Richard Krementz, Jr., died in November 2012. The octogenarian left Rick Krementz in charge. Ready to take over as CEO, the heir is uncertain what will happen to the renowned jewelry house.
The Krementz name is one to be reckoned with in the jewelry business. The original founder was George Krementz, who set up shop in Newark, New Jersey, in the 1860s. The original product line focused on men’s jewelry and fashion accessories. Unlike other jewelry makers, this artisan produced costume jewelry with gold overlay. This kept the pieces in style with current fashions but not at the highest prices in the trade.
Since at the time every man of means required collar buttons, the artisan focused on this niche market and became known as the “giant of collar buttons.” Some were solid gold while others relied on the overlay process to keep the price low for the buying public. By the 1920s, the demand for men’s jewelry began to wane. By the 1930s, the detachable collar was all but gone from men’s fashions.
To keep in step with the time, the jewelry maker began to introduce women’s jewelry to its inventory. The pieces found favor with the public and led to international success after a short decade.
For a while, sons Richard and Walter Krementz had competition from close family. The uncles Tom and Frank Krementz also set up shop. Their jewelry business became known as Frank Krementz & Co. Yet the Great Depression caused a large number of jewelry houses to close, which made it easier for Richard to attract more customer. What saved the Krementz jewelry business was the use of gold overlays that kept jewelry still affordable.
Capitalizing on the fallout of the late 1930s, the company purchased a variety of jewelry businesses that could no longer make a go of it. Jones & Woodland, Abelson & Braun and George O. Street are just a few examples. A foray into the creation of bridal jewelry and an inclusion of 10-karat and 14-karat gold turned into the Diana by Krementz line.
When Richard Krementz, Jr. took over in 1949, he fell in love with colored gems. This love affair would soon dictate the styles of the jewelry that the company produced. His travels took him all over the world, where he continued to collect choice stones. In many ways, this artisan changed the way modern jewelers do business. He and his son Rick would demand that the gem industry disclosed to customers if stones were treated to hide imperfections or to change coloration.
Somewhat surprisingly, the company sold its non-gem portions of the business in the late 1990s. With Richard Krementz now gone, it is uncertain if Rick’s love of gems is as strong a motivator to stay in business as it was for his father. Since Krementz focused on the creation of durable pieces, there are still plenty of original Art Nouveau and Art Deco pieces in circulation. Collectors are sure to keep buying and selling these pieces for decades to come.
Peter Suchy Jewelers is proud to carry Krementz pieces both in our showroom and in our eBay store. We invite you to stop by our showroomlocated at 1137 High Ridge Road in Stamford, Connecticut.
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