There are 13 businesses that have been BBB Accredited since 1963. As the Better Business Bureau heads to 2013 and 50 years of serving Southeast Texas, we will feature one of our charter Accredited Businesses each month in the eTorch Report.
Alter’s Gem Jewelry, BBB Accredited since 1963
Alter’s Gem Jewelry is a three-generation family business formed by strength, determination, and flexibility. Founded in Port Arthur, Texas in 1915 by Morris L. Jacobs, after his dry goods retail operation (which had a fine jewelry department) was destroyed in a great flood. He continued to expand his business to Beaumont, Texas in September 1929, just a month before the stock market crash. Even through the Great Depression, Mr. Jacobs paid each of his vendors in full. To maintain business through the depression, he offered credit opportunities to his customers at $1.00 down and $1.00 week until paid. As a result, he prospered during the Great Depression.
Through the late 1930’s, Mr Jacobs continued looking to the future and how protect the integrity of his business. He began stockpiling watches when he anticipated America’s involvement in World War II. He wanted to insure that no customer would have to pay a black market or inflated price, so he acquired over $50,000 of watches and had inventory for his customers throughout the war years.
In 1950, Nelson Alter, the son-in-law of Mr. Jacobs, joined the business and within a very short time was made President. Mr. Alter began expanding the business, learning from Mr. Jacobs’s innovative style. The business grew to twelve stores in two states, while fine and exclusive jewelry and watch franchises, such as Rolex, were awarded to the company. They even developed their own trademarked diamond, “GEM-LIGHT” and proved scientifically that it was a better, more brilliant cut diamond than that offered by competitors. Through the 1970’s and 1980’s, Nelson Alter’s sons, Dennis and Brian Alter joined the business. During this time the oil shortage and bank collapse periods drove most luxury retailers out of the market, however, showing flexibility and innovation, the Alter’s used the weaker real estate market to reposition stores.
Through the years, Alter’s Gem Jewelry has persevered during years of national and international struggle, and continued on after damage to stores. In 1999, they even continued store operations one day after a fire spread through an entire shopping center, where one of their retail stores was located. After 11 hours, the fire was finally brought under control and with Fire Department escort, Brian reached the vault. When the door swung open, water gushed out but the majority of the merchandise in the vault was preserved. At noon on December 13th, Alter’s opened in an abandoned bank building with cases that had been in storage, some propped by cinderblock.
Today, Alter’s Gem Jewelry is into its third generation being led by Brian Alter. In addition to the retail store, the corporate show division expands the Alter’s Gem Jewelry market beyond the limits of Southeast Texas and Southwest Louisiana. Today this division profitably performs over 100 charitable fundraising shows benefiting hospitals and hospital auxiliaries and charitable organizations such as the Children’s Miracle Network. These shows are held in areas from Oregon to North Carolina.
Alter’s Gem Jewelry continues to grow and prosper as a result of the innovation, flexibility and determination that began with their founder, Morris Jacobs, and handed to each of the next two generations – Nelson Alter, and Dennis and Brian Alter – a spirit they hope will again pass to the next generation of Alter children.
