AGS jeweler latest to start accepting Bitcoin

TechnologyAug 10, 2016

AGS jeweler latest to start accepting Bitcoin

Prompted by a request from customers, H.L. Gross & Bro. Jewelers, an American Gem Society member store that’s been in operation for 104 years, has started accepting bitcoin on its e-commerce site, 

Garden City, N.Y.--Prompted by a request from customers, H.L. Gross & Bro. Jewelers, an American Gem Society member store that’s been in operation for 104 years, has started accepting bitcoin on its e-commerce site,

The retailer, whose physical store is located in Garden City on New York’s Long Island, said its decision to start taking the digital currency came about as the result of requests from customers.  

Bitcoin is a decentralized digital currency. It is essentially digital coins that are transferred from person to person over the web without going through a third party, such as a bank. Just like other forms of currency, the value of bitcoin fluctuates with the market. 

The news that H.L. Gross will begin accepting the digital currency online comes just a week after Reeds Jewelers, a 64-store chain with headquarters in Wilmington, N.C., announced that it had begun taking bitcoin both online and in its stores. The retailer said its physical stores would use tablet computers to facilitate bitcoin transactions.

RELATED CONTENT: Jewelry chain to accept Bitcoin for payment

H.L. Gross & Bro. Jewelers is a fifth-generation jewelry store that first opened in 1910, hence the name of its e-commerce site. Three generations work together at the store currently. Michael Gross is president, while Brad Gross is vice president and Helene Gross is treasurer. 

H.L. Gross & Bro. Jewelers is an AGS member store.  

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

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