Do Amore Jewelry: What Happened To The Brand After Shark Tank?
Not every episode of ABC's hit entrepreneurial reality series "Shark Tank" can be described as a nail-biter. With 14 seasons and over 300 episodes under its belt, the show regularly showcases the gamut from total flops to high-stakes feeding frenzies and everything in between. When Krish Himmatramka approached the Sharks in Season 13, Episode 16, his $10 million valuation of his jewelry company, Do Amore, looked like just another case of an inflated ego.
What went down inside the Tank, however, managed to convince more than one of the Sharks that Himmatramka's business model selling sustainable engagement rings for a good cause was worth the sizable investment. In the end, guest Shark Daniel Lubetzky walked away with the deal. Has the company gone on to make millions in the years that followed? Or was it a case of an impulsive investment made in the heat of moment that didn't end up paying off?
Do Amore's Shark Tank pitch
Krish Himmatramka entered the tank asking for a $600,000 investment in return for 10% equity in Do Amore. After explaining the that the company's jewelry is constructed from recycled precious metals and ethically-sourced diamonds, he shared the story that fuels the company's mission. Himmatramka revealed that he had witnessed the death of a child due to contaminated drinking water when he lived in India. Every purchase of Do Amore jewelry helps provide safe drinking water to people in need. Customers are able to view photos and GPS coordinates of the specific water well they contributed to building. Although the company had already made millions, Daniel Lubetzky was the first Shark to drop out, citing a lack of industry experience.
Mark Cuban quickly followed due to concerns about future competition. "There's no barrier to entry to compete with you," he warned. Wedding industry mogul Kevin O'Leary offered Himmatramka what he was asking for with the addition of a $100/unit royalty that would continue until O'Leary had been repaid $1.8 million. Lori Greiner quickly encouraged Himmatramka to take the deal, then dropped out, along with Barbara Corcoran. The founder countered O'Leary's offer at $600,000 for 15% equity to which the Shark replied, "never." This triggered Lubetzky to reenter, offering to accept Himmatramka's counter-offer to O'Leary. Himmatramka attempted to talk Lubetzky down to $600,000 for 12%. Lubetzky refused, but offered to donate the 3% in question to Himmatramka's clean water cause and he accepted.
Do Amore after Shark Tank
When Do Amore appeared on "Shark Tank", the company had already made over $24 million in sales. With such impressive numbers, it seemed unlikely that the business would fail to flourish after the additional publicity associated with appearing on the show. As expected, the company received a huge influx of orders after the episode aired. In an in-depth blog post detailing his experience on and after the show, Krish Himmatramka shared that Do Amore's website received so much traffic after it appeared on ABC that it crashed, despite having secured a premium server.
After recovering from the technical setback, Do Amore went on to expand its sustainably sourced jewelry line to include staple jewelry like necklaces, earrings, and stackable fashion rings. About a year after the company was showcased on "Shark Tank," Daniel Lubetzky tweeted his continued support for Do Amore and announced a $10,000 donation to Charity: Water, indicating that his deal with Himmatramka had indeed closed.
Is Do Amore still in business?
Do Amore continues to offer sustainably-produced, ethically-sourced jewelry and to pursue its mission of expanding access to clean water across the world. According to the company's website, its donations — which reportedly account for 20-25% of its profits each year — have resulted in lifetime access to clean water for over 13,000 people across five nations. New products are frequently shared on Instagram, where the business has accrued over 32,000 followers.
Do Amore offers its customers free engraving and resizing along with a limited lifetime warranty on their purchase. The company's average rating on popular wedding planning sites like The Knot and Wedding Wire is a pristine five stars, suggesting that it places a high value on customer satisfaction. There seems to be no evidence to suggest that the jewelry company is struggling to stay afloat in any way. On the contrary, it seems clear that this was a case in which such a high business valuation was appropriate.
Outlook for Do Amore
The future continues to look bright for Krish Himmatramka and Do Amore. Himmatramka told The Ecom Show podcast host, Daniel Budai, that providing clean water is more than just a "marketing ploy" to him and that he plans to "make a massive difference" through the profits generated by Do Amore. While other jewelry companies offer similarly sourced materials, Do Amore appears to be the only one giving its customers a chance to provide a lifetime of safe, clean drinking water to people in need.
The continuing success of Do Amore serves as a sign of hope that consumers are becoming more aware of how they're impacting the world with their purchasing power. Not only are buyers of sustainable jewelry interested in knowing where the materials in the products are coming from and the conditions under which they were acquired; they're discovering how far their money can go in other areas of the world.