GoldFi
About the Company
GoldFi is an online jewelry business that focuses on providing high-quality, gold-filled jewelry at wholesale prices. Founded by Gil Marcondes, the business transitioned from a brick-and-mortar store to an entirely online platform. Based in Miami Shores, Florida, the company's flagship products are hoop earrings, known for their various sizes, materials, and finishes. With a commitment to offering premium jewelry to both consumers and retailers, GoldFi aims to balance quality with affordability in the online space.
The business’s initial performance was encouraging, with Gil noting an average of 463 daily sessions on their website, resulting in $22,000 in revenue over three months. The online platform allowed them to expand their reach and optimize their operations in ways that were not possible in a physical store environment.
Idea Behind Company
Gil Marcondes' background in civil engineering influenced his understanding of the manufacturing process, but his passion for jewelry began when a friend invited him to work in Miami's jewelry industry. What started as an opportunity to explore a new culture and country turned into a passion for jewelry craftsmanship. Gil worked closely with manufacturing processes and gained a deep understanding of creating high-quality jewelry.
His early experience in the jewelry industry, coupled with the knowledge he gained from working directly in the production line, sparked the idea for GoldFi. After the pandemic shut down his physical store, Gil pivoted to an online business model, inspired by a friend who had already transitioned to e-commerce successfully. He wanted to create a business that could meet demand efficiently while providing customers with unique, trendy jewelry pieces.
Creating the Company
GoldFi was born out of necessity during the COVID-19 pandemic, as Gil’s physical store in Los Angeles struggled with high overhead costs and eventual closure. This setback led him to rethink his business model, deciding to focus entirely on online sales. The concept was simple: bring premium gold-filled jewelry to customers in a way that was accessible and scalable.
Gil's experience in jewelry design and manufacturing allowed him to take full control of the product creation process. He and his team researched fashion trends, prototyped designs using 3D printing, and optimized production for cost-effectiveness and quality. By leveraging his extensive background in jewelry making, Gil established a system that streamlined everything from the initial design phase to mass production, offering both custom and pre-designed products.
Launching the Business
GoldFi’s launch wasn’t without its challenges. Initially, Gil tried selling his products on Etsy, but after the marketplace closed his store for unknown reasons, he decided to create his own e-commerce website using Shopify. Despite these setbacks, GoldFi quickly gained traction. Within two weeks of launching the Shopify store, the company generated over $600 in sales on its first day.
Through a combination of personalized outreach to former Etsy customers and detailed product listings on the new website, GoldFi built a loyal customer base. Gil learned that maintaining a successful online store required constant effort, from updating product descriptions to managing digital marketing campaigns. GoldFi’s success grew through targeted advertising on platforms like Google, Facebook, and Instagram, as well as through bi-weekly email campaigns.
Earnings
GoldFi has seen significant growth in its earnings since shifting to an online model. The company now averages $12,000 in monthly revenue, and its sales are increasingly driven by return customers, a testament to the quality and satisfaction GoldFi offers. In June, the company's sales surged by 88%, a remarkable indicator of customer loyalty and business success. Online sales now account for 43% of the company's revenue, with other income streams coming from the Faire marketplace, custom orders, and social media.
With its large inventory and streamlined shipping operations, GoldFi fulfills orders within one to two days. The company is also expanding internationally, selling to customers in countries like Japan, Germany, and Australia. Going forward, GoldFi plans to focus more on its B2B model while continuing to nurture its growing retail customer base.
