. I want to talk about CH Butcher. >> The restaurant >> has a drop deadad stunning restaurant. Do not go to the city or you don't have to go to the city. >> You like to pay congestion. >> The good food is in Crown Heights where you don't get your car towed. Where there's parking on Troy Avenue at night. You're going to feel like you're in Manhattan. Just close your eyes. Pretend you're in Manhattan. Top waiters, matraes, fine dining, the food is all scrumptuous. CH Butcher on Troy Avenue. And for your fine meats, just go to their butcher on Albany Avenue. Back to what you were saying. Now available on DVD. >> And so your your >> mid for your midlife crisis. I drive a Genesis. >> All right. Listen, I'm 44 years old. I guess I'm having midlife crisis. What What are you going to do? >> Is it a good car? >> I I I'm I'm enjoying it. >> If you need your Genesis, you call. >> Hold on. It's one of his cars. Clappy. >> We talk about the other ones. >> I'll go. Yeah, we we don't have the tition. It's not a tuition. The tuition board. >> Tuition board. CHING CHING. >> KACHING. OH, WE HEARD YOU HAVE a genesis. No, that's because I'M IN A MIDLIFE CRISIS. IT'S NOT FOR ANY OTHER REASON. IT WAS CHEAP. >> DON'T RAISE MY TUITION. IT WAS A MID You heard what Clappy said. It's a midlife crisis and I'm there right now. You're going to charge someone that has a midlife crisis more money. Think about it. Think about what you could do to that person. So anyway, so yes, uh I guess I'm in a midlife crisis right now. >> I'll call upon him. Um where were we at? We were discussing. >> So you people started asking you odd jobs you're getting on the >> We never got to the bottom line. The line of credit. How do you get credit? >> So there there is a company that sells diamonds, MJ Gross. I don't know if uh shout outs or not. Shout outs. >> Shout outs. Whatever you say. where one of the one of the sons there >> was really really I've had literally siata desmay and people helping me out throughout um where I literally got really really really lucky throughout he was like um you want to be able to pick up diamonds you want to be able to show diamonds um most of the companies remember they the companies that I was looking to deal with were companies that the gabishes were working with they they were large companies they weren't regular random little brokers they were serious diamond houses and I didn't know anything about brokers. I knew only diamond houses. I never dealt with a broker before cuz the Canvas weren't dealing with brokers as far as I know. So to me, I'm like it's like you can go to brokers and you could ask the brokers to pick up stones for you uh and they're going to charge a percentage. Okay, part of life. Fine. Or what you want to do is you want to be able to build up a credit. I'm like, how? Every single place is telling me uh you don't have >> the banks um only want to lend you money when you don't need it. They always say you don't want to be borrowing from friends and family. So who are you borrowing from? Imagine you want to open up a business. You're going to walk down the street. You're going to meet some random person. You're going to be like, "Well, would you like to lend me 100 grand?" And he's going to be like, "Absolutely. I'M A SUCKER. HERE'S 100 GRAND. I DON'T KNOW YOU." And you're not supposed to BE BORROWING FROM FRIENDS AND FAMILY, BUT LET ME LEND IT to you. Who are you borrowing it from if not for friends and family? Of course, it's going to be friends and family. And unfortunately, God forbid if the business doesn't work out well. Yes. Unfortunately, it's going to be that friend and that family member that's going to be hurt by it. But at the end of the day, if they're friends and family, they're they, you know, to a certain degree, they're willing to take a risk on you and hope that your business is actually going to take off. My initial investments, the original money investments, the money that I had borrowed was from friends and family. Absolutely. Where random people are going to go and lend you money? Which random person? Now, the banks are all, you know, there's all these different programs they're going to say to you. the banks uh they are looking to do small business uh that's for that's for the commercial that's for the commercial >> you're gonna have to come up with a whole business plan which I did have and you'll show it to the bank and they're going to say when you show us two years of of of of tax returns and two years of bank statements we'll be able to consider your loan >> that's credit cards that's not that my experience is I've tried very hard especially in the beginning I went to every bank and their mother and I asked them for lines of credit and they're all saying two years two years. Let me tell you something. The two years later is also three years later. Three years later when you have your business already and you were eating dirt to guess >> you literally you guessing for years then they'll they'll look at your books and if your books look normal then >> if you don't need the money then they'll give you the money. >> Exactly. You need the money. If the price is right there's always what to do. Guilt guilt. That that that's that's a fact. Love >> B when you open up your first store. >> Wait, so the Mascana is we get to the store. So you got the credit. So what did you do? >> He said to me, >> he introduced Gross to somebody. >> MJ Gross has MJ Gross is a diamond house. He said to me, look, I need you to become a uh um a member of the Jewelers Board of Trade, JBT. I need you to become a member of the rep. So like this, you you you know, you're you're they'll they'll approve you. you'll be at least you'll you'll you'll be a member of the diamond um >> clubs >> clubs. Um uh he mentioned a few other ones which he said very easy. Explain to me exactly how to become um members of all of those um um >> associations >> associations. And um he said to me, "You know what? I'll sell you your first diamond. You're going to pay me. I'm going to take a chance on you. I'm going to sell you the first diamond. you're going to pay me via check and it's going to go into the system and it's going to show that you have a transaction that wasn't the if the terms are 30 days, you're going to pay it before the 30 days are up and then you're going to go and buy a second diamond and a third diamond from me and um it's going to go into the system. He makes his payments on time. He um he uh >> responsible. >> He's responsible, >> honest >> multiple transactions. >> Multiple transactions. And he said, "Then what you're going to do is you're going to go to the next diamond dealer that you want to do business with." And I already had the next diamond dealer all lined up, and you're going to go over to them and they're going to say, "Uh, what's Okay, he already the other diamond dealers already knew I was dying to try to uh have uh to to establish accounts there." Um, and the interesting thing was like all of them were saying like, "Hey, look, we deal on larger scales. You're going to like what what's your business?" Like, okay, I have a customer. I want to be able to take three, four diamonds, show it to them, sell one, and return the rest. No, no, no. You buy 10 diamonds from us and you return one. >> We're not. So, I was like, look, the market is in dire right now. We're in 2008. Who's really buying jewelry right now? The first thing that people stop buying are luxury goods when the market tanks. People are not buying luxury items when the market is tank. People are not going to go run and start buying jewelry at that particular point. So, I was like, look, I'm selling one diamond. There's one more diamond than than than than than you sold last week. >> Ladies, is today's the market similar to 08 or No, >> no, not at all. >> Now we're doing better. >> Not at all. We're definitely doing a lot better than we were doing in 2008. I think that that uncertainty where like people were calling it the great like kind of like similar to to I I I wasn't around obviously in 1929. I I all I could do is read about it. But um uh the great depression, the great uh um uh what were they calling it? The great depression and the great recession. So people were people were comparing it to >> uh the 1929's crash or even on a larger scale in certain instances. So like >> people were totally even when things, you know, if things were starting to straighten out, people were still very very cautious. People wanted to see how the market's going to react and what ultimately is going to happen. >> But it's very interesting. You're right. If you're if the market's bad, the first thing you stop buying is jewelry. >> First thing you stop buying is is is jewelry, luxury items. Yeah. I mean, like you're you're looking at your essentials. Now, even if you could afford it, you have a nice little stash that you've been putting away. At the end of the day, you don't know how long that stash is going to have to last you. I remember and it's not all that long ago. So do you, but I'm saying in my business when uh COVID hit um and they were telling us that mandatory um um quarantining, right? I remember right before the quarantine, they told us what