TALKING SHOP: Leon Adams on half a century in the Big Apple
When you’re based in Manhattan, very little stands still. In the (almost) 50 years since it originally opened its doors, Cellini has seen much change in the Big Apple, not least at retail level, where rents and the general cost of doing business have put paid to the aspirations and viability of many an independent jeweler. Cellini’s founder Leon Adams has taken it all in his stride and learned from the good and the bad along the way, as he told Watch Insider’s Daniel Malins when they spoke.
Watch Insider: We were talking before I started recording the interview about the decline of the number of independent jewelers since you launched in 1977. What do you put that down to?
Leon Adams: I think the climate has changed in the retail environment due to online business.
Social media has created a lot of new types of endeavors. A lot less brick and mortar, if you will. Obviously, the cost of doing business in major cities has increased dramatically with the rents and insurance costs.
Also, I think people today are not wearing or buying as much jewelry as they might have been in the 80s and 90s. I think that some people might feel that it’s not as ‘proper’ to show off as it was. I remember we used to sell a lot of large stones in the 90s and early 2000s and how that has reverted now, where people are being a lot more low-key in appearance. So I think, taken together, all those factors have really hurt a lot of the independent jewelers that were out there.
WI: And how have you handled those industry changes that you’ve listed? You’re one of the ones still standing and thriving rather than just surviving, but you must have had to make changes to the way your business model works over the years.
LA: Well, for example, we downsized from two locations to one location. I didn’t feel it was necessary to have two locations within New York City. You’re dealing with two rents, you’re dealing with double the help, double the insurance, and so on and so forth. And we’re able to do everything now under one larger roof. Also, now you don’t need as much presence, brick and mortar-wise, because of social media and things that you could now sell online. As opposed to before, where you needed exposure to get people in your store to buy things. So in that respect, we consolidated.
Also, I think we adapted a little bit in that we went a different way from most retailers. Most people were at the mercy of some of these larger brands doing business. They become very dependent on maybe a Rolex or another brand. And then if the company pulls out, it puts them in a very precarious situation because so much of their time and their money was dedicated to a single brand. And what we did in that case was we just expanded with many independent brands, who really appreciated our business and really worked with us.
WI: And how ideological are you about working with those independent brands? Does it come from the heart? Or, as you just alluded to, is it to do with mitigating the risk of being in the hands of a Patek or a Rolex, who might drop you?
LA: I’ve always dealt with major brands, as well as independents throughout our history. 25 years ago we were doing business with F.P.Journe. 20 years ago, we were doing business with Vianney Halter and Christopher Claret. People hadn’t heard of these people, and it was a lot of independent watchmakers. But the majority of the business was predicated with the larger brands. Those were the brands that were supporting us with advertising money and that people knew about. And, if you recall, before the advent of social media, the only way a brand was recognized was with print media and advertising, which was a very expensive endeavor. Obviously, a lot of these smaller brands didn’t have the finances to do that.
Over the years, and then when social media became so important, it became relatively inexpensive for anybody to promote their product out there. People started to recognize that there are other things out there besides the larger group brands.
So you asked me why I do it. Well, first of all, we do love independents. We love the relationships we have, we love the creativity, we love the finish of the product, and we love the turnaround time if there is service needed. And it’s a more personalized business for us. The group brands make some beautiful products as well. But as time’s been ticking, obviously their goal has been completely different and they’re focusing on their retail business model. Assisting the ADs [authorized dealers] has been somewhat challenging with them.
WI: If you take it all the way back to your launch in ‘77, that was right in the middle of what’s now known colloquially as the ‘quartz crisis.’ To what extent were you tempted to follow the herd? And to what extent did you hold your ground because you thought that mechanical watches would be here forever?
LA: Well, in ‘77 and ‘78, when I started the business, the companies that we were doing business with were Audemars Piguet, Corum, and Omega. And those brands all had mechanical timepieces, as well as introducing quartz models. I remember the square-shaped Royal Oaks that came out that were quartz. Omega had quite a few models that they introduced that were quartz, but they also still maintained mechanical timepieces.
I was young in those days, and I really didn’t know which way it was gonna go, but we did handle both product lines. There were people who only wanted quartz watches, and there were people who would only buy mechanical or automatic timepieces. As time evolved and we learned more, we got a little more sophisticated in the brands we were doing business with. We went out on a limb and brought some unknown brands in at the time, which enabled us to try to be different from the herd that was out there. And we always maintained some relationship with an independent brand, whether it was De Bethune, H. Moser & Cie., or whoever it might have been.
WI: And what are you looking for from these brands before you agree to sell them? Is it a gut instinct or do you have a list of criteria that you need them to tick off?
LA: There are a lot of upstart brands that are coming into play today. It seems like everyone’s coming out of the woodwork now. I think there are a couple of things at play. First of all, there has to be something exciting about the product that they’re showing. The quality has to be there.
Also, we want to make sure that the company is somewhat financially sound, because we have run into problems in the past with some of the startup companies.
