How Mike Nekta Became NYC’s Diamond Guru GPPRUSA Contributor: Shane Davenport
Monday, November 15th, 2021
Mike Nekta is a third-generation diamond expert and jewelry designer based in New York City’s premier Diamond District. He received his formal education from the Gemological Institute of America. He specializes in bridal jewelry and has an atelier for his custom, more exclusive showroom pieces. He believes strongly in the concept of innovation (which is how he stays a decade ahead of other jewelers) and is even working on a proprietary special cut of diamond that rivals the weight and brightness of the Triple Excellent industry standard. As was the rest of world, both his personal life and business were affected by the COVID-19 pandemic. He contracted the virus in March 2020 during its initial scourge of the city, and was out of commission for about 14 days as he recovered. He began to buy capital and reinvest it into the e-commerce aspect of the business; a choice that paid off tremendously when his showroom hours got reduced. He got to work taking pictures and videos of his whole inventory to get ahead of an economy moving almost exclusively to cyberspace, Zoom and FaceTime. He began to take his health more seriously, as a result, and recognized that this is a time of heightened compassion and appreciation of relationships. Sales of engagement rings and Mother’s Day gifts actually skyrocketed because of it, and as his way of showing appreciation to his clientele, he did a digital flash sale each day in November. He offered a unique, limited edition item at a very aggressive price, and each one sold out. Additionally, when threats of looting occurred in June, many of his contemporaries were busy trying to figure out how to adjust. Ever the shrewd businessman, Nekta understood a time of crisis is the best time to invest, and he purchased one of his colleague’s entire stock of loose diamonds. He also protected his client’s assets by placing them in a sealed package with a serial number on an armored truck protected by armed guards. Luckily, the precaution was only needed for one night and no damages were accrued. Like all great businessmen, he is coming out of this period of crisis stronger and more resilient than ever. Another aspect of the business COVID has affected is the supply of diamonds, themselves, due to a sharp decline in mining and importing. Due to this extra challenge, Nekta developed a cutting-edge blueprint for “upcycling” heirloom diamonds. Unbeknownst to most, much like fashion, there are trends in gem cutting. Updating an existing diamond with a more modern cut is not only more cost effective and resourceful, it’s also better for the environment. A win-win solution for all parties involved, and his proprietary method is catching fire industry-wide. Perhaps the biggest way in which Nekta is pioneering the diamond industry is in the men’s wedding ring market. Not only in terms of contemporary luxury designs and finishes, but most importantly, how they’re paid for. On top of designing men’s wedding/engagement rings that rival their feminine counterparts in terms of detail and exquisiteness, Nekta is the first Diamond District jeweler to utilize the growing power that is cryptocurrency, and is gladly accepting it as compensation. The way of the future is both digital and collaborative, and Nekta is the figurehead of implementing that revolution in the typically austere, traditional diamond trade. In addition to his trailblazing business endeavors, Nekta also has a humanitarian spirit. The borough of Queens has recently formally acknowledged him with a Citation of Honor for his efforts in alleviating hunger by providing food drives in his community.
For more information, visit www.mikenekta.com for his commercial offerings, and www.nektanewyork.com for his custom showroom pieces. All materials are ethically and responsibly sourced. Full descriptions and negotiable asking prices are available.
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