Growing up in Frankfurt, Germany, Paul Oltuski, frequently accompanied his father on selling trips around Germany, mostly to Idar-Oberstein, a charming, ancient town filled with gem dealers. After those trips Paul knew that he wanted to go into the jewelry business, which wasn’t that big of a stretch considering that his father’s company was one of the largest wholesale diamond businesses in Germany.
The Idar-Oberstein Influence
After high school, Paul earned his Graduate Gemology degree from the DGemG in Idar-Oberstein. He then apprenticed at A—Ruppenthal, a German gem business. “I started working for my dad in 1972,” recalls Paul, principal of Oltuski Brothers, Inc. “I got my GG in Germany and apprenticed at a firm in Hanau; I learned to cut diamonds and then I apprenticed with another company in Idar-Oberstein, before working with my dad for four years.”
While working for his dad, Paul decided to go to college, mostly because that was what his friends were doing. His dad didn’t want him to leave the business, so they made a deal, Paul went to college and studied business administration, while continuing to work with his father.
A turning point in Paul’s career happened soon after he got married in 1980. His wife was in Tel Aviv working on her dissertation in Art History. Through his wife, Paul was immersed in the world of collecting vintage decorative arts, so he decided to try doing something with jewelry. He bought an Art Deco ring and then sold it to a jewelry store in Frankfurt for a profit.
“That was the beginning. After that I went to flea markets in Germany, London and Paris,” he says. “Then I started coming to the U.S. to buy jewelry and watches. I’d go back to Germany and sell to stores there.”
Moving to New York
His career took another turn in 1984, when Paul and his wife decided to move to New York, where he was born. “My brother, Steven, was in Toronto, so I convinced him to come to New York. He’s an appraiser who loves watches, he even restores them himself. I was in charge of jewelry and my brother was in charge of watches.” When his brother decided to return to Toronto a few years later, the pair split the business. Paul kept the jewelry, while his brother took the watches.
Oltuski’s father, Jack, had also moved back to New York and was active in the business for many years, before passing away a month before his 103rd birthday. “I brought him to the Diamond Dealers Club every day until he turned 100,” says Paul.
Many Interests
There are many aspects of the jewelry industry to delve into, but Paul says that he has a broad spectrum of ever changing interests, reflective of the market and what’s selling at any given time. “It was diamonds, now it’s colored gemstones,” he explains. “It was Art Deco, then Retro, now the 1980s are really hot. People are looking for wearable gold jewelry, especially, if it’s signed. Emerald, ruby and sapphire are all highly sought after.”
There are many challenges to being in the jewelry industry, but for Paul number one is acquiring the desired merchandise at the right price. “I appreciate jewelry,” says Paul. “I deal and trade, so I’m not married to a piece, I don’t get too attached to any item. I don’t have a private collection, but I’ve sold wonderful pieces of period jewelry as well as fine precious gems.”
What advice does Paul have for someone who wants to acquire a piece of vintage jewelry? Of course you should always buy from a trustworthy source when purchasing diamonds and colored gemstones, Paul advises making sure that the stone comes with a report from an acknowledged gemological laboratory such as GIA, AGL, SSEF or Gubelin. “Buy what you like to wear,” he concludes. “Don’t buy only as an investment, buy a piece that you will be happy to own and pass down.”
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Diamond and 18-karat gold bracelet, signed Cartier, circa 1970s; Retro diamond, 3.23-carat sapphire with GIA report stating that the color is natural, no heat and Sri Lanka origin, and 18-karat gold ring; Diamond, South Sea pearl and platinum ear clips, signed Marianne Ostier, circa 1950s.
Authored by Amber Michelle