After making their memorable appearance on Shark Tank, Do Amore, the Houston-based startup specializing in ethically sourced and handcrafted engagement and wedding rings, garnered significant attention and interest from both viewers and potential investors.
Led by the passionate founder Krish Himmatramka, the company’s compelling pitch and dedication to social good left a lasting impression on the Sharks and the audience alike. The Sharks were captivated by Himmatramka’s personal anecdotes and the unique premise of the business, which aimed to address the ethical concerns surrounding the jewelry industry.
In this article, we will delve into the fascinating post-Shark Tank story of Do Amore, exploring the aftermath of their appearance on the show, the challenges they faced, the negotiations that unfolded, and the subsequent milestones and successes they achieved. Join us as we unravel the journey of this ethical jewelry brand and discover what transpired after their life-changing experience in the Shark Tank.
What Is Do Amore?
Do Amore boasts a rich heritage, dating back to its establishment in the United States back in 2013. Shipra & Krish, the visionary founders of Do Amore, have presented a compelling offer, seeking a $600,000 investment in exchange for a 7% stake in their esteemed company during their Shark Tank pitch.
This distinguished company takes a direct-to-consumer approach, streamlining the distribution of socially responsible goods, engagement rings, and wedding bands. By doing so, they successfully reduce costs, making their exquisite rings more accessible and affordable to a wider audience.
The jewelry industry is an expansive market with numerous players vying for attention. To grasp the magnitude of this industry’s value, we can refer to its market worth in 2020, which stood at a staggering USD 323.98 billion.
Given the ever-growing fondness people have for jewelry, it comes as no surprise that this industry is experiencing rapid expansion. The increasing demand for jewelry correlates directly with its flourishing growth trajectory.
Similar to other environmentally conscious brands such as Vrai, Brilliant Earth, and Clean Origin, Do Amore Jewelry prioritizes minimizing carbon emissions in their production processes. They achieve this by utilizing lab-grown stones and recycling old gold and platinum rings.
The extensive range of ring styles offered by Do Amore Jewelry encompasses various categories, including solitaire, side stones, halo rings, vintage-inspired designs, as well as options for both women and men.
Among their most sought-after ring styles are Callan, Ashu, Charu, Abila, Lalana, Bekah, Luna, Diana, Unity, and Infinity, each boasting its own unique allure.
Advantages of Do Amore:
- Infuses deeper meaning into the tradition of engagement;
- Offers the opportunity to track the progress of the funded projects associated with your ring;
- Provides a 30-day return policy for added convenience;
- Ensures conflict-free and ethically sourced natural diamonds;
- Includes complimentary resizing and cleaning services;
- Diversified product range to cater to individual customers’ preferences;
- Handcrafted within the United States, eliminating concerns about exploitative labor practices;
- Direct-to-consumer model for streamlined accessibility;
- Products crafted from recycled materials, promoting sustainability;
Drawbacks of Do Amore:
- Relatively higher pricing compared to other jewelry brands;
- Additional shipping costs to be considered;
About Founders Of Do Amore
Established in 2013 in Houston, Texas, Do Amore Jewelry is a startup that specializes in the creation of ethically-sourced and meticulously handcrafted engagement and wedding rings. With a strong commitment to sustainability, this brand manufactures its products in the United States using recycled precious metals.
Do Amore Jewelry goes the extra mile to ensure that their diamonds and gemstones are conflict-free, aligning with their core values of promoting love. In fact, the name “Do Amore” itself carries a beautiful meaning, translating to “I give with love” in Latin [2].
Do Amore, a startup based in Houston, Texas, originated from the visionary mind of Krish Himmatramka, an Indian entrepreneur residing in the United States.
Krish’s journey with Do Amore began when he embarked on a quest to find the perfect engagement ring for his girlfriend. In the process, he became acutely aware of the ethical concerns plaguing the jewelry industry. Armed with this newfound knowledge, Krish took matters into his own hands and crafted a one-of-a-kind ring for his beloved, utilizing recycled gold and diamonds.
Motivated to address the prevalent issues within the industry, Krish established the Do Amore startup in 2013. His venture aimed to provide a solution by offering ethically sourced and environmentally friendly jewelry options.