day we're going to have to start quarantining. They said Monday is uh is is when the I believe it was Monday is when the quarantine is going to start. the Tuesday, Wednesday, Thursday before people were literally giving away jewelry and diamonds in the market for a fraction of the price. I need to be able to have cash lying around. Just just give me a couple. You have cash on you? Give me a couple of dollars and I'll sell you this item. And I was thinking to myself, the end of the world ain't coming as far as I can tell. So maybe I was an idiot. Maybe uh I was uh right decision. I was buying up. I was buying up. I was buying up. >> They say I buy on the street when there's blood on the street. as I get I was once in New Haven um on State Street and um a lot of the guys that I was doing um with were um lawyers and uh investors. So one of the guys tells me it was unfortunately it was uh when the towers came down. I was in New Haven when the towers went down and um I was doing time, you know, in uh based off of the way we were brought up. Another act of goodness and kindness is going to uh you know, it's going to bring Mashiach and it's going to get rid of it's going to it's it's it's going to bring a little bit more light into the world. So that Friday I was out there on my and you know like I was trying to get more people to put on you know like to to bring uh to to combat this this this this terrorism that happened and we have to you know we have to bring a little bit more light into the world and one more act of goodness and kindness is is going to bring Msiah. So um I had my usuals and I was looking for more people. I walked into an office uh that you know the guy generally didn't put on film with me. It was also at the beginning of the year. So I I hadn't really established >> interesting. It was correct. >> So you probably just came a week early. >> I just come and uh I I was trying to uh get this guy to put on fillain and I was telling him, you know, to everybody knew the towers went down, but I was like I was explaining to him the logic of putting on film is going to bring a little bit more light into the world. And he says to me, "Tell me something. uh levy, you have bar mitzvah money. I said to him, "Yeah, I got a couple of shekele at my bar mitzvah." He's like, "Grab all the money and dump it into the market." The last thing I'm thinking about is the market. I'm thinking the towers just went down. I'm a New Yorker. The towers just went down. This guy's talking to me, money. And he was like, "Look, when you know, if you think about it, the towers, you know, the towers is a massive tragedy, obviously a huge tragedy, but at the end of the day, when there's blood on the street, you should invest and you're going to make a ton of money with that money." Um, I didn't invest. I I didn't um I long story short, I didn't have access to my baritzvah money. was put away for me and I didn't at Grace of Gelton but I didn't invest uh in the market but I did follow the market after that I was like following the market and I was watching what he was saying was like absolutely spot on and it's like a whole guys in yeshiva is learning all day what what does he know about the markets what does he know about what's on the streets fear do I don't know about any of these things but I did follow the market and when 2008 came around uh I saw that fear as well and when co came around Barak Hashem. I also I already had uh I I I that that lesson was already it was engraved in my mind already at this point and I I already um had it a little bit I'm not going to say entirely figured out. I still don't have it entirely figured out. I don't think anybody does. I may have asked him but somewhat figured out of that. Yes. When there's fear, the markets obviously the stock market's going to crash and and all of those and and then the the the jewelry market's going to crash, the diamond market's going to crash, etc., etc., and ultimately these things are all going to recover, etc. >> Levy, you were the first jeweler retailer on Kingston Avenue. How do you have the confidence to make that move? Everyone's in their basement until then. So the first I've heard a few people say you're the first and then immediately in the com comment section there's like he's not the first in 19 I don't know what there was a jewelry store on Kingston Avenue so I don't want to go and say the first >> first as far as I could remember I was born in 1981 I don't know maybe there was a jewelry store I don't remember maybe there was a jewelry store on Kingston Avenue at some point I don't remember there being one I've heard that there was a jewelry store there I I believe I could be wrong there was somebody Lipkin that had a jewelry store on Kingston Avenue and maybe there were others before that but as far as I know in my kufa I'm I'm the first one to open up a jewelry store on Kingston Avenue. >> It was about 2011. >> I opened it up in 201 of of 2014. So really 2015. >> So I remember you didn't you you didn't only move on to the block between at Kingston between Empire and Montgomery. I remember you gut renovated it. I'm going to tell I'm going to tell you I saw it being gut renovated it from A to Z in my in my Yeah, in my mind it was the first jewelry store I ever remembered on Kingston Avenue. And I will tell you, I'm an optimistic person and I love capitalism and like and I was thinking to myself, "Oh my god, all the jewelry stores are in people's basements and my parents went to people's basements and I was thinking that the Yentas were all saying at the Shabas table, this guy's crazy. He's going to go bankrupt because people like to go in basement and they don't want to be seen on Kingston Avenue. So, I want to know what was going through your mind. Reiterate my question. You investing hundreds of thousands of dollars. What were you thinking? And you probably signed a few lease. >> If that's what you were thinking, imagine what I was thinking. >> I was think my money. And I had borrowed a lot of I didn't have all the money to be able to do this. I was borrowing a lot of money um again from friends and family. All the store is gorgeous. >> Thank you very much. I appreciate it. Um, >> so what was going through my mind, >> most pretty stores, the employees are not that exciting. Le has a pretty store and like I said, it's a it's an hour. It's an hour show. He's so >> shout out. My niece works in the store. >> People they over Hold on. The people >> Dina Mal Cohen shout out. >> People fancy stories usually overcompensate for their lack of personality. In this case, that's not the case. Uh, in my head I was doing, if I'm fast forwarding a little bit, >> don't be successful sort of this grouchy personality selling you a burger or pastrami. So it's your unique. >> So remember I was telling you that I would pick up pieces of jewelry. People would ask me, "Okay, so uh I'm looking for something in the $3,000 range." So I would go eventually after I established the credit and I was picking up the pieces. Um, so I was going around to people's homes and showing the pieces of jewelry. I would go to the people's houses, show all those pieces. I want to see Bengals in the $3,000 range. I would bring 1015 Bengals in the $3,000 range. Pick which one you like. I would like to see earrings in the $5,000 range. I would bring, let's say, 10 of your out of I would go to the people's homes. I would I would go >> scary. You're walking around with a lot of money. >> What I liked about it was is that, you know, people are working the whole day and um if a guy wants to be able to, you know, like a regular store is open, let's say, 9 to5, 9 to 6, 9 to 10 to 7, 11 to 7, whatever it is. guy comes home at six o'clock. The first thing he has to do is right away run to the jewelry store to make sure that it's not closing and he's already like he just got home. He's still grouchy. He still didn't get a bite to eat and now he has to go pick a piece of jewelry and and figure out which piece he wants. He's going there with his wife who, you know, like uh the experience is not going to be that amazing versus if I tell the person, listen, you tell me what time you want me to come over. You want me to come over at 9:00? You want me to come over at 10:00 after the kids are already asleep? Absolutely after dinner? Absolutely. I would come over based off of the people's times. I promise you there were many meetings at 1 2:00 in the morning also. And I had absolutely no problem with it because in my head like business is like but I there needs to be a specific time. I'll make the dollar at 2:00 in the morning or I'll make the dollar at at at 9:00 in the morning. It's it's all good. It's all it's it it works for me very very very well. And Bara, my wife was uh as far as I remember was very easygoing about it because I literally I would disappear 11:30 at night. I HAVE AN appointment uh 11:30. Where are you going? At 11:30. I have an appointment. I need to go sell show some jewelry. So, I would go and I would show those pieces of jewelry in in that particular range. Now, I'm coming from Delmare where I was doing a lot of eventually, like I told you, first it was the logistics and then it was the accounting