1 00:00:10,480 --> 00:00:14,440 Speaker 1: Hello, and welcome to another episode of the Odd Lots Podcast. 2 00:00:14,640 --> 00:00:19,599 Speaker 1: I'm Joe Wisenthal and I'm Tracy halliway, uh, Tracy, I 3 00:00:19,680 --> 00:00:22,360 Speaker 1: have an apology. I think I have to make two. 4 00:00:23,040 --> 00:00:26,960 Speaker 1: Oh oh, this is exciting. Okay, go on. Well, you 5 00:00:27,000 --> 00:00:31,800 Speaker 1: know how like I sometimes accuse you of being, um, 6 00:00:31,840 --> 00:00:36,240 Speaker 1: secretly a gold bug and stuff like that, And sometimes 7 00:00:36,280 --> 00:00:39,479 Speaker 1: I like troll you nicely about your dad being a 8 00:00:39,520 --> 00:00:42,280 Speaker 1: gold bug and stuff like that, and being super into 9 00:00:42,640 --> 00:00:45,720 Speaker 1: hoarding physical gold and jewels and gems and stuff like that. 10 00:00:46,320 --> 00:00:49,680 Speaker 1: I'm not sure it's trolling if it's true. In the 11 00:00:49,720 --> 00:00:52,680 Speaker 1: case of my dad, he definitely is a gold bug. 12 00:00:53,159 --> 00:00:56,840 Speaker 1: But what do you what exactly are you apologizing for? No, 13 00:00:56,960 --> 00:00:59,760 Speaker 1: I've also accused you of like secretly being that, even 14 00:00:59,760 --> 00:01:04,320 Speaker 1: if you admit it, I'm really not. Look, I'm not 15 00:01:04,400 --> 00:01:06,800 Speaker 1: a gold bug, but I'm not going to turn down 16 00:01:06,880 --> 00:01:11,639 Speaker 1: when people give me gold as a present. Okay, Okay, 17 00:01:11,680 --> 00:01:13,399 Speaker 1: that's fair enough, But I have at your sort of 18 00:01:13,440 --> 00:01:15,520 Speaker 1: out of Okay, I'll move on. But I've always sort 19 00:01:15,520 --> 00:01:19,480 Speaker 1: of suspected you have those anyway, the reason I have 20 00:01:19,520 --> 00:01:23,080 Speaker 1: to apologize is because I'm coming around to that view 21 00:01:23,120 --> 00:01:28,440 Speaker 1: myself and I myself. I've am kind of becoming a 22 00:01:28,480 --> 00:01:31,280 Speaker 1: closet or maybe out of the closet gold bug myself. 23 00:01:31,720 --> 00:01:34,680 Speaker 1: Isn't this like the third time you've changed your opinion 24 00:01:34,760 --> 00:01:40,040 Speaker 1: on gold? I always go back and forth, but this time, Uh, 25 00:01:40,120 --> 00:01:44,319 Speaker 1: it's actually specifically because of the guest that we were 26 00:01:44,360 --> 00:01:47,080 Speaker 1: that we were going to talk to on today's episode. 27 00:01:47,840 --> 00:01:52,600 Speaker 1: I recently started uh watching his videos on Instagram, and 28 00:01:52,600 --> 00:01:55,840 Speaker 1: he's such a compelling salesman for gold and jewelry and 29 00:01:55,920 --> 00:01:58,280 Speaker 1: gems that I'm kind of changing my mind on the 30 00:01:58,280 --> 00:02:00,680 Speaker 1: whole thing, and I want to start getting to a 31 00:02:00,720 --> 00:02:07,520 Speaker 1: hoarding gold. Well. Well, look, the field of people selling 32 00:02:07,560 --> 00:02:10,080 Speaker 1: gold is kind of a crowded one, so I'm really 33 00:02:10,280 --> 00:02:13,959 Speaker 1: curious what the sales pitch is exactly here. It must 34 00:02:14,040 --> 00:02:16,280 Speaker 1: be a good one if it's if it's changed your 35 00:02:16,320 --> 00:02:19,880 Speaker 1: mind again, well, you know, like for like the last 36 00:02:19,880 --> 00:02:21,920 Speaker 1: ten years since you and I have been in you know, 37 00:02:22,000 --> 00:02:25,880 Speaker 1: covering finance, most of the people advocating gold or like 38 00:02:25,919 --> 00:02:30,320 Speaker 1: these sort of angry old fashioned types like Peter Schiff 39 00:02:30,320 --> 00:02:32,280 Speaker 1: and they like spend all their time railing against the Fed, 40 00:02:32,400 --> 00:02:36,120 Speaker 1: and honestly, like it's kind of tiresome. But I have 41 00:02:36,240 --> 00:02:40,200 Speaker 1: been my eyes have opened up to a different case 42 00:02:40,280 --> 00:02:42,240 Speaker 1: for it that I find to be far more compelling. 43 00:02:42,560 --> 00:02:46,880 Speaker 1: What's the case. Well, let's before we get to that exactly, 44 00:02:46,960 --> 00:02:49,760 Speaker 1: let's just backtrack a little bit. Um. I know you're 45 00:02:49,760 --> 00:02:52,640 Speaker 1: in Hong Kong, but did you see the movie Uncut Gyms? 46 00:02:53,080 --> 00:02:56,519 Speaker 1: I did. It was really really good, like pretty stressful 47 00:02:56,720 --> 00:03:00,120 Speaker 1: at times, given it's about this New York jeweler or 48 00:03:00,160 --> 00:03:03,440 Speaker 1: whose life is basically spinning out of control due to 49 00:03:03,440 --> 00:03:07,720 Speaker 1: a gambling addiction. But it's really good. It's really good. 50 00:03:07,760 --> 00:03:10,200 Speaker 1: It's really stressful. I would say it's probably my favorite 51 00:03:10,240 --> 00:03:13,079 Speaker 1: movie that I saw, uh in the last year or two. 52 00:03:13,120 --> 00:03:15,680 Speaker 1: I loved it. I want to see it again. But anyway, 53 00:03:16,200 --> 00:03:20,280 Speaker 1: on today's episode, we are actually going to be speaking 54 00:03:20,800 --> 00:03:23,760 Speaker 1: with a person who played a role. He was an 55 00:03:23,760 --> 00:03:27,280 Speaker 1: actor in the movie, and he is a real life jeweler, 56 00:03:28,480 --> 00:03:31,560 Speaker 1: so I know you're talking about. It was the behind 57 00:03:31,680 --> 00:03:35,600 Speaker 1: the counter sort of jeweler or assistant in the main 58 00:03:35,800 --> 00:03:40,600 Speaker 1: character's shop, jewelry shop, right exactly. So for those who 59 00:03:40,640 --> 00:03:43,480 Speaker 1: don't know, who haven't seen it, you should see the movie. 60 00:03:43,600 --> 00:03:46,920 Speaker 1: But Adam Sandler's character plays a jeweler in New York's 61 00:03:47,440 --> 00:03:51,600 Speaker 1: Diamond district and one of his employees. The character Yussie 62 00:03:52,160 --> 00:03:55,560 Speaker 1: is actually a real life jeweler who's been in the 63 00:03:55,600 --> 00:03:58,520 Speaker 1: game for a long time, and he's here now and 64 00:03:58,840 --> 00:04:01,640 Speaker 1: we're going to talk to him about what the business 65 00:04:01,720 --> 00:04:03,720 Speaker 1: is really like, what the movie got right and wrong 66 00:04:04,000 --> 00:04:08,000 Speaker 1: in why people love jewelry and gold so much. That 67 00:04:08,040 --> 00:04:10,640 Speaker 1: sounds great. Let's do it all right, let's do it 68 00:04:10,720 --> 00:04:13,440 Speaker 1: so without further ado, I want to bring in Mak 69 00:04:13,480 --> 00:04:17,279 Speaker 1: sud Aga Johnny Hiss, the CEO and founder of Tracks 70 00:04:17,400 --> 00:04:21,840 Speaker 1: and y See. He played the character Yussie in the movie. 71 00:04:22,279 --> 00:04:25,760 Speaker 1: He's a jeweler. He sells jewelry, two rappers and others, 72 00:04:25,839 --> 00:04:29,039 Speaker 1: much like uh, the Sandler character in the movie. Mak sued, 73 00:04:29,120 --> 00:04:31,040 Speaker 1: thank you very much for joining us, Thank you for 74 00:04:31,080 --> 00:04:34,840 Speaker 1: having me very much. Thank you. How did you get 75 00:04:34,920 --> 00:04:37,599 Speaker 1: into How did this happen that you got a character 76 00:04:38,400 --> 00:04:41,440 Speaker 1: in this movie and that you're an actual jeweler who 77 00:04:41,480 --> 00:04:44,640 Speaker 1: is in Uncut Gems. Well, listen, they had this complicated 78 00:04:44,680 --> 00:04:47,559 Speaker 1: scene in the showroom and Uncut Gems, and they needed 79 00:04:47,640 --> 00:04:51,280 Speaker 1: to make it look like an authentic place with somebody 80 00:04:51,279 --> 00:04:53,839 Speaker 1: who looks like a jeweler. And there's not that many 81 00:04:53,880 --> 00:04:56,880 Speaker 1: people in Hollywood apparently that can fill that role. So 82 00:04:56,920 --> 00:05:00,599 Speaker 1: they started looking for New York City jewelers Google. I 83 00:05:00,600 --> 00:05:03,839 Speaker 1: guess I popped out. They auditioned me, and I got 84 00:05:03,839 --> 00:05:07,479 Speaker 1: the part and I did the scene for him. So 85 00:05:07,600 --> 00:05:10,320 Speaker 1: how did you get into jewelry in the first place? 86 00:05:10,360 --> 00:05:13,000 Speaker 1: Then maybe we should back up, like, how did this 87 00:05:13,120 --> 00:05:16,520 Speaker 1: become your career choice? How did I become an authentic 88 00:05:16,520 --> 00:05:19,720 Speaker 1: New York City jeweler that they could google and find? Well, 89 00:05:19,800 --> 00:05:24,360 Speaker 1: in two thousand and four, Um, when I graduated high school, Um, 90 00:05:24,400 --> 00:05:26,640 Speaker 1: I just needed to start making money, and I saw 91 00:05:26,680 --> 00:05:29,279 Speaker 1: that there was a market that was opening up on 92 00:05:29,320 --> 00:05:33,720 Speaker 1: the internet on eBay. So I started photographing jewelry from 93 00:05:33,720 --> 00:05:36,760 Speaker 1: a jewelry store I found on Canal Street downtown here 94 00:05:36,760 --> 00:05:39,960 Speaker 1: in Manhattan and putting it up on eBay. And when 95 00:05:40,000 --> 00:05:41,680 Speaker 1: I would sell a piece of jewelry, I would go 96 00:05:41,720 --> 00:05:43,520 Speaker 1: and buy that piece of jewelry and chip it and 97 00:05:43,600 --> 00:05:48,440 Speaker 1: keep the difference. And Uh, that wasn't particularly easy thing 98 00:05:48,480 --> 00:05:50,320 Speaker 1: to do. It's easier to say now that it was 99 00:05:50,360 --> 00:05:53,239 Speaker 1: to do back then. But I, you know, crow barred 100 00:05:53,320 --> 00:05:56,560 Speaker 1: my way into the industry, and here I am. I 101 00:05:56,600 --> 00:05:58,719 Speaker 1: didn't know I was going to be here fifteen years later, 102 00:05:58,760 --> 00:06:02,560 Speaker 1: but I'm here and now like