Prior to his entrepreneurial endeavors, Krish pursued a Bachelor of Science degree in Mechanical Engineering from the University of Texas at Austin [3]. He honed his skills and knowledge by working as an engineer at renowned companies such as Procter & Gamble, BP, and Shell for several years. Building upon his experiences, Krish had previously launched another startup called The Great Canvas in 2012. Although the venture ultimately closed its doors in 2014, it played a valuable role in shaping Krish’s entrepreneurial path.
In the early stages of its establishment, this jewelry startup achieved an impressive revenue of $2.2 million. Following this achievement, the company embarked on a commendable mission to deliver clean and uncontaminated water to over a thousand individuals residing in Ethiopia, Bangladesh, India, and Nepal.
Expressing his unwavering determination, the founder of the company stated, “My objective was straightforward: to make clean water accessible to numerous individuals in dire need”. With this vision in mind, the founder and his team tirelessly worked towards fulfilling their goal of providing clean water to communities in need.
Notably, Shipra, the spouse of Himmatram, actively participated in this philanthropic endeavor, further enhancing the impact of their collective efforts. Their remarkable work caught the attention of Forbes in 2017, which extensively covered their inspiring journey and initiatives.
The Pitch Of Do Amore At Shark Tank
Krish Himmatramka delivered a captivating Shark Tank pitch, captivating the Sharks with his unwavering passion and dedication to social impact. He confidently sought a $600,000 investment in exchange for a 6% equity stake in his company.
The Sharks were genuinely moved by Himmatramka’s commitment to making a difference, although some had reservations from a business perspective. Mark Cuban, for instance, acknowledged the merits of the venture but ultimately opted out, citing concerns about potential competition. Barbara Corcoran and Daniel Lubitzky also bowed out due to their limited expertise in the market. Lori Greiner, too, chose not to extend an offer.
In a surprising turn of events, Himmatramka countered with his own terms, proposing $600,000 for a 10% stake in the company. O’Leary swiftly declined the counteroffer. Daniel Lubitzky, visibly impressed by Himmatramka’s vision, reentered the fray with an offer of $600,000 for a 15% equity share.
Himmatramka, after some contemplation, countered again, suggesting a 12% equity share for the same investment amount. It was at this point that O’Leary opted out, leaving Lubitzky as Himmatramka’s sole option. Despite initial indecision, Himmatramka eventually accepted Lubitzky’s offer, sealing the deal [4].
Do Amore After The Shark Tank
Do Amore experienced a highly successful launch, and their commitment to ethical business practices quickly earned them the well-deserved recognition they sought. Krish takes great pride in ensuring that each jewelry piece is meticulously handcrafted within the United States. Moreover, even their ring boxes are thoughtfully made from Jarrah wood, known for its eco-friendly properties, cementing their dedication to sustainable choices.
As time progressed, the company expanded its offerings, boasting an extensive catalog that encompasses a wide array of engagement rings, women’s and men’s bands, and jewelry featuring ethically sourced sapphires and moissanite.
What sets Do Amore apart is their profound commitment to giving back. For every ring sold, a portion of the profits is donated towards facilitating access to clean water in developing nations. Customers can actively participate in this noble cause by utilizing the unique tracking feature on the official Do Amore website. This feature enables them to trace the impact their purchase has made and witness firsthand how their contribution is transforming lives.
Do Amore’s exclusive line of jewelry is solely available through their website, providing customers with a vast collection of designs to choose from. While the pricing varies depending on the materials and gemstones used, the range typically falls between $450 and $2000 [5].
The ethical business practices embraced by Do Amore bring a breath of fresh air to an industry that often falls short in sustainability and social responsibility. Their commitment to making a positive impact is truly commendable, and it is our sincere hope that their journey continues to be one of enduring success.
Who Is Do Amore Suitable For?
Initially, Do Amore primarily targeted soon-to-be married couples as their main audience. From the onset, Himmatramka emphasized how the company’s mission transformed the act of giving rings into a more meaningful experience, as highlighted in his Shark Tank pitch.