and it was the grading and it was recutting and eventually it came to the manufacturing end of it. I was doing the casting or managing the casting and the setting um and uh the polishing etc etc. I figure I I learned a lot of different parts of the business. >> Um, so here with running around and showing people pieces of jewelry in their homes, um, I would also get I was also hustling on 47th Street. >> Need to be able to make ends meet. So I would start showing in a few minutes. >> You're showing. >> Thank you. I would show I would I would also go around on 47th Street and um you know let no let people know that like >> uh a lot of the pieces were being done overseas. A lot of your custom pieces before let's say again like uh the time in or around that um I was laid off is in or around the time that people are starting to order pieces for uh the holiday season. If I'm coming over to a store, one of these places on 47th Street, and I'm saying to them, "Hey, look, you probably got a whole bunch of custom orders that if you're now going to try to get it done overseas, it may not make it here for the season versus I'm going to make it here in New York, I'll match the prices of overseas. I'll match the color and the clarity, and I'll have it done for you within a week." And remember, I don't have a massive operation going on, so I can focus entirely on making sure that those custom orders are going to be finished and on time. Perfect. So, I would get a lot of the people on the street to give me the orders and I would get those orders. So, like I said, like I was busy running around doing people's repairs. Once I'm already in the city, I would go around and show people, hey, I can do X, Y, and Z. Would you like to give me your orders? And at night, I'm busy going to people's houses and showing the people. >> You still visit? >> I still do. people. Yeah. I I get requests every once in a while. A lot of the times people are like, "Could you just stay open late for me?" So, I don't physically go to people's homes as often. Most of the time I'm like, "Look, I >> By the way, two years ago, I I'm not going to say his name, obviously. I remember a guy and his wife coming into the store like 11:00 at night." >> I I remember. >> It happens. It was close. It was close to pesa. >> And a lot of times people like, "Oh, uh lady, you're still opening up the store really at 11:00. I became that I'm that important now. I can't open the store. >> The insurance do the insurance companies that insure you for the millions of dollars, do they have rules of when you could open up? >> So, there is a there's an opening time and there's a closing time. And if I need to open um or stay later, I will contact the insurance company uh and the the it's not the insurance company. I'm going to contact the um security company and I'm going to let them know that I'm going to be reopening at at uh whatever time and I'm going to be closing at whatever time. And if I need an extension, uh they'll call in and I'll let them know I need an extension. Um, so yeah, I like if if somebody >> somebody wants me to to open up at 11 12 o'clock at night and um it it's it works for me that night to be able to do it. Remember like I'm doing it. I have no children. Uh >> we do 1:00 and they don't buy you ready. If someone wakes makes you stay till 1:00 and they don't buy, you ready to >> It is what it is. That's part of business. You're not doing anybody any favors by being in business. It's mutual. I've spoken to other business people, some of them on avenues and without naming any names, and they're like, "Do you know what I did for this community? DO YOU KNOW HOW MANY PEOPLE I ALLOW THEM TO TAKE HOME X, Y, AND Z, and they didn't pay me, and I'm still waiting? DO YOU KNOW WHAT I DO FOR THIS COMMUNITY?" BOTTOM LINE IS, THAT'S HOW YOU PAY YOUR BILLS. That's how I pay my bills. It's mutual. I'm not doing anybody any grace to this. They're doing me a favor by coming into my store and and and and buying pieces of jewelry for me. and I totally appreciate it. And I think that I'm doing them a service by offering the service that I'm offering and the jewelry that I'm offering. There is no uh >> no favors. It's obviously uh people will go out of their way. I'll go out of my way very very often. Um I'll go above and be I'll try to go above and beyond for customers. At the end of the day, it's it's your name. >> First retailer jeweler in Kingston Avenue. You had to get the confidence. So, when I was doing all of that, >> running all over the place, I'm so sorry. >> This is a big question. Yeah. >> When I was doing all of that, I was also getting a lot of these custom orders. So, these custom orders, when I was doing it for other stores, I realized every guy I was doing it for 47th Street vendors, no names again. Ley, do me a favor. Remember, these are custom orders. I was doing the custom I was after the custom orders. That means you already got a deposit for the stuff, Ley. So, you'll come after the season and I'll pay you. You come after the season, today's not a good day. You come a week later like now I'm a beggar. I'm sitting there. I finished the pieces. I dealt with, you know, we want a special engraving and we want it to be uh with with uh we want it to be set with uh WITH WITH TIGERNAIL. ALL OF THE it's it's custom. All of it is customized. Next thing you know, every five minutes they're telling, "So, come back next week. Come back in another 3 weeks. Today I'm not in behind Morgan and Morgan. I was getting the runaround like you can't imagine. And I'm playing with my Hassa money. I had no money. I'm playing with my Hassa money to to to to create these pieces. Yeah, I had some money um from from from working all of the other years. But you also have to remember I just got married. There's couches. There's there's there's there's bed there's there's bedroom sets. There's there's rent. There's food. There's there's a car. There's there's I was you know there's there's I was on Cobra. Uh there's there's insurance, all of those other wonderful things. At the end of the day, this guy's telling me >> for people don't know in the B2B world sounds very glorious. The wholesale world sounds glorious, but something you end up becoming the bank. >> So that's my problem was I couldn't afford to be the bank. And remember, I'm playing with my money. It's not my money, our money. At the end of the day, you're married for 15 minutes and now I got to walk over and say, "Oh, by the way, remember that money that we got for our wedding? I invested it in some jewelry and I sold it and I made a profit on it. Where's the money?" Ah, it's by him next week. HE TOLD ME, "COME BACK NEXT WEEK." And then next week, you know, like I I wasn't no one was riding me. But at the end of the in my head, somebody's riding me. is me riding me but with the excuse in my head saying like if my wife is going to ask me where is that money it's not my money if she's going to ask me what's going on and I'm not going to be able to answer where the money is and I'm chasing that money and I p I felt dirty at some point every other day I'm busy like a beggar when you wanted me to go and create the pieces every day like Ley where's the order holding am I going to have it on time did you forget the tiger nail do you remember the engraving did you write it with with with with with with with the proper with the proper um uh font etc etc. Is it is it all of it? You you made sure that it's that it's two tone that the head isn't planned. >> Retail there's little to zero payment plans. That's what you're saying. >> So I'm I'm sure like stores do have it. Well, I'll I'll I'll finish that thought and I'll get back to that. Remind me like literally all >> That's what you're saying. You're saying wholesale ever payment plans. >> I was So I by by the grace of God people found out that I that I do custom work. So I was getting baram a lot of custom orders. But now on the retail end, I was taking the deposit now. And when I would finish the piece, I would GET PAID IMMEDIATELY. I'M DON'T HAVE TO CHASE ANYBODY. YOU WANT TO PICK UP THE PIECE? MAKE SURE THAT you have the remaining balance available. And everybody did. No more problems. Half of my like that problem. Now, not no more problems. That problem disappeared. You want to pick it up? Come pick it up. Make sure you have the money available. I'm doing your repair. As soon as I hand you the repair, hand me the money for the repair. And ungandicked. That was the end of the story. So to me, I ran away from manufacturing for the street and I was manufacturing now for people. In addition, I was still bringing them the pieces of jewelry. So that part of the business, it's all word of for me, it was all word of mouth. I was never advertising anywhere. It was all word of mouth. One person, oh, he made this beautiful. Who made it for you? Uh, Ley Lane. >> What ultimately happens is people start asking you, so where are you located? Where am I located? In my house. At my dining room by my dining room table. Now, I did have um uh a factory that initially that I was working with that was creating all of those custom pieces. I was doing I was I was going to casters in the city. I was casting