Businesses are built on the idea of supply and demand. But what if there is not a supply? In Jana Hadany’s case, even the demand was not assured when she conceptualized Avilan Storied Diamonds to be a sustainable diamond business.
The business concept was sparked by conversations in 2010 Hadany heard between her husband, Avi Hadany, and his partner, Ilan Wexsler, about reinventing their diamond business in the wake of the economic collapse that impacted them in a slowdown in demand for luxury items. Hadany believed recirculating diamonds from existing inventory would not only aid economic recovery but would benefit the environment and human rights by offering an alternative to the traditional mining process and the “atrocities associated with the industry.” The challenge was establishing transparency in the supply chain. This she overcame with certification through Scientific Certification Systems, the worldwide leader in sustainability and environmental certifications. “We were part of piloting the standards for the diamond industry,” Hadany says.
Explaining why she felt there was a need for the new model, Hadany notes that the supply currently being mined will not last past the next century and no new mines have been discovered. However, she says, “If traditional mining ceased, there would be enough [diamonds] in circulation to feed the needs of the population that wants to purchase.”
Since its official launch of Avilan Storied Diamonds in June 2012, the Scottsdale-based diamond distributor has increased its staff from two to 15 and has solidified its national network of retailers.