Building a Legacy That Shines: A Four-Generation Jewelry Business Shares the Keys to Success
According to the U.S. Small Business Administration, family-owned businesses are central to the U.S. economy, with over 27% of all companies classified as such in 2021. Additionally, recent data from Family Enterprise USA indicates that family businesses account for approximately 54% of U.S. gross domestic product and employ nearly 59% of the workforce. With more than 32 million family enterprises operating nationwide, many spanning multiple generations, these businesses remain vital to the economy and serve as trusted pillars for local communities. This holiday season, Diamond Wish is celebrating its enduring legacy by reflecting on the essential elements that have sustained its sparkle for four generations of business.
“Our lasting success comes from continuously aligning our principles with our commitment to customer satisfaction,” says Ujay Zaveri, President of Diamond Wish. “By embracing philanthropy and aligning our goals, we ensure that our business is enriched by diverse ideas and family values.”
As the holiday season approaches, the Zaveri family understands that maintaining a legacy that delights customers and ensures business quality demands ongoing commitment and adaptability. They have learned valuable lessons along the way, especially during this critical shopping period. According to the SC Johnson College of Business at Cornell, the average lifespan of a family-owned business is 24 years, with approximately 40% transitioning to the second generation, 13% becoming third-generation businesses, and only 3% surviving to the fourth generation.
Here are six timeless lessons on how to build a legacy in business while standing out, that every multi-generational business should keep in mind:
Share the Purpose, Not Just the Profit: Everyone must share a passion for what they do. Focus on the purpose behind the service or product, as meeting customers' needs will naturally lead to profits.
Respect Different Perspectives and Strengths: Each generation brings unique ideas and ways of doing things. Acknowledging that there's no single right approach allows for innovation and helps connect with diverse customer bases.
Get Everyone Involved: Inclusivity keeps the team motivated and engaged. Welcoming diverse ideas from younger generations fosters growth and investment in the process, ensuring everyone feels valued.
Continue to Grow While Honoring the Legacy: A business must grow or risk stagnation. Upholding the company’s heritage while remaining flexible enables adaptation to changing times.
Keep the Family Connection Strong: A thriving multi-generational business relies on strong familial bonds. Investing time in relationships outside of work strengthens the company’s foundation.
Make Philanthropy a Core Ethos: Giving back to the community is essential for building a legacy. Partnering with charities not only enhances the company’s reputation but also fosters goodwill and inspires employees. Integrating philanthropy into any business model demonstrates a commitment to social responsibility and contributes to lasting impact beyond profits.
“We have been successful because we keep these things in mind, and at the heart of our business is ensuring customer satisfaction,” said Nehal Zaveri, Vice President of Diamond Wish. "With over 40 years of industry experience, we’ve learned that the best gifts are those that hold true meaning. This holiday season, our family is here to help you find the perfect piece that not only embodies quality and craftsmanship but also tells a story of love and connection for generations to come.”
Diamond Wish stands ready to be a trusted destination for meaningful custom or ready-made gifting this holiday season. With new boutiques now open at 844 Avocado Ave in Newport Beach, CA and 73525 El Paseo #1500 in Palm Desert, CA the family-owned jewelry business invites you in for a holiday shopping experience that not only honors tradition but also ensures that your gifts are forever cherished. At Diamond Wish, customers can find the perfect piece one-of-a-kind piece to celebrate their loved ones, all backed by a free lifetime warranty that emphasizes the brand's commitment to quality and craftsmanship. Explore the collections online at https://www.diamondwish.com.
ABOUT DIAMOND WISH:
Diamond Wish is a fourth-generation, family-owned business dedicated to creating fine, handcrafted jewelry using ethically sourced, conflict-free diamonds. Headquartered in Los Angeles, their skilled gemologists and master jewelers carefully create each piece using natural and lab-grown diamonds, as well as precious gemstones. Diamond Wish offers comprehensive custom design services to help bring one-of-a-kind jewelry visions to life. With a strong commitment to customer satisfaction and trusted, high-quality craftsmanship, Diamond Wish invites you to experience their white-glove service in person and explore their collections online at https://www.diamondwish.com/. Visit their retail stores in Newport Beach and Palm Desert to experience the art of fine jewelry. Every diamond has a story, every sparkle has a wish.
Sources:
U.S. Small Business Administration. Characteristics of Family-Owned Businesses. April 2024.https://advocacy.sba.gov/wp-content/uploads/2024/04/Fact-Sheet-Characteristics-of-Family-Owned-Businesses.pdf
SC Johnson College of Business at Cornell. Family Business Facts.https://business.cornell.edu/centers/smith/resources/family-business-facts/
Family Enterprise USA. “2025 Annual Family Business Report.” https://familyenterpriseusa.com/feusa/2025-annual-family-business-report/