the molds. I was I was using uh CAT artist to create the pieces. Some people are actually artists. They would draw the piece that day that they wanted um me to make. Um and I would go and make that into reality. I would get the piece created, get the CAD done, uh bring it to the caster, have the casting done, then you tumble it, you have it pre-polished, have the setter set it. If there's jewelry work, you know, making it move, then the jewelry is working. >> You need the retail really for the custom orders. >> So So the virtual here all of a sudden people are like, "So where's your where where you located? Where's your shop? Where's your brick and mortar?" >> Getting that question for >> and my answer would be like, "Oh, I have a factory in the city." Yes. Is it your factory? So then in the beginning uh no it wasn't it's not my factory I'm not gonna lie it wasn't my factory so like I was using I was I was using I wasn't necessarily broker >> project managerish >> kind of like so like no like so >> so the retail was really just >> so to me like at some point was building and building I was getting more and more of these orders so I thought to myself maybe I'll open up a really nice office people will come in it'll be a really nice you know like uh like ultimately when I wasn't when I stopped going to people's homes Because like one person lives on Udica and the other person lives on no strand. I would go people all over the place. Everybody wants to buy like like Barash people uh you know the wife gives birth want to buy themselves uh conversion rates to sales of people that you did home visits verse guy walks into retail. >> When you're doing it when I did it out of my when I was doing it out of other people's homes remember they're exceptionally interested and I would always bring them a very nice large selection. And if I didn't have the pieces there, I would say, "I'll see you again tomorrow night with a whole new selection." Now, I understand what you're looking for. You're looking for only white gold. Home visits versus I would say there was very, very, very few times that it didn't result in a sale. And as it grew, I wasn't able to go necessarily to people's homes. So, I would, what I would do is I would have or there would be multiple uh customers a night. I I can't be everywhere. So, I would tell them all, "Come to my house." And I would sell it at my dining room table. And I did it all properly. I called up I I I had um at the time um obviously it was before I had the store. So I made sure I moved in there. Uh I had the proper security system put in into my house. >> I had uh video cameras put in. No display cases. I was doing it at my dining room table, but I had a I had a security system put in. I had a proper uh safe uh put into uh the apartment that I was living in at the time. And I had it properly insured, etc. So, it was being done proper and like this when I would go to the vendors and I would tell them, "Hey, I need to pick up some goods to show to people." It wasn't kind of like one one of it wasn't Yeah. One of one of the things that I was able to tell them is I have my own insurance. Here's the insurance company that I'm using. Shout out to the to the the company that I'm using. I was using um I'm still using Jewelers Mutual. Uh Regina Addio she was very like people again same idea. The original people were telling me, you know, where to get the insurance, who to use, what companies are going to be recognized in the jewelry business to be a serious uh player where jewelry where where where vendors where vendors are saying, "Okay, this guy is taking the business seriously. He's not just trying to cut corners." So, they told me like, "Make sure you get insurance from Jewelers Mutual." Um, and I got the proper she explained to me what safe I needed to get at the time and what sort of measures I needed to take and I was showing jewelry now out of my house. >> By the way, by the way, just rough numbers, if you have a jewelry store with a couple million dollars of insurance, it's probably very expensive. >> Not crazy. >> No, the premium. >> If you're if you're I I don't again, it's all relative. Everything is all relative. I don't know what's considered expensive or not expensive. I'll tell you on on in my overhead or my overall expenses that's not considered one of the larger expenses if you have the proper safes right that they'll tell you today that they want you to have TRTL safes tool resistant and torch resistant right so if you at times six from all six sides they're going to want you to have tool resistant and torch resistant safes if you have a safe like that they'll tell you okay this safe that you have model X Y and Z with a UL rating you have to have UL rated safes you have to have it I I have UL rated safes And the insurance is going to ensure you a lot better if you have ulrated safe. So if you have a UL rated safe, they'll tell you, "Okay, this safe can hold let's say number a million dollar." >> Looks like a teacher. >> So um and if you only have, let's say, a TL. >> Maybe you should consider doing a jewelry course. >> Yeah. >> Maybe so. So so so many so many options here. I should be a teacher. I should >> No, you are a teacher. That's why you're a >> Listen, you can keep the jewelry in the windows. I never saw a jewelry store in the world. It had a jewelry in the window. >> Unpack it every night. I the the uh our store team the team packs it and unpacks it. >> Is there an insurance you could buy that you're allowed to keep the jewelry in the window? Because whenever you pass by a jewelry store at night, it's so boring. >> I don't I don't know. Um uh I I really don't know. I would imagine that that there isn't one like that. They do want you to have it. Um unless your whole store is a vault >> and you're going to be paying probably a small fortune to make it into a vault. >> Um it's all fake in the front. I I have no idea if stuff. What stuff do they have out there in the front? Is there like this massive diamond piece that's sitting there in the front? >> Oh, so from your house, you went to the store. >> So, I uh was selling out of my house and um when people would ask me, "Yeah, so where is your where's your shop?" So, I I thought like if I could have that experience, I thought that the experience was really great. I'd be sitting at my dining room table offering people drinks. >> You're sitting around. You're smoozing. I'm at, you know, I'm in my element. I'm I'm at my dining room table. Or if it was at their dining room table, so everything's comfortable, everything's nice. And you're sitting here selling some some jewelry. If I can make an office with that sort of idea, have a dining room table in the middle of it, and um you know, have some drinks and uh tell me what piece you want me to build and see you later. Or should I open up a regular retail jewelry store? So I was contemplating which one I want to do and I spoke to different people in the industry and everybody was like Ley your overhead is not crazy right now. >> What do you need this for? Malatsares you really don't need this headache the the the car the amount of inventory that you're going to need to carry the insuranceances that you're going to need the uh space that you're going to need. Uh so all of that is it's going to run you >> told me don't leave your 9 to5 you could do stuff on the side >> and remember this is we're still in middle of the period of time where when I when I was floating all of this I opened it up and if you want to open up in 20 the end of 2014 uh you're your your planning is starting already in >> believe now that you did it what's how do you feel about it >> barash very very good my wife was very into >> and again the reason why you had the confidence even though nobody else would do it is you thought the people would come to the avenue. >> I thought like this. I thought remember I I need a brick. I need I need to be able to say I need to be able to say that I have a brick and mortar. I need to be able to tell people here's where I'm at. So now >> I can do it in multiple places. You could open it up in B park. You could open it up in the city. You could open it up in Williams. You can open up anywhere. >> Lee, if you start again, would you start your first day in retail or no? >> Would I start again in retail? >> If someone says starting tomorrow, >> that's what I know. If you were starting today all over again, >> looking back, would you start opening a store the first day you're in business in jewelry or no? Or were you happy the way you evolved? You grew into it? >> I I was very happy that I grew into it. I was very very happy. >> Cuz some people the opposite. They start in retail then they grow back home because they have a customer base and then they >> if look if I would have opened it up day one and I would have started that way. You have to remember like I I already started like what what what Clappy said. I I already had a customer base. I already had people coming in. I already had orders, >> etc. So, to me, I knew that there's going to be a certain amount of cash flow. If I'm opening up day one, first of all, you open up a new store. Let's say >> if I'm rewinding, like you