Shark Tank US | Will The Sharks Accept Do Amore's Proposal?

next up is a business that adds more meaning to one of the most meaningful purchases someone can make [Music] hi sharks my name is Krishna matramka and I'm from Houston Texas my company do Amore is improving one of the oldest traditions in the world sharks many of you have shopped for engagement or wedding rings before but looking back what do you remember about that ring maybe the story was from the carrot weight maybe how much you spent but what if your life-changing day could have changed another life forever that's exactly what do Amore does not only do we create some of the most sustainable rings in the world using recycled precious metals and ethically sourced stones but we take it one step further every dolomore ring gives a person in a developing country access to clean water this way a couple can change another life forever on their special day with each ring our customers are literally helping to solve one of the most pressing problems in the world today so how does it work sharks it's simple just visit our website and design the perfect ring for your loved one and when you're ready just check out and we'll begin making your ring right here in the USA and when you receive your ring you and your partner can see the specific impact that your ring made you can pull up a photo and the GPS coordinates of the actual water well you helped build along with information on the community that now has access to clean water clean water changes everything we've already built water projects in nine countries and the list keeps growing so sharks for six hundred thousand dollars in exchange for six percent of my company which one of you would like to be my partner and say yes to my proposal presentation thank you is this simply a situation where you take a percentage of your profits Target a community that needs fresh water and send the money there to do the work so the way it works is whether you're buying a 250 wedding band or a 25 000 engagement ring every ring is one person access to water over the last few years 20.5 percent of our net profits have gone towards it on average it's about fifty dollars per ring you're burdening your business with a 20 tax basically but there must be a reason you're doing that other than just the reason the reason is my story like when I was younger my family and I moved to India and we were walking to school one day and we saw a large crowd gather around a lady that was crying the little boy was laying in his mom's arms and he had died from the Bad Bunny or the bad water that he and his family had to drink every single day and this image has stayed in my head for a really long time later as an engineer I went to work in the middle of nowhere to help drill oil wells and very quickly I learned it takes weeks and weeks to get to oil but you hit water within minutes this bothered me because there are literally people and children dying from not having clean water when the clean water is a hundred yards beneath their feet around the same time I was shopping for engagement rings and I was really troubled at these symbols of love came with questions of Ethics so I thought when I proposed what if I could do it with a ring that didn't just not hurt the world but actually helped the world how do you Source the diamonds ethically so all of our natural diamonds we're only sourcing them if we're a hundred percent sure they're from an ethical mind and by that you mean that the labor is treated well that the conditions of mining are good correct or we do lab-created diamonds the lab created Market is booming even the Rings you're seeing they're made from recycled precious metal recycled gold recycled Platinum so how long ago was this when did you start the company so I left my job in 2013. I had saved up 18 000 I put every single dollar into starting the company 2014 was my first year working on this full-time yeah let's do it so last year we did 8.3 million dollars in sales this year we'll be doing 11 and a half million dollars in sales what did you make what did you make on the 8.3 what are you going to make this year on the 11th so we've already done 5.2 this year so far to date and we've netted 460 000 cash flow positive on the okay what about it did you make money on the 8.3 last year we do um it was a little bit less than a hundred thousand what do you charge for let's say a two carat Solitaire sure so yours is very close to two carat is about two and a half your engagement ring was ten thousand eight hundred dollars that is a ten thousand dollar Diamond that is a lab created dime every single ring here is lab created except for yours Mr Wonderful what's your average sale what's the amount our average order value is 3 900 okay so Barbara also has a beautiful lab created engagement ring yours are 3 400. and what did you give Lori 10 000. I'm not here to get in trouble but um well I'm out I'll tell you that buddy so our gross margins are 41 they are and yeah and 41 for an e-commerce jewelry company is definitely above average I think you're a very impressive business person and you're a person that from your heart is pursuing this but this is not my world okay congratulations thank you I'm a huge I'm a huge fan but can I tell you all how much can I get back to this for a second phrase I invested 18 000 in 2013 right that's every single dollar I had when I quit my job we have not raised a single dollar more so cumulatively we've done 26 million dollars 26 million plus in sales I always thought I would have to of course invest more money back in I'm literally standing here we've only invested 18 000 this is the first it's a fantastic I've ever pitched anyone it's no small feat to be able to go from eighteen thousand dollars to 11 million sales and nine percent margins you deserve a lot of credit thank you for that thank you you have a better Mission than 99.9 of them sure you've probably got better marketing than 99.9 of them but that's hard to sustain because anybody else can walk in the door and try to do the same thing there's no barriers to entry to compete with you and that makes it hard to invest in so for those reasons okay thank you I I don't think just anyone can add this to what they were doing they can I think it's amazing what you've built thank you with nothing but great salesmanship and marketing but when my first husband proposed to me I took a new pair of skis instead and it was a good decision when I proposed to my second husband I took a Volkswagen instead so I really wanted a Volkswagen bug so I've never had an engagement ring I've never had a marriage ring and I've never even ever bought anything real in the jewelry area so I'm certainly not your gal here right I really wish you the best of luck but I'm out listen let me let me give it to you straight I appreciate your enthusiasm and I believe you are a good entrepreneur okay thank you your valuation is insane here's my offer I'll take the six percent basically as a tip but I'm going to put a royalty on this deal a hundred bucks a transaction that royalty goes away after I get three times on it okay I'll give you the six hundred thousand I make three times that on a royalty of a hundred dollars a transaction and I put you into my network of La Moore and we try and sell more of this I actually Hey listen I think that deal makes a lot of suffer from him because he is in that business I think Kevin has given you an offer far better than I would so for those reasons thank you thank you Lori what do you want to do you only have one offer I'm trying to convince others to come back in I Have A Bird in Hand you have Kevin here and he is okay at the end of the day we came to make a deal but I don't think that we need help with the things that you're indicating we need help with more distribution we need help with the marketing part of changing what do you think I can do with all my companies what do you think I do I reduce their customer acquisition costs that's what shark Tank's all about that's why you have to pay more for a shark any shark but one that's in the wedding industry you have to pay even more for I know the space inside out I'm not cheap take the offer or not your decision would you do the six hundred thousand for 10 of the company no we're a revenue we're going to talk anymore never never I'll do it for 15 percent of course I've done so many deals in my life evaluation it's a discipline I have so you have a second offered for 15 In the Heat of the Moment you want to do it I'll help you with everything you said marketing wise that can help you with that don't do it 12 percent I promise you I will make Daniel I know all of you all work hard I know that you all work so hard for your money I promise you so hard to literally help solve the water you're gonna say no for three percent I miss you I promise you we're gonna keep growing I will change the world with you together in like I'm out yes I appreciate it now you can deal with things thank you thank you make it easy oh fifteen percent I'll donate the other three percent to your car I'll do 700 000. you hear what I said yeah 15 but that three percent equivalent that we're dividing I will donate it to the cause that we agree with that's really nice do we have a deal [Music] and you oh yes let's do it I am so excited you are such okay

Channel: Sony Pictures Television

Views: 672,063

Keywords: Sony, Sony Pictures Television, Shark Tank, Shark Tank US, Shark Tank USA, Shark Tank America, American Shark Tank, Shark Tank Pitches, Shark Tank bad pitches, Shark Tank Best Pitches, Shark Tank Covid, Shark Tank Season 12, Mark, Blake Mycoskie, Kevin, Lori, Daymond, mark shark tank, kevin shark tank, lori shark tank, daymond shark tank, mr wonderful

Id: dIOjQ5SlSiA

Length: 10min 23sec (623 seconds)

Published: Sat Apr 29 2023