Alexandra Samit on Building a Jewelry Empire

Speaker 1: What if the hobby you loved as a teenager became your first business and years later you rebuilt it into a fine jewelry brand in one of the most competitive markets in the world? In this episode, Alexandra Samut, founder of Alexandra Beth Fine Jewelry, shares what it takes to start a business and make a bold pivot when the original version of your company no longer fits who you're becoming. You started young, built early success, rebuilt your brand in a higher stakes market. When someone searches how to pivot in a business without losing momentum, what did that look like for you emotionally and

Speaker 2: strategically? Initially with the brand pivot, a lot of confusion and anxiety, a lot of asking people what they think. Someone who advises me told me, "Let the clients decide for you. Let your customers decide. See if people are buying costume goldplated, which I was selling, goldplated jewelry, lower price point, or if they're buying diamonds and gold and natural gemstones." And what happened was clients kept coming and saying, "Can you make a diamond eternity band? Can you make me a sapphire heart necklace? Can you make my engagement ring?" So I took a pause and followed the natural flow. And then there was that one day when I said, "Okay, this is what we're doing. We're going to get rid of all the other costume jewelry inventory that we had and focus on fine jewelry and only do that." And that was the start of the path to where we are now.

Speaker 1: And take us back to the beginning. How did you start? And you've loved jewelry since a teenager, right?

Speaker 2: Yes. So I'm 15 years old. I'm on my in my bedroom room in PTOAC, Maryland, making jewelry on the floor and starting to sell to people at school who are wanting my necklaces. Approaching a local store and them taking necklaces on consignment, selling through asking for more. Approaching a retailer who I didn't even know at the time had a chain of 13 stores. So, they bought 99 necklaces for all 13 stores. These necklaces were very handmade. So the ones who like go blind doing these little seed beads and I had a pattern and a rose quartz heart in the center. So that is how I started at the age of 15. By the end of high school I was selling in 20 local stores in the DC area. Through this time there was no buying materials online. This is back in like 2004 2005. So my mom would drive me up to New York City to the garment district to get supplies. Like it's so different than it would be now. That's really how I started. I love stories

Speaker 1: like this because you took a passion, a true passion, and made it into a business.

Speaker 2: Absolutely. We were making line sheets. We were presenting, you know, wholesale and retail pricing to retailers. I started doing trunk shows. There was no e-commerce back then, but I would have a website, photos of a portfolio.

Speaker 1: And that's so fun. And so you started more costume jewelry.

Speaker 2: Absolutely. So in the beginning it was goldplated silver, sterling silver, semi-precious stones, rose quartz, amethyst, beads, and string. literally beginning beginnings. It's called costume jewelry or demi fine. So I was doing that for a while. I had success after college selling to Bloomingdales and Henry Bendelle and a bunch of other retailers. I would do trade shows. It was really 2020 when the pivot happened during COVID. So my pop-up shops closed. I started selling again to my peers and referrals and they were wanting diamonds and fine jewelry. So that is when the pivot happened.

Speaker 1: And tell us about that pivot. had to be a little scary and what was the process that you went through?

Speaker 2: 100% scary. It was during co so it's not like it was a pause in the world and I also think clients at that time weren't traveling and they were started to buy more luxury goods. I was also 34 at the time. So my peers are and people I knew were getting engaged and they don't want cubic zirconia anymore. They want a diamond engagement ring. And I'm like, let me figure out how to do this. People are asking for it and this is could be a really interesting new path for the business.

Speaker 1: What was that path like for you? Because you probably had to dive into learning a lot. Have a lot of the same clients from 15, 20 years ago that are now coming in for diamonds and for engagement rings.

Speaker 2: Um, so I got the marketing and the clients, but the product is way different. The manufacturing is different. The diamond district in New York City is a league of its own. So it started with me going to 47th Street which is the famed diamond district in New York City. 98% of diamonds in the country come through that one block disperse out through the country. There's manufacturing there, polishing, stone setting, everything. But even learning the process of no, you do pre-polish first, then you set the stone, then you polish it again. So learning everything, it's knocking on doors, who is going to do your jobs for you, who's going to help you. It's a lot of nos, who's going to lend you a diamond to show a client. It's a really hard place to break in. Once you're in, you're in and everything's built on your reputation.

Speaker 1: And you've already went through the process of learning how to do the first phase. So, I'm sure the process was pretty much the same, but learning this new style.

Speaker 2: Absolutely. I mean, I went to GIA, I got my diamond certification. There's also always new things to learn. So, I am still learning every day. There's a new material or a new process or a new style a client wants. But, I had the business background. I had the marketing. I knew how to do Instagram. I even used to do Instagram freelance for other brands. So, I can do it. I need the diamond stud earrings. I need the materials and I didn't know what would happen. So, it was scary. It was also co so there was not really anything else to do.

Speaker 1: Yeah. And you have a passion for it.

