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Rare Carat, a Kayak for diamonds, is a startup that is looking to help you find the highest quality and lowest price diamond at no cost to you. After sitting down with Ajay Anand, the CEO and Founder, we learned more about his story and how it can help you choose the perfect diamond for your fiance to be!
Tell us your story. How did you get into the diamond business?
“Totally not on purpose! Last year I got engaged to an awesome girl who is now my wife, and shopping for a ring was a rough experience. I couldn’t believe no one had built this. In fact, I was angry that no one had because it could have saved me so much time and money.
So, we finally did!
Since we launched two weeks ago with an article in Forbes, 25k users showed up and searched 60k times, so I think there are a lot of you out there that felt like me.”
What differentiates you from the jewelry stores?
“Well, the best part is that we’re not a jewelry store at all – just a search engine to help you find the best online retailers for your diamond.
We’re free, so I really don’t see a good reason not to use us 🙂 But I am a bit biased…”
How much of your business goes toward wedding jewelry?
“Right now, it seems that most of our users are shopping for diamond engagement rings.”
Can you give us a breakdown on what to look for in diamonds?
“Diamonds are complex things, so this answer could go on forever. If I say just one thing, it would be to always buy an Excellent cut. Save your money on other attributes.”
How do you choose a setting to match the diamonds you find on Rare Carat?
“Every retailer on our site can set your diamond for you. Or you can do what I did: buy online and have a local jeweler set it. That’s been nice, because I guessed my fiancé’s size incorrectly, and we’ve had to resize it a few times.”
Is there a return policy if you get the diamond and decide it’s not the right fit?
“Every retailer on our site allows you to check out the diamond, and send it back for a full refund if you choose to (usually around 30 days).
That’s what finally made me comfortable buying online. I took it to an appraiser here in NYC and didn’t even tell him what the certificate said. He quoted the same specs, so I kept it! The appraisal was only 200 bucks, and I needed it to insure the ring anyway.”
What is the most valuable tip you’ve learned throughout this entire process of creating a startup that disrupts the traditional diamond business?
“Honestly, it’s been pretty simple so far: listen to your users, and build something great for them. I basically live in the little chat box on our site – and in two weeks, I’ve had over 1000 awesome conversations with users. Most people love it! And the ones that don’t tell us what to do better.
PS. I chat right through dinner, too, which my wife does not find as cool as our users do.”
What is one of your favorite stories throughout this process?
“Conversations with our users crack me up – for example:
I’ve had users say we saved them thousands in 20 seconds, some wanting to invest, some looking for jobs, and some coming up with neat feature ideas like an online appointment booking system to see stones in person.
But the one I get most often is girls asking if we have a good way to send this to their long-term boyfriends without being too obvious. We don’t have a good answer for that, and would love any cool ideas!”
Being in the market for a diamond can be a stressful experience and there’s a large margin of uncertainty and error. Rare Carat allows you to make a secure, safe, and informed decision all while in the comfort of your home. Saving time and money, Rare Carat is absolutely our choice while you’re shopping for your diamond engagement rings, wedding rings, or even anniversary presents!