In this week’s episode of WWD Voices, Nicole Wegman, founder and chief executive officer of Ring Concierge, a fine jewelry company, joins host Arthur Zaczkiewicz to discuss how her engagement ring shopping experience in New York’s Diamond District led to the inception of her business in 2013. Frustrated by the antiquated and high-pressure sales environment, she saw an opportunity to leverage her e-commerce experience to modernize the engagement ring and fine jewelry buying experience.
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Since its founding, Ring Concierge has broadened its scope beyond engagement rings to fine jewelry. Wegman explained, “We started with just engagement rings, hence the name Ring Concierge, but it has since evolved into so much more.” Today, the company caters to Millennial women, particularly professionals who typically purchase jewelry for themselves.
Ring Concierge boomed as an online business, especially during the COVID-19 pandemic. However, recognizing the enduring value of brick-and-mortar stores in the fine jewelry sector, Wegman has expanded her business model. “To date, about 90 percent of the fine jewelry industry is still done in brick-and-mortar…we realized quite quickly that we needed to get ahead of having a brick-and-mortar location,” she stated.
Today, Ring Concierge operates five successful stores in key locations including Manhattan, Los Angeles, Houston, and Boca Raton, Fla. These venues offer an immersive and tactile shopping experience that resonates well with the preferences of Millennials and Gen Z consumers, who crave engaging and memorable shopping experiences.
A key ingredient to Ring Concierge’s success is its strategic use of social media, particularly Instagram. Wegman highlighted the monumental role of Instagram in building trust and brand recognition globally. As the company prepares for future growth, maintaining a robust online presence remains a pivotal strategy.