you're a legitimate star, 103 00:06:02,640 --> 00:06:05,560 Speaker 1: I mean beyond the peering in the movie and all 104 00:06:05,560 --> 00:06:09,799 Speaker 1: this attention you uh in your jewelry, your jewels, your shop. 105 00:06:09,839 --> 00:06:12,719 Speaker 1: You sell the stars, you sell the rappers. Your website 106 00:06:12,760 --> 00:06:15,480 Speaker 1: is amazing, has all kinds of no sort of traditional 107 00:06:15,560 --> 00:06:19,000 Speaker 1: jewelry like chains, but um, you know, interesting like diamond 108 00:06:19,120 --> 00:06:24,039 Speaker 1: encrusted you know, whatever they are. That's cartoon characters and 109 00:06:24,120 --> 00:06:26,839 Speaker 1: pieces and Jesus heads and all sorts of stuff that 110 00:06:27,279 --> 00:06:30,320 Speaker 1: whatever the market demands, I try to supply. How did 111 00:06:30,400 --> 00:06:32,920 Speaker 1: you get into that aspect? So how did you go 112 00:06:33,120 --> 00:06:36,799 Speaker 1: from essentially flipping cheap jewelry that you found on Canal 113 00:06:36,880 --> 00:06:41,080 Speaker 1: Street on eBay into creating your own pieces and finding 114 00:06:41,120 --> 00:06:43,400 Speaker 1: a high end market. If you want to increase your 115 00:06:43,400 --> 00:06:45,719 Speaker 1: profit margin, you're gonna have to learn how to manufacture 116 00:06:46,400 --> 00:06:49,159 Speaker 1: rather than buying from wholesalers. So little by little I 117 00:06:49,200 --> 00:06:52,560 Speaker 1: learned how to manufacture, cast the gold, set the diamonds, 118 00:06:52,600 --> 00:06:55,000 Speaker 1: get the diamonds from the diamond dealer for the right price, 119 00:06:55,920 --> 00:06:58,960 Speaker 1: and uh, you know, and make a couple of honest 120 00:06:59,000 --> 00:07:01,839 Speaker 1: dollars as they say. So I have so many questions 121 00:07:01,920 --> 00:07:03,440 Speaker 1: I want to ask you but I want to get 122 00:07:03,480 --> 00:07:08,080 Speaker 1: to the buy case for gold or for gold jewelry, because, 123 00:07:08,120 --> 00:07:11,200 Speaker 1: like I certainly have never thought of buying a gold 124 00:07:11,280 --> 00:07:16,440 Speaker 1: chain as necessarily an investment, but certainly on your videos 125 00:07:16,840 --> 00:07:19,560 Speaker 1: and on your website you talk a lot about the 126 00:07:19,680 --> 00:07:23,560 Speaker 1: investment case for gold. Why did you decide to take 127 00:07:23,600 --> 00:07:27,920 Speaker 1: that approach, I'll tell you exactly why. Well, right now 128 00:07:27,960 --> 00:07:31,680 Speaker 1: I'm wearing a chain that I bought in two thousand 129 00:07:32,160 --> 00:07:35,880 Speaker 1: and seven that was around when gold was around seven 130 00:07:35,920 --> 00:07:38,960 Speaker 1: hundred dollars an ounce or so, Okay, right now it's 131 00:07:39,000 --> 00:07:44,400 Speaker 1: about close to sixteen hundred dollars an ounce, Okay, So 132 00:07:44,560 --> 00:07:47,440 Speaker 1: if I scrapped that chain, the very same chain I'm 133 00:07:47,440 --> 00:07:49,200 Speaker 1: wearing now, I'm going to get more than what I 134 00:07:49,240 --> 00:07:53,600 Speaker 1: paid for it back then by a significant degree, almost double. 135 00:07:54,360 --> 00:07:58,200 Speaker 1: And you know, for wearing a chain, that's pretty good. 136 00:07:58,240 --> 00:08:01,600 Speaker 1: It's pretty good a return on investment, you know. So 137 00:08:02,200 --> 00:08:04,480 Speaker 1: you just can't lose by buying that type of product. 138 00:08:04,480 --> 00:08:07,000 Speaker 1: And when I I convinced my customers, or explain to 139 00:08:07,000 --> 00:08:10,840 Speaker 1: my customers that if you're gonna buy something a luxury item, 140 00:08:10,920 --> 00:08:12,960 Speaker 1: you know, there's a lot of options out there. You 141 00:08:12,960 --> 00:08:15,240 Speaker 1: could buy a Gucci belt, you could buy this, You 142 00:08:15,240 --> 00:08:18,160 Speaker 1: could buy high end fashion, high end brands. Not a 143 00:08:18,200 --> 00:08:19,520 Speaker 1: single one of those is going to give you a 144 00:08:19,560 --> 00:08:22,800 Speaker 1: return on investment in ten years. So it's really a 145 00:08:22,800 --> 00:08:26,040 Speaker 1: no brainer. Gold could go down over the next ten years, 146 00:08:26,040 --> 00:08:28,640 Speaker 1: and it has at times. Uh, It's sure, it certainly has, 147 00:08:28,680 --> 00:08:32,080 Speaker 1: and everything could go down. But from the experiences and 148 00:08:32,160 --> 00:08:35,040 Speaker 1: from from everything I've seen, I don't think it's gonna 149 00:08:35,040 --> 00:08:38,920 Speaker 1: go down under a thousand dollars an ounce in in 150 00:08:38,920 --> 00:08:41,160 Speaker 1: in my lifetime. I don't. I don't think it's gonna happen. 151 00:08:41,600 --> 00:08:44,760 Speaker 1: So one thing in your videos which I was really 152 00:08:44,840 --> 00:08:48,599 Speaker 1: drawn by is you do seem to combine both the 153 00:08:48,679 --> 00:08:51,640 Speaker 1: sort of luxury goods pitch and you also talk about 154 00:08:51,640 --> 00:08:54,120 Speaker 1: the fundamentals of gold. The first video I saw, I 155 00:08:54,160 --> 00:08:57,160 Speaker 1: think was you had a chart of gold and you 156 00:08:57,200 --> 00:09:00,080 Speaker 1: were looking at it right around the time that there 157 00:09:00,240 --> 00:09:04,160 Speaker 1: was the strike that took out Sulamani in Iran and 158 00:09:04,640 --> 00:09:09,080 Speaker 1: pitching jewelry as an investment around world events talk about 159 00:09:09,120 --> 00:09:11,680 Speaker 1: what drives them? Is that a unique thing that you 160 00:09:11,760 --> 00:09:15,280 Speaker 1: came up with, like our other people in the diamond 161 00:09:15,320 --> 00:09:19,200 Speaker 1: district in your business, making making the pitch that way, No, 162 00:09:19,280 --> 00:09:21,200 Speaker 1: they're not making the pitch that way and it's unique. 163 00:09:21,240 --> 00:09:23,680 Speaker 1: And if you want to make any money or stand 164 00:09:23,760 --> 00:09:25,720 Speaker 1: out in any way and you don't have anything unique, 165 00:09:25,720 --> 00:09:27,600 Speaker 1: it's never gonna happen. You're gonna have to come up, 166 00:09:27,960 --> 00:09:31,640 Speaker 1: Especially in the social media podcast world that we're in now, 167 00:09:32,000 --> 00:09:33,959 Speaker 1: you're gonna have to come up with some information that 168 00:09:34,000 --> 00:09:37,480 Speaker 1: people find useful. All right. So essentially what I try 169 00:09:37,520 --> 00:09:39,000 Speaker 1: to do is I've tried to put on a show 170 00:09:39,559 --> 00:09:43,120 Speaker 1: and the commercial break is my own merchandise. That's just 171 00:09:43,160 --> 00:09:45,120 Speaker 1: pretty much what it is. Other people sell T shirts 172 00:09:45,160 --> 00:09:48,160 Speaker 1: with their podcast. I sell jewelry and kind of sell 173 00:09:48,200 --> 00:09:51,240 Speaker 1: a podcast with the jewelry, but the jewelry is sold 174 00:09:51,240 --> 00:09:54,600 Speaker 1: on the podcast. Whatever works at this point, we should 175 00:09:54,640 --> 00:09:58,160 Speaker 1: sell T shirts joke, yeah, or we should sell jewelry, 176 00:09:58,720 --> 00:10:02,319 Speaker 1: I think yeah, So Max Suit, One thing I wanted 177 00:10:02,320 --> 00:10:04,880 Speaker 1: to ask is, and this might be difficult to answer, 178 00:10:05,000 --> 00:10:08,360 Speaker 1: but what percentage of your customers would you say are 179 00:10:08,400 --> 00:10:12,800 Speaker 1: are drawn to the investment thesis that you're sort of 180 00:10:12,880 --> 00:10:15,560 Speaker 1: or the investment pitch that you're putting out there versus 181 00:10:15,640 --> 00:10:18,959 Speaker 1: people who just want to buy a nice jewelry. Well, 182 00:10:19,040 --> 00:10:21,280 Speaker 1: you know, to be quite honest, I'm awakening them to 183 00:10:21,360 --> 00:10:26,400 Speaker 1: that concept. Because they never considered it as investment pieces. 184 00:10:26,400 --> 00:10:29,360 Speaker 1: But some of the people in hard times they get, 185 00:10:29,480 --> 00:10:32,040 Speaker 1: uh they get their money back on some pieces that 186 00:10:32,080 --> 00:10:34,959 Speaker 1: they buy. And it's common knowledge that you're going to 187 00:10:35,040 --> 00:10:36,760 Speaker 1: get back more on a goal chain than on a 188 00:10:36,800 --> 00:10:40,760 Speaker 1: diamond chain in certain circumstances. And they were always curious 189 00:10:40,840 --> 00:10:44,520 Speaker 1: about that information. The people that had life experience, right 190 00:10:44,880 --> 00:10:46,840 Speaker 1: the young kids, I just want to get iced out 191 00:10:46,840 --> 00:10:49,080 Speaker 1: and throw away all their money. They might not really 192 00:10:49,120 --> 00:10:51,680 Speaker 1: care about that. But people are already in their thirties 193 00:10:51,800 --> 00:10:53,760 Speaker 1: or in their forties and they've been buying jewelry for 194 00:10:53,760 --> 00:10:55,600 Speaker 1: a long time. They want to get what they pay 195 00:10:55,679 --> 00:10:58,680 Speaker 1: for and they're looking for that information and nobody was 196 00:10:58,679 --> 00:11:02,559 Speaker 1: filling that void. So I filled it in. And along 197 00:11:02,559 --> 00:11:05,600 Speaker 1: with those people that we're looking for that information, I'm 198 00:11:05,640 --> 00:11:09,040 Speaker 1: awakening a lot of other people to the fact that, uh, 199 00:11:09,080 --> 00:11:12,040 Speaker 1: you know, um, there's a price and then there's value, 200 00:11:13,280 --> 00:11:15,720 Speaker 1: and uh you know that that's a new concept for them. 201 00:11:16,040 --> 00:11:18,920 Speaker 1: So you talked about how you started essentially moving up 202 00:11:18,960 --> 00:11:23,040 Speaker 1: the food chain, so to speak, by uh contacting and 203 00:11:23,120 --> 00:11:26,319 Speaker 1: getting relationships with diamond wholesalers and making your own jewelry. 