MajorsMay 28, 2025
Graff Unveils New Las Vegas FlagshipThe 3,300-square foot location is the jeweler's largest store in North America.
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
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
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.
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.
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.
Weekly QuizMay 22, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
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.
ColumnistsMay 21, 2025
Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.
MajorsMay 21, 2025
Beyoncé Dons Brilliant Earth Necklace During Cowboy Carter TourThe bolo tie necklace is inspired by “Queen Bey” and set with a nearly 15-carat black diamond.
SourcingMay 21, 2025
Gem Legacy Expands Advisory CouncilThe nonprofit focused on mining communities in East Africa has added three new members to its advisory council.
MajorsMay 20, 2025
Annie Doresca to Lead DCA as New CEO, PresidentCurrent Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.
FinancialsMay 20, 2025
QVC Group to Voluntarily Delist from NasdaqThe company's Series A shares will continue to trade following a reverse stock split while its Series B shares will be delisted.
ColumnistsMay 20, 2025
Peter Smith: Leading Through ChangeCommunicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.
MajorsMay 20, 2025
Tanishq Opens Seventh U.S. StoreTanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.
FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.