Additionally, when I sit down with a new company, I like to know what their goal is. Is their goal to only produce a certain amount of product, or are they looking to go from 50 pieces to 500 pieces? It’s important because I feel today people are buying products because they are hard to acquire and there are small production capabilities. I’ve seen too many companies increase their production too much, so that they’ve lost their clientele base, hoping for a new clientele base. A lot of collectors have opted out of a lot of these companies because their production has gotten too large.
WI: It’s an age-old trope that scarcity is key when it comes to luxury goods, but is there a point where something can be too scarce? There’s a fine line between ramping up demand because people know how hard it is to get their hands on something. But if they never get their hands on it, doesn’t there come a point where your reputation takes a hit, as the retailer that has to stare these people in the eye and disappoint them over and over again?
LA: No. If you’re producing 12 watches a year, obviously that’s a ridiculously small amount. And if that’s the case, you don’t need more than one AD or to just sell directly to the consumer. I find most companies today are not that scarce. And if they are, and they’re very small quantities, there are people who are willing to wait a year or two or three to receive that product. There comes a point where the wait time is definitely a factor with some of the independents today, who are producing timepieces that might have a 7–12 year wait list. At that point, we have to say to the consumer that we’re not interested in taking a deposit on that product because by the time the piece is ready, tastes will probably have changed. I’m talking about a company that is producing 50 watches a year or 100 watches a year. They need to balance it with their points of distribution so that they don’t over-distribute it and don’t have a product to deliver. They really have to concentrate on maybe two or three markets to start. And, instead of opening a bunch of dealers, just open a few dealers and give them products to work with. I find that if they increase production and the dealers can handle more products, that’s fine. It’s when the market is saturated, that’s when I think they should go and expand into new markets. But for the most part, the companies have been delivering very well. There is a supply chain issue with some brands with certain products or springs or dials, or what have you. But for the most part, product has been flowing pretty regularly.
WI: When I was looking online at some of the limited edition collaborations you’ve done with your brands in the past, to what extent do you get involved in the design process of that?
LA: I usually get very involved with the companies. We tell them what we’re looking for. We don’t like to just change a dial on a timepiece, because I don’t feel that’s really something special. There has to be more to it. We try to have a movement or a case metal that’s never been used before in conjunction with a different dial. I mean, we’re coming up on our 50th anniversary next year and we are working with a few different companies to produce some very exclusive watches for us for our anniversary year. In the past, we have worked with companies like A. Lange & Söhne, IWC, or Jaeger-LeCoultre. We want to make sure it’s really something unique that hasn’t been done before.
WI: I want to ask you also about the location of the store. If you go out of town to a big independent jeweler, you can often tell that the same people have been going through the door for years. But when it’s the opposite, whether it’s Mayfair or Manhattan, you get the benefit of it being in a tourist hub, but do you also get the drawbacks if half your customers are tourists who you’ve never met before?
LA: Our clientele base is probably 75–80% repeat customers that are either local to us or that travel to New York for business or for pleasure. So most of our clientele is a repeat customer base. The new customer base is only about 20% of our annual business that we do. When we were located in the Waldorf Astoria Hotel for so many years, we still had a 50% return rate of New York, New Jersey, and Connecticut clientele. And the balance at that point was more tourist-driven because we were in a tourist location. But now on the street in New York City, most of our customers are repeats from the tri-state area. So the tourist factor is not what it was like being in a hotel.
WI: And what about that transition from the hotel to being on your own two feet in a standalone store? What inspired the decision, given you must have been successful at the time?
LA: Well, at that time, we had two locations. We had the hotel and we had a small satellite store on Madison Avenue. The hotel was bought by a Chinese conglomerate and there was renovation and we had to evacuate after 41 years. And when we started to look for a new location, it didn’t make sense for me to open a second location. This is going back to what we were talking about before with the cost of operating, of insurance, of rents, and what have you. We decided that, instead of opening a second, we’ll just open one larger one and have everything under one roof.
So, that was the evolution of the new location. Also, we were looking for something that was close to our old location. Before we were located on Park Avenue and 50th Street, and Madison and 53rd, and now we’re on Park Avenue and 56th. So, it’s still a walking distance from a lot of our people that we’re doing business with in the office buildings around us. Plus, it was still close enough to the hotel, so, if guests were going to go shopping or walk Park Avenue, we would still capture some of that tourist business. That was the reason for the choice of location.
WI: You mentioned earlier the speedier service times with independent watches. How big an issue is that across the board? I’ve been speaking to a lot of people about this recently, and it feels like it’s a problem that’s only going to get worse. How do the independents do it better?
LA: Well, that’s a very interesting point. Obviously the independents are producing fewer watches, so fewer watches are going back for repair. I can’t speak for Rolex and I can’t speak for Patek because I’m not a stockist of these brands. I will say that one of the major brands we do carry today, Cartier, does a very good job on service. It’s fairly quick with them.