Speaker 2: Yeah. That probably helped having that drive and that passion behind it. If a

Speaker 1: founder asks, "Why isn't my business growing?" What was the first real growth ceiling that you hit and how did that your path needed to change and shift?

Speaker 2: The first growth ceiling was from 2009 to 2012. I was selling to retailers. So, think Henry Bendelle, which has since closed, Bloomingdales and smaller retailers. That was when you could sell wholesale to a store and they would sell retail to the client. Then 2012, it really became direct to consumer. Brands are now selling via e-commerce and Instagram direct to their client. They're not putting that retail markup. They're accessing the clients directly. They're having better prices, better marketing, everything. 2012 was probably my best year at the time. Henry Vendel closed. The retailers are buying less. The traffic in Bloomingdales. I'm standing there doing trunk shows on 59th Street. And if there used to be thousands of people coming through, there's 100 coming through. Then there's 100 coming through. And foot traffic is lower. So I knew I needed to pivot to this direct to consumer model to stay competitive in this new retail landscape. And that's when I stopped doing the Bloomingdales trunk shows. I would still do a year to keep the relationship, but I started doing pop-up shops. So I did my first pop-up shop in Chelsea Market in 202. and I sold over $30,000 in a week. And we're talking items that are like $50. So, it was a lot of product moving. And the answer was right there. It's like, okay, pop-up shops, meeting the clients directly, and cutting out that middleman who would mark up the retail pricing. And when you're buying diamonds, you really want that personal relationship. Was there a

Speaker 1: moment where a mistake or delay or a hard client situation tested your confidence?

Speaker 2: Absolutely. We're really good about not making mistakes, but these mistakes happen. The necklace is made in the wrong length, or maybe it's made in the wrong color. It was supposed to be yellow gold, but it got made in rose gold. I cover every mistake. So, the clients don't even know the mistake happens. I will lose money on the sale. I will pay to remake it, rush it, pay a rush fee. Let's do everything possible to keep this client happy so that they come back again and they refer more clients in. Yeah. Yeah. And that's the business owner mentality is if if a team member or something happens and it always does. We're human beings, but I I'm the one making the apology or the business owner is the one. I'll take the hit. I will do anything to keep them happy. And those mistakes are it's inevitable. There's a lot of moving parts.

Speaker 1: When entrepreneurs search how to deal with self-doubt as a business owner, what has been your internal battle? Especially moving from creative founder, which I'm sure in the beginning was very creative, to the CEO mentality.

Speaker 2: When you have self-doubt, I'd remind myself I'm the expert here. Even if the client is older than me, or maybe the

Speaker 1: client is intimidating or something, I'm the expert. I know what I'm doing. I've sold more engagement rings than I can count. I have my diamond certification, reminding myself of everything I've done and overcome and how much knowledge that I have with that situation. And it's interesting. Certain situations can put us in that mindset where we where we we feel like that. But it's it's great that

Speaker 2: you have that that reminder. Building a fine jewelry brand requires patience and long-term trust in a world that pushes for fast growth, which it seems like these days it's, you know, everyone's struggling to keep up. How do you decide what business you actually want to

Speaker 1: build? This business did not happen overnight. I've been doing this since I was 15. So when people say, "How long have you been in the business?" this. Let me do some quick math. Over 20 years, they're like, "Look at me. How old are you?" I'm 38. But the fine jewelry and the growth from 2020 until now happened very quick. Like the team is the sales are doubling. The team is doubling. So that's a lot to keep up with. But this built business was not built overnight. It's been I've been laying every brick and every step. Even if maybe I didn't know what I was building towards, now it's very clear to me. This is what I was building towards. those clients I've had for a long time, that trust that we've built, our reputation has been built over a long time. And with most entrepreneurs, it's like everything feels so slow, but then you look back over time and you think, "Oh, well, it wasn't exactly as slow as it felt in the moment."

Speaker 2: Absolutely. Totally agree. Founders often ask, "How do I know when to hire? What was the first hire that truly changed the capacity of your business?"

Speaker 1: Absolutely. It's your baby. I'm like, "Okay, I know the answer to every question. I can do this better. I have this ownership over everything." The first time I hired someone, I was doing two events at once, and you can't be in two places at once. I didn't want to give up this opportunity that I had. So, I had both events running, and I hired someone, and it was fine. Okay. So, you're putting your trust in someone else is like scary. That was my first experience with that. And since then, it's when I become the bottleneck. So, oh, we can't ship that out because Alexandra didn't QC it or Alexander didn't call the client yet. But now there's too many. I can't call every client when their piece is ready. I can't QC every piece, but we have really good processes in place. So, when I'm the bottleneck and I'm slowing things down, I'm like, "Okay, we need to hire." And we spend a lot of time interviewing and making the right hire. And I would

Speaker 2: say that's the hardest part. I'm so happy you said that because hiring can be a challenge and finding the right people and the right fit, but also sometimes we are the bottleneck. If if you start a business and you're so close to it, sometimes you have to think, okay, how am I slowing things down and

Speaker 1: how if I trust in other people, can the business move faster?