said, and I'm starting all over. La Jewelers opens up on Kingston Avenue. Who's shopping in LA Jewelers? Who's walking in? Oh, it's a new store. Let's go check it out. You're checking it out, but are you shopping there? What's his reputation? How do we know that he's honest? How do we know that he's selling uh um whatever he says he's selling? How do we know that his customer service is really going to be what he says it's going to be? And remember in our it's a community kind of store located halfway a lot of people a lot of people if we're looking at it as a community like I told you I already started off with a with a very decent following. So yes so um when I started off most of my customers were actually not uh Crown Heights community. There was a decent amount, don't get me wrong, there were very decent amount that were Crown Heights, but uh a very very very very large percentage was not. >> So when I'm starting off and we're in this community, uh very he's selling jewelry. Who's who's his father? Who's his mother? How do we know we can trust him? So it's going to have to start somewhere. I actually had a lot of interesting names for the store. None of them included my name. I'm not I in my head I'm a little bit of a you know like um uh uh what's the word I'm looking for? Um um narcissist >> a little bit of a narcissist. So of course I would love to see my my name in shining lights. >> A lot of jewelry stores typically they go after the family. >> So I I I I I I would love but I I I didn't want to put Elaine Jewelers on it. Like I said, I had a manufacturing cup, still have a manufacturing links of New York something. You want to call it something and and I was I was speaking to some marketing people. They were like, well, first of all, Elaine Jewelers has a certain ring to it. And second of all, and I already had like I was doing jewelry by Elaine. And and the reason why I had my name in there is cuz people were telling me like, how do people know who you are? Like you're going to have some name there. How do you you know, like how like who is he? Lane. Oh, Lane. Who is he? Yes, Ali. You could you could backtrack and you can say, "Okay, Lane, you know what? I'll give it a shot." >> But it comes with a butt as well. When you have a name, when you have a store that says your name on it, you're also and you're to to a certain degree, you're a slave to the business. People are not walking in there now to to um sparkly and shiny. >> They want to know where's Ley Lane? I want to talk to I want to Who's Lane? I want to talk to Lady Lane. In the car ride here, you got 20 phone calls. Were they all from the store? >> Yes. >> Ah, I knew it. >> Yes. >> I know you almost died. Can you tell us more about that? >> Um, I think everybody has their own interesting experiences. The aish um is very good to me. I Everybody has their their their struggles that they go through. Um, we're still here about Hashem. We're here. We're happy and kala go on a couple of dates >> y >> 8 n 10 dates whatever 2 three four weeks whatever it is I'm not getting into it and now every single engagement so if there's 10,000 engagements in labage here every one of the 10,000 the's mother usually buy the buys the kawa a nice piece of jewelry >> that's correct >> they come into LA jewelers on Kingston Avenue and it's I'm just I'm just curious but my wife went with my mother and I never found out how the experience went >> so to me the first thing I always say sorry to cut you off I I think I see where you're going with this. A lot of the times beforehand at this point, um they'll call the store >> and they'll say, "Uh, what do you think my budget should be?" >> Uh, and remember, they're going to have multiple children. >> Oh, was that your question? He knew exactly the questions. Yeah. How do you deal with me and make it uncomfortable? >> The parents of the Syrian guy by Oh, sorry. Sorry, interrupt. >> Different different budgets, different communities double. Sorry, interrupt. They broke the shock after they presented the diamond. It wasn't expensive. Terrible. That's a little pain. >> They usually call up ahead of time. >> I'll call them. They usually ahead of time and they'll ask, >> by the way, we're teaching people. We're teaching people that are dating now. They want to We want this education. >> They'll call up and they'll find out. They'll ask, "What is uh the budget?" My initial response will always be, I'm sure that you have friends that have married uh children off. Why don't you speak to your friends and family and find out what their numbers were? It's very uh $10,000. It's very easy to throw a number. You like, did you did you speak to friends and family and find out in or around where you would like to be? Yes, but I'd like to hear from you. Then I'll I'll throw out some numbers. I'll say, "Hey, look, um anywhere from $2 to $5,000." And um that will get you a really nice piece. It's going to be, you know, is is it going to look normal? Be embarrassed with the $2,000 to 5,000. The $2 to $5,000 range to get the kawa nice engagement present to come to the and the pictures and everything. Does that include today where gold went through the roof? >> So, it's still it's still going to be in or around there. You have to also remember most most people are receptive to the fact that actually gold went up and things cost more there. You know, like people will say, I remember when uh like at this at this point they're marrying their children off. They'll be like, I remember when I was a and um my father gave me a $1,500 budget and it was considered a very nice budget. Ems probably was 25 30 years ago. >> House was 200,000. >> Yeah, Ems. So people are very receptive to the fact that that gold went up and and they'll recognize that fact and be like, "Okay, that's what the budget is today." I understand that. Also, you have to remember they're probably also talking to other people that have married children often. They're probably getting an idea of what that budget should be. If I'm the first phone call, I'll also I'll say that this is in or around where it will be. Uh pick a number and and the number will be >> $2 to $5,000. It sounds very reasonable. Sounds and you could get something nice. >> Remember, they're they're making a wedding. There's there's there's a lot that's like what do you like$ two to $5,000 will get you a very nice piece and I'm working with budgets for me speaking to like when I started with those budgets where was I getting those numbers from how did I all of a sudden decide that that's what the number is you got to start someplace it was me speaking to people that were marrying off um children and asking them hey when you're marrying your when you were marrying your child off what numbers were were were you looking at for the engagement uh gift what number were you looking at for the diamond ring? You speak to a few people cuz I have to create an inventory. I'm creating that inventory based off. >> What happens if the cowl comes and she's looking at stuff that's $2 to $5,000? Because that's what the mother the mother-in-law is usually there already in the store with her. >> So I would always tell people if I'm speaking to the mother-in-law, I would say to the mother-in-law, do you remember the experience when you were a kala and your mother-in-law was in the store with you? What piece of jewelry did you walk out with? Did you walk out with the one that you liked or did you walk out with the one that she liked? Just remember that. Most of the time the conversation kind of like ends there. Like yes, I do remember and I got a piece. It was I hated it from day one. I left it in a drawer. Some people will say that. >> By the way, I know a lot of the father chose the watch without them. I'm a vado or a Brightling or this or that. They tell me they never wear it. It's so painful. Give the guy the money and say go buy your watch. >> So to me, what I'll say is Of course, everybody's welcome in my store, right? You're more than welcome to come to the store, but my suggestion would be is tell the kala to come in with a good friend or or um or a sister and and have them pick the piece of jewelry because if the kala is going to come in even with her mother at the end of the day, she got married 20, 25, 30 years ago. She's also like her style and her pieces of jewelry that she likes are different than what's in style necessarily today. So you don't want all you don't you don't necessarily want the mother picking the piece of jewelry and you don't want the mother-in-law picking the piece of jewelry. You want you give me a budget, let her pick the piece of jewelry. I'll show her everything that's within the budget. Let her pick the piece of jewelry. Yeah, but she's so young she doesn't know. Okay, we have salespeople in the store. They're not commissionbased. They're they're getting paid whether the sale happens or doesn't happen and they're there to help you. So let you know and >> I think we're going to make a lot of show and bias on this podcast. >> Do not go with the kaba to the jewelry store. JUST >> SURE YOU CAN MAKE HER UNCOMFORTABLE. >> YOU CAN COME. You can come. Absolutely. And and and you know what? When it boils down to