The world of diamonds is sometimes less than ethical. Krish Himmatramka wants to change that. His company, Do Amore, sells ethically sourced engagement rings. Each purchase helps build a well to give clean water to communities in need, too. Will the sharks see the value behind the company during
Shark Tank Do Amore Update
- Entrepreneur: Krish Himmatramka
- Business: Sustainable, ethically-sourced engagement rings that provide clean water
- Ask: $600,000 for 6% equity
- Result: $600,000 for 15% equity
- Shark: Daniel Lubetzky
Krish Himmatramka’s company Do Amore has a complicated business design. His mission is two-fold — he provides ethically-sourced diamonds and uses recycled metals to make engagement rings. But that’s not all. Each ring builds a well to provide access to clean drinking water for communities in need.
The company was a success, too. They had a solid $8.3 million in sales during the previous year and were projected to do over $11 million during the year of filming.
Despite his good intentions, the sharks were skeptical. Guest shark Daniel Lubetzky was out first, as it’s not his world. Mark Cuban followed fairly quickly behind him. Barbara Corcoran, on the other hand, said that she wasn’t the right person for the job at all.
Kevin O’Leary thought the valuation was insane but made an offer anyway. He offered $600,000 for 6% equity and $100 per transaction until he recouped $1.8 million. Lori Greiner thought this deal was better than what she would offer, so she went out.
Daniel came back in at $600,000 for 15% equity. Krish countered for 12%, which caused Kevin to go out. Daniel was firm at 15% equity, and eventually, Krish accepted the deal.
As we were researching for our Do Amore update, we found that the company now offers earrings, necklaces, and milestone jewelry. These offerings also work towards to goal of providing clean drinking water all over the world. Every ring is still made from recycled metals and sustainable materials. Things are looking up for this company and its impact!
Before you go, check out our other company updates from Season 13 Episode 16:
If you want to know about the other companies featured in Season 13, check out the company updates on our Season 13 products page.