There is almost a wistful nostalgia for the “mom and pop” stores that are slowly disappearing across the retail landscape. But for some jewelers, the core values behind the success of those shops are still very much alive.
“It has nothing to do with the level of jewelry,” explains Rob Samuels, president of Provident Jewelry, which specializes in estate pieces, watches and fine jewelry that can sell for up to seven figures. “To me, mom-and-pop is a feeling of care and a standard of exceptional service. And it’s what guides us in all our stores.”
Old favorites
Samuels’s father, Art, opened the first Provident Jewelry branch in 1993 in West Palm Beach. Since then, the company has added six stores in affluent areas along Florida’s east and west coasts: in Jupiter, Fort Myers, Palm Beach and Wellington, as well as two in Naples. With the exception of the 800-square-foot Palm Beach boutique, the stores range in size from 4,000 to 5,000 square feet.
“Estate is part of our DNA” and remains strong in all seven locations, according to Samuels. “When we opened in 1993, we only sold estate jewelry. South Florida is a treasure trove of unique estate jewelry and customers who seek to buy and sell it.”
Estate was also the only category sold in the initial Naples store, which represented the chain’s first market expansion. However, it changed its business model with the opening of the Jupiter branch.
“Jupiter was a much larger store, and we added fine branded watch and jewelry lines to the mix,” Samuels explains.
“My premise,” he adds, “was that if I got more men into my shop buying watches, my jewelry sales would increase as well. And that has turned out to be true.”
Provident Jewelry is an authorized dealer for select prestige watch brands, including Breitling, Chopard, Cartier and Chanel. And while Provident carries Ippolita, Roberto Coin and Gucci, Samuels says it’s the estate segment that dominates jewelry sales. The majority of diamonds — over 90% — come through its estate jewelry, he adds.
Brand selection varies by store. Samuels admits it would be “a little boring” for customers to walk into each store and see the same collections.
Limited editions
As a watch aficionado who owns about 25 timepieces, Samuels admits to “loving” the word “bespoke.” For him, “rarity and uniqueness are driving our business even in a world that has a lot of watch and jewelry brands. Among renowned brands, my best sellers are their limited editions. Our customers want and can afford something that they don’t see on everyone else’s wrist or neck.”
And, he adds, “if I were a woman, I would want to wear something unique.”
Samuels does not rule out taking his successful formula beyond Florida. “In business, you always have to keep your eyes open for the trends in the industry and changes in the market,” he observes.
“But we are a relatively young company,” he notes. “Our aspirations are to investigate other markets as long as we are all having fun.”
Image: Provident JewelryArticle from the Rapaport Magazine - July 2019. To subscribe click here.