Albert Gad discusses the gem trade
Northern News Services
Wednesday, December 14, 2016
SOMBA K'E/YELLOWKNIFE
When Albert Gad, CEO and president of Almod Diamonds Limited, says the future could involve creating jewelry with NWT diamonds and NWT gold, he's dead serious.
"Nothing's ever a joke with me. It's not a joke. At the end of the day, we do what's good for our business," said Gad.
"I have vision."
He learned that from his father. Originally from Afghanistan, his father lived in India for years before meeting his Israeli-born mother and immigrating to New York.
"My father was a very successful businessman," said Gad.
Gad's father died of a stroke at age 45.
"He was a very wealthy man, lost his health and lost his wealth," said Gad. "My father looked at me and said, 'You have two things in your life. You have your health, and you have your name. Then you work hard.'"
At 18, with money from his father, Gad started building his company. He got his first retail location after a wholesale customer was unable to pay his bills. From there, he developed Diamonds International, the retail arm of Almod, with locations throughout the Caribbean.
"Wherever the cruise ships were going, we opened our shops," said Gad.
Now, he's coming to Yellowknife.
"We still run the company like a family business. My management team is pretty much very grounded - I make sure they are. Because I don't like ego," said Gad. "One of the things I preach to everyone is that the more you grow, the more humble you need to be if you want to succeed."
That, and you need a brand.
"The future of this business is only going to be about branding. To sell a generic diamond is going to become more and more difficult," he said, adding Almod both manufactures and sells their own proprietary cut, the Crown of Light, that has helped the company weather market ups and downs.
"We are insulated ... Why would someone go out and buy a Dior bag? Because at the end of the day people want to know that they have the real deal, they have the real product," he said.
Not everyone is so keen on the brand however - Diamonds International is not accredited by the Better Business Bureau, but the bureau reports 139 complaints over the last three years, mainly from customers who found the value of their purchases was lower than they were told.
Review sites like Trip Advisor also include warnings about high prices for what could be lower value Crown of Light diamonds and defective jewelry pieces.
Gad said he stands by his product. In fact, he's keen to expand the brand, by crowning it with the iconic NWT Polar Bear trademark.
"We would love to have it," he said, adding he's willing to wait until the GNWT is ready to put a ring on it.
"I came with no conditions. If the local government feels that we deserve it, and they want to give it to us, thank you. And if you want to wait, I'm not going to put any pressure."
