Gifting jewelry is a difficult task because there are tons of options and forks in the road. Thankfully Best Kept has created the digital concierge service that makes giving jewelry as a gift seamless and easy. Clients are paired with expert jewelry stylists that curate a selection of pieces based on a full-fledged customized analysis, and the options are truly one of a kind because Best Kept finds jewelry from a variety of stores: including vintage dealers and topnotch jewelers.
AlleyWatch sat down with founder Kat McCoy to discuss building a product-focused service that is taking the stress out of giving some of the most precious and meaningful gifts.
Tell us about the product or service that Best Kept offers.
Best Kept is a digital concierge that makes it easy to buy jewelry as a gift. Clients are paired with expert jewelry stylists that curate a selection of pieces based on a customized analysis of individual tastes, personality and lifestyle. Every recommendation is meticulously selected with budget and client tastes in mind. Best Kept takes the guesswork out of selecting and purchasing fine jewelry.
How is Best Kept different?
Best Kept uses a variety of methods, everything from analyzing data to visiting stores and vintage dealers, to find our clients options that perfectly suit the gift recipient. We don’t hold inventory and individually curate every recommendation which allows us to source pieces across a wide array of price points and styles.
We’re committed to helping our clients find thoughtful gifts that are uniquely personal. Unlike other jewelry buying solutions which are very product-focused, we’re first and foremost focused on people.
What market does Best Kept target and how big is it?
Best Kept is in the gift and fine jewelry market. It’s estimated these markets are $77B and $66B, respectively in the US.
Is there a large enough market to support a personalized concierge service for jewelry?
Absolutely. A new generation of savvy buyers is looking for a more personalized and convenient way to shop. While gifting ephemeral experiences like concert tickets and dinners continues to trend upwards, we believe there is a large market of people who want to complement those types of experiences with special goods that can be cherished forever. We’re really encouraged by the continued growth of personalized gift market.
What is the business model?
When clients purchase a piece of jewelry from Best Kept, a service fee is included in the price of the piece of jewelry. Not holding any inventory is a key part of our business model and allows us to be really flexible in the way that we operate.
What inspired the start of Best Kept?
I’ve been a passionate collector since my grandmother bought me my first pair of earrings when I was 12. When I was in college, friends and family started asking my advice and input before purchasing jewelry for their loved ones. Without the guidance of someone they trusted, they probably would have abandoned the task and bought something “safer”. I realized there was a substantial opportunity to make the jewelry buying process easier, less intimidating, and much more personal. I wanted to create an experience that made people feel confident and excited about their purchases.
What are the milestones that you plan to achieve within six months?
Within the next 6 months, we plan on growing our client base by 2-3x. In addition to special gifts, we’re also expanding to helping clients find and purchase the perfect engagement ring.
What is the one piece of startup advice that you never got?
Always put yourself in a position to play to your strengths! While launching a business will require you to acquire many new skills, it’s important not to lose sight of what your unique skill set is and what you bring to the table that no one else does. There will be times when a lot of the advice you receive is contradictory. In those moments, it’s more important than ever to trust your instincts and do what you do best.
Always put yourself in a position to play to your strengths! While launching a business will require you to acquire many new skills, it’s important not to lose sight of what your unique skill set is and what you bring to the table that no one else does. There will be times when a lot of the advice you receive is contradictory. In those moments, it’s more important than ever to trust your instincts and do what you do best.
If you could be put in touch with anyone in the New York community who would it be and why?
If I could be put in touch with anyone in the New York community it would be Audrey Gelman, founder of the Wing. She’s an inspiring example of someone doing something new in the world in her own way. In a short amount of time, she’s made a huge impact by growing a community of like-minded women. She has established a vision that so many people want to get behind.
Why did you launch in New York?
There is no other place like the New York Diamond District and New York has been my home for the last 7 years. The retail scene in New York is really vibrant and it’s great to be surrounded by lots of companies rethinking the customer experience.
What’s your favorite restaurant in the city?
L’Artusi in the West Village is a go-to favorite. It can be difficult getting a table but I love sitting at the bar there.
