Oltuski Bros. Inc. was established in 1984 when Paul Oltuski moved to New York from Germany, and his brother Steven came to join him from Toronto. Being a second-generation jeweler like his father, Jack Oltuski, who started his diamond wholesale business in New York in 1951 and later moved to Germany in 1961, Paul was intrigued by trading and traveling at an early age.
Jack Oltuski became one of the largest wholesalers of polished diamonds in Germany. He was well known and respected in New York at the Diamond Dealers Club and 47th Street, which he visited almost monthly while living in Germany. As Paul already knew he would follow in his father's footsteps, he started by working in a diamond-cutting factory in Hanau, Germany, while still finishing high school. At age 18, he joined his father, Jack, on his first buying trip to the Bourse in Antwerp and in the same year to New York, where his father gave him a free hand to purchase on his own – learning by making his first mistakes. After finishing high school, Paul studied and completed the German version of Graduate Gemologist at the DGemG in Idar-Oberstein. He worked as an apprentice at the world-renowned gem firm of A—Ruppenthal before working with his father, Jack, full-time.