Colin Weldon is managing director of CM Weldon, a Dublin-based family jewellery business specialising in antique and vintage diamond engagement rings.
What distinguishes your business from competitors?
First of all, our experience in the field is not matched anywhere else. We're a fourth-generation business and I'm a qualified gemologist. I also don't want to be formal. I want our store to be somewhere people can come and try things on in a comfortable and warm environment. Buying jewellery is such a personal event; it's a very joyous, happy business.
What sets your products apart in your sector?
Our jewellery is the finest quality on the market; it really is world class. I've worked all over the world, from London to Beverley Hills, and it's important that I input my experience into buying. Our diamonds are the absolute best examples of diamonds. I work with the finest craftsmen in the world and we get our gems from reputable sources.
What's been the biggest challenge you have had to face?
It's what I call diamond information overload. I'm a massive fan of technology: you can access all sorts of information but there's also a huge amount of misinformation.
I spend a lot of time educating clients about buying diamonds. There is a myth in the Irish market that if you get on a plane to New York, Antwerp or Dubai, you’ll save a fortune. It’s not true. I try to create a store where people can ask any question they want. Social media also allows me to answer questions directly.
And your major success to date?
I measure my success on a monthly basis. I'm really happy with how my online presence is doing. My website is getting a huge amount of feedback because I've tried to do it slightly differently and keep it very visual and open.
What's the biggest mistake you've made in business?
Pretending the bank didn't exist. If you bury your head in the sand, it can create enormous issues. When I was starting out, there was a perception that the banks were unapproachable but, when you're dealing with cash flow and money, you have to keep in touch. Now, I have a much more personal relationship with the banks. If you talk and are really personal, you realise how helpful they can be.
What was the best piece of business advice you've ever received?
My dad has always said: "If you build it, they will come." Okay, it was in a movie but nothing could be more truthful. If you believe in something and make it real, people appreciate it. One of the most stressful things for an entrepreneur is being afraid to create something because of the fear that no one will respond to it. That's a mistake. People will always respond.
Who do you most admire in business and why?
My dad, Martin Weldon. Growing up, I learned everything from him. He has a very methodical, meticulous approach and his attention to detail is legendary. He has a logical and objective perspective to business but he is fearless. He's not afraid of taking risks.
In a family business, the business is what raises the family. You can't leave a family business when you walk out the door. Being able to find a mental balance is important; that's something I admire about him and something I hope to achieve one day.
What piece of advice would you give to the Government to stimulate the economy?
A Government's job is to empower the consumer to spend and I would always support any initiative that helps consumers. Economies are driven from the street up. More money in the pocket of the taxpayer means more money in the tills.
Do you think the banks are open for business at the moment?
The trick with banks is forming relationships. Things have changed and it's no use pretending they haven't, but if you walk into a bank with solid figures and they trust you, they will lend. Start small with a view to growing and you will absolutely be able to deal with the banks.
How do you see the short-term future for your business?
This quarter is looking really bright. There is a huge shift in confidence, which is amazing. In the jewellery business you see changes in the field sooner than anywhere because it's a luxury market. If they can see value in the market, people will spend.
How much is your business worth and would you sell it?
A family business is priceless. And diamonds are forever.
In conversation with Joanna Roberts
