“Not your gal”— When Barbara rejected Do Amore in Shark Tank

Do Amore founder Krish Himmatramka entered Shark Tank season 13 episode 20 seeking $600,000 for 6% equity. After presenting his ethical engagement ring company's $8.3 million sales figures from 2020, Shark Barbara Corcoran responded with an unexpected personal story. She stated:

"I think it's amazing what you've built. You built it with nothing but great salesmanship and marketing...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. I really wish you the best of luck but I'm out."

The pitch then moved to other Sharks, leading to multiple offers and negotiations. In the end, Shark Tank guest investor Daniel Lubetzky made an offer which was accepted.

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Shark Tank saw Barbara turn down Do Amore for practical choices

Himmatramka launched Do Amore in 2014 with a personal investment of $18,000. The company built its foundation on strict diamond sourcing rules, working with mines in Canada, Botswana, Namibia, and South Africa. Their tracking system allowed customers to see the impact of each purchase on water well construction in communities without clean water access.

The Shark Tank company's financial growth showed strong market acceptance. Additionally, their $10 million valuation reflected solid business metrics, including a 41% gross margin that surpassed standard rates in online jewelry sales. Do Amore expanded beyond engagement rings to offer wedding bands and other jewelry pieces.

Their commitment to ethical practices extended to rapid market responses. When global conflicts arose (Russia invading Ukraine), the company immediately halted specific diamond sources to maintain their standards. The production process used recycled precious metals for ring settings, creating a complete sustainable manufacturing cycle.

During the pitch, Barbara shared specific memories about both of her marriages. For her first engagement, she requested skiing equipment instead of a diamond ring. The second time around, she chose a Volkswagen Bug automobile. Her decision stemmed from practical preferences rather than traditional jewelry customs.

Barbara's direct words to Himmatramka revealed her position. The Shark Tank investor explained her lack of experience with fine jewelry purchases, mentioning she never owned any engagement or wedding rings. This personal history led to her stepping away from the investment opportunity, though she expressed admiration for the company's achievements.

The negotiations took multiple turns after Barbara's exit. Daniel Lubetzky initially stepped away from the deal, stating jewelry wasn't his expertise. Kevin O'Leary structured a detailed offer at $600,000 for 6% equity with an added $100 royalty per transaction until reaching $1.8 million. He mentioned integrating Do Amore into his wedding business platform.

Mark Cuban praised the company's execution but raised concerns about market competition. He pointed out that other companies could adopt similar ethical practices. Lori Greiner examined a 2.5-carat lab-created sample ring valued at $10,800. She opted to sit out of the deal and complimented Kevin's offer terms, stating she wouldn't propose better conditions.

Daniel Lubetzky returned to negotiations with a revised offer at $600,000 for 15% equity. This move shifted the dynamics in the room, leading Kevin to withdraw his proposal. The founder attempted to negotiate down to 12% equity, but Daniel maintained his position. Eventually, the founder accepted the deal after Daniel committed 3% of his share to Krish's water cause.

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Deal outcome

Their website experienced technical difficulties from high traffic volumes following the episode broadcast, per Shark Tank Blog. Sales figures showed sustained growth, reaching $11 million in 2021 and climbing to $12 million by 2022.

The deal with Daniel Lubetzky underwent changes after filming. By August 2023, reports confirmed the agreement didn't move forward. Despite this, Do Amore expanded their product range to include necklaces, earrings, and milestone jewelry pieces.

The Shark Tank company's social impact grew alongside their business success. Their well-building initiative reached 16,000 people across multiple countries by providing clean water access. By July 2024, Do Amore had completed 63 water well projects in 12 countries. The company maintained their commitment to donating 20.5% of net profits toward these water projects, with lifetime revenue passing $30 million.

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Shark Tank season 16 episode 9 will air on January 24, 2025.