Graff
The jeweler who buys the most expensive diamonds at auction, recuts them, and sells each stone for more than its predecessor.
The diamond industry was built on middlemen. Miners extracted rough stones, dealers sorted them, cutters shaped gems, polishers refined them, retailers sold them. Each layer took markup. A diamond worth $5,000 cost the customer $10,000. Lawrence Graf asked why. He decided to control every layer himself from mine to storefront. Graf owns mines, cuts and polishes diamonds and workshops, sets them in jewelry, and sells at boutiques worldwide. By eliminating middlemen, Graf captures all margin that used to flow to dealers and distributors. Customers still pay premium prices for diamonds, but now most premium goes directly to Graf instead of diluted across five businesses.
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