SourcingJul 15, 2026
1,305-Carat Diamond Recovered from Mine in BotswanaThe yet-to-be named stone is the 10th diamond weighing more than 1,000 carats to come out of Lucara’s Karowe mine.
IndependentsDec 18, 2018
Longtime Austin Retailer to Change Ownership
In January, jewelers Larry and Kat Stokes will take over Russell Korman Fine Jewelry.
Kat (left) and Larry Stokes (center) are the new owners of Korman, formerly Russell Korman Fine Jewelry in Austin, Texas. They’re pictured with founder Russell “Rusty” Korman (right).
Austin, Texas—Austin, Texas jewelry store Russell Korman Fine Jewelry is about to embark on a new chapter.
After 45 years in business, founder Russell “Rusty” Korman and his brother and sister-in-law, Hank and Monica Korman, will retire from the family business in January.
And though the business won’t remain in the family, it will continue to serve the Austin community under the ownership of Larry and Kat Stokes, who are renaming the business “Korman.”
“Most independent jewelers have gone by the wayside unless a family member will take it over,” Rusty Korman said. “Korman will be here for the next 30 years. I’m leaving my customers in good hands.”
Introduced to the Kormans by mutual friends, the Stokeses have a solid foundation in the jewelry industry.
Larry Stokes was born into it; his mother is the eponymous founder of Susan Robinson Fine Jewelry, located in Tyler, Texas.
Larry and Kat worked for the family business, deciding to steer what was once a gift and jewelry store exclusively into fine jewelry and Swiss timepieces. Larry has extensive Swiss timepiece training and regularly buys timepieces and jewelry on trips to Switzerland, Israel and Hong Kong.
At Korman, the Stokeses hope to expand the Rolex boutique’s selection of Swiss timepieces and broaden its stock of international fine jewelry designers.
“We love Austin and are excited to be a part of this amazing community,” Kat Stokes said. “We strive to offer classic jewelry pieces but with a bit of Austin flare. Our customers are well traveled, and they want to see and experience something different. The most rewarding part of what we do is getting to help celebrate life milestones with our clients. We hope to cater to all ages and offer the perfect token to commemorate any occasion.”
After deciding to sell the store, the Kormans and Stokeses spent two years getting to know each other and negotiating terms. The former owners are confident the Stokes family is the right fit to continue their legacy.
“As I got to know Larry and Kat, I just felt instinctively that they would continue to operate with the transparency and integrity that are so important to me and our customers,” Korman said.
He began his jewelry career selling beads near the University of Texas at Austin, eventually opening a bead store called Russell’s, which he sold to a friend in 1979. In 1983, he opened Russell Korman Fine Jewelry.
Austin-based
Editors' Picks
Sponsored by
investor G.H. “Kam” Kronenberg III, a mutual friend of the Kormans and Stokeses, is also an owner of the new Korman store.
“We will honor the Korman legacy by continuing to give back to the community,” Larry Stokes said. “We will also bring fresh energy and offer customers a new experience when they walk in the door.”
Korman will retain most of its long-time employees, the company said, and continue to be located at 5011 Burnet Road.
“We will honor the Korman legacy by continuing to give back to the community,” Larry Stokes said. “We will also bring fresh energy and offer customers a new experience when they walk in the door.”
Korman will retain most of its long-time employees, the company said, and continue to be located at 5011 Burnet Road.
More on Independents
The Latest
FinancialsJul 15, 2026
Watches of Switzerland’s US Sales Jump 18%, Declines to Comment on Sale Report The watch and jewelry retailer had a strong fiscal year despite what its CEO described as a “complex operating backdrop.”
Events & AwardsJul 15, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CollectionsJul 15, 2026
Pomellato’s New High Jewelry Is LiberatingBold color, expressive gem-setting, and sculptural form define the three chapters that make up “Stile Libero.”
Weekly QuizJul 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsJul 14, 2026
Sherry Smith: What Today’s Jewelry Consumer Is Telling Us Rising revenue does not automatically mean a healthy business, particularly in the current economic landscape, Smith writes.
TrendsJul 14, 2026
Amanda’s Style File: Shoulder Dusters These long, fluid drop earrings are sure to catch the eye.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CrimeJul 14, 2026
Man Charged in $1M Jewelry Store Heist Lands on FBI Most Wanted ListAlberto Perez-Elias is one of four men charged with robbing a Cape Coral, Florida, jewelry store and is the only one still at large.
Events & AwardsJul 14, 2026
Conference on Mining, Sustainability Kicks Off in NYCInitiatives in Art and Culture is hosting its 16th annual Gold and Diamond Conference, with the theme of “Resilience.”
Lab-GrownJul 13, 2026
Stephanie Gottlieb Changes Her Mind on Lab-Grown DiamondsThe designer, who once said she’d never sell lab-grown diamonds, debuted two capsule collections designed to be fun and easy to wear.
SourcingJul 13, 2026
De Beers Announces Potential Layoffs, 2-Year Production Pause at VenetiaThe diamond miner and marketer is undergoing another round of cost-cutting measures ahead of its sale by Anglo American.
Events & AwardsJul 13, 2026
Registration Opens for JIS Fall 2026 ShowThe annual trade-only buying event is slated for Oct. 16-19 in Miami Beach, Florida.
Events & AwardsJul 13, 2026
AGTA Accepting Entries for Spectrum 2026AGTA also has announced the lineup of judges for the colored gemstone cutting and jewelry design contest’s various categories.
TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
SourcingJul 10, 2026
CFO of De Beers’ Consumer-Facing Division Leaves Company Shaun Wills joined the company in 2024 and was chief financial officer of the De Beers Brands and Consumer Markets division.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
Events & AwardsJul 09, 2026
Halstead Names 2026 Grant WinnerEnoch Platero, founder and designer behind Enoch Michael, is the first Native American jeweler to win the award.
Events & AwardsJul 09, 2026
AGS, GIA Name 2026 Beatrice Shipley Scholarship WinnerAGS also announced the recipient of its “Women in Leadership” scholarship.
MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
SurveysJul 08, 2026
Signet Jewelers Falls 5 Spots on NRF’s ‘Top 100’ Retailers ListPlus, why retailers should be ready to adjust as the U.S. population may decline this year for the first time since the Great Depression.
CrimeJul 08, 2026
Here’s What Thieves Stole From the Lalique Museum René Lalique’s “Woman Dragonfly With Open Wings” pendant, the first piece the museum acquired, was one of the jewels taken.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