204 00:11:26,720 --> 00:11:29,320 Speaker 1: And one of the things that struck me. In the 205 00:11:29,320 --> 00:11:34,000 Speaker 1: movie Uncut Gems was the main character, Hard Wrattner, Adam 206 00:11:34,080 --> 00:11:37,280 Speaker 1: Sandler's character. He was always doing these deals with other people, 207 00:11:37,360 --> 00:11:40,480 Speaker 1: and they're all word of mouth, including things like briefly 208 00:11:40,840 --> 00:11:43,599 Speaker 1: pawning a Super Bowl ring for the week so he 209 00:11:43,640 --> 00:11:45,760 Speaker 1: could get some cash so he could make another deal, 210 00:11:46,320 --> 00:11:48,839 Speaker 1: and the person who gave him the cash would quote 211 00:11:48,880 --> 00:11:50,800 Speaker 1: him a price or quot him an interest rates, and 212 00:11:50,840 --> 00:11:52,960 Speaker 1: it was all just sort of word of mouth. Trust. 213 00:11:53,080 --> 00:11:57,440 Speaker 1: Is that an accurate characterization of the industry in which 214 00:11:57,480 --> 00:12:00,319 Speaker 1: everyone is just sort of trust each other at the word, 215 00:12:00,360 --> 00:12:03,400 Speaker 1: and that's the key thing? Yeah, they definitely it's it's 216 00:12:03,520 --> 00:12:06,280 Speaker 1: very accurate that the way they depicted him wheeling and dealing. 217 00:12:06,920 --> 00:12:10,880 Speaker 1: And I've been in those types of situations myself, all right, umu, 218 00:12:11,280 --> 00:12:13,560 Speaker 1: as much as one wouldn't like to admit it that 219 00:12:13,720 --> 00:12:16,520 Speaker 1: I would. Sometimes you have to to close one deal. 220 00:12:16,640 --> 00:12:19,520 Speaker 1: You have to have some value in some dead stock, 221 00:12:19,600 --> 00:12:21,800 Speaker 1: you have to put it upon it for a week ago, 222 00:12:21,920 --> 00:12:23,880 Speaker 1: get the other watch I set out, Go get it 223 00:12:23,920 --> 00:12:26,320 Speaker 1: to the customer, then get the money, go bring it back, 224 00:12:26,360 --> 00:12:28,320 Speaker 1: and and so on and so forth, and and hope 225 00:12:28,360 --> 00:12:31,480 Speaker 1: you don't trip up along the way. And once you 226 00:12:31,559 --> 00:12:35,960 Speaker 1: develop a reputation. Listen, if you have you know, um, 227 00:12:37,040 --> 00:12:39,520 Speaker 1: a bunch of goal chains thirty thou dollars, and I 228 00:12:39,559 --> 00:12:42,040 Speaker 1: have a client for it, I'm gonna come by and 229 00:12:42,080 --> 00:12:44,880 Speaker 1: you have to decide whether I'm gonna go and grab 230 00:12:44,960 --> 00:12:46,920 Speaker 1: that inventory and go to the airport and fly away 231 00:12:46,960 --> 00:12:49,120 Speaker 1: and never see you again, or gonna go and sell 232 00:12:49,120 --> 00:12:50,800 Speaker 1: it to that client that I have while you have 233 00:12:50,880 --> 00:12:53,040 Speaker 1: the inventory that you want to move, and you have 234 00:12:53,120 --> 00:12:54,840 Speaker 1: to wheel and deal, and you have to work with 235 00:12:54,880 --> 00:12:59,760 Speaker 1: people who you trust, and that is just not much 236 00:12:59,800 --> 00:13:03,599 Speaker 1: of evolution on that behavior since maybe ancient Babylon. You 237 00:13:03,640 --> 00:13:06,000 Speaker 1: don't really know who you're trusting. You just get to 238 00:13:06,040 --> 00:13:09,560 Speaker 1: know these people and um, you get a feel for 239 00:13:09,600 --> 00:13:13,520 Speaker 1: their personalities, and you know, the little by little business 240 00:13:13,520 --> 00:13:17,679 Speaker 1: experience will will will guide you. M So, Joe mentioned 241 00:13:17,720 --> 00:13:20,800 Speaker 1: the pawning of the Super Bowl ring in the movie, 242 00:13:20,880 --> 00:13:23,439 Speaker 1: and you just mentioned the idea of maybe sort of 243 00:13:23,840 --> 00:13:27,280 Speaker 1: selling on something before you've received the money, or sort 244 00:13:27,320 --> 00:13:30,160 Speaker 1: of like adding leverage to your deals. And there does 245 00:13:30,200 --> 00:13:36,240 Speaker 1: seem to be an ecosystem of finance and and lending 246 00:13:36,360 --> 00:13:40,360 Speaker 1: and credit built around the jewelry business. Why do you 247 00:13:40,360 --> 00:13:43,640 Speaker 1: think that is like why are pawn shops and gold 248 00:13:43,720 --> 00:13:48,120 Speaker 1: and jewelry intertwined to that degree. Well, I mean the 249 00:13:48,520 --> 00:13:53,360 Speaker 1: materials are expensive, right, So when you're walking through the 250 00:13:53,440 --> 00:13:57,840 Speaker 1: Diamond District, you're gonna have people hounding you from the 251 00:13:57,880 --> 00:14:00,080 Speaker 1: street that are saying come into this shop, coming to 252 00:14:00,160 --> 00:14:02,480 Speaker 1: that shop. Because you might be a high value person, 253 00:14:02,559 --> 00:14:06,960 Speaker 1: it's worthwhile going through all this trouble and following a 254 00:14:07,000 --> 00:14:10,560 Speaker 1: person down the street, um and bothering them maybe to 255 00:14:10,600 --> 00:14:13,400 Speaker 1: get them into your shop. Right. You might not do 256 00:14:13,480 --> 00:14:16,840 Speaker 1: that in front of the supermarket or something like that, 257 00:14:17,240 --> 00:14:19,000 Speaker 1: but you'll do that in the Diamond district because that 258 00:14:19,040 --> 00:14:22,080 Speaker 1: person might end up buying something that's fifty dollars and 259 00:14:22,120 --> 00:14:23,920 Speaker 1: then the store owner is going to give you a 260 00:14:23,920 --> 00:14:26,480 Speaker 1: commission of five hundred dollars and so on and so forth. 261 00:14:26,760 --> 00:14:30,240 Speaker 1: So just the values of the items that you're dealing 262 00:14:30,240 --> 00:14:34,360 Speaker 1: with create a whole new ecosystem, and things move quickly, 263 00:14:34,400 --> 00:14:35,840 Speaker 1: so you're not gonna be able to do a lot 264 00:14:35,840 --> 00:14:39,280 Speaker 1: of paperwork and things like that. So there's just a 265 00:14:39,280 --> 00:14:42,200 Speaker 1: whole different environment that you can learn from, especially the 266 00:14:42,200 --> 00:14:45,440 Speaker 1: way economics move, that you're not going to find in 267 00:14:45,560 --> 00:14:49,000 Speaker 1: other industries like banking or something like that. And then 268 00:14:49,040 --> 00:14:52,360 Speaker 1: you know, people over exert themselves. Right, People make mistakes. 269 00:14:52,920 --> 00:14:56,960 Speaker 1: That's why economies fail for the most part. And and 270 00:14:57,080 --> 00:14:59,840 Speaker 1: it it happens on a on a state level and 271 00:15:00,040 --> 00:15:03,360 Speaker 1: happens on an individual level of people buy something they 272 00:15:03,400 --> 00:15:05,880 Speaker 1: can't afford and they think that then they have hard 273 00:15:05,920 --> 00:15:07,480 Speaker 1: times and they have to pawn it, and they think 274 00:15:07,480 --> 00:15:10,600 Speaker 1: they're gonna come back in a month and they don't, right, 275 00:15:11,040 --> 00:15:13,480 Speaker 1: and they and and and on and on it goes. 276 00:15:13,560 --> 00:15:17,720 Speaker 1: And it happens with jewelry customers and jewelry business owners 277 00:15:17,720 --> 00:15:21,240 Speaker 1: as well. Right, there's people that have been essentially printing 278 00:15:21,240 --> 00:15:24,200 Speaker 1: money and doing great in the nineties and in the 279 00:15:24,240 --> 00:15:27,240 Speaker 1: early two thousands that are now pawning their inventory, or 280 00:15:27,280 --> 00:15:29,480 Speaker 1: people that were holding out when the gold prices at 281 00:15:29,880 --> 00:15:33,920 Speaker 1: its peak and we're raising their prices, changing their tags, 282 00:15:34,560 --> 00:15:37,720 Speaker 1: and now that are desperate to to scrap those pieces. 283 00:15:38,120 --> 00:15:41,080 Speaker 1: And you know, just people make mistakes, They make miscalculations. 284 00:15:41,640 --> 00:15:45,880 Speaker 1: And with the products like gold, which has its own dynamics, 285 00:15:45,920 --> 00:15:48,280 Speaker 1: diamonds which have a completely different dynamic, and some of 286 00:15:48,280 --> 00:15:52,480 Speaker 1: them are combined, you know, it just gets crazy. So 287 00:15:52,760 --> 00:15:56,400 Speaker 1: one of the products for sale in the movie that's 288 00:15:56,400 --> 00:15:59,920 Speaker 1: sort of very memorable is uh Adam Sandler's character. He 289 00:16:00,080 --> 00:16:03,840 Speaker 1: has like a diamond encrusted furby and Tracy really wants one. 290 00:16:03,880 --> 00:16:06,760 Speaker 1: Do you have any of those? They that those were 291 00:16:06,840 --> 00:16:09,320 Speaker 1: made out of brass um in the in the film, 292 00:16:09,440 --> 00:16:12,000 Speaker 1: they didn't actually make them out of golden diamonds, so 293 00:16:12,040 --> 00:16:14,040 Speaker 1: they might turn in that green if you's better where 294 00:16:14,120 --> 00:16:18,000 Speaker 1: too long? From an investment stand From an investment standpoint, 295 00:16:18,840 --> 00:16:21,040 Speaker 1: you on your website, you sell like some that are 296 00:16:21,040 --> 00:16:22,960 Speaker 1: just like basic change and then some, as you said, 297 00:16:23,000 --> 00:16:27,160 Speaker 1: like diamond encrusted cartoon characters. Are those riskier the sort 298 00:16:27,160 --> 00:16:29,960 Speaker 1: of more custom ones because you know it's fad like 299 00:16:30,040 --> 00:16:32,200 Speaker 1: maybe like right now people are probably asking for like 300 00:16:32,440 --> 00:16:35,640 Speaker 1: diamond encrusted baby yodas and stuff, but like