Gracing Miami from the scenic Bogota, Colombia, Lolo Sudarsky is South Florida’s most ebullient diamond dealer and the CEO of LoLo Diamonds. Located in Miami’s iconic Seybold Building, Lolo Diamonds is hidden away and only the true insiders will make it past their heavy security doors. Le CITY de-luxe sat down with Lolo Sudarsky discussing the intricacies of running a diamond business in Miami.
“EACH STONE IS UNIQUE, IT HAS ITS OWN LIFE AND ITS OWN ENERGY". Lolo Diamonds
Tell us about your business Lolo, what do you specialize in?
I am in the diamond wholesale business, selling to jewelry stores and dealers, and to private collectors. We have an office here in Miami for 15 years and we have another office in Colombia. I never wanted to become a jewelry store. It’s a different business and a different headache. We specialize in diamonds 3 karats and up and we can see good value and make good deals. Talking about value, you can invest your money into anything.
Many people like to invest into gold, or real estate. Why would one invest their money into diamonds?
Diamonds are good for diversifying your money. There are two kinds of diamonds: One are commercial diamonds where you’ll always have your money there because it doesn’t go down as much and the other kind of diamonds which are really for investment which are big, top quality that go up quite high in value.
So what are the trends in diamond investing?
If you really want to invest, you’d have to go for top quality. Miami a city where you sell big stones-anywhere between 3 to 7 karats. Commercial quality that looks very good, but you don’t have to pay big money. We mostly sell in the range between $20,000-$40,000.
The demand is high with steady, strong prices. When you want to buy a diamond, what should you look out for?
There is of course the clarity and the cut. But in my opinion, you just have to see the stone and fall in love. At the end, each stone is unique, it has its own life and its own energy. You see the stone and you can immediately see its life.
What about the different certificates in the diamonds?
There are three different diamond certifi-cates: GIA, AGS, EGL. Without a certificate, issued by a reputable agency, such as GIA, AGS, or EGL, or HRD, a buyer relies on a jeweler’s integrity that the diamond’s 4C are accurate and not overstated. GIA is very strict and EGL is also a very good certificate and they are more flexible.
There are so many big brand jewelry stores, why would a customer come to you and not them?
Because they are saving a lot of money for the same thing. Our diamonds are identical to those of big store brands, but of course we don’t have the expenses that they have so we can sell our diamonds for half the price that they are selling. We can even put it in the same setting as any other jewelry store. A customer can bring us a photo and we replicate.
What I like about you is that I can buy a dia-mond and upgrade it a year later…
That is correct. You can come back in one year or six months or five years and you can always give it back to me and just pay the difference for an upgrade getting the same value for your dia-monds, which means that the money is always there. That’s the guarantee you have with us.
So, I can come to you as an end costumer and still buy stones for wholesale prices?
Precisely! I’ve been building a lot of relation-ships with customers like that, people come to me because they know me, and that leads to referrals. That is the way I built a huge clientele.
Do you think that Miami is a good place for a diamond business or would you rather do business some place else?
Miami is a big hub for Latin America. All the people from Latin America, jewelers in particular come to Miami to buy.
Miami is your home, a place of business. What makes Miami so special for you?
Miami is a beautiful city. It’s like a living vacation. But what I love the most about this city is the ocean. When I wake up in the morn-ing, the first thing I do is look at the ocean. I love it. It’s inspiring. But besides the scenery, I love the people and the Latin flavor of Miami. Miami is becoming a big city, but everyone in it is still like family- for instance I work with my brother- it’s a family business.