two or three pieces that she chose and she asks you which one of these three, remember all three of them are going to be ones that she likes. Okay, help her pick which one. That's not a problem. You boiled it down to three. She likes all three of them. She likes both of them. Whatever it is, you're more than welcome to now give give an input. Remember, you're also paying for it. And at the end of the day, if it's a piece that story ever happened. >> Oh my god. Crazy stuff. I feel like I have to write a book. Crazy story. >> Just cuz we're ending the podcast. >> Aisha. So, um, in terms of repairs, in terms of sales, >> the in-laws, I like the in-laws in the door. That's for me the most drama. I that's what I assume. >> So I have a I'll give you a couple I'll give you one stories. I have one story where um a uh um a customer came in and um it's a repair story. I'll give you a repair story. You want you want to call a story? >> Yeah. When just getting married they don't all being uncomfortable and weird and awkward and they don't want to see that I feel. Am I wrong? That's where the most social. So there there there is on there there there are on remember I I am also you have to remember that I'm a community store as well. Uh and at the end of the day yeah it's it's I I I I have >> you want to see the story. >> I can I can tell you names. >> I can give you I can give you know who you are. You know what you did. >> Okay. >> You know what you did? >> What's the worst part of the business? >> The worst part of the business. >> Yeah. So you have like you have a couple of ends of it like so that you were when when when we were discussing before that people will ask you oh that that you know like when you're doing retail people will pay you immediately. There are those that will walk into the store especially in my early years. >> They'll walk in and they'll say ah and the minute you know it starts going to Yiddish you know already you know what's about to happen. He speaks English as well as I speak English. Next thing you know is that Levy Hey lady, he has no idea. In the meantime, you're like at the first or the second of the month. I'm going to pay you at the end of the month. >> And now here like, >> oh boy, >> I got to pay for the goods. Like, so now now what? Like I I I got I got to float this. And now I'm a bank also. same problem with good find. So that the next thing you know is you're like you're agreeing to it and after a short period of time those numbers were calling up and up and up and I was borrowing money >> at larger percentages. Remember you're a new store. Who's lending you money? If you're going hard you're going to pay the checks. So right so I'm paying percentages. So, I was paying those percentages and I'm realizing like whatever markup I'm trying to make, I ain't getting that money. Now, people also right away would say, "Lady, if you move now into a store on Kingston Avenue, your overhead is so much higher, so your prices are probably crazy. I wanted to keep the exact same prices." I looked at it like, "I'm going to be able to um >> make more sales, >> make more sales on the custom end because now you have brick and mortar. So, people are going to come in and they're going to be like, "Okay, here's his brick and mortar. Uh, I'm going to also get now walk-ins and you know it's people in the community. They will know me. So, and I do have my name on the on the store. >> You're in the business how many years? 10 years, 15 years, 20 years. >> No, in and owning this store or >> in business over 20 years. >> The store is 12 years. >> Last question. How much money do you say you have on the street that you don't think people ever pay you back? >> So, you know what? Not a lot. >> Not a lot. Give us a real Can you give us like a real issue number so people should know what it means to run a business? >> So in the beginning I remember being open literally 3 months in and I already borrowed from friends and family and now I'm borrowing hard. Three months in I had well over $70,000 on the street and I'm already in debt. I already redid the store and all of that. And now part of my business is not just custom making the pieces and not just sitting with the customers and showing them pieces. Now I'm a bank and debt collection and it gets very uncomfortable because remember right so now you're calling the guy up and you're like listen it's the end of the month now you're saying to them and the guy's like and next it's like the when are you going to put on next it was always next I was chasing the money in a lot of instances really chasing the money. >> I this I think I had a great time today. Maybe you'll start social media yourself Instagram account. People should follow you. You already have an Instagram account. >> So the store has an Instagram account. We don't do any videos. I I don't >> I in in my head I'm a pretty shy guy. I you guys we didn't we didn't finish. So this is the most amazing great store for the kalas and for the for the to come to buy their wife's jewelry for It's a to buy and you get the wavy experience with the top sales people in the store. Also, there's a So, there's the wedding, the engagement gift, the wedding gift, the wedding bands, you know, for the kawas and the diamond ring for the kawas mitzvah. What about basitzv? >> Bas mitzvah. So, basitzvas, it always used to be like a $250 to $350 ordeal. Today, with the gold prices where they are, it's not going to be those numbers anymore. You're probably looking more like at $500. >> But for Spitzer girl, she deserves a $500 gift in the jewelry store. 100%. I've had that. So, how much do you think today I have lying around on the street? >> I have a million. >> Not a chance. >> 100,000. >> Not a chance. >> 50,000. >> No. No. I have less than five grand ON THE STREET. >> WHOA. >> I buttoned down. I made those phone calls. I got the money in. >> It's pay to play. If you don't pay, you don't get >> promised myself I will never go into those again cuz I was borrowing. I was borrowing that money. >> And Barashem when I I made the mistake a few more times and then I was like, listen, uh, I have no problem with layaway. I'll put the piece away. you'll pay. Ah, RIGHT AWAY I KEEP IT. EXACTLY. Or you know what? I I offered credit cards like LA jewelers credit cards. Long story with that. I can write a book about that as well. But at some point, >> um I would say to them, listen, American Express, American Express could >> I think we have to do a follow-up interview in a few months from now to see what's going on. How do people reach you um to come and have the amazing lane experience? >> Uh we have a website. Oh, there's a website of course lanejwers.com. >> llanejwelers.com. >> We have Instagram. Instagram. >> There's also lane jewelers. You can find us on Instagram. We have Facebook. >> And the showroom is on Kingston Avenue in Brooklyn. >> 15 Kingston Avenue. >> Get the Ly Show. >> The Ley Lane Show. >> I I call it the Ley Lane Show. >> We don't want to go into Kingston. >> Taking the food out of my kids. >> Open Sunday through Friday. >> I always hope >> Sunday through Friday. >> Your first time ever doing a video, right? >> Oh, like this. Yeah, >> I would say it's in my inherently my mission statement in life to get people comfortable on video and for them to do it afterwards. So I hope from this show you start doing daily videos talking about pieces talking about your day because I think you do I think you'd be all these thought is two months away less >> if somebody wants a custom piece of jewelry that they always dreamt of to buy for their wives or children they have to order they have to order it now. No >> so I do the I I I still have a factory bar in the city. I do a lot of my most of my custom work. Oh, pretty much all my custom work is still being done here in New York. I can follow it. I could watch it. I'm not getting some piece from overseas. Then I have to look at it. It came in right. It came in wrong. I have to ship it back. I do everything. All my custom work is right here in the city. >> Today's the fourth. >> Uh I can put I can turn a piece around. >> Most of I could turn it around in a week. I definitely would not like to because then everybody comes in and it's their piece that they want in the week. In the meantime, you have 50 pieces like that. I ask people for about a month a month. >> But can I turn it around in a week? Yes. Can I turn it around in three days also? Yes. >> If someone last, if I can say last question, >> if someone wants to quote unquote invest in a piece, should they do focus more on the gold than the stone? >> So investments jewelry see this was we we hit on it before. Jewelry isn't necessarily like when I was saying before the D flawless diamonds, those are considered more investment. Uh, gold on its own is considered like you never really know. Like I can't guarantee that gold's going to go up. I'm not a nvy. If you look at gold's history, you can see that throughout the years, gold obviously goes up. Uh, diamonds obviously from if you're going to follow it from, I don't know, from 30 years ago, diamonds have obvious diamonds are down. Gold is VERY >> OH, WE FORGOT TO COVER something very easy to