in two 301 00:16:35,720 --> 00:16:38,080 Speaker 1: years people might forget about that. So from like an 302 00:16:38,120 --> 00:16:43,120 Speaker 1: investment standpoint, are those custom pieces a little for sure? 303 00:16:43,200 --> 00:16:46,240 Speaker 1: For sure? I mean for consumer standpoint that yeah, it's 304 00:16:46,280 --> 00:16:51,840 Speaker 1: definitely a luxury item, okay um. And from my standpoint 305 00:16:51,880 --> 00:16:55,520 Speaker 1: as a manufacturer, well, the way it usually works is, 306 00:16:55,640 --> 00:16:59,080 Speaker 1: let's say you make a hundred pieces and you want 307 00:16:59,120 --> 00:17:01,000 Speaker 1: to get your money back by the time you sold 308 00:17:01,160 --> 00:17:03,600 Speaker 1: fifty of them, all right, and the rest of them 309 00:17:03,720 --> 00:17:05,800 Speaker 1: if they all right, you got your money back by 310 00:17:05,880 --> 00:17:08,920 Speaker 1: number fifty and the rest of them is your profit. Now, 311 00:17:08,960 --> 00:17:11,320 Speaker 1: if you sell out of those fifty twenty, you made 312 00:17:11,320 --> 00:17:13,120 Speaker 1: a profit and the rest you scrap and you get 313 00:17:13,119 --> 00:17:15,760 Speaker 1: back new materials. If you're stuck with him over a 314 00:17:15,800 --> 00:17:18,480 Speaker 1: period of time, and that could be dicey, especially in 315 00:17:18,480 --> 00:17:21,840 Speaker 1: this economy. You know that people don't have that type 316 00:17:21,840 --> 00:17:24,840 Speaker 1: of spending power to consume these types of goods. So 317 00:17:25,000 --> 00:17:27,320 Speaker 1: a lot of jewelers are getting stuck with this type 318 00:17:27,359 --> 00:17:29,880 Speaker 1: of inventory, and it's really a tough business now more 319 00:17:30,000 --> 00:17:32,720 Speaker 1: so than it never was. Can you give us an 320 00:17:32,760 --> 00:17:37,439 Speaker 1: example of you getting stuck with a particular inventory, like 321 00:17:37,520 --> 00:17:42,560 Speaker 1: one that was memorable for you, one that was memorable. Well, 322 00:17:42,640 --> 00:17:46,160 Speaker 1: my my safest is filled with with stuff that I'm 323 00:17:46,200 --> 00:17:48,920 Speaker 1: stuck with, so to speak. Um, but I've been pretty 324 00:17:48,920 --> 00:17:51,359 Speaker 1: good and I'm not getting stuck with too many pieces. 325 00:17:51,359 --> 00:17:53,240 Speaker 1: So the pieces that you're stuck with are the ones 326 00:17:53,280 --> 00:17:56,280 Speaker 1: that are the least desirable. The most desirable things that 327 00:17:56,320 --> 00:17:58,159 Speaker 1: you manufacture are going to be the first to go, 328 00:17:58,560 --> 00:18:00,520 Speaker 1: and the least desirable are gonna be stuck with. So 329 00:18:00,600 --> 00:18:02,919 Speaker 1: the stuff that that I'm stuck with, this the stuff 330 00:18:02,960 --> 00:18:07,320 Speaker 1: that doesn't really attract anybody. Just rings that you know, 331 00:18:07,400 --> 00:18:10,240 Speaker 1: we're off putting and things like that. But the good pieces, 332 00:18:10,920 --> 00:18:13,400 Speaker 1: you know, I would make characters at a video game 333 00:18:13,520 --> 00:18:16,840 Speaker 1: Street Fighter, or you'd make a Genie coming out of 334 00:18:16,880 --> 00:18:18,880 Speaker 1: a Laddin's lamp or that. But those are all gone 335 00:18:18,920 --> 00:18:21,359 Speaker 1: and people enjoyed them, and I don't have them anymore. 336 00:18:39,800 --> 00:18:43,119 Speaker 1: So if I came in tomorrow and I said, you know, 337 00:18:43,160 --> 00:18:44,720 Speaker 1: and I want to get a gift for Tracy. I 338 00:18:44,720 --> 00:18:48,040 Speaker 1: want to get her that diamond and crushed furb, what 339 00:18:48,119 --> 00:18:50,760 Speaker 1: would you require? What would be the process? I will 340 00:18:50,840 --> 00:18:53,320 Speaker 1: maybe what would be the process? What would you expect 341 00:18:53,359 --> 00:18:55,280 Speaker 1: to me? Do I have to like put money down? Like? What? 342 00:18:55,440 --> 00:18:57,960 Speaker 1: How would how's the process? I'll explain exactly what the 343 00:18:58,000 --> 00:19:01,000 Speaker 1: process is. So if you want to cust manufacture anything, 344 00:19:01,040 --> 00:19:02,920 Speaker 1: you're gonna have to put a deposit right down to 345 00:19:03,080 --> 00:19:04,960 Speaker 1: so we could start making the model of what it's 346 00:19:04,960 --> 00:19:07,760 Speaker 1: gonna look like on a computer in three D. Once 347 00:19:07,840 --> 00:19:10,359 Speaker 1: that's done, all right, so you put a thousand dollars. Now, 348 00:19:10,480 --> 00:19:12,439 Speaker 1: let's say you have a ten thousand dollar budget on 349 00:19:12,480 --> 00:19:15,080 Speaker 1: whatever you're manufacturing, whether it's a it could be a 350 00:19:15,119 --> 00:19:19,359 Speaker 1: customer engagement ring or a Furby piece or zodiac whatever. 351 00:19:19,920 --> 00:19:21,679 Speaker 1: So you put a thousand bucks down, Well, show you 352 00:19:21,720 --> 00:19:23,679 Speaker 1: what it's gonna look like. We do all the calculations 353 00:19:23,720 --> 00:19:25,760 Speaker 1: so much, it's gonna weigh how many carrots it's gonna be, 354 00:19:25,880 --> 00:19:27,800 Speaker 1: and then you have to put a production deposit down, 355 00:19:27,800 --> 00:19:30,840 Speaker 1: which is gonna be around another five thousand, four thousand, 356 00:19:31,240 --> 00:19:32,840 Speaker 1: and then we finish it. You see it, and you 357 00:19:32,920 --> 00:19:36,320 Speaker 1: finished paying for it. You wear it. Tracy's happy, You're happy, 358 00:19:36,840 --> 00:19:42,479 Speaker 1: I'm happy, Bloomberg's happy. I'm not sure if all of us, 359 00:19:42,760 --> 00:19:45,199 Speaker 1: if I'll see what happens if I tried to expense that, 360 00:19:45,320 --> 00:19:46,960 Speaker 1: But if all of us are going to be happy, 361 00:19:46,960 --> 00:19:50,160 Speaker 1: I think we have to do it. Make a gold 362 00:19:50,200 --> 00:19:52,080 Speaker 1: heavy and you'll be good. I will be the happiest 363 00:19:52,119 --> 00:19:54,960 Speaker 1: of all. So yes, we should do this. Um. So, 364 00:19:55,160 --> 00:19:59,520 Speaker 1: you mentioned three D printing just then, and in watching 365 00:19:59,560 --> 00:20:02,480 Speaker 1: some of your videos that definitely comes up a lot. 366 00:20:02,640 --> 00:20:05,879 Speaker 1: How important was three D printing or how much of 367 00:20:05,920 --> 00:20:09,679 Speaker 1: a revolution was it for the jewelry making industry? Like 368 00:20:09,760 --> 00:20:14,280 Speaker 1: how did people make these custom pendants, whether it's furbies 369 00:20:14,400 --> 00:20:16,959 Speaker 1: or baby yodas or Jesus heads or whatever, How did 370 00:20:16,960 --> 00:20:20,360 Speaker 1: they do that before? And did it become more popular 371 00:20:20,480 --> 00:20:24,120 Speaker 1: once three D printing came into being. Well, they were 372 00:20:24,119 --> 00:20:25,960 Speaker 1: doing it by hand, So they take a piece of 373 00:20:26,000 --> 00:20:28,800 Speaker 1: wax and carve it out by hand, and the waxes 374 00:20:28,840 --> 00:20:31,600 Speaker 1: that they would make were far more primitive than what 375 00:20:31,760 --> 00:20:34,359 Speaker 1: you could make on a computer now. And you know 376 00:20:34,400 --> 00:20:37,160 Speaker 1: the complicated things like back uh you know how where 377 00:20:37,160 --> 00:20:40,479 Speaker 1: a hundred years ago or so, like a Faberge egg, 378 00:20:40,600 --> 00:20:42,919 Speaker 1: that was stuff that was done by hand and that 379 00:20:43,040 --> 00:20:45,240 Speaker 1: was extremely difficult to do. You'd have to get an 380 00:20:45,400 --> 00:20:47,639 Speaker 1: incredible craftsman to do that. Now you could make that 381 00:20:47,680 --> 00:20:51,119 Speaker 1: type of stuff to even higher quality and higher detail 382 00:20:51,200 --> 00:20:55,399 Speaker 1: on a computer. So you know, it's it's it's a 383 00:20:55,400 --> 00:20:58,520 Speaker 1: world away and which you could manufacture. The jewelers have 384 00:20:58,600 --> 00:21:01,440 Speaker 1: really not tapped into it just yet to the to 385 00:21:01,560 --> 00:21:04,639 Speaker 1: the capacity that that that it could be, because your 386 00:21:04,680 --> 00:21:08,280 Speaker 1: capabilities are limited by your imagination with this machine that 387 00:21:08,400 --> 00:21:10,400 Speaker 1: prints out whatever it is you came up with. So yeah, 388 00:21:10,400 --> 00:21:12,719 Speaker 1: I definitely recommend people should check out your Instagram and 389 00:21:12,840 --> 00:21:15,280 Speaker 1: check out the three D printing videos because they're really cool. 390 00:21:15,880 --> 00:21:17,399 Speaker 1: Are you rare? Like if you were to go to 391 00:21:17,480 --> 00:21:21,160 Speaker 1: other shops in the Diamond district? Is that still something 392 00:21:21,200 --> 00:21:23,880 Speaker 1: that most of them haven't gotten into they don't have Well, 393 00:21:23,960 --> 00:21:26,520 Speaker 1: you have to manufacture to a high degree to own 394 00:21:26,520 --> 00:21:29,040 Speaker 1: a three D printer. The three D printer I just bought, 395 00:21:29,119 --> 00:21:31,600 Speaker 1: and I just bought it a couple of months ago, 396 00:21:31,800 --> 00:21:35,399 Speaker 1: was about sixty tho dollars, okay, And we did some 397 00:21:35,480 --> 00:21:37,879 Speaker 1: research and we we got a pretty good one, and 398 00:21:37,920 --> 00:21:39,800 Speaker 1: so on and so forth. We gotta learn how to 399 00:21:39,920 --> 00:21:42,440 Speaker 1: use it first and foremost. It's not like the printer 400 00:21:42,560 --> 00:21:44,800 Speaker 1: you have at home. There's some maintenance there and the 401 00:21:44,880 --> 00:21:47,560 Speaker 1: materials you gotta buy. And so so I had a 402 00:21:47,640 --> 00:21:49,560 Speaker 1: girl that knew how to do it, so we're able 403 00:21:49,600 --> 00:21:53,119 Speaker 1: to make that leap, and that's pretty forward thinking. The 404 00:21:53,160 --> 00:21:55,960 Speaker 1: average jeweler is not going to have that. The manufacturer 405 00:21:56,040 --> 00:21:59,399 Speaker 1: might have it, but it's still new technology, so you know, 406 00:22:00,400 --> 00:22:02,400 Speaker 1: Grandpa is not going to be able to tune into 407 00:22:02,480 --> 00:22:05,240 Speaker 1: it that quickly. And I'm more a little bit, I guess, 408 00:22:05,840 --> 00:22:07,920 Speaker 1: as far as jewelers are concerned on the younger side. 409 00:22:07,960 --> 00:22:11,560 Speaker 1: So I'm trying to use any advantage I could get, 410 00:22:11,640 --> 00:22:15,040 Speaker 1: and that's definitely a big one. This feeds into something 411 00:22:15,080 --> 00:22:17,880 Speaker 1: else that I always wondered about. But if I buy 412 00:22:17,920 --> 00:22:22,160 Speaker 1: a piece of jewelry, what percentage of it on average, 413 00:22:22,200 --> 00:22:24,879 Speaker 1: I guess is going to be the actual labor cost 414 00:22:25,240 --> 00:22:30,520 Speaker 1: versus the input cost of the materials like gold and diamonds. Well, 415 00:22:30,560 --> 00:22:32,800 Speaker 1: that depends who you're buying it from, all right, if 416 00:22:32,800 --> 00:22:35,760 Speaker 1: you're buying it um from Tiffany and Coal. Let's say, 417 00:22:35,800 --> 00:22:39,879 Speaker 1: for example, tiff a silver is about two dollars a graham. 418 00:22:39,880 --> 00:22:42,760 Speaker 1: So don't do much more math than that when you're 419 00:22:42,760 --> 00:22:46,359 Speaker 1: going in there. I don't wanna, you know, disparage the 420 00:22:46,480 --> 00:22:49,639 Speaker 1: entire industry, but when you're going to buy a shirt 421 00:22:49,800 --> 00:22:52,280 Speaker 1: or when you're going to buy something, if you think 422 00:22:52,320 --> 00:22:55,919 Speaker 1: about the cost of the material versus what you're paying 423 00:22:55,960 --> 00:22:58,440 Speaker 1: for it, it's not fair to apply that to the 424 00:22:58,520 --> 00:23:00,719 Speaker 1: jewelry business too much. And I and the only one 425 00:23:00,760 --> 00:23:03,639 Speaker 1: to blame for that because I started making that application 426 00:23:03,760 --> 00:23:07,000 Speaker 1: for people. You know what the value is. But there's 427 00:23:07,000 --> 00:23:10,200 Speaker 1: a there's a significant difference. And especially for the most part, 428 00:23:10,200 --> 00:23:13,639 Speaker 1: you're paying for branding. Okay, you're going to Cardiare and 429 00:23:13,680 --> 00:23:16,280 Speaker 1: you're buying a gold bracelet and diamond bracelet, but you're 430 00:23:16,280 --> 00:23:18,600 Speaker 1: paying more for the name Cardier. You're paying more for 431 00:23:18,640 --> 00:23:20,639 Speaker 1: the name Tiffany and Co. That's why there is a 432 00:23:20,680 --> 00:23:24,240 Speaker 1: Diamond District here because once people realize, Okay, I bought 433 00:23:24,280 --> 00:23:28,640 Speaker 1: this one carrot uh platinum ring for Tiffany for twenty thousand, 434 00:23:29,040 --> 00:23:32,800 Speaker 1: but the materials to manufacture that ring cost seven thousand 435 00:23:32,920 --> 00:23:36,040 Speaker 1: or eight thousand dollars in the Diamond district, and the 436 00:23:36,320 --> 00:23:39,199 Speaker 1: materials are really four thousand. I mean you you you 437 00:23:39,280 --> 00:23:41,080 Speaker 1: do the math, and it creates a demand for the 438 00:23:41,119 --> 00:23:45,000 Speaker 1: Diamond district for these bigger brands. And but you know, 439 00:23:45,040 --> 00:23:46,919 Speaker 1: then you also increase your risk when you're making that 440 00:23:47,000 --> 00:23:49,159 Speaker 1: type of purchase. Tiffany and Co. Is gonna get you 441 00:23:49,160 --> 00:23:52,639 Speaker 1: exactly what you pay for. You wanna save ten thousand dollars, 442 00:23:52,640 --> 00:23:55,800 Speaker 1: you might or you might get uh you know, some 443 00:23:55,880 --> 00:23:58,639 Speaker 1: sort of disappointment or this or that, and there you 444 00:23:58,680 --> 00:24:01,320 Speaker 1: are simple to reality other than say buying from you, 445 00:24:01,359 --> 00:24:04,400 Speaker 1: because I'm sure you'd recommend yourself as the most reputable 446 00:24:04,480 --> 00:24:08,359 Speaker 1: and honest jewelry dealer. First for your sort of an 447 00:24:08,359 --> 00:24:11,679 Speaker 1: average person, what would be some things like sort of 448 00:24:11,720 --> 00:24:14,440 Speaker 1: like buying tips that they should know so that they 449 00:24:14,480 --> 00:24:17,360 Speaker 1: don't get hoodwinked when they're buying a piece of jewelry 450 00:24:17,359 --> 00:24:19,560 Speaker 1: somewhere in the diamond Sure, well, listen, you want to 451 00:24:19,600 --> 00:24:22,800 Speaker 1: read the reviews. Okay, so we're celebrity shop. But it 452 00:24:22,800 --> 00:24:25,440 Speaker 1: doesn't matter what I say, because the average person does 453 00:24:25,480 --> 00:24:29,800 Speaker 1: what celebrities do, okay're not sitting here using information to 454 00:24:29,800 --> 00:24:32,840 Speaker 1: to make complicated decisions and things like that. That's what 455 00:24:32,920 --> 00:24:35,560 Speaker 1: I've realized, okay, and that's why I have such a 456 00:24:35,600 --> 00:24:39,080 Speaker 1: hard time, you know, marketing the business to a certain extent, 457 00:24:39,160 --> 00:24:43,040 Speaker 1: because the average person doesn't care about information or value 458 00:24:43,119 --> 00:24:45,400 Speaker 1: or anything like that. They're all celebrities are buying here. 459 00:24:45,640 --> 00:24:47,800 Speaker 1: I'm buying here too. I'm a celebrity. Now that's the 460 00:24:47,800 --> 00:24:49,600 Speaker 1: way they're thinking. That's the end of it. But for 461 00:24:49,640 --> 00:24:51,840 Speaker 1: the person that is interested that, you just got to 462 00:24:51,840 --> 00:24:54,879 Speaker 1: do your research reader reviews, look up the price. Google 463 00:24:54,920 --> 00:24:57,680 Speaker 1: is an extraordinary tool. You know. You can figure out 464 00:24:57,720 --> 00:25:01,919 Speaker 1: the distance from here to Mars or or anything you 465 00:25:01,960 --> 00:25:04,000 Speaker 1: could imagine. So if you really want to research the 466 00:25:04,400 --> 00:25:07,480 Speaker 1: price of something, you just put price of one carrot, 467 00:25:07,680 --> 00:25:10,199 Speaker 1: or price of this, the price of that, and do 468 00:25:10,359 --> 00:25:12,640 Speaker 1: simple math like I did when I was twenty one 469 00:25:12,720 --> 00:25:15,359 Speaker 1: years old, you know, or whatever it is to figure 470 00:25:15,400 --> 00:25:17,560 Speaker 1: out how to get the ball rolling. And that's just 471 00:25:17,640 --> 00:25:20,760 Speaker 1: a general rule for anything. Max Suit. You mentioned that 472 00:25:20,800 --> 00:25:25,439 Speaker 1: the dynamics are different for gold versus diamonds. And the 473 00:25:25,520 --> 00:25:28,800 Speaker 1: movie Uncut Gems. I don't think I'm giving anything away, 474 00:25:28,880 --> 00:25:34,560 Speaker 1: but it revolves around this massive black opal um that's uncut. 475 00:25:35,640 --> 00:25:38,800 Speaker 1: Can you explain like the differences in how those different 476 00:25:38,800 --> 00:25:42,320 Speaker 1: markets actually work, Like, what is the difference between how 477 00:25:42,720 --> 00:25:49,480 Speaker 1: gold functions versus how an uncut gem or a diamond functions. Sure? Well, 478 00:25:49,560 --> 00:25:51,600 Speaker 1: first and foremost doesn't matter if you're buying a gram 479 00:25:51,680 --> 00:25:54,280 Speaker 1: of gold or ten kg of gold. It's the same 480 00:25:54,280 --> 00:25:57,800 Speaker 1: price per gram, alright, so the price doesn't diminish with 481 00:25:57,840 --> 00:26:01,639 Speaker 1: how much you buy. But with aamonds that greatly affected. Right, 482 00:26:01,680 --> 00:26:04,439 Speaker 1: if you're buying a thousand carrots of diamonds or one carrot, 483 00:26:04,480 --> 00:26:08,560 Speaker 1: you're paying two completely different prices per carrot. And that 484 00:26:08,680 --> 00:26:14,520 Speaker 1: is because liquidating gold, which is gonna you know, the 485 00:26:14,600 --> 00:26:16,560 Speaker 1: bank will buy it or something like that, you know, 486 00:26:16,640 --> 00:26:19,320 Speaker 1: a governments buy it or and and has that type 487 00:26:19,320 --> 00:26:22,879 Speaker 1: of demand where they'll they'll trade it for cash. And 488 00:26:23,240 --> 00:26:25,520 Speaker 1: at a moment's noticed, diamonds don't have that. You have 489 00:26:25,600 --> 00:26:29,080 Speaker 1: to find a consumer to sell your diamonds, and that 490 00:26:29,200 --> 00:26:32,080 Speaker 1: is a difficult process. Okay, there is a demand for 491 00:26:32,160 --> 00:26:38,160 Speaker 1: diamonds everybody wants diamonds. No one's gonna be um object 492 00:26:38,200 --> 00:26:40,399 Speaker 1: to having diamonds. If I started giving out diamonds in 493 00:26:40,400 --> 00:26:41,960 Speaker 1: your office, I don't think i'd get to people to 494 00:26:42,000 --> 00:26:44,879 Speaker 1: say no, no, thank you. But the reality is how 495 00:26:44,960 --> 00:26:47,640 Speaker 1: much are they willing to pay for them? Okay, So 496 00:26:47,680 --> 00:26:50,359 Speaker 1: if I'm going through their job of advertising a business 497 00:26:50,440 --> 00:26:53,439 Speaker 1: and finding the consumers, and I'm gonna be able to 498 00:26:53,760 --> 00:26:56,280 Speaker 1: buy a thousand carrots a month or something like that, 499 00:26:56,400 --> 00:26:58,960 Speaker 1: like right now, I buy about five dred carrots a 500 00:26:58,960 --> 00:27:02,400 Speaker 1: month or something around there, you know, I should definitely 501 00:27:02,400 --> 00:27:06,840 Speaker 1: get away better price than the person buying one characters. 