Connect with us

Headlines

Jewelry Insurance Startup Firm Raises $2M

The founder is a third-generation jeweler.

mm

Published

on

BriteCo, a jewelry-insurance startup company, announced a $2 million seed round.

The round’s investors include Brian Spaly, the founder of Trunk Club; and Jeff Taylor, the former chairman and CEO at Cole Taylor Bank.

Video: How to Get Rid of Negative Thoughts in Your Work as a Jeweler
Jimmy Degroot

Video: How to Get Rid of Negative Thoughts in Your Work as a Jeweler

Video: How to Generate More Referrals for Your Jewelry Business
Jim Ackerman

Video: How to Generate More Referrals for Your Jewelry Business

Video: How to Show Your Jewelry Customers That You Truly Care
Jimmy Degroot

Video: How to Show Your Jewelry Customers That You Truly Care

The firm provides verified appraisals and immediate replacement coverage by HDI global, an A-rated insurance carrier, according to a press release.

“As a third-generation jeweler, my family and I have a long history delighting customers and helping them celebrate moments of joy in their lives,” said Dustin Lemick, BriteCo founder and CEO.

“But the jewelry buyer is changing rapidly. Millennials now represent the largest jewelry buying demographic, and their expectations are different from those of prior generations. BriteCo helps jewelers by providing them with the optimal blend of online convenience and personal attention.”

Lemick and his family have owned and operated retail jewelry locations in the Chicagoland area for over 60 years.

Advertisement

BriteCo explains that its coverage has no deductible, automatically updates protection each year using advanced price analytics and predictive models, and offers a streamlined claims experience. It also “offers an easy to use, cloud-based Appraisal Management System (AMS) that is faster and more accurate than the jewelry industry’s traditional manual processes,” according to the release.

“What Dustin and his team have accomplished in such a short period of time is amazing,” said Jeff Taylor, one of the company’s investors. “Getting BriteCo licensed in virtually every state before officially launching is a testament to their hard work and the professionalism with which they’re approaching this big challenge.

“I’m excited to be a part of their push to modernize the jewelry insurance and appraisal process and to help millions of people across the US protect their most valuable possessions.”

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

When It’s Time for Something New, Call Wilkerson

Fifty-four years is a long time to stay in one place. So, when Cindy Skatell-Dacus, owner of Skatell’s Custom Jewelers in Greenville, SC decided to move on to life’s next adventure, she called Wilkerson. “I’d seen their ads in the trade magazines for years,’ she says, before hiring them to run her store’s GOB sale. It was such a great experience, Skatell-Dacus says it didn’t even seem like a sale was taking place. Does she have some advice for others thinking of a liquidation or GOB sale? Three words, she says: “Wilkerson. Wilkerson. Wilkerson.”

Promoted Headlines

Headlines

US Claims Overseas Jewelry Chain Supports Terrorism

It’s among 15 entities being targeted for sanctions.

mm

Published

on

The U.S. Treasury Department is targeting al-Hebo Jewelry Co., which has stores in Turkey and Syria, for allegedly supporting ISIS.

Treasury’s Office of Foreign Assets Control hit the company, along with more than a dozen other organizations and individuals, with counterterrorism sanctions, according to a press release from the department.

According to the release:

As of late 2017, al-Hebo’s location in Gaziantep, Turkey was involved in an ISIS scheme to convert gold into cash to more efficiently and secretly send funds via hawalas in Turkey to ISIS sleeper cells in Iraq and Syria.

As of early 2017, Raqqah-based al-Hebo was a cash transfer business used by ISIS members.

In September 2016, an employee of Raqqah-based al-Hebo likely coordinated a money transfer on behalf of a now-deceased, Syria-based, ISIS senior operations official.

Turkey-based al-Hebo owner Muhamad Ali al-Hebo is named specifically. As of late 2016, he was “involved in procuring precious metals to enable ISIS to produce its own ISIS coinage,” according to the release.

In all, the Treasury Department is targeting “15 leaders, individuals, and entities affiliated with terror groups,” according to the release. They include entities affiliated with HAMAS, al-Qa’ida and the Islamic Revolutionary Guard Corps Qods-Force (IRGC-QF), as well as ISIS.