unload. >> With lab grown diamonds, >> diamonds are a little more difficult. >> We never discussed lab grown diamonds. Everybody talks about it now. >> So I'm not um against lab grown diamonds. I think yes I do. Everything has its time and its place. So hast to me if someone's getting and you don't have I'm I'm not this is not uh this is not tater msinai at all. To me someone's getting engaged today lab diamonds are a couple of hundred bucks per carat. So if you want to get a three karat uh labs stone it's going to cost well under 1,500 bucks. Right. Well under $1,500 to me. If you're getting a three karat diamond for your kala >> lab >> lab, how many people in our neighborhood are getting three karat diamonds? >> Zero. >> A three karat diamond if it was natural could be in the 30s. So at the end of the day, you're walking around with your three karat diamond. Who are you fooling? Everybody's going to know that it's a great hold on for a second if you don't mind. Sorry. >> My apology. I know it's your show. I don't want like I was all over the place already. I want to finish one proper thought. >> Um, when you're when when when you're buying something for a proper occasion, you're you're about to get engaged, you're about to get married, don't you want to buy something that has some sort of >> inherent value, >> right? So, to me, if you're going to be buying a $1,500 lab created stone that's three carats that everybody's going to know, feminist up. So to me, I I I always tell people, what's I ask people, what's your budget? And based off of that budget, even if it's not going to be a very big stone, let's get a natural diamond. And you know what? I do offer on round diamonds. Like I said, the the markups aren't crazy. It's like it's like milk at the end of the day. Every store is going to have that one carrot and everybody's going to try to be everybody's going to try to compete. So at the end of the day, let's say you're going to get just under a carrot. Let's say you're going to get a 90 pointer, right? You're going to get a 90p pointer and in three years from now you want to upgrade it, I'll buy it back. It's very easy to burn and turn. I'll buy it back from you and we'll upgrade to the next diamond. Lab created diamonds I can't do that with. It has like you're paying for it a couple hundred per carat, but if I want to resell it, there isn't really a resale mark and that's why I refuse to sell them for a very low price when they were expensive. They had zero markup. If I'm charging for that three carat, I'm charging 10 grand. And then you know uh the customer comes in and says oh I would like to upgrade this or I would like to upgrade. Next thing I'm saying to them is I'm sorry it has. So who took the money? They're going to assume that you took the money and ran. So I refuse to sell. Now that it's a few hundred per carrot I'm happy to sell. >> What percent of people actually get lab from engagement today in your store. >> Not not not many% give a number. He educates them. It's it's not under 10%. Under 10% you educate the curious. It's it's it's it's it's a it's a what do you call it? It's um no inherent value. >> It's it's a it's you're getting married right now. You want to be able to show that you cherish No, you >> car Sienna have >> you're cher You cherish the person that you're getting engaged to. You're not going and buying her some um some some Exactly. So, you want to be able to give her something nice and that she should feel good about it as well. I got a natural nice diamond. On the other hand, there is a place for lab created diamonds. If somebody's making a nice piece, let's say they have a wedding coming up and you know the piece that they really want to wear is a $10,000 piece versus in lab it's a $3,000 piece, right? Uh they could build that piece for the wedding for fashion. Let me just say it like this. For fashion items, fashion goes it goes out of fashion. It's exactly what it gain who it's now in fashion and three four years from now it won't be in fashion. So now you're going to go and lose all the labor and and and and the markup etc et that wore uh he wore pate philipe and uh the story goes that one day he was in the mikvah and he threw the pate philipe on top of his pile of clothes and somebody went over to him and said to him uh you just throw the pate take a mitten mikvah on top of your pile of clothes. It's like the Phipe it's fake fake fake. So the bottom line is yes. Could wealthier people get away with it? Absolutely. >> The great Ly Lane. >> Such an honor and pleasure to have you on. >> I really appreciate it. >> Like and subscribe right over there. It was really entertaining. I can't believe two hours went by. It felt like it felt like long. >> It felt like 5 minutes. Wow. >> I don't know if it was exactly 2 hours. How long? >> Wow. Longest show ever. Longest show. There's >> more to go. I apologize. All over the place. >> You broke the record and I felt like 15 minutes. >> I appreciate it. >> You could you say one thing? >> I don't know if you're going to be comfortable cuz you already nicks it at once. Can I try again? I know >> what >> juggling work when you have family members in the hospital. Could you mind do a little snippet of that to get closer to people? >> To me, you don't mind because on the way in the car? very it's a very I I understand it unfortunately firsthand experience when you have a family member I and I applaud all of those organizations uh I don't know which ones you guys want to plug >> plug all of them >> but to me when you have >> a family member or yourself in the hospital and let's just say uh that family member or you are in the hospital for two weeks. So you have the parent, let's say, that's living with that kid in the hospital for 2 weeks. First of all, which person is going to allow you to take off two weeks? That's olive bays traveling to the hospital, traveling back from the hospital, those Ubers are going to start to rack up really nice and fast. In addition, there's food. So the Uber Eatats is going to rack up really, really fast. >> Did you plug those? I mean like to to to me there's also it's what's also really really really nice being part of a community >> is that you have those meal trains really really really really really nice you have is exceptionally nice Esther lab absolutely the best so that takes off >> you have to make sure that the wrong people don't get to me like thinking about it when uh when when like uh when when you yourself when a person is sick You're not running your business. Uh you obviously you have people working for you. But remember if you're if your name is on the business, you're a stickle, not in a bad way. You're a stickle slave to the business. Where's Ley? I want to discuss with him the prices. Oh, so sorry. He's not in right now. Uh you're, you know, they're not going to wait around for you forever. Some people will, some people will not. So you're going to get you're you're going to take a nice little hit there. But that's the way obviously your recent experience my my experiences in general unfortunately I I I have many of those experiences. U you're you're you're going to unfortunately uh you're going to your business is going to if you if you're if you're self-employed your business is going to take a nice um from being out. And um if you're working for somebody else like how long could you take off for? And then if you're going to what you're going to abandon your kid in the hospital. So it it it's it's definitely >> the hospital we're getting to is >> but I don't know what the hospital is. The bottom line is that that's the ways it he decided that that's how much money you're making. >> My hospital lane has been through a lot in his life. Ups and downs. I think everybody knows medical life >> and look how happy and positive he is. We have a lot to learn from him. >> He doesn't point fingers. He doesn't say look at me this look how positive he is and that's going to help if you're going to blame somebody it's going to help you. I remember when I wanted to get loans from the bank right in the beginning I wanted to be able to get the money. Every bank remember it takes three years at least in my my experience man other people have other experiences every bank and every I also went to investors everybody's telling you no and every day you just get a little bit more depressed and in my head I would say to myself so I'll get 20 nos I just need one yes all I need is one yes and after that yes you can go with that yes to other places and say this place yes 100%. Same thing with the vendors. All I need and the guy and he did say yes. All I needed was that one vendor and then when I built a credit with him, other vendors said yes. The same thing with the banks. So at the end of the day, all you need is that one yes. I would wake up in the morning and I would say to myself, today my goal is to get that one yes. And at the end of the day, a successful businessman, oh, you're a successful businessman. Successful doesn't mean that you have piles of money. Successful means that you succeeded in the goal that you started out to do in the morning or in the beginning of the year. So if you set up a goal, the