The Diamond Room undergoes change in ownership, holds first sale

By Rosemary McCoy

The Diamond Room by Spektor is kicking off a retirement and inventory-reduction sale, the first reduced-price event in its 21-year history.

Co-founder Dave Anderson is retiring, and his nephew, Justin Shatto, is becoming a partner. Anderson and Alon Spektor started the jewelry shop at 3501 W. 57th St. in 1996.

Dave Anderson, co-founder of The Diamond Room by Spektor.

“It definitely was the hardest decision in my life,” Anderson said. He met with an accountant in January 2016 but it took him until February of this year to tell Spektor that he was ready to leave the business. Anderson said he has worked in retail for decades and is ready to go hunting and fishing on Saturdays. At age 59, “I’m too young to retire, so I’ll find something I hopefully can have fun with.”

He said the sale will be a good way to say goodbye to the customers with whom he has built longstanding relationships.

The sale, which runs through Sunday, is new to The Diamond Room because “we’ve always offered one good price every day of the week,” Anderson said. But the inventory has grown too large, he said, noting that there are 700 engagement rings alone, and it will help facilitate the ownership change.

Anderson hired his niece’s husband four years ago with the idea that Shatto could replace him. Shatto hadn’t worked in jewelry before then, but he has been learning the business ever since.

In addition to the partners, The Diamond Room has one part-time and two full-time employees, and former staff members who come in to help for the holiday season. The store has three in-house goldsmiths, and it creates a lot of custom pieces, Shatto said.

Hours for the sale are noon to 7 p.m. today, 10 a.m. to 7 p.m. Friday, 10 a.m. to 5 p.m. Saturday and noon to 4 p.m. Sunday.

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The Diamond Room undergoes change in ownership, holds first sale

The Diamond Room by Spektor is kicking off a retirement and inventory-reduction sale, the first reduced-price event in its 21-year history.

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