Israeli diamond manufacturer the Yakubov Group has taken the brave move of opening a retail jewelry store. To make the move all the more interesting, especially given the current economic climate, the company opened its store in the high-security bourse in Ramat Gan.
According to the company, although the economic climate is difficult, people are still getting married, celebrating anniversaries and buying jewelry to commemorate these events. "The only difference is that their budget is lower these days," says Itzhak Yakubov, chairman of Yakubov Group.
What sets the company apart, says Yakubov is the ability to offer quality high-end jewelry at lower rates, which it does by cutting out the extra layers between the diamond manufacturer and the end consumer. "Some would think that this is a bold move but in fact, we’ve capitalized the recession to serve a wider range of consumers," he said.
"The concept of the new store is offering first hand, luxury jewelry, at lower rates then any other jewelry store which are located in the trendy shopping areas."
The store, which offers a wide selection of jewelry made of both white and yellow 18 karat gold and diamonds, is located inside the Israeli diamond bourse, in the lobby of the Diamond Tower. This is the first time the diamond bourse opens its doors for consumers that are not a part of the industry/trade.
Although this is the company's first foray into the retail arena, it has been manufacturing and exporting jewelry to high end retail stores across Europe and are exclusive suppliers of some stores for a few years now. It may be the first Yakubov Group store, but the company already has plans to open more outlets worldwide.