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‘Retail Dive’ Site Features Tiny Jewel Box’s Luxury Watch Strategy July 19, 2021 (0 comments)


Washington, DC—Tiny Jewel Box, the luxury jeweler that’s anything but little, has served U.S. presidents and first ladies, foreign dignitaries, and celebrities, along with its regular contingent of well-heeled Washingtonians. Image: Tiny Jewel Box's new Patek Philippe boutique.

The third-generation jeweler—which really did begin as a 100-square-foot store focusing on antique jewelry—is now also a renowned name in luxury watches, a part of the business that’s been growing steadily.

Related: K Street Magazine Celebrates Tiny Jewel Box As DC’s Watch Destination

The retail business website Retail Dive recently interviewed Tiny Jewel Box president Matthew Rosenheim about the store’s growth in luxury watch sales. Last month, the jeweler opened a 1,000-square foot Patek Philippe boutique in the store, and is working on building out a dedicated space for Rolex, slated to open early next year.

Rosenheim, who was the driving force behind the jeweler’s foray into luxury watches, told Retail Dive a little bit about what drives consumers to drop tens (or hundreds) of thousands and more on a wristwatch:

"People love setting their watches, playing with their watches, understanding the functionality of watches. There's a kind of connectedness to it that people develop. There's a real broad, growing culture of watch enthusiasts out there. So customers love to come to the store and just sit with us, and talk watches and share their own passion. So we do that all day long." 

The starting price for a Patek Philippe is just under $20,000, but the average price point is around $44,000, Rosenheim told Retail DiveBut some of the rarest models sought by collectors are never even seen by the public, and can fetch more than a million dollars.

Read the full article here.

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