“Since the horrific attacks of 9/11, the U.S. government has refocused its counterterrorism efforts to constantly adapt to emerging threats,” said Secretary Steven T. Mnuchin. “President Trump’s modernized counterterrorism Executive Order enhances the authorities we use to target the finances of terror groups and their leaders to ensure they are as robust as possible.

“These new authorities will allow the U.S. Government to starve terrorists of resources they need to attack the United States and our allies, and will hold foreign financial institutions who continue to do business with them accountable. These new tools aid our unrelenting efforts to cut off terrorists from their sources of support and deprive them of the funds required to carry out their destructive activities. They serve as a powerful deterrent to radical terror groups and those seeking to aid their nefarious goals.”

Continue Reading

Headlines

Woman Watches Video on How to Find Diamonds, Finds 3.72-Carat Yellow Diamond

It’s the largest diamond registered at the Crater of Diamonds since March 2017.

mm

Published

on

Miranda Hollingshead apparently knows how to choose the right video.

The Bogata, TX, woman recently visited Arkansas’s Crater of Diamonds State Park for the first time and found a 3.72 carat yellow diamond, according to a report on the Arkansas State Parks website. After searching for about an hour, Hollingshead, 27, found the diamond at the base of a hill on the northeast side of the park’s 37.5-acre diamond search area.

“I was sitting in the shade, watching a YouTube video on how to find diamonds. I looked over at my kid for a second, and when I looked down, I saw it mixed in with other rocks,” she said.

It’s the largest diamond registered at the Crater of Diamonds since March 2017, when a teenager from Centerton, AR, found a 7.44-carat brown gem. It is the largest yellow diamond since a visitor from Oklahoma City found a 3.85-carat jewel there in October 2013.

Park interpreter Waymon Cox said, “Every diamond found at the park is beautiful in its own way, and this one is certainly no exception. It’s about the size of a pencil eraser, with a light yellow color and a sparkling, metallic luster. Ms. Hollingshead said her gem’s unique shape reminded her of a rounded molar, with a small indentation in one end.”

Miranda Hollingshead found this diamond at Arkansas’s Crater of Diamonds State Park.

Cox said rainfall likely played a role in Hollingshead finding her diamond.

“Much of the ground where Ms. Hollingshead found her diamond is made of unweathered volcanic rock. When it rains, flowing runoff often leaves loose gravel, and sometimes diamonds, on the surface in these areas. Diamonds have a brilliant, adamantine luster that makes them easy to spot, and Ms. Hollingshead happened to be sitting in just the right place to see the diamond sparkle in the sun.”

About one in every 10 diamonds is found on the top of the ground by observant visitors. Park personnel plow the diamond search area, the eroded surface of an ancient, diamond-bearing volcanic pipe, periodically to loosen soil and assist with natural erosion.

Many visitors choose to name the diamonds they find at Crater of Diamonds State Park. Hollingshead and her son named her gem the Caro Avenger. “He chose the name Caro, and I am a fan of superheroes, so it seemed like a good fit.”

Advertisement

Hollingshead said if she doesn’t sell the diamond, she’ll probably have it mounted in a ring.

In total, over 75,000 diamonds have been unearthed at the Crater of Diamonds since the first diamonds were discovered in 1906 by John Huddleston, a farmer who owned the land long before it became an Arkansas State Park in 1972.

Continue Reading

Headlines

Jewelry Retailer Expands With Store Acquisition

It will be the company’s third location.

mm

Published

on

Hustedt Jewelers, which has locations in Gibson City and Pontiac, IL, has acquired William MarKen Jewelers in Bloomington, IL.

The store will be rebranded, The Pantagraph reports.

“This is an exciting time to expand,” said Kevin Hustedt, owner of Hustedt Jewelers. “We look forward to taking care of all the William MarKen customers just like we do in our other two stores.”

Hustedt took over the business from his father, Larry Hustedt, in 2013. Larry Hustedt started the business in Gibson City with his wife, Ursula, in 1983.

William MarKen Jewelers was started in 1996 by Bill Lyddon, Mark Meins and Ken Criser in Normal, IL. The store moved to Bloomington in 2007.

Kevin Hustedt said MarKen Jewelers’ inventory was being liquidated.

Read more at the The Pantagraph

Continue Reading

Most Popular