502 00:27:06,840 --> 00:27:09,720 Speaker 1: I'm allocating all of these consumers, and I'm putting together 503 00:27:09,760 --> 00:27:12,919 Speaker 1: all these marketing plans and investing all these marketing dollars 504 00:27:12,920 --> 00:27:14,760 Speaker 1: to be able to move those goods. So you go 505 00:27:14,840 --> 00:27:17,399 Speaker 1: to the word uncutting uncut gems. So the way the 506 00:27:18,160 --> 00:27:21,160 Speaker 1: let's just put that on pause for a second and 507 00:27:21,720 --> 00:27:24,919 Speaker 1: I'll give you an insight into how these materials travel. 508 00:27:25,200 --> 00:27:28,639 Speaker 1: You dig them up from wherever they're at. Then comes 509 00:27:28,680 --> 00:27:32,919 Speaker 1: the process of cutting them and polishing them. All Right, 510 00:27:33,040 --> 00:27:35,919 Speaker 1: So most of that happens in India. The labor is 511 00:27:36,000 --> 00:27:40,320 Speaker 1: cheap and the stones get there, they get over there. 512 00:27:40,560 --> 00:27:43,360 Speaker 1: So half of the game is buying the rough and 513 00:27:43,400 --> 00:27:46,240 Speaker 1: then having it polished and having the polishers. And there's 514 00:27:46,240 --> 00:27:49,560 Speaker 1: only there's some big players doing that stuff. Okay, whether 515 00:27:49,600 --> 00:27:52,720 Speaker 1: that's coming for um in Israel or Belgium for the bigger, 516 00:27:53,080 --> 00:27:55,399 Speaker 1: bigger stones and for the smaller stones, is going to 517 00:27:55,480 --> 00:27:58,720 Speaker 1: be happening in India. So once you've bought the rough 518 00:27:58,760 --> 00:28:01,400 Speaker 1: for cheap from the minor is whatever it's going on there, 519 00:28:01,440 --> 00:28:03,159 Speaker 1: I'm not sure because I'm not in that part of 520 00:28:03,160 --> 00:28:06,720 Speaker 1: the business. And then you get it polished with your 521 00:28:06,720 --> 00:28:10,359 Speaker 1: big polishing production wherever that's at. Now you're bringing it 522 00:28:10,400 --> 00:28:12,399 Speaker 1: to the Dimond district to go get it to the 523 00:28:12,480 --> 00:28:14,720 Speaker 1: end consumer. And that's where I come in because I'm 524 00:28:14,760 --> 00:28:18,040 Speaker 1: getting into the end consumer. So if you're gonna give me, 525 00:28:18,080 --> 00:28:20,680 Speaker 1: if I'm gonna sit here and liquidate all these these 526 00:28:20,720 --> 00:28:24,840 Speaker 1: materials into cash, I'm gonna make sure that I get 527 00:28:24,880 --> 00:28:26,399 Speaker 1: it for way cheaper than what I sell it for. 528 00:28:26,520 --> 00:28:30,400 Speaker 1: Otherwise I'm not gonna do it. So that is um. 529 00:28:30,480 --> 00:28:33,720 Speaker 1: That is just the game of it, all right. There's 530 00:28:33,760 --> 00:28:39,000 Speaker 1: the miners, they're playing their game, the polishers, and then 531 00:28:39,000 --> 00:28:42,480 Speaker 1: the polishers bring it to the wholesalers and bring it 532 00:28:42,520 --> 00:28:45,440 Speaker 1: to the retailers. And you know that's that's pretty true 533 00:28:45,480 --> 00:28:48,760 Speaker 1: how it moves. At some point you say you don't, 534 00:28:48,800 --> 00:28:51,520 Speaker 1: you're not at the spot where you interact with the miners. 535 00:28:51,800 --> 00:28:54,000 Speaker 1: Could that be on your roadmap at some point as 536 00:28:54,040 --> 00:28:57,240 Speaker 1: you seek to expand and get bigger and go every 537 00:28:57,280 --> 00:29:01,760 Speaker 1: single jeweler that's ever found success. If you want to 538 00:29:01,800 --> 00:29:05,040 Speaker 1: increase your profit margin, and you cannot increase your prices 539 00:29:05,080 --> 00:29:08,560 Speaker 1: because you're gonna other people are gonna cut into your 540 00:29:08,800 --> 00:29:11,560 Speaker 1: into your market share, so you have to lower the 541 00:29:11,680 --> 00:29:15,760 Speaker 1: cost of your product. Okay, Now what's the cheapest way 542 00:29:15,760 --> 00:29:18,520 Speaker 1: of lowering the cost of your product? Well, you could 543 00:29:18,560 --> 00:29:21,080 Speaker 1: mind the goods yourself. Now obviously you don't have the 544 00:29:21,120 --> 00:29:23,440 Speaker 1: time to mind the goods yourself. Well, then you have 545 00:29:23,520 --> 00:29:25,479 Speaker 1: to get somebody else to do it for you. And 546 00:29:25,520 --> 00:29:27,680 Speaker 1: then the game goes right and you where you're gonna 547 00:29:27,720 --> 00:29:30,280 Speaker 1: get somebody to do that? Well, you could either just 548 00:29:30,360 --> 00:29:32,600 Speaker 1: buy it from the miners directly and then get it 549 00:29:32,640 --> 00:29:35,440 Speaker 1: polished yourself, which is the bigger players. That's how they 550 00:29:35,440 --> 00:29:37,600 Speaker 1: do it. And then your margins increase when you when 551 00:29:37,600 --> 00:29:41,080 Speaker 1: you're doing things like that. So the people that were 552 00:29:41,120 --> 00:29:44,800 Speaker 1: able to over years, you know, build a dynasty over 553 00:29:44,800 --> 00:29:47,080 Speaker 1: there and buy Some of the buildings on Fort Street 554 00:29:47,120 --> 00:29:50,240 Speaker 1: between fifth and sixth Avenue were ones that got directly 555 00:29:50,280 --> 00:29:54,600 Speaker 1: from the miners got the you know, uh, the polishers 556 00:29:54,600 --> 00:29:58,120 Speaker 1: had a and and the cutters had a very close 557 00:29:58,200 --> 00:30:01,520 Speaker 1: relationship with them and got the product from the ground level, 558 00:30:01,840 --> 00:30:03,760 Speaker 1: and we're able to sell it at the retail. That's 559 00:30:03,800 --> 00:30:06,720 Speaker 1: the only way to really go in that type of industry. 560 00:30:07,000 --> 00:30:10,800 Speaker 1: They controlled the whole supply chain, you have to. So 561 00:30:11,320 --> 00:30:14,720 Speaker 1: you mentioned, well, when we were talking about diamonds, you said, 562 00:30:15,160 --> 00:30:18,000 Speaker 1: everyone loves diamonds, and you know, if you're handing them 563 00:30:18,040 --> 00:30:20,480 Speaker 1: out for free, no one would say no. But one 564 00:30:20,480 --> 00:30:24,800 Speaker 1: thing that we hear a lot nowadays is that millennials 565 00:30:24,880 --> 00:30:28,160 Speaker 1: or younger people actually aren't buying diamonds as much as 566 00:30:28,160 --> 00:30:31,080 Speaker 1: they used to, maybe because they're out of fashion in 567 00:30:31,120 --> 00:30:34,120 Speaker 1: some ways, or maybe because there's concern about where the 568 00:30:34,160 --> 00:30:37,280 Speaker 1: diamonds come from, like whether or not their blood diamonds, 569 00:30:37,560 --> 00:30:42,040 Speaker 1: and maybe also there's concern about artificial diamonds sort of 570 00:30:42,120 --> 00:30:47,120 Speaker 1: contaminating the supply. Do people still want diamonds and do 571 00:30:47,400 --> 00:30:51,080 Speaker 1: any of those trends like lab grown diamonds actually impact 572 00:30:51,160 --> 00:30:57,200 Speaker 1: your business. Yeah, everything impacted from from everything you mentioned. Well, 573 00:30:57,520 --> 00:31:01,080 Speaker 1: you know, certain millennials are off put by diamonds nowadays 574 00:31:01,120 --> 00:31:04,480 Speaker 1: because they have a whole different mentality. And number one, 575 00:31:04,480 --> 00:31:06,560 Speaker 1: they really don't have the money to buy any diamonds, 576 00:31:06,640 --> 00:31:09,600 Speaker 1: all right, that's just a reality as well. They don't 577 00:31:09,640 --> 00:31:11,560 Speaker 1: have any of that extra income that they're gonna sit 578 00:31:11,640 --> 00:31:14,600 Speaker 1: here and start getting diamonds for their girlfriend on Valentine's 579 00:31:14,680 --> 00:31:16,760 Speaker 1: Day and things like that. They're lucky if they could 580 00:31:16,760 --> 00:31:20,440 Speaker 1: take them out to a to a normal restaurant. And 581 00:31:20,560 --> 00:31:22,959 Speaker 1: on the other hand, well that's on one half of it. 582 00:31:23,000 --> 00:31:25,560 Speaker 1: The other half, the demand is increasing for more of 583 00:31:25,560 --> 00:31:28,120 Speaker 1: a hip hop style jewelry as hip hop is expanding 584 00:31:28,160 --> 00:31:32,040 Speaker 1: around the world, and it's really a force that people 585 00:31:32,040 --> 00:31:36,240 Speaker 1: are underestimating because it's capturing the youth in ways that 586 00:31:36,760 --> 00:31:40,760 Speaker 1: it's it's never been captured before more and more. Right, So, 587 00:31:40,880 --> 00:31:43,800 Speaker 1: whether you're in Europe or now in Asia and you're 588 00:31:44,480 --> 00:31:47,160 Speaker 1: and you're fifteen and sixteen, and you're listening to these 589 00:31:47,280 --> 00:31:51,320 Speaker 1: rappers uh a little Pump or Takashi or what have you, 590 00:31:51,920 --> 00:31:55,760 Speaker 1: and they're spending two hundred fifty thousand dollars on a 591 00:31:55,800 --> 00:31:59,160 Speaker 1: piece of jewelry. All right, they're not sitting there and 592 00:31:59,240 --> 00:32:01,840 Speaker 1: listening to the not finishing their social studies, homework and 593 00:32:01,920 --> 00:32:04,320 Speaker 1: things like that right now. For you guys over here, 594 00:32:04,320 --> 00:32:07,520 Speaker 1: you're not in that mentality. But they're young, and they're impressionable, 595 00:32:07,800 --> 00:32:11,880 Speaker 1: and they're not being influenced, uh, you know, by fiscal policy. 