The Jewelry Exchange

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Goldenwest Diamond Corporation
(d/b/a The Jewelry Exchange)
Private
IndustryJewelry retailer
Founded1977
HeadquartersTustin, California, United States
Key people
Bill Doddridge, President & CEO
ProductsJewelry
Websitejewelryexchange.com

The Goldenwest Diamond Corporation, which does business as The Jewelry Exchange, is one of the largest diamond importers and manufacturers in the United States.[1] It has 15 locations in the across the United States.[2] The headquarters is located in Tustin, California.

History[edit]

Bill Doddridge started his career working in his stepfather’s pawnshop. He had wanted to go out on his own and so he found a location to open up a pawnshop, but did not have the financing, so he opened it up for his stepfather. In 1977, after saving enough money, Bill finally went out on his own by buying Buena Park Loan & Jewelry, a pawnshop located in the next town over from his.[3]

It was soon apparent that Bill was not getting enough used jewelry from pawn customers to meet the demand so he began designing his own jewelry. He realized that in many cases he could make the jewelry for less and have more trendy designs than buying used jewelry from the pawn customers. He even provided people with loose diamonds.

Timeline[edit]

1980–1989[edit]

In 1984 Bill decided to guarantee all of his jewelry to appraise for double, which still stands today. He had so many customers coming back with appraisals 3 to 4 times more than what they had paid.

In 1986 he moved the business to Main Street in Santa Ana, California and brought jewelry manufacturing in-house. Previously, he used to send the jobs out for setting. Then, in 1987 he went to Israel and started importing diamonds directly. This allowed him to save both the cost of diamonds and the jewelry he was manufacturing. The event was important because he was now both “Factory Direct” and a “Direct Diamond Importer.”

In 1988, the jewelry business had grown so large that he decided to discontinue the pawnshop operations.

1990–1999[edit]

In 1991, Bill opened a second store in San Diego, California and in 1993 a third store in San Francisco, California. Although the San Diego store was eventually closed, the San Francisco store was a success and did better than he expected. He focused on the Santa Ana and San Francisco models for his future expansions.

In 1994, a competitor (14k Jewelry Mart Exchange) moved right next door to their flagship store in Santa Ana, California, and posted a sign emphasizing the words “Jewelry Exchange”; the “14K” and “Mart” appearing in small letters. Their customers found it difficult to distinguish between the two businesses. That forced them to move to their new headquarters to Tustin, California and seek legal action against this unscrupulous competitor. After four years of preparation, and a two-month-long trial, the court upheld the validity of their federal trademark “The Jewelry Exchange”, granting permanent injunction against 14K Jewelry Mart Exchange and awarded the Jewelry Exchange damages in excess of two million dollars.[4]

2000–Current[edit]

Today the Jewelry Exchange is one of the largest jewelry retailers in the nation due to its low cost business model by removing the middle men.[5]

References[edit]

  1. ^ Market, Wire (November 16, 2006). "The Jewelry Exchange Discounts Loose Diamonds 15% to Make Room for New Shipments". MarketWired. Retrieved September 27, 2018.
  2. ^ "The Jewelry Exchange store locator". Retrieved September 30, 2018.
  3. ^ "The Jewelry Exchange". Orange County Register. 2013-01-08. Retrieved 2018-09-27.
  4. ^ "Diamonds.net - Jewelry Exchange Wins Unfair Competition Suit". www.diamonds.net. Retrieved 2018-09-27.
  5. ^ "The Jewelry Exchange". The Diamond Authority. 2012-05-09. Retrieved 2018-09-27.

External links[edit]