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Altier Jewelers
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Building on its history as the city’s first jeweler, Altier
Jewelers has been a local institution in Boca Raton, Florida, for 52 years.
Cutler Altier, third generation of the founding family and the current
president and chief executive officer (CEO), grew up in the area and stays
closely involved with its activities and citizenry — both locals and seasonal
visitors.
The company was founded in 1960 by Joseph and Marjorie
Altier. Their son William took over from them, and he was succeeded by his son,
Cutler. The upscale shop is known for two things: status watches and big diamond
jewelry. Altier is one of the few authorized Patek Philippe dealers in the
country, featuring the brand in a newly designed shop-in-shop concept, as well
as individual displays for big brands Omega and Piaget.
Diamonds and diamond jewelry make up a critical part of this
retailer’s business, and Altier says it’s not unusual to sell stones of 5
carats and above. “It used to be old money in this area,” Altier explains, “but
in recent years, there is lots of new money and the area has come alive again.”
The change has been brought about by young professionals, who have either moved
here permanently or have purchased second homes for seasonal use. The great
majority of these new residents come from the Northeast and Canada.
The store is a freestanding, 3,000-square-foot structure
located on the busy Federal Highway in the “downtown” East Boca area. It has
classic styling with a white-columned exterior lit in the evening by
pastel-colored lighting. The airy, Florida-style interior, with pale woods and
large windows allowing in natural light, is centered by a large, five-tiered
crystal chandelier. In 2011, the store underwent a redesign and opened just in
time for holiday sales, saving its “official” grand opening for February 2012.
The renovation doubled the selling space and includes a “jewelry bar,” where
clients can sip champagne or sparkling water while viewing custom designs.
DIAMONDS OF ALL COLORS
Diamond stock ranges from whites to yellows and the
occasional pinks. While Altier qualifies that he never rejects a stone because
of its clarity or color rating if it looks good and he thinks he can sell it,
he says for his 2-carat-and-above stock, he prefers E to I color and VS
clarity. For a large or well-cut stone, quality can go to SI. The great
majority of diamonds have Gemological Institute of America (GIA) certificates.
Altier has an in-house jeweler and design studio creating
custom designs that run the gamut from simple solitaires and diamond line
bracelets to elaborate necklaces and cocktail rings. He also has a close
relationship with a number of diamond wholesalers and sightholders who might
make mountings for big stones and even finished pieces.
Big diamond jewelry is a strong category. “I’m working on a
13-carat stone right now,” Altier says. Another recent showstopper was a
28-carat diamond line bracelet made up of diamonds the retailer collected over
the years.
Because of its south Florida location, the retailer’s
business tends to have a strong seasonal pattern, but that, too, is changing.
“It used to be that our season began September 1 and went until the end of
April,” says Altier. “Now, it begins around December and goes until May or
mid-June.”
Diamond engagement rings contribute a substantial part to
the business. And here, too, the rule is center stones, usually in the
1-to-3-carat range. Sales are divided between the smaller sizes selected by
recent graduates of the region’s two colleges and a 4-to-5-carat range for the
second-home crowd.
The retailer actively buys estate jewelry, says Altier,
noting that in this high-income south Florida region, not far from mega-moneyed
towns like Palm Beach, it’s not unusual to have clients come in with “fabulous
stuff.” The estate part of the business is handled by Cutler’s brother,
William.
THE FISH STORY
Tournament fishing is a big recreational draw in this area
and Altier inherited a love of fishing from his father. It’s an expensive
hobby, he notes, and fuel costs can tally up to $800 to $2,000 for a single
day. Still, this outlet provides enjoyment for him and a boost for his business
at the same time.
Altier began by entering local tournaments and designing
such prizes as diamond-accented fish pendants for the winners. This
participation helped pick up a lot of new business, he says. Now, his involvement
with tournament fishing has entered a new phase. He leads a fishing team that
competes from the store’s own corporate boat and sponsors a number of big
tournaments in the region.
In addition to these outdoor activities, an active in-store
schedule keeps customers coming back. Included are jewelry trunk shows, watch
events with live auctions and raffles and charity fund-raisers that collect
substantial amounts of money for causes such as the American Heart Association
and the Boys & Girls Clubs of America. Once a year, the jeweler has a big
in-store party and invites vendors to participate and show their collections.
About 10 percent to 15 percent of the money raised at these events is given to
charity.
Proud of his third-generation status, Altier, the father of
three young children, says he hopes his kids will one day enter the family
business. “It’s important for the family name to live on,” he says, “and anyone
named Altier can have a place to work.”
Article from the Rapaport Magazine - April 2012. To subscribe click here.