However, a visit to the Do Amore website reveals an expanded range of products now available. In addition to engagement rings, the business has diversified its offerings to include earrings, bracelets, and various other types of jewelry. As a result, the target audience has broadened to encompass not only individuals seeking engagement rings but also those with a general interest in jewelry.
The Net Worth Of Do Amore
In terms of its financial performance, Do Amore achieved impressive revenue figures in recent years. In 2020, the company generated $8.3 million in sales, and it projected even higher sales of $11.5 million for 2021. By June 2021, the company had already reached $5.2 million in sales for the year, showcasing its continued growth and success.
In terms of personal earnings, Krish Himmatramka, the founder of Do Amore, earned just under $100,000 in 2020. However, his earnings soared to an impressive $460,000 by June 2021, demonstrating his entrepreneurial prowess and the company’s profitability.
According to reports, prior to its appearance on Shark Tank, Do Amore had a business valuation of $10 million, indicating its substantial worth. As of 2022, the company’s net worth has surpassed $4 million, further solidifying its position in the market [6].
Moreover, Krish Himmatramka’s personal net worth has reached an impressive $10.8 million as of 2022, underscoring his success as a business leader and entrepreneur.
These financial achievements and net worth figures are a testament to Do Amore’s growth and positive trajectory in the industry. The brand’s commitment to ethical practices, quality craftsmanship, and social impact has resonated with customers, contributing to its overall success and financial prosperity. As Do Amore continues to flourish, it remains dedicated to its mission of providing ethically sourced jewelry while making a positive difference in the world.
Alternatives To Do Amore
If you’re in the market for ethically sourced jewelry and are exploring alternatives to Do Amore, you’ll be pleased to know that there are several other reputable brands that share similar values.
Here are a few noteworthy alternatives worth considering:
- Vrai: Vrai is a luxury jewelry brand that specializes in sustainable, lab-grown diamonds. They offer a stunning collection of engagement rings, wedding bands, and fine jewelry, all crafted with the highest ethical standards. Their commitment to transparency and eco-conscious practices has earned them a loyal following;
- Brilliant Earth: Renowned for their ethically sourced and environmentally friendly diamonds, Brilliant Earth offers a wide range of engagement rings, wedding bands, and fine jewelry. They are committed to promoting responsible mining practices and have partnered with communities to develop sustainable sources of precious metals and gemstones;
- MiaDonna: MiaDonna is a socially responsible jewelry brand that focuses on lab-grown diamonds and recycled metals. They offer a diverse selection of engagement rings and wedding bands, each meticulously handcrafted to perfection. MiaDonna is known for their dedication to eradicating the diamond trade’s negative environmental and social impacts;
- Clean Origin: Clean Origin specializes in lab-grown diamonds, providing customers with stunning and sustainable alternatives to mined diamonds. Their collection includes engagement rings, wedding bands, and fine jewelry, all created with a commitment to ethical practices. Clean Origin’s diamonds are not only eco-friendly but also free from the environmental and social issues associated with traditional diamond mining;
- Bario Neal: Bario Neal is a conscious jewelry brand that focuses on ethical sourcing and sustainable practices. They offer a unique selection of engagement rings, wedding bands, and custom-designed jewelry. Bario Neal places a strong emphasis on fair trade gemstones and recycled precious metals, ensuring that every piece is ethically made;
FAQ:
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Did the Sharks invest in Do Amore?
Yes, the Sharks did invest in Do Amore. Daniel Lubetzky, the founder of KIND Snacks, made a deal with Do Amore during their appearance on Shark Tank.
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What is the net worth of Do Amore?
As of the available information, the net worth of Do Amore is estimated to be over $4 million in 2022.
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Which shark makes a deal with Do Amore?
Daniel Lubetzky is the Shark who made a deal with Do Amore.
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Which shark is the most successful investor?
Determining the most successful investor on Shark Tank is subjective, as each Shark has had different levels of success and made profitable investments in their respective industries. However, some notable Sharks who have had substantial success include Mark Cuban, Lori Greiner, and Kevin O’Leary.
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What is the biggest Shark Tank investment?
