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July 20, 2012 (El Cajon) –Three decades ago, Leo Hamel of Leo Hamel Fine Jewelers opened his first jewelry store on El Cajon Boulevard. Now the successful businessman has returned to his historic roots, opening his eighth store, Leo Hamel Jewelry Buyers Office, in downtown El Cajon.
"Diamonds were once considered to be a girl's best friend, but now men and women alike are flocking to the precious stone," says Hamel. "The hardest stone in the world is now more rare than ever, which makes it even more of a luxury accessory and a solid investment."
In a recent report substantiated by DeBeers, the world’s biggest diamond producer, “Experts estimate that all known supplies of diamonds will be depleted within 30 to 40 years.” As the world diamond sources are diminishing too quickly to meet long-term demand, consumers may plan to invest in diamonds now before the costs become grossly inflated.
Hamel is aware that the unpredictable market has a huge affect on his business. After 32 years and a modest start at the San Diego Swap Meet after honing his sales skills at Walker Scott, Hamel today is among the few who have survived the tough economic times and has differentiated himself and his brand by perfecting a two-pronged approach in both the wholesale and retail arenas.
Hamel says that this simple combination of wholesale and retail business has allowed him to maintain a healthy payroll at 41 employees strong and also remain a resource for nearly all of his customers' fine jewelry needs, while deepening his knowledge of vintage pieces, precious metals, gems and diamonds.
Even with the fluctuating market, the U.S. still consumes the most diamonds in the world.
“In 2008, demand for rough diamonds was about $13.4 billion globally, and 2009 saw it fall to a drastic $7.5. Fortunately, demand is back up again and expected to hit $12 billion this year,” Hamel notes. The growing demand and increasing rarity of the product will likely make it difficult for costs to stay put—and fuel growth in the vintage sector, Hamel predicts.
Through bifurcation of the traditional business model, Hamel has not only been able to sustain, but grow his business even in the recent troubled economy. His new Buyers Office outlets provide convenient places for people to sell their estate jewelry. The ever-changing industry will likely influence Hamel’s continuingly adapting business model.
With eight stores including El Cajon, La Mesa, Old Town, Chula Vista, Solana Beach, Rancho Bernardo, Escondido and Oceanside, the jeweler soon plans to open his ninth location in National City.Hamel has also been a generous community partner through the years, donating to support charitable causes including causes benefiting children and animals in East County.
His website also includes fascinating sections on the history of diamonds, jewelry and gemstone cutting. Who knew that a jewelry style in the 1700s was patterned after four kings named George, or that tinted gold became popular during World War II to make up for a shortage of colorful gemstones?
Learn more at www.leohamel.com
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