But, as a case in point, as far as the independents are concerned, I recently had to export one of the brands for servicing. It was exported to Switzerland and returned to me within nine days. That means shipping over there, getting repaired, and back in nine days, which is, to me, exceptional. I’ve had a case where we had an important watch from an independent that didn’t work, and the watchmaker himself flew over, fixed it here in the shop, and we returned it to the customer in just two days.
So, when I say we get personalized service and the service is very good with most of the independents, it really is much better than most of the group brands I’ve been doing business with in the past. A lot of the group brands, due to the sheer volume that they have to handle, doesn’t compare to some of the independents. I had another particular case where a watch that we sold had a crown system, which was engaging as the consumer was wearing the watch. By bending the wrist, it was activating the crown system. It was going from a neutral position to a wind position and the watch would stop working. So the watch went back to the company. They completely redesigned the crown system, installed it, and had it returned inside of four weeks. That was pretty amazing that they were able to improve on their product, have it executed, installed, tested, and returned in four weeks. If that was a major Swiss brand I think that process would have taken 9–12 months.
WI: That must have an effect at some point. When you think about the time and effort that jewelers like you go to with every detail of the sales process, it must be hard to then tolerate this level of after-sales service. The two things strike me as incompatible or incongruous.
LA: Well, it is. Unfortunately for the industry, it is driven by how much product can we get out there, and how much product can we sell. I can’t tell you how many people who buy some very important luxury brands have said that they will never buy another one because of the length of time the service is taken. People understand that watches are mechanical things and need to be serviced. But, when a piece goes in and the service is more than six months on a turnaround time, people are disappointed. And many of them will no longer subject themselves to being abused like that.
It’s a double-edged sword because companies obviously want to get products out, and yet most of them cannot keep up with the amount of product they’re selling on the repair side. They get into this quagmire of a problem that they’re selling so much and the repair is taking so long. So it is a big problem. A lot of companies do try to address it. I have some brands that we’re currently doing business with where the service is exceptionally long. And, to be honest, in that case, when the consumers start complaining, my sales staff no longer wants to pull that product off the shelf and sell it, because they feel that the customer comes back and complains to them. They don’t want to have this bad relationship with clients. So, the next client that walks in, they refuse to show that product line. I don’t know if that company’s realized, but the sales staff in the store needs to feel comfortable that the product they’re selling is going to function properly.
If there’s a problem that the company addresses in a timely manner, whether it’s to get an additional strap from the company or to have the watch overhauled and cleaned, people are very understanding. It’s just when it goes to this exorbitant [wait time], and I’m not talking about old pieces that require parts made or something like this. I’m talking about current models that are being produced.
WI: When you say about your sales staff not pushing a product because it’s undermining their relationship with their customers, I like hearing that and I don’t hear enough of it. I guess I believe in Darwinism when it comes to business.
LA: There was a point in time that we were carrying a major brand — that we no longer carry because they wanted to go to a boutique model only — and I would say 40% of what we were selling of this product line was coming back. They had a two-piece crown system that was pulling out of the case, and we had a tremendous amount of return on this product line. Now, the company did address it and did take care of the problems, and the turnaround time wasn’t terrible. But the sales staff got to a point where they would no longer show the product line. Somebody would come in and want to see this particular brand and they would switch them over to something else because they knew there was a good chance that 40% of those sales were coming back and they didn’t want to hear it. So, it is important that the sales staff feels comfortable with the product and knows the company is going to stand behind it and get it back in a timely fashion.
WI: Well, those are the guys that have got to stare people in the whites of their eyes and take their money. When you look back over the 50 odd years since you launched, can you identify a moment or decision or two that you’ve made for the business that you would categorize as your biggest success, but also your biggest failure?
LA: Looking back, my biggest business mistake didn’t become clear to me until I had been in the industry for nearly 25 years. When we first started, our clientele was fairly affluent. Many customers returned decades later to upgrade their engagement rings as their financial situation improved. Selling a five- or ten-carat diamond to someone who could now afford it was relatively easy, and that became our focus.
What we failed to do was develop a strong offering for first-time buyers — those looking for a simple, one-carat engagement ring. At the time, it didn’t seem critical. But years later, the consequences became obvious. Our longtime customers no longer needed jewelry, and many were simply no longer around. Because we had never built relationships with first-time buyers, we didn’t have the next generation of customers to replace them. It taught me a fundamental lesson: if you don’t invest early in your future customers, you won’t have a business when your current ones are gone.
Greatest successes? I would say one of our greatest successes was never following the crowd; we always did our own thing. We embraced independent brands at a time when few were paying attention to them and when they were still challenging to sell. That ultimately made us a better retailer, because it allowed us to spend meaningful time with clients, educating them on specific product lines, rather than simply acting as clerks handing over watches that already had people lined up for them. We were not just selling product; we were listening to what each client wanted, guiding them thoughtfully, and building lasting relationships in the process.
WI: Independent brands are very en vogue now, but you were there far before that trend kicked in. How prescient were you?
LA: Listen, it wasn’t easy. I have two safes: one of successes, and one of failures. If you don’t try something, you’re never going to know if it’s going to succeed or not.
This article first appeared in the March 2026 edition of Watch Insider magazine.