The biggest Shark Tank investment to date is the $12 million investment made by Robert Herjavec and Lori Greiner in a company called LuminAID.
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Who owns Do Amore?
Do Amore is owned by Krish Himmatramka and his wife, Shipra Himmatramka.
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Which shark invested in Scrub Daddy?
Lori Greiner is the Shark who invested in Scrub Daddy, a company that produces innovative cleaning products [7].
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Have all 5 sharks ever invested in one product?
No, it is rare for all five Sharks to invest in a single product. Each Shark evaluates the opportunities based on their individual expertise, interests, and the potential for a successful return on their investment.
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Are Shark Tank deals real?
Yes, Shark Tank deals are real. Once an entrepreneur and a Shark come to an agreement on the show, they enter into a legally binding contract that outlines the terms of the deal.
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Who turned down $30 million on Shark Tank?
In one notable instance, Mark Cuban turned down a $30 million offer for his company, Ten Thirty One Productions, on Shark Tank [8].
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Who made the most money in Shark Tank?
While specific financial details are not publicly disclosed, several Sharks have made substantial profits through their investments in Shark Tank. Mark Cuban, with his diverse investment portfolio, is often considered one of the most successful Sharks on the show.
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Do Shark Tank investors get paid?
Shark Tank investors, or Sharks, do not receive a salary for their participation in the show. Instead, they invest their own money into the businesses they choose to support, with the potential for a return on their investment.
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How much does a Shark Tank cost?
The cost of appearing on Shark Tank varies. Entrepreneurs typically give up a percentage of equity or agree to a royalty deal with the Sharks, depending on the negotiated terms.
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Who is the smartest entrepreneur in Shark Tank?
Determining the smartest entrepreneur on Shark Tank is subjective and depends on various factors. Each entrepreneur brings unique qualities, skills, and business acumen to the table, which contributes to their success on the show.
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How did Lori Greiner get rich?
Lori Greiner gained wealth through her successful career as an entrepreneur and inventor. She has developed and marketed numerous innovative products, holds over 120 patents, and has appeared on QVC with her own show, “Clever & Unique Creations by Lori Greiner”.
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What successful companies failed Shark Tank?
While some successful companies on Shark Tank have gone on to achieve great success, there have also been cases where businesses that appeared promising on the show did not ultimately succeed. Examples of such companies include Copa Di Vino and Ionic Ear.
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Is Do Amore still operating in 2023?
Certainly, Do Amore is still actively operating in the market. Founded by Krish Himmatramka in 2013, the company remains committed to its core mission of offering engagement rings crafted from ethically sourced materials and supporting the construction of wells to provide clean water to communities in need.
Over the years, Do Amore has diversified its product range to encompass an array of options, including earrings, necklaces, milestone jewelry, and lab-grown diamonds. All of these items are meticulously crafted from sustainable materials and recycled precious metals, reinforcing the company’s dedication to environmentally conscious practices.
Despite facing rejection from Mark Cuban on Shark Tank, who expressed concerns about potential competition, Do Amore has managed to thrive as a sustainable and competitive enterprise.
Customers interested in purchasing Do Amore jewelry can conveniently browse and make their selections on the official website, with prices ranging from $250 to $50,000 to accommodate various budgets.
As of June 2023, Do Amore remains a flourishing business, offering a diverse range of ethically sourced jewelry made from recycled materials. Concurrently, the company remains steadfast in its commitment to improving access to clean water through the construction of wells for communities in need.
Useful Video: Shark Tank US | Will The Sharks Accept Do Amore’s Proposal?
References:
- https://allsharktankproducts.com/show-all/
- https://www.doamore.com/the-only-shark-tank-engagement-and-wedding-ring-company/
- https://sharktanktalks.com/do-amore-shark-tank-update/
- https://biznewske.com/do-amore-shark-tank-net-worth/
- https://sharktankrecap.com/shark-tank-do-amore-update-season-13/
- https://www.sharktankblog.com/business/do-amore/
- https://www.sharktanksuccess.com/do-amore-shark-tank-review/
- https://thecinemaholic.com/do-amore-shark-tank-update-where-is-do-amore-now/
