FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
IndependentsAug 09, 2016
About Retail: Dealing in antique jewelry
Owners of an antique and estate jewelry business discuss the ups and downs of dealing in objects from the past and how they’re positioning the store for the future.
And for a family-run store, that new perspective often enters the picture when the next generation is ready to take the helm.
Jeff Josephson opened Raymond Lee Jewelers, which has its main showroom in Boca Raton, Fla., in 1983 after he moved his family from Scotland to the United States to start his own business. His son Lee has been working at the store full time for nearly a decade, starting right after he graduated from high school. His daughter Erin is also part of the family business, working as a buyer and helping handle the finances.
In Raymond Lee’s early days, the store put more of a focus on designer and branded jewelry, with less emphasis on the acquisition and sale of antique and estate jewelry.
“I didn’t like that model because it wasn’t exciting,” Lee Josephson told National Jeweler. “I saw a new way that I wanted the store to start moving toward.”
As he and his sister began to take more prominent roles at the store, they realized they wanted to change the way the store did business, and began making antique and estate jewelry a bigger part of what they offered. With the exception of some of the diamond engagement rings, most of the jeweler’s selections now fall into that category.
“It keeps it interesting, because you’re not seeing the same pieces over and over again, and you’re offering things that the other stores aren’t,” he says.
One of the obstacles Josephson sees when he’s selling antique or previously owned jewelry can be the disconnect that comes when trying to explain the value of a piece to a customer in order to justify the cost. Customers who don’t have as much knowledge about antiques do not always understand why the pieces are priced as they are.
“What I would consider value, they may not see that. So it becomes more about how much they love it and what it might mean to them more than anything else,” he says.
When asked about pieces that stick out in his mind, Josephson speaks of two
rare Patek Philippe watches that are currently in the store’s possession--a "Nautilus" 5719/1G, which the store is selling for $258,995, and a "Twenty-4" 4910/51g-001, listed at $124,995.
Both watches are 18-karat white gold and completely covered in diamonds, and both still have their original Patek Philippe box and papers.
“They may be considered gaudy by some people, but there are customers who like that kind of thing. And they’re rare, so I’m one of a few to have one of these for sale, which is so cool,” Josephson says.
In fact, for Raymond Lee Jewelers, the pricier pieces currently seem to be selling the best.
“We are finding that the more interesting the piece and the higher the price point, the better a seller it is. In this marketplace, people who have the money are willing to spend it as long as it’s a good value. I don’t buy pieces because they are cool or trendy at all. I want pieces that will give me a return on my investment,” he says. “By targeting higher-end, rare items you can cater to both retail clients who are coming into the store locally as well as other jewelry stores who may be looking for something specific.”
Opening the store up to buying and selling to other jewelers is another change the second generation of Josephsons made.
They do a fair amount of business this way, Lee Josephson says, with more and more businesses calling to locate something specific. Raymond Lee Jewelers generally sends from one to three packages on loan to other jewelers every day.
They also buy pieces from other stores looking to sell and will buy merchandise that is being liquidated as well as take back any pieces originally purchased from Raymond Lee for full price.
But even as they change to try to find a niche in the marketplace, Josephson says they still face increasing competition in antique and especially estate jewelry, noting that he’s seeing more and more retailers adding pre-owned selections to their inventory.
The company will continue to focus on the pieces with the best story and value to separate themselves from the pack.
“It’s a very complicated business because you really have to know what you’re doing or you could end up with a piece you’ve paid way too much for or that you won’t be able to sell again,” he says. “It’s definitely not easy. I feel like I work 24 hours a day. If you want to be somebody in this business, you have to put in the time.”
More on Independents
The Latest
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
Weekly QuizMay 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
TechnologyMay 29, 2025
GemFind Launches AI Product Description SoftwareGemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.
MajorsMay 28, 2025
Graff Unveils New Las Vegas FlagshipThe 3,300-square foot location is the jeweler's largest store in North America.
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist TrialAging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic WinThe WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.
MajorsMay 28, 2025
Andrew Rickard Named JBT PresidentA longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.
MajorsMay 27, 2025
MJSA to Become Part of Jewelers of America The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for AuctionThe platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.
AuctionsMay 27, 2025
182-Carat Paraíba-Type Tourmaline Sells for $487K Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored GemstonesGet a taste of the delicious candy-like gemstones in this Amanda’s Style File.
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ RingFrom Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.
GradingMay 23, 2025
GIA Updates Pearl Classification SystemThe lab has adjusted the scale it uses for nacre grading.
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the SpotlightSponsored by GCAL by Sarine
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO ShowDavid Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.
FinancialsMay 22, 2025
Watches of Switzerland’s Full-Year U.S. Sales Climb 14% The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce JudgesThe nonprofit elected five judges who will decide the winners of its design competition.
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s GuideThis year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ CollectionThe jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.