beginning of the year, you set up and you say, "I want to have x amount of dollars in my inventory. I want to build my inventory to hit X number and you're working towards it." And yes, there's going to be obstacles and unfortunately, let's say someone is going to get sick in the middle and there's going to be the obstacles of having too much money out on the street and there's going to be percentages and all those other things, but you're working towards that goal and you ultimately hit that goal. I buy myself gifts every time I hit certain goals that I create for myself. I buy myself gifts and I think that I don't know that it's works for everybody. I think that it's very good for me. I look I I create for myself a certain goal and I succeeded in that goal. I say to myself successful now just given how good they now you need a present I buy myself a PRESENT AND I I DECIDE beforehand a lot of the times what that gift is going to be and depending on how easy I feel that goal is goal is going to be is is is what that um what what what that item is going to be >> Lady Lane's 20 nos is with his killer personality determination and he's getting 20 nos imagine like a regular guy who doesn't have your personality or your great looks or your, you know, >> oh, you're too kind. Tell me more. Go on. You want you a little bit of a narcissist. >> Wait, you want to elaborate? What type of gift are we talking about? >> So So it depends like I'll I'll tell you this. One of the greatest things which we forgot to mention here which is really really really important is uh limit. I found that limo was a very big key in success as well. >> Did I have to see? Exactly. And I I'm part of the I'm one of the losers that doesn't do I'm one of the guys that do does. So yes, I just uh >> by the way I'm very happy that you do. I'm also doing somebody one time said there's the per guys and then there's the guys that do but they don't do. So I it takes me it does it doesn't take five minutes to do uh it takes a little bit of time. Uh the be right now I I guess also if we could do a little shout out to the to the to the to the kitric um raam >> freaking fantastic raom. >> Tell me about the rambom. >> So um the the it's it's very similar to kind of like a um if if I can compare it somewhat to that it kind of similar to like shotenstein gimara but for rambom. It's very very fantastic. Not the full set yet. >> Hello art scrub. Oh, Lavich is waiting for you to put out a ram. We have the kit. >> We've been waiting. So, I >> we know you love. So, print something we want. >> Most of most of most of most of the uh from the Rambam I find to be exceptionally useful in the early years. Yeah. I had to open up a machine. No, I I have I don't know if it's English. I have >> If you asked a 100 people before you opened a retail store, should you open or not? What were the numbers? Yes. No. Why you see Oman has been nobody else should open a jewelry STORE FOR ME ONLY I'M ALLOWED TO OPEN A JEWELRY said how many people told you not to versus yes >> most people told me on the street 90% most people told me not to also when you're going to do the research online you're also going to see what the chances of survival for a new retail store is going to be >> what was 8020 give us a gut feel 80% new okay cool >> 80 8020 one second the Toyota Well, I'm sorry. >> There are days, I don't know how it is for other people. There are days that you hustle and you work your little tail off and you try to get business going and nothing happened the whole day. You come home, you're depressed and you're miserable and you think to yourself, you did nothing the whole day. You opened the store up or you ran around the city, you tried to get some something going. Don't forget you also paid a few workers >> and you paid some workers and those garish everything you told everything you touched >> failed >> turn to dre right those days unfortunately I'm sure people I have it I can't speak for others >> only you no one else in the world >> sit down 12:30 at night the banks aren't open there's no vendors calling you up there is no customers generally no there are generally not that many customers calling you at 12:30 unless they're overseas customers or Californian customers uh west coast customers calling you at that time still focus open up Rambam you start learning ramb say to yourself now you could and if you're learning it properly properly I I don't know how properly I'm learning it what I feel for me is properly at the end of the day you say to yourself you know what I succeeded in learning a pram then afterwards You open up a gumar for a few minutes and you learn a gar and you understood it or at least to a certain degree you understood it. You say to yourself, you know what, I learned to pay the >> at le you know when you it's and it's right before I'm going to sleep. I'm learning 12:30 to 2 usually. So I'm I'm I'm more I can focus a little bit like again there's no banks, there's no nothing. It's quiet. It's it's quiet time. It's ley time. So I can sit down. Um shout out to Manditel in Chico, California. He's been since 2019. So, uh, we sit down, we learn a panam. Um, you sit down and you learn a little bit of Tanya, you said. Yes. >> You, uh, you learn a little right before you go to sleep, you have that feeling of, you know what, even if I had a bad day in business, >> understood. And there's nothing as gishmach as understanding a piece of like when you didn't understand and now you understand it or you worked to understand you're like you know what I'm going to sleep I understood a piece of Tanya I understood a little bit of of of Ram I understood a little bit >> so anybody that wants to jump on the Rambam train to we just started >> start at any time no smack in the middle I we we I start when I started Rambam I made a when I started the business I I couldn't focus I couldn't read I couldn't learn I used to learn beforehand remember we had our we had our I actually I I gave I I I had a um yud set me up I was doing with with with um with with Jet and I really enjoyed it very very very much when the al you know the alavo came in and I was also in this case it was immense the pressure was crazy trying to you know hit the deadlines trying to finish the orders for the people let's originally on the street trying to come up with the rent, trying to all of these things. I couldn't focus. I couldn't learn. I I couldn't the the words were blurry. I couldn't see a word. And uh it was just it was it was crippling to a certain degree, but on the other hand, I was being success. I was hitting the goals that I wanted. But on the other hand, when it would come to learning, like my head was all over the place. >> Now I see how we did four hours. >> I made a lot. I said to myself, I said to myself the day >> you can't mix up inner circle evergreen ash the is going to bless me you know with the point that that you to the point where I can hire somebody that will I was doing the bookkeeping as well bookkeeping I was I was doing everything day that the aishair is going to help me and I'll be able to hire a proper bookkeeper and not have to deal with I was doing from 12:30 to 2 quiet time I was doing the books then day that the asterair is going to help me and I'll be able to do I'll be able to hire a proper bookkeeper that will help me do the books. That same time that I was doing the books myself from 12:30 to 2 every night, I will designate that time and and uh and um and and learn instead. Right. >> You know what since 2019 obviously there were a couple episodes in my life um that you know that I had to take small breaks but overall uh we finished the RAM a couple of times and uh we've gone through a decent amount of Gar. We we we've gone through the Tanya a couple of times. >> Who do you want in Gamar with >> same the same >> the same he remembered >> out of Chico >> Chico California he remembered he reached out to me at the time that I made I was already starting to learn by myself. We started I started to >> his father was the biggest biggest head in the world. You should learn some with him. We do we als fantastic fantastic guy. I really I I was with him in yeshiva. So to me he remembered I started learning myself cuz I made the I started learning but it's always better to be learning with somebody else. He reached out to me one day and he was like ley I made a that for my father's yard site I'm going to be finishing the and I remember in yeshiva I was always a night owl. Things just don't change. They always say to you a lot. I remember throughout the years they were like, >> "You're not going to be successful because you don't show up." Like, "I own my own business. I'm able to work at my own hours." Um, and uh, when I do work for somebody else, you have to make sure that there's bread on the table. So, you're going to show up when you need to show up. >> He's like, "Lavy, are you still a night owl? Are you still like I have available?" For him, it's 9:30. For me, it's 12:30. He's like, "Are you still up at those hours or did you uh maybe become normal?" I was like, "I'm still available." So since 2019 till today exactly thank you so much. Amazing Ley Lane jewelers >> now available on DVD.