When Alana and Lauren Chang’s father returned home with some moissanite, a rare type of jewel found in meteorite deposits and diamond mines, the two sisters quickly recognised a business opportunity.
“We looked online to see where we could purchase some for Lauren’s wedding, and found it was available in 70 countries but not Australia. There was no one distributing here, so we thought it should be us,” says Alana.
The two came up with a business and marketing plan, and managed to gain the exclusive rights to distribute moissanite in Australia.
The jewel itself looks nearly identical to a diamond but is created by different natural materials. It has a more brilliant sparkle, a greater array of colours than any other jewel and the best part – is significantly cheaper.
“Why is it so much cheaper? I guess the real question is why are diamonds so expensive? Market forces, I suppose. But what moissanite represents is really good value, and that’s really what the business is about.”
The sisters opened a store in Sydney’s Queen Victoria building and launched on online store, selling the jewel in rings and other types of crafted jewellery. It recorded turnover of $1.1 million during 2008-09, with an average year-on-year growth rate of 42%.
A diamond in the rough… read full story.