All that glitters is gold: King Jewelers spent $1 million on a new store in Aventura, but will the move from Bay Harbor Islands bring in enough younger customers to justify risking its established client base?

South Florida CEO, Nov, 2004 by Scott Singer

Diamonds are forever, or so the slogan goes, but selling them requires painstaking persistence and a capacity to adapt. Just ask King Jewelers.

Starting off as a pawnshop in Salt Lake City in 1912, the company wound its way to Philadelphia before settling down to sell and manufacture jewelry in Miami Beach during the 1930s. In the 1980s, the company relocated to Bay Harbor Islands.

The changes continue today. Aiming to tap a younger, more affluent clientele, this July the King family moved their store from Bay Harbor Islands to a 4,000 square-foot store in Aventura. Maxine King, who runs the business with husband Scott and son David, says the new showroom is more than twice the size of the old one, and with hardwood displays and bright, metal chandeliers, it cost approximately $1 million to set up.

"It's definitely been worth the move to Aventura," Maxine King says. "The space is unbelievable and has allowed us to expand our [product] lines. That alone is a reason; it's been very busy."

King says her business is now heavily pitching brand names, in response to customer demand. "We took on Bulgari and Harry Winston when we came into the new location. We also now have Roger Dubuis watches." The new brands and products have a higher exclusivity and prestige factor, she adds. For example, watchmaker Roger Dubuis only manufactures 28 different timepieces worldwide, with every moving part bearing a hallmark stamp. Sport watches are priced at $12,000 and can cost upwards of $225,000 a piece. "We have carefully handpicked brands," she says.

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Customers are responding by buying. Since moving to Aventura four months ago, revenues have doubled over the same period the year prior. The privately held business will generate an estimated $20 million of revenues this year, says Scott King, and he projects revenue will increase 35 percent in 2005.

If nothing else, the move to Aventura puts King Jewelers in a more central location with better parking. "King needed higher traffic and visibility, and the Aventura market has been strong consumers of jewelry. They like to buy it, wear it and show it," says James S. Porte, president of the Weston-based industry group Jewelry Marketing Institute.

To keep her clients coming back, King spends considerable time searching for new trends. When she cannot find a certain style of jewelry to sell, "we can take any piece of jewelry and duplicate it for a fraction of the cost," she says. The company also creates its own jewelry, such as the Fancy Bones line of jewel-encrusted dog bone-shaped pieces. According to King, that line has been successful in terms of response. Celebrities such as former talk show host Sharon Osborne and actress Carmen Electra have both modeled the jewelry, and following features in the New York Daily News, People magazine, and on the "Entertainment Tonight" television show, orders have rolled in, though King will not release sales figures.

No question, the celebrity clientele adds a desirable glamour aspect to the business, says marketer Porte.

"King is being more aggressive and proactive with their marketing," he says. "They are a well-rounded and diversified business, with their work in estate buying, watches, and the marketing of the dog jewelry. They found a location that they are comfortable in, to be in line with the demographic changes of their customers. They are reaching out to a younger clientele." In addition to offering trendier products, King supplements the company's reach through the family's work with charitable organizations, such as the Humane Society of Greater Miami, which typically attract younger support.

"People are spending cautiously, looking for quality and value, things that are unique," Porte says. "The general marketplace is not in bad condition right now. The economy is quite vibrant in South Florida, and the lifestyle here is good for large purchases."