RAPAPORT...The trademark on the company letterhead, “source of the unusual,” sums up the raison d’etre of J. & S.S. DeYoung, Inc. The multigenerational family-owned business can trace its roots back to Simon De Young, a diamond cutter who emigrated from Holland in 1835 to Boston, where he later worked with Henry Morse, a pioneer in American diamond cutting. By the third generation, the family business, under Jacob and S. Sydney De Young — the “J.” and“S.S.” of the company name — had evolved into acquiring not only diamonds but fine period jewelry and colored stones for resale to retail jewelers. Now owned by fifth-generation Janet Levy and her husband Alan, the company’s heritage of excellence is something that is taken very seriously.
“We’ve always been very proud not only of our heritage but also of the standards that we are known for in the industry,” says Janet. “My father [Joseph Samuel] was on the board of governors of the Gemological Institute of America [GIA] for ten years. His name is well-known in the industry as someone with integrity and that has been very important to us. We’ve always been a big supporter of the retail jeweler. We respect the relationship that jewelers have with their customers. Having the knowledge and the ability to buy and sell the finest-quality jewels is something that we take great pride in.”
Alan has his own family ties to De Young, having worked as a financial adviser in his father’s accounting company, which had done the books for De Young for many years. The couple, who have two children — a son, 21, and a daughter, 19 — are partners in the business, combining their separate areas of expertise to enrich the firm, which, although it maintains a small office in Boston, has its main headquarters in New York City.
“We both do buying and selling,” explains Janet, “but I have to say that my passion is buying and Alan’s strength is selling. We have a very international business and he’s been going to Asia for the past 20 years, many times a year, and has a lot of customers over there, and we also go to Europe. With him traveling more, I take on certain tasks here at the office. We kind of just mix it up and it seems to work.
“Alan has a great appreciation of jade, from being in the Far East so much, and he has a wonderful eye and knowledge of colored stones and colored diamonds. I love jewelry as a piece of jewelry. He can sit there and fall in love with the stone.”
PHILOSOPHY OF BUSINESS
“We used to joke that we’re the ‘unbrand,’” Janet says, but the philosophy behind the sentiment is serious. It’s the jewelry, she explains, that’s important. And although the company’s reputation for providing it is prized, the firm itself, she says, “likes to keep a low profile.”
What the company strives to provide, Janet goes on to say, is the service, “giving jewelers the knowledge and information and helping them. My husband and I both spend a lot of time explaining what the stones are, what the market is, why something is rare or desirable and the different gradations of pricing.”
FINDING INVENTORYThe company, through its network of stores, appraisers and private jewelers, manages to do most of its buying in the U.S., with some done overseas. “But a lot of the jewelry finds us,” Janet explains. And while they obviously have to remain competitive, she says, “We make it a point to give a fair price. If it’s a fabulous piece, we pay a fabulous price for it, because if we don’t have it, we can’t sell it. And it also creates a relationship. We’re not there just to make the one deal.”
Over the years, demand for certain periods has waxed and waned. “At one point, 20 years ago, the retro stuff was really hot and then it had a little quiet period, and now it seems to be gaining in popularity again,” Janet says. “We see 1950s jewelry coming into its own.Whereas 20 years ago, people were, ‘Oh, my mother’s brooch is so old-fashioned,’ now, suddenly, it doesn’t look so bad. It’s become really cool.”
Differences in demand also correspond to different geographical areas. “In Japan,” Janet points out, “they might like the most exquisite, finely wrought tiny jewels and then again, in Texas, they want that big, David Webb-looking, make-a-statement type of piece.” But, Janet goes on to say, “Sometimes, given all of those trends, I’m still surprised where a piece will sell. It’s all up to individual taste and you just never know.”
Another factor in today’s market mix, Janet cites, is that “the new wealth that’s been created in Russia and China is creating new demand for lots of things — not just diamonds but fine jewels, fine colored stones. And so there’s been real inflation in not just diamonds, but fine jewelry, in the past two years, where there really hadn’t been for a good 12 or 15 years prior to that.”
Edwardian to Art Deco earrings can be harder to find, Janet says. “Rings and earrings are the number one item that a woman enjoys wearing. Bracelets, too, are strong sellers, but there seem to be a fair amount of them. But earrings are really in short supply.”
FAMOUS ACQUISITIONSWhile Janet maintains that it’s finding pieces where the workmanship and quality shine through, not necessarily the biggest stones, that has served the company well, the firm has had its share of illustrious stones and jewelry with famous provenance.
“My great-uncle Sydney De Young bought historical pieces,” says Janet. “He had a wonderful eye and I think he really established De Young as a world-class source of fabulous gems. He also donated to the Smithsonian. While he was alive, he gave them a beautiful pink diamond from the Williamson mine in Tanzania and then, when he died, he bequeathed a red diamond, which weighs 5.01 carats, to their collection. It’s one of the most spectacular and rare diamonds in the world. He wanted it to be something that people could see and look at and appreciate.”
Janet and Alan Levy have also done their part for the Smithsonian, helping the museum acquire a world-class ruby. They arranged for the widower of a good customer to purchase and donate to the Smithsonian a 23-carat ruby — which the museum had admired but did not have the funds to buy. It was named the Carmen Lúcia Ruby in honor of the gentleman’s wife.
Other items that have passed through the firm over the years include an emerald brooch from Catherine the Great of Russia, pearls belonging to the Maharani of Baroda, a sapphire and diamond necklace owned by the Queen of Spain. And, Alan points out, “the Taylor-Burton diamond in 1979 — Uncle Sydney had a hand in that — and a plique-a-jour bracelet with five panels, a gift by Napoleon to Josephine, that was given to President Buchanan’s niece, who served as his first lady.”
Current inventory is just as interesting. Asked to cite a few pieces, Alan lists a 13.50-carat intense pink diamond, an 8.80-carat intense blue diamond, a Golconda emerald- cut diamond ring by Harry Winston, a platinum and ruby diamond bracelet signed by Cartier and a collection of brooches by Van Cleef & Arpels.
There have been historical pieces and then there have just been some wonderful pieces, Janet sums up. “Not everything was always owned by a famous person. You can go for months and months and nothing exciting happens; it’s just routine. And then, you open a box and these things happen!”
Article from the Rapaport Magazine - January 2008. To subscribe click here.