The Future Is Now: “AI To Help You Buy An Engagement Ring” with Michael Pollak of Hyde Park Jewelers

We have disrupted an underwhelming, legacy business model with AI, Machine Learning, and Computer Visioning to reset the consumer experience and facilitate more personalized choices, dynamic pricing and customization. It is designed to help people navigate their purchase journey with data based insights and personalization that has never before been available under one cohesive platform.

As a part of our series about cutting edge technological breakthroughs, I had the pleasure of interviewing Engage Founder, Michael Pollak, Chairman of Hyde Park Jewelers.

ENGAGE App Founder + CEO, Michael Pollak, has served as the Founder and Chairman of Hyde Park for the last several decades, with over 44 years in the jewelry business.

Michael started his career by selling turquoise and Indian Jewelry after class on the lawn of Denver University in 1973, where he graduated with a BSBA. Michael has spent extensive time in New York, Geneva, Vicenza, Tel Aviv and Hong Kong cultivating his skills, knowledge and expertise in the field of gemology, fine jewelry and Swiss timepieces.

With over 44 years in retail management, developing 10 regional, luxury jewelry and watch stores, Michael Pollak became Chief Executive Officer of Hyde Park Jewelers in 2007. Michael has received numerous industry awards including an induction into the National Jeweler Retailer Hall of Fame 2008, Ernst & Young, Entrepreneur of the Year in 1999. Michael has served on the Board of Directors for Diamond Empowerment Fund, Jewelers of America, Natural Color Diamond Association, Denver Health Foundation Board Chairman, and the Mizel Institute. Michael has also served in the past as a board member of the Anti-Defamation League, Co-Trustee of YouthBiz, and President of Luxury Jewelers Resource Group.

Michael founded Diamonds in the Rough, a non-profit organization to support the efforts of youth based non-profits and local charities in their quest to reach their goals. The Diamonds in the Rough Foundation has raised close to $4 million for more than 50 charitable organizations. In 2016, Michael and his wife of 38 years, Shereen, were honored by the Anti-Defamation League Mountain States Regional Office at their 75th Anniversary Gala with the Community Impact Award. In 2017 Michael was honored by the Women’s Jewelry Association receiving the Ben Kaiser Award. Michael received the 2018 Wellington E. Webb Award for his Outstanding Achievement in Healthcare Philanthropy.

Michael has transitioned to a strategic advisor as Chairman with Hyde Park as the award-winning company by focusing on quality, value, selection and customer service. Michael has been essential in driving the expansion of Hyde Park into targeted markets by creating the presence of a full-service luxury jeweler, offering exclusive designers and timepieces. He has focused most of his resources on a combination of business strategy and vision, philanthropy and the omni-channel future of a disrupted retail marketplace. His greatest passion is his family and the heritage of the Jewish people.

Engage is Michael’s latest endeavor, officially launching for August 2020. The AI technology based App is sure to revolutionize the jewelry market, namely the engagement ring buying process. The innovation provided by the App changes the entire experience of ring shopping, bringing the experience to you.

Thank you so much for doing this with us! Can you tell us a story about what brought you to this specific career path?

It was 1973 and I was a student at the University of Denver. I was presented with an opportunity to get into the Turquoise and American Indian Jewelry business. I started from the ground up, literally! My first retailing venue was the main lawn outside of the largest classroom building.

Can you share the most interesting story that happened to you since you began your career?

I don’t know precisely why but a story from 35 year ago stands out the most. My Wife, Shereen was going into labor with our daughter Jennifer and about to give birth while across town at our first retail store we were being robbed. I guess in hindsight gave us a great perspective about work / life balance and reminded me to always put an emphasis on family first.

Can you tell us about the “Bleeding edge” technological breakthroughs that you are working on? How do you think that will help people?

We have disrupted an underwhelming, legacy business model with AI, Machine Learning, and Computer Visioning to reset the consumer experience and facilitate more personalized choices, dynamic pricing and customization. It is designed to help people navigate their purchase journey with data based insights and personalization that has never before been available under one cohesive platform.

How do you think this might change the world?

I believe that we have the ability to modernize the Engagement Ring buying experience by turning the process upside down and delivering fundamentally better outcomes along the consumer journey. One area that we have been largely focused on which has plagued our industry is the notion of sustainability. To achieve leadership in this category we have embraced Lab Grown diamond alternatives and built the subset into our platform.

Keeping “Black Mirror” in mind can you see any potential drawbacks about this technology that people should think more deeply about?

Quite the opposite! Our “Mirror” creates Transparency, Ethical Standards and Empowers the user in their quest to purchase the perfect ring.

Was there a “tipping point” that led you to this breakthrough? Can you tell us that story?

After 45 years in the industry, I became tired of the overt salesmanship fueled by half truths in the Diamond business. Consumers are making highly emotional decisions based on branding elements or where they thought they could find the best deal. I routinely experience first hand people getting hustled under the cloak of buying from a “wholesaler” only to be sold at a lousy quality and a mediocre price point.Today’s consumer have created online profiles which each tell a one of a kind story. Our technology recognizes the defining characteristics which make us all unique and presents options based on those preferences.

What do you need to lead this technology to widespread adoption?

We are taking advantage of modern communications channels and have a robust digital and PR push to spread awareness and educate consumers but nothing sells like word of mouth and our best marketing efforts always lead us to direct consumer referrals or testimonials.

What have you been doing to publicize this idea? Have you been using any innovative marketing strategies?

Engage is currently leaning into the at-home consumption trend and fully optimized for mobile on-the-go transactions. With the majority of bricks and mortar establishments on hold or facing limited operations its actually a very timely opportunity for us to communicate the platform and give consumers a new option in their consideration set.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

I must admit I’m a diehard listener of Scott Galloway, he’s an NYU professor who hosts a few podcasts and newsletters and just someone who I think really understands how technology has and will continue to disrupt and improve our modern lives. Additionally, I would be remiss not to mention Elon Musk. The way he has successfully challenged major industries from FinTech, Automotive, Solar and Space is beyond comparison and I really appreciate his devotion to human exploration and invention.

How have you used your success to bring goodness to the world?

I founded a charitable organization called The Diamond in the Rough Foundation that has raised and donated millions of dollars to organizations working in a variety of fields including children’s well-being and growth, health and human services, the environment and other civic organizations.

What are your “5 Things I Wish Someone Told Me Before I Started” and why. (Please share a story or example for each.)

I have three gems that would always want to pass on to future generations, the first and most importantly is to never compromise your integrity or ethics regardless of the situation, the second is to always stay ahead of the power curve and finally to preserve capital and ensure you’re always in the game no matter what.

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂

I am deeply devoted to an ancient biblical concept of Tikkun Olam, which calls on humanity to do their part to leave the world in a better place than the one they inherited. I think it has so many applications and is a guiding philosophy in both my work and my relationships.

Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?

Listen to others who have achieved success in their lives regardless of their personal endeavors, but above all believe in your intuition. You have to feel right in your gut and be willing to commit to the outcomes you’re seeking in order to achieve them.

Some very well known VCs read this column. If you had 60 seconds to make a pitch to a VC, what would you say? He or she might just see this if we tag them 🙂

Engage has reinvented the diamond engagement ring purchase experience for a modern consumer leveraging state of the art technology to redefine the entire sales process.

How can our readers follow you on social media?

@EngageJeweler


The Future Is Now: “AI To Help You Buy An Engagement Ring” with Michael Pollak of Hyde Park… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.

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