596 00:32:12,600 --> 00:32:15,240 Speaker 1: You know, they're they're being influenced by someone who took 597 00:32:15,240 --> 00:32:18,320 Speaker 1: two fifty dollars and bought a necklace, and they want 598 00:32:18,360 --> 00:32:21,920 Speaker 1: to participate in that, and they participated, so that that 599 00:32:22,000 --> 00:32:25,040 Speaker 1: market share is probably gonna grow and uh, and the 600 00:32:25,080 --> 00:32:28,200 Speaker 1: one that's gonna decrease is probably gonna be these uh, 601 00:32:28,400 --> 00:32:31,440 Speaker 1: these millennials that there are there. They might just switch 602 00:32:31,520 --> 00:32:33,920 Speaker 1: to what they're buying. They might buy a little sapphire 603 00:32:34,360 --> 00:32:37,600 Speaker 1: in a silver ring or something like that, or something 604 00:32:37,600 --> 00:32:41,320 Speaker 1: on the cheaper end. Uh, there's still a profit margin there, 605 00:32:41,320 --> 00:32:43,240 Speaker 1: so to speak, that the market is going to shift 606 00:32:43,280 --> 00:32:46,120 Speaker 1: around that. And then when it comes to lab made 607 00:32:46,160 --> 00:32:49,360 Speaker 1: and grown diamonds, well, you know, diamonds have a destiny, 608 00:32:49,400 --> 00:32:52,360 Speaker 1: all right. The reality of diamonds is there a carbon crystal, 609 00:32:53,160 --> 00:32:59,200 Speaker 1: and that carbon crystal would be uh has amazing acoustic properties, Okay, 610 00:32:59,240 --> 00:33:02,400 Speaker 1: and it also has uh, you know, it would be 611 00:33:02,440 --> 00:33:06,240 Speaker 1: great for um, a window on a spaceship or something 612 00:33:06,280 --> 00:33:08,479 Speaker 1: like that, or you could put it. You could if 613 00:33:08,520 --> 00:33:10,760 Speaker 1: you could make an engine out of diamonds instead of 614 00:33:10,760 --> 00:33:13,640 Speaker 1: out of steel, it'd probably last to you know, a 615 00:33:13,680 --> 00:33:17,200 Speaker 1: couple of million miles or maybe indefinitely. So it has 616 00:33:18,400 --> 00:33:23,080 Speaker 1: a destiny that's not just for you know, aesthetic appeal 617 00:33:23,480 --> 00:33:25,719 Speaker 1: or something like that. So it's and it's gonna end 618 00:33:25,760 --> 00:33:27,200 Speaker 1: up there. I don't know how long it's gonna be, 619 00:33:27,240 --> 00:33:29,520 Speaker 1: but I think that diamonds are gonna be manufactured more 620 00:33:29,520 --> 00:33:32,000 Speaker 1: and more, and then once it has some industrial purpose, 621 00:33:32,840 --> 00:33:35,520 Speaker 1: I don't know what's gonna happen, but it's gonna be interesting. Well, 622 00:33:35,560 --> 00:33:37,880 Speaker 1: this gets to something that I really wanted to ask it. 623 00:33:37,960 --> 00:33:39,440 Speaker 1: I think it's sort of one of the big things 624 00:33:39,480 --> 00:33:41,840 Speaker 1: that's been on my mind since watching the movie, which 625 00:33:41,920 --> 00:33:46,080 Speaker 1: is just sort of the obsession with diamonds and gems. 626 00:33:46,080 --> 00:33:48,720 Speaker 1: And the movie opens up with one of the miners 627 00:33:49,240 --> 00:33:53,080 Speaker 1: uh in Africa getting injured. We see the extreme length 628 00:33:53,240 --> 00:33:55,200 Speaker 1: that the people on the diamond district go to, like 629 00:33:55,240 --> 00:33:58,920 Speaker 1: get their hands on gems. We see the impact that 630 00:33:59,080 --> 00:34:02,240 Speaker 1: the gem in the movie had. Kevin Garnett the basketball 631 00:34:02,280 --> 00:34:06,080 Speaker 1: player inspiring him uh in the movie to when the 632 00:34:06,160 --> 00:34:09,359 Speaker 1: NBA Finals and so forth. Just in your view sort 633 00:34:09,400 --> 00:34:11,960 Speaker 1: of like from a big picture standpoint, what is it 634 00:34:12,160 --> 00:34:15,360 Speaker 1: about diamonds, What is it about gems? What is it 635 00:34:15,360 --> 00:34:18,240 Speaker 1: even about gold that just sort of like hits people 636 00:34:18,239 --> 00:34:21,120 Speaker 1: at this fundamental level that they just go crazy to 637 00:34:21,320 --> 00:34:25,320 Speaker 1: dig up rocks the earth. Well, that's a good question. Um. 638 00:34:25,480 --> 00:34:30,000 Speaker 1: Gold is called the most beautiful element. Okay. So there's 639 00:34:30,040 --> 00:34:31,960 Speaker 1: I don't remember how many elements there are, I think 640 00:34:32,000 --> 00:34:35,200 Speaker 1: like a hundred or something like that, um around there, 641 00:34:35,320 --> 00:34:40,480 Speaker 1: and out of all of them, the most beautiful is gold. Okay. 642 00:34:40,560 --> 00:34:44,520 Speaker 1: It has an incredible reflective properties. It reflects light. Uh, 643 00:34:44,600 --> 00:34:47,680 Speaker 1: it looks like sunshine when regular light hits it reflects it. 644 00:34:47,680 --> 00:34:50,920 Speaker 1: It's quite beautiful. That's all it needs, right. It's to 645 00:34:51,000 --> 00:34:53,319 Speaker 1: some people in this world, beauties all they all they 646 00:34:53,320 --> 00:34:55,399 Speaker 1: need to get by. And that's what that's what these 647 00:34:55,440 --> 00:34:59,680 Speaker 1: gems have. And they attract at tension. Right. Um, If 648 00:34:59,719 --> 00:35:01,719 Speaker 1: there was a bar of gold in a room and 649 00:35:01,800 --> 00:35:04,080 Speaker 1: somebody walked in it, their eyes are immediately on it. 650 00:35:04,200 --> 00:35:06,759 Speaker 1: And if you and if you have that substance that 651 00:35:06,920 --> 00:35:09,200 Speaker 1: those eyes are going to kind of transfer on you. 652 00:35:09,200 --> 00:35:12,440 Speaker 1: You kind of share those properties all right on on 653 00:35:12,440 --> 00:35:15,239 Speaker 1: on a subconscious level with them. You have it, why 654 00:35:15,239 --> 00:35:18,080 Speaker 1: don't Why doesn't everybody have gold? Right? I just did 655 00:35:18,120 --> 00:35:20,320 Speaker 1: a calculation the other day. If we were going to 656 00:35:20,480 --> 00:35:23,560 Speaker 1: distribute all the gold that's ever been mined evenly, everybody 657 00:35:23,560 --> 00:35:27,920 Speaker 1: would get around eleven grams uh per person okay of gold, 658 00:35:28,080 --> 00:35:30,319 Speaker 1: right if we were all equal. But we're not all equal. 659 00:35:30,440 --> 00:35:34,520 Speaker 1: Some people have massive amounts, some people have nothing at all. 660 00:35:35,160 --> 00:35:38,360 Speaker 1: And who has the massive amounts? Who's who? And what's what? 661 00:35:38,840 --> 00:35:41,480 Speaker 1: All that just plays into into that and and and 662 00:35:41,520 --> 00:35:44,960 Speaker 1: that just there's an advertisement for for people that they 663 00:35:45,000 --> 00:35:47,799 Speaker 1: have this beautiful stuff and any others. And the other hand, 664 00:35:48,080 --> 00:35:50,680 Speaker 1: it is beautiful because I have a couple of sapphires 665 00:35:51,280 --> 00:35:53,880 Speaker 1: um I own, right that I didn't I'm saving or 666 00:35:53,880 --> 00:35:56,719 Speaker 1: I'm using for something interesting. And when you look into 667 00:35:56,760 --> 00:35:59,080 Speaker 1: some of these sapphires, maybe it's in my head, but 668 00:35:59,360 --> 00:36:03,480 Speaker 1: it's such a beautiful blue, right, and it's and some 669 00:36:03,560 --> 00:36:06,640 Speaker 1: of the ones I have are very rare as opposed 670 00:36:06,680 --> 00:36:08,600 Speaker 1: to some of the really dark ones that don't have 671 00:36:08,680 --> 00:36:11,680 Speaker 1: that luster. And you find that perfect pitch of of 672 00:36:11,760 --> 00:36:16,480 Speaker 1: color and cut and clarity and and it becomes something 673 00:36:16,560 --> 00:36:19,719 Speaker 1: so rare that you really just enjoy just looking at it. 674 00:36:20,160 --> 00:36:23,640 Speaker 1: You know, I don't know, is that your favorite genman sapphires. 675 00:36:24,200 --> 00:36:26,760 Speaker 1: I love sapphires. It's it's been it's my birth stone. 676 00:36:26,840 --> 00:36:33,160 Speaker 1: So you know when I yes, when I so just 677 00:36:33,480 --> 00:36:35,320 Speaker 1: you know when I when I first saw the sapphire 678 00:36:35,360 --> 00:36:36,880 Speaker 1: and I was told was my birth stone? Again, just 679 00:36:36,920 --> 00:36:40,480 Speaker 1: a psychological impact of that when I was young, you know, 680 00:36:40,520 --> 00:36:43,160 Speaker 1: I was just intrigued. But okay, it's my birth stone. 681 00:36:43,160 --> 00:36:46,359 Speaker 1: Can I have one? No? You don't have any money, right, um? 682 00:36:46,760 --> 00:36:49,279 Speaker 1: Or here's this little one or here's just this tiny one, 683 00:36:49,320 --> 00:36:51,719 Speaker 1: but where's the bigger ones? Mom? Or this one? That one? 684 00:36:52,120 --> 00:36:55,760 Speaker 1: And and you have that feeling that this is something 685 00:36:56,400 --> 00:36:59,680 Speaker 1: you want but can't have. Why not, Well, there's not 686 00:36:59,800 --> 00:37:02,080 Speaker 1: enough of them for everybody. You have to be special 687 00:37:02,120 --> 00:37:04,399 Speaker 1: to have one, and there's just it's just a part 688 00:37:04,440 --> 00:37:08,440 Speaker 1: of the human experience that's not really going anywhere. Tracy. 