Moped U founders open Corridor Diamond and Gold

Three childhood friends with entrepreneurial ambitions - and a desire to help their community - have opened their second Eastern Iowa business.

Tommy Le and Josh Bass have known each other since kindergarten. Bryan Ilg was their high school classmate at Cedar Rapids Prairie, and all three were college roommates at the University of Iowa.

The longtime friends opened their first business, Moped U, in Iowa City in late 2010, right around the time they graduated from college. Moped U rents, sells, services and stores mopeds and scooters.

In May, they opened Corridor Diamond and Gold. The new Coralville business sells engagement rings and other fine jewelry. It also buys jewelry, coins and precious metals.

While jewelry may seem like a big departure from mopeds, Le said both businesses are based around a common goal to help people with specific problems they may have.

'On the scooter side, we started the business because of transportation and parking problems in Iowa City,” Le said. 'We saw that getting more scooters on the street could help fix that problem.”

On the jewelry side, the problem they saw was a lack of affordable options in the area for buying fine jewelry.

'We understand how overpriced jewelry is,” Le said. 'There is too big of gap between what people pay for jewelry and what it's worth. We are trying to bridge that gap. We can be the local discount place.”

Le said Corridor Diamond and Gold is able to offer its customers significant savings on jewelry by maintaining low inventory and low overhead. If the store does not carry what a customer is looking for, the store works with a large network of vendors and wholesalers to find the right setting and stone at the best prices. The store's jeweler then builds the piece.

'That's the fun part,” Le said. 'We help people save money at a special moment in their lives, and those savings go a long way for them.”

He said another way the new business helps is by offering a jewelry purchasing service for people who need cash or just want to get rid of items that no longer have value to them.

While the jewelry business may be new to Le and his partners, he said they were not intimidated entering a new industry.

'We had no knowledge of mopeds or the industry when we started Moped U,” he said. 'We tackled that, and we are confident we can learn a new industry.”

While the three partners are focusing on their existing businesses for the time being, Le does not rule out the possibility that they may pursue yet another venture someday.

'We see and talk about different business opportunities all the time,” he said. 'That's just our mind-set.”

' Know a company or manager who has been in business for less than a year that would be ideal for 'Ground Floor”? Contact Francie Williamson at francie.williamson@thegazette.com

At a Glance

' Owners: Tommy Le, Josh Bass, and Bryan Ilg

' Business: Corridor Diamond and Gold

' Address: 1801 2nd Street, Suite 170, Coralville

' Phone: (319) 359-1179

' Website: www.corridordiamond.com