Key Takeaways
- TraxNYC's jewelry business success was unexpected, marked by viral moments and high-profile collaborations.
- A public confrontation with Akay Diamonds arose from an alleged fraudulent sale and subsequent physical altercation.
- TraxNYC emphasizes ethical business practices, learning from figures like Warren Buffett.
- His brand visibility was significantly boosted by online content and a role in the movie "Uncut Gems."
- The jewelry business, especially in the Diamond District, fundamentally relies on trust and astute negotiation.
- He advises consumers to verify sellers and test products to avoid scams.
- He is exploring investments in silver mining due to projected demand from electric vehicle battery technology.
- TraxNYC criticizes political figures and advocates for investing in precious metals for economic stability.
Deep Dive
- TraxNYC moved into the jewelry exchange in 2018, where the Akay family later became 50% partners, initially presenting themselves as renters.
- Initial interactions with George and Freddy Akay were marked by strange behavior and suspicion, including an incident where George grabbed TraxNYC's phone.
- Conflict escalated after the Akay family revealed ownership, leading to disputes over building management, security, and operational hours.
- On New Year's Eve, TraxNYC intervened in a fraudulent 9-karat gold sale by another jeweler impersonating his brand, making the customer whole with $22,000.
- On January 2nd, Freddy Akay allegedly spat on TraxNYC, and George Akay attempted to strangle him with his chain.
- TraxNYC's staff intervened, and his father allegedly kicked, with another individual throwing a scale at an employee's head.
- NYPD was present, and the Akay brothers faced assault charges, which TraxNYC considers insufficient, as assault requires visible markings.
- TraxNYC started his jewelry business at age 18 by selling items on eBay without prior employment.
- He learned business principles from Warren Buffett, specifically cutting unprofitable products and raising prices on key items to ensure profitability.
- He attributes his early emotional business decisions to his immigrant background from Azerbaijan, contrasting with his current profit-focused approach.
- TraxNYC is seeking restitution via attorney Bradford Cohen, intending to distribute any funds to his family, staff, and people in New York.
- He criticizes the Akay brothers for alleged hypocrisy and a 'Middle Eastern mentality' which he believes contributes to regional issues.
- The guest described the district as primarily motivated by financial gain, leading to frequent conflicts over stolen items; he pays $60,000 monthly in rent for his space.
- TraxNYC considers MrBeast a significant and straightforward client, producing a $100,000 gold medal for one of his videos.
- He identifies rappers as the most challenging clients due to financial mismanagement, though he expresses admiration for artists like Kodak Black, Young MA, and Cardi B.
- UFC champion Jon Jones was noted for his punctuality and professionalism, contrasting with experiences like Kodak Black's delayed arrival and peculiar hotel room behavior.
- TraxNYC states that trust is the foundation of the jewelry business, especially in the Diamond District, contrasting with contract-heavy industries like Silicon Valley.
- He advises customers to deal with trustworthy people and test products, comparing it to buying luxury cars without inspecting the mechanics.
- For consumers, red flags include rudeness or inconsistencies, and he recommends getting items tested and ensuring a refund policy is in place.
- TraxNYC's natural demeanor and diamond district experience helped him perform in the movie "Uncut Gems" with Adam Sandler and the Safdie brothers.
- His role in the film and YouTube content significantly boosted his brand's attention, helping 'get the ball rolling' for his business.
- He discusses ongoing public feuds with the Akay brothers, stating he refused mediation attempts due to past grievances including physical assault.
- TraxNYC projects future revenue growth, aiming for a specific annual income, emphasizing the importance of profit margins.
- He noted that the luxury business benefits from price increases, making items more desirable; his most expensive item sold was a $600,000 diamond.
- The jewelry business is inventory-driven, with significant profit margins achieved by acquiring valuable watches from consumers at a discount after usage.
- TraxNYC creates viral videos, including one with 205 million views and 7 million likes, by capturing viewer attention from the first frame with unique concepts.
- He emphasizes that the jewelry business relies on customer clout, citing figures like the rapper Drake, rather than just creation skill.
- Donald Trump III purchased jewelry, accompanied by Secret Service, after FaceTiming TraxNYC to discuss a previous interaction with Donald Trump Sr. regarding the Maduro situation.
- TraxNYC is considering investing $500,000-$600,000 into either more jewelry or silver mining stocks, prompted by news of BMW electric vehicles using a kilogram of silver per battery.
- He advises that for those without expertise, buying gold jewelry is a safer investment due to its ease of resale and melting, recalling his early investment in gold at $350/oz.
- He emphasizes holding money in precious metals for average people given the current economic climate and critical views on political figures.