MANATEE — From gem testing and appraisals to custom designing of jewelry for customers, the business at 4016 Cortez Road W, No. 1201 is a certified gemological laboratory. It is also a gem and jewelry broker that carries the highest credit rating available by the Jewelers Board of Trade, the credit rating bureau for the jewelry industry.
“So, if for example you were looking for a 3-carat diamond that had a wholesale value of $75,000, we could have several stones sent in for you to look at to consider for purchase,” says business owner Thomas Seguin. “Without that credit rating, the dealers won’t sent the goods out for approval.”
The company has two full-time and three part-time employees.
Since it was founded in 1986, Suncoast Gem Lab has grown into a company with sales in excess of $1 million each year.
Suncoast Gem Lab boasts a client list of more than 8,000 people locally and throughout the United States.
However, the ongoing recession has caused challenges, says Seguin.
“We really didn’t begin to see the effects of the current economic situation until December of ’08,” Seguin says. “Right up until that point we were up in sales for the year. The month of December was a total disaster. Our sales were off by 60 percent.”
To compensate for declining sales, Suncoast Gem Lab focused on appraisals, engagement ring sales and repairs and custom jewelry design.
“Another area that has helped us through this rough time is helping our clients to liquidate their scrap gold,” Seguin says.
A top priority for Suncoast Gem Lab is customer service.
“If, for example, a client says that they were told that a job would cost a certain amount, which is less than it costs and the price was not written down on the job envelope, we honor the client’s price,” Seguin says.
“We also try to hire staff that truly cares about and likes people and then just let them do what they do naturally.”
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