When Raphi Mahgerefteh, founder and CEO of Allurez Diamonds and Fine Jewelry, graduated in 2010 from Baruch College – one of the ten senior colleges of The City University of New York (CUNY) and whose alumni include entrepreneurs like Ralph Lauren and Sidney Harman– he had one direction in mind for which his Finance and Investments degree would give him a slight edge: the New World, as it were, of E-commerce. In six short years, Allurez has gone from newcomer to “one of the fastest growing jewelry brands in the world,” boasts Mahgerefteh. He has reason to crow. The product customization options, shopping from the comfort of your home, real-time access to jewelry consultants, sales that break the 50%-off barrier, free shipping and the risk-free return policy all make Allurez.com a logical alternative to what Mahgerefteh calls the “overpriced shopping mall store.”
B y David MacDonald H is company holds steady their A-tier rating from the BBB (Better Business Bureau). They proudly count themselves among the businesses that consistently win a spot on the Inc. 500|5000 list. They are a Top 10 online retailer. Their product has made it to Hollywood. They exclusively deal in conflict-free diamonds and adhere to the highest standards of ethical inquiry. At the end of last year, together the folks at Allurez’s NYC headquarters celebrated a three-year growth of 315%. Mahgerefteh and his team have arrived.
Mahgerefteh’s wish that Allurez be “a house- hold name for those shopping from home for jewelry” may be an anachronistic aspiration in 2016. In 2014, Allurez ranked among the top-three nationwide online jewelry retailers and its scope has only broadened in the last year. “We see Allurez continuing to grow both in the US as well as internationally. We are getting into new markets,” he explains. While Allurez has built much of its brand awareness through custom engagement rings, wedding bands, and fine fashion jewelry, Mahgerefteh is seeing more and more demand for trendy jewelry from foreign markets. “Our customers are the most important part of our business and the average A bit of Google-fu will produce glowing reviews for Allurez.com from Down Under, Across the Pond, The Great White North and, of course, The Big Apple. These new markets, Mahgerefteh believes, have taken to Allurez’s Made in The USA model and what it represents. “What sets Allurez apart is the fact that our jewelry is designed and made in the USA,” he says. “Our customers are the most important part of our business and the average jewelry shopper is an informed shopper,” Mahgereft- eh stresses. Allurez is an active supporter of jewelry shopper is an informed shopper.”
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MAY 2016 • SPOTLIGHT ON BUSINESS
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