Speaker 2: It's about trusting other people. And as I've given my team and my staff more responsibility, they level up and they're amazing. And I'm like, oh, you could have been doing that the whole time. Why did I I had to do it a silly

Speaker 1: thing. So true. We're fixing the printer today. So I called it, can you come fix the printer? But I used to fix the printer every time. And I thought I had to learn how to fix the printer. So even like no, I'll pay it to do it. Like why would I spend my time fixing the printer? But those things of releasing control and realizing that there's other people that like can help and want to help.

Speaker 2: Yeah. And I'm smiling because every entrepreneur goes through it in one way or another. Hiring too. When you lose a key team member, I used to really worry about that. But now someone will come in with new energy. And now I I really try to frame it as an opportunity for more growth. That's out of your control. So people's lives, they move, it takes turns. So we put a lot of focus into the energy of the office and the vibe and when clients come in, they're like, "Oh, this is such a nice place or feels good." So making sure that it's a good fit. I will that makes sense.

Speaker 1: Yeah. Well, no. It's so true because it is an experience and clients feel it. When I walk into a store, I feel it, especially with what you do is so emotional and person and my like it is a major milestone, you know, that the client's coming in for, whether it be an engagement ring or a birthday or a push present or like we have a client for like a 50th anniversary. Those are really important. How do you carry the weight of the emotional side while still maintaining the business aspect?

Speaker 2: Um, I'm laughing because I was thinking about my answer. I'm like, it's really hard. We become invested in these people's lives and almost develop friendships with a lot of our clients and when I have a client come in to do an heirloom revamp and often they'll bring in stones from a past loved one. I'm holding back tears. Oh yeah. In the meeting cuz they're saying I'm bringing these stones that were these persons and I'm like, "Okay, I can't start. I'm designing their jewelry. I can't start crying here." Every time I'm holding back tears and I'm like, "Hey, you got this." And you're helping them. And my mom has started to give me jewelry and it's designed in a way that I probably wouldn't wear it today. And I've started thinking about, you know, how would I remake this where I could could wear it to to honor her. And I'm sure you see children, too. I'm sure the next generations are now coming to see you. We do a lot of heirloom revamps. So jewelry should be worn. Grandma's necklace doesn't need to sit in the safe for 30 years. Let's take out the stones and make something really new and fresh that you're going to wear every day.

Speaker 1: Funny because around co I went through all of my jewelry and we were at home so I wasn't wearing anything and my daughter kept saying why don't you wear this? Why didn't you wear this? So I went through a period where I was wearing all of my jewelry because to your point it was sitting in the safe and you're right it's completely at home and like

Speaker 2: yeah it's so meant to be worn. When people are thinking how do I avoid burnout as an entrepreneur? What has almost burned you out? And what habits do you have now that protect you?

Speaker 1: I'm always burnt out and I'm I'm really trying not to be burnt out so I can show up for my clients and my staff at 100%. That what I'm trying to do now is like I'm going to go to the gym in the morning and I'll come into work late. I need to make time for myself and take care of myself. But now we've also built to this point where like they don't need me 247. So office is fine if I take some time for myself. go in. But I don't know. I'm trying to figure out how that burnout ends. Someone said to me the other day, you don't have a day off, do you? And I thought, no, I really, as an entrepreneur, you're always thinking about a work and building your business, but I agree. I have this year, I've been better than any other year about having that boundary of working out in the morning. I do a 30 minute 30 minute Pelaton weights and I I want to start adding in some running, but I also do a five minute meditation. And when I don't do that, I feel it. I feel it the rest of the day. I feel it in the way I respond to things. And so that's been a really really great thing for me for the start of the year. But it is very easy when you're so committed and you love what you do. Skip those things that are so important. That's been my New Year's resolution every year. I'm like, okay, this year at least I started I didn't go to the gym once in December, but I'm like, okay, new year, get it together.

Speaker 2: It probably feels good though, right?

Speaker 1: Absolutely.

Speaker 2: Yeah. And December, I'm sure, was a busy time of year for you. Crazy. Yeah. and jewelry brings so much joy, but how do you make sure that you're finding and living your joy?

Speaker 1: Honestly, my work is my joy. When a client comes in, they're happy with their purchase and it makes them feel good and they're radiating. That is my joy, right? I I love being with my friends and my family on the weekend, too. I like going to the beach, going to Central Park, but I truly love what I do. So, I like going on vacation, too. But I'm also in my flow state when I'm in the office and things are moving smoothly and we have beautiful jewelry and happy clients and like that right now really is my joy.

Speaker 2: Yeah. And it's so great that you love what you do. Please share with us how and where we can find you and thank you so much for joining us today.

Speaker 1: You can find me online at alexandrabth.com. We do a lot on Instagram. The Instagram is also Alexandra Beth.