689 00:37:08,520 --> 00:37:11,120 Speaker 1: If I get you a gentleman crusted ferby, will you 690 00:37:11,120 --> 00:37:14,200 Speaker 1: get me a sapphire for my birthday? That sounds like 691 00:37:14,239 --> 00:37:16,480 Speaker 1: a really good trade actually, because I'm pretty sure the 692 00:37:16,520 --> 00:37:19,879 Speaker 1: ferby is going to cost so yes, yes, you can 693 00:37:19,920 --> 00:37:23,359 Speaker 1: have a small dark staff fire. I'm getting a lot 694 00:37:23,440 --> 00:37:25,800 Speaker 1: of business here. I'm hoping you guys are gonna be 695 00:37:25,800 --> 00:37:28,200 Speaker 1: buind it from me and no one else. How's your 696 00:37:28,560 --> 00:37:31,320 Speaker 1: I'm curious how your life hasn't changed in anyway since 697 00:37:31,360 --> 00:37:34,800 Speaker 1: the movie came out. Yeah, definitely, um uh, it's definitely 698 00:37:35,040 --> 00:37:37,520 Speaker 1: a benefit. Right. The way I equated is if I 699 00:37:37,560 --> 00:37:40,840 Speaker 1: was trying to put myself in a movie for a commercial, 700 00:37:41,239 --> 00:37:43,800 Speaker 1: I think it would cost me over a million dollars 701 00:37:43,800 --> 00:37:46,000 Speaker 1: to do something like that, right if I was if 702 00:37:46,000 --> 00:37:47,680 Speaker 1: I had it came out with a new car line 703 00:37:47,800 --> 00:37:49,360 Speaker 1: or or a car and I want to put it 704 00:37:49,360 --> 00:37:52,319 Speaker 1: in a new James Bond movie. Right, it was, you know, 705 00:37:52,400 --> 00:37:55,120 Speaker 1: and I had to you know BMW and I wanted 706 00:37:55,120 --> 00:37:56,279 Speaker 1: to put it in there. I think it would be 707 00:37:56,280 --> 00:37:58,800 Speaker 1: a quite expensive endeavor. So for me to be a 708 00:37:58,880 --> 00:38:01,000 Speaker 1: jeweler in the Diamonds and get a part in a 709 00:38:01,120 --> 00:38:04,600 Speaker 1: in a in a Diamond District movie one of the 710 00:38:04,719 --> 00:38:09,400 Speaker 1: very few that there's been, um is a blessing essentially, 711 00:38:09,440 --> 00:38:11,560 Speaker 1: So it definitely has benefit me. And it just to 712 00:38:11,640 --> 00:38:15,359 Speaker 1: hit international Netflix, uh so people are messaging me all 713 00:38:15,360 --> 00:38:17,359 Speaker 1: the time, and then when it hits regular Netflix, people 714 00:38:17,360 --> 00:38:19,680 Speaker 1: are gonna watch it. It might be a cult classic, 715 00:38:19,840 --> 00:38:22,359 Speaker 1: so I might be. Yeah, I think you know, so, 716 00:38:22,440 --> 00:38:25,400 Speaker 1: I think it's gonna be a millionaire's every one in 717 00:38:25,400 --> 00:38:28,480 Speaker 1: them and have opinions on of course. Yeah, and they 718 00:38:28,520 --> 00:38:32,000 Speaker 1: all like it. It's it's pretty good. Well, Uh, Marx 719 00:38:32,040 --> 00:38:34,799 Speaker 1: sud I'll go, Johnny, thank you so much. That was fantastic. 720 00:38:35,520 --> 00:38:37,759 Speaker 1: Been looking forward to this conversation a long time and 721 00:38:37,800 --> 00:38:40,080 Speaker 1: I appreciate you coming on. Oh, I've one last very 722 00:38:40,080 --> 00:38:43,640 Speaker 1: small question. And if I don't get diamond and crested furby, 723 00:38:43,680 --> 00:38:45,279 Speaker 1: like what, let's say I don't want to spend quite 724 00:38:45,280 --> 00:38:46,920 Speaker 1: that hard. What's just sort of like a nice, like 725 00:38:47,000 --> 00:38:50,520 Speaker 1: basic thing to get someone? Um, well, you know that's 726 00:38:50,520 --> 00:38:54,000 Speaker 1: a good question. Um, some gold jewelry is cool and 727 00:38:54,480 --> 00:38:56,800 Speaker 1: something with gems, and it's something with diamonds, but it's 728 00:38:56,800 --> 00:38:59,239 Speaker 1: it's something personalized. I think would be would be the 729 00:38:59,320 --> 00:39:02,399 Speaker 1: uh has the best effect on people when I make 730 00:39:02,440 --> 00:39:05,720 Speaker 1: a customer engagement ring or a customary ear rings with 731 00:39:06,000 --> 00:39:10,960 Speaker 1: birth stones surrounded by diamonds or something, um, custom made 732 00:39:11,800 --> 00:39:15,080 Speaker 1: with your involvement and the jeweler's involvement, and it has 733 00:39:15,120 --> 00:39:17,759 Speaker 1: a special output for the person that receives it. All right, 734 00:39:17,840 --> 00:39:19,560 Speaker 1: I'll be I'll be by the shops there, all right, 735 00:39:19,640 --> 00:39:45,120 Speaker 1: sounds good. Thanks. I appreciate you, Joe. Just in case 736 00:39:45,120 --> 00:39:48,319 Speaker 1: you're wondering, In addition to a diamond encrusted furby, I 737 00:39:48,320 --> 00:39:52,400 Speaker 1: would also take a gold plated outline of the vix curve. 738 00:39:52,840 --> 00:39:57,680 Speaker 1: You can have that made, Okay, I have to think 739 00:39:57,719 --> 00:40:00,760 Speaker 1: about what I want customized from you it. I'll definitely 740 00:40:01,120 --> 00:40:04,320 Speaker 1: I'll get you one of those two things for sure. Excellent, excellent. 741 00:40:04,960 --> 00:40:07,960 Speaker 1: So I think I am. I'm a legit, I'm a goldbug. 742 00:40:08,040 --> 00:40:10,279 Speaker 1: Now I'm totally sold and I totally get it. You 743 00:40:10,280 --> 00:40:13,520 Speaker 1: know what I really liked in fact um, among other things, 744 00:40:13,920 --> 00:40:18,799 Speaker 1: I thought Mark SuDS point about how little gold uh 745 00:40:18,960 --> 00:40:21,560 Speaker 1: everyone would get if we had to distribute it evenly, 746 00:40:21,600 --> 00:40:25,400 Speaker 1: because at some level, okay, yes, life isn't fair, but 747 00:40:25,480 --> 00:40:29,319 Speaker 1: it is the ultimate sort of emblem of like, yeah 748 00:40:29,360 --> 00:40:31,759 Speaker 1: there is there are aspects of the world that are 749 00:40:31,800 --> 00:40:34,640 Speaker 1: a zerosome game, and if you have more gold then 750 00:40:34,719 --> 00:40:36,920 Speaker 1: that means someone else has less of it. And just 751 00:40:36,960 --> 00:40:39,959 Speaker 1: sort of like that sort of drive like something about 752 00:40:40,000 --> 00:40:41,879 Speaker 1: that really resonates to me is I can see why 753 00:40:42,200 --> 00:40:44,600 Speaker 1: people not only want to acquire it, but show off 754 00:40:44,640 --> 00:40:48,000 Speaker 1: that they have it. I think you're becoming an economic nationalist. 755 00:40:48,480 --> 00:40:51,719 Speaker 1: But there's one thing that we didn't discuss, which is okay, 756 00:40:51,719 --> 00:40:55,880 Speaker 1: So obviously gold is a status symbol. It signifies power 757 00:40:55,960 --> 00:40:59,240 Speaker 1: and it signifies wealth. But in the movie and Uncut Gems, 758 00:40:59,480 --> 00:41:02,560 Speaker 1: gold and all this jewelry and the black opal that 759 00:41:02,600 --> 00:41:07,239 Speaker 1: we spoke about actually becomes a problem for the guy, right. 760 00:41:07,320 --> 00:41:11,080 Speaker 1: It's it's a source of instability in his life and insecurity. 761 00:41:11,120 --> 00:41:14,680 Speaker 1: And I wonder, you know, if you do put all 762 00:41:14,760 --> 00:41:18,120 Speaker 1: your money into gold, then obviously you have a storage issue. 763 00:41:18,560 --> 00:41:21,399 Speaker 1: You're gonna have to put it someplace safe. You might 764 00:41:21,520 --> 00:41:24,640 Speaker 1: worry about wearing all your jewelry out on the street. 765 00:41:24,920 --> 00:41:26,840 Speaker 1: I don't know, but it seems like it can be 766 00:41:26,880 --> 00:41:31,719 Speaker 1: a source of insecurity as well as a display of power. Yeah. 767 00:41:31,719 --> 00:41:34,280 Speaker 1: I thought about that too, like a source of insecurity, 768 00:41:34,400 --> 00:41:37,640 Speaker 1: source of stress, like just having to put everything in 769 00:41:37,680 --> 00:41:40,400 Speaker 1: a safe every night, thinking about ensuring that. Or you 770 00:41:40,440 --> 00:41:43,839 Speaker 1: go buy these jewelers, jewelers when you walk across them 771 00:41:43,840 --> 00:41:46,000 Speaker 1: at night, and of course they've emptied out their shop 772 00:41:46,080 --> 00:41:49,800 Speaker 1: windows so there's nothing even visible like that whole process 773 00:41:49,880 --> 00:41:53,840 Speaker 1: of having to protect protected, you know to some extent 774 00:41:54,239 --> 00:41:57,520 Speaker 1: protect yourself. Uh. It definitely seems like, yes, it's a 775 00:41:57,560 --> 00:41:59,160 Speaker 1: source of power. It also seems like it would be 776 00:41:59,239 --> 00:42:03,080 Speaker 1: a major source of anxiety. That said, I still want 777 00:42:03,320 --> 00:42:06,239 Speaker 1: the diamond Furby. I would still take it, Okay, I 778 00:42:06,239 --> 00:42:08,400 Speaker 1: would guard it. I would wear it every day and 779 00:42:08,440 --> 00:42:11,520 Speaker 1: take such good care of it. All Right, I'll see 780 00:42:11,520 --> 00:42:14,080 Speaker 1: what I could do. I'll see if I could expense it. 781 00:42:15,040 --> 00:42:18,680 Speaker 1: All right. This has been another episode of the Odd 782 00:42:18,680 --> 00:42:21,759 Speaker 1: Thoughts Podcast. I'm Tracy Alloway. You can follow me on 783 00:42:21,800 --> 00:42:25,680 Speaker 1: Twitter at Tracy Alloway. And I'm Joe Wisenthal. You can 784 00:42:25,760 --> 00:42:29,120 Speaker 1: follow me on Twitter at the Stalwork. And you should 785 00:42:29,120 --> 00:42:33,360 Speaker 1: definitely follow our guests on Instagram is Uh it's really 786 00:42:33,520 --> 00:42:37,279 Speaker 1: amazing to watch. He's tracks n y c. Name is 787 00:42:37,320 --> 00:42:41,760 Speaker 1: muksud Aga Johnny awesome Instagram account. I swear he's turned 788 00:42:41,800 --> 00:42:43,560 Speaker 1: me into a gold bug. And I'm going to go 789 00:42:43,600 --> 00:42:46,279 Speaker 1: to his shop uh soon and you can see him 790 00:42:46,320 --> 00:42:49,360 Speaker 1: talk about all these things and show the manufacturing process. 791 00:42:49,680 --> 00:42:53,400 Speaker 1: It's a very cool. Also, you should follow our producer 792 00:42:53,480 --> 00:42:56,520 Speaker 1: on Twitter. She's Laura Carlson. She's at Laura M. Carlson. 793 00:42:56,840 --> 00:42:59,879 Speaker 1: You should follow the Bloomberg head of podcast Francesca Levy 794 00:43:00,040 --> 00:43:03,719 Speaker 1: at Francesco Today and check out all of our podcasts 795 00:43:04,120 --> 00:43:07,120 Speaker 1: under the handle at podcasts. Thanks for listening.