There are few genuine fairytale stories in real life but if there is one that qualifies for that tag, it is that of Peter Marco. With a net worth estimated at $20 million, Marco ranks amongst the richest jewellers in the world. Also one of the most popular, he is to jewellery what Chris Louboutin is to shoes.
From his high-class and exquisite flagship store perched in the heart of Beverly Hills, Peter Marco reigns supreme over an enviable clientele consisting of the likes of boxing champion, Floyd Mayweather Jr., and Hollywood producer, Michael. He has also been known to provide bling to some of the biggest rappers in the world. Marco is surely at the top of his game and his achievements are made all the more astonishing by his humble beginnings as just a cleaner in a jewellery lab.
Sources of Peter Marco’s Net Worth
The primary source of Peter Marco’s net worth is his jewellery business
His jewellery business which can be traced back to his childhood. As a 13-year-old growing up in New York, Marco, real name – Peter Voutsas, used his free time to work as a cleaner in a jewellery lab run by a renowned jeweller. Over time, he became enchanted with the exquisite gemstones and diamonds and decided to train as a jeweller.
The young Peter quickly caught on with what he was taught and within a short time gained a promotion. This pattern would continue for the next few years and by the time he was aged 17, he was promoted to the production department. During this whole time, Peter Marco did not neglect his studies but rather took to taking night classes. By the time he graduated, he was well equipped to take on the world and so his boss/mentor promoted him to the position of a salesman.
Peter Marco would spend the next several years ferrying finished product pieces all over the United States of America. He also extended to the international realm and travelled to places such as Canada, the Cayman island, the Caribbean, Asia, and Europe. During these travels, Marco stocked up his knowledge of the industry and so when he decided that he wanted to settle down in one place with his wife and kids, he was well equipped to do so. He parted ways with his mentor on amicable terms and moved out to the highly-sought-after neighbourhood of Rodeo Drive in Hollywood to set up his signature shop.
This was in the mid-2000s and Peter Marco has never looked back. He has established himself as a jeweler to the stars and has sold pieces to the likes of Floyd Mayweather Jr. and Cardi B. Other big names on his clientele list include the likes of Snoop Dogg, Drake, Offset, Rich the Kid, and Canadian singing sensation, The Weekend. On offer at Marco’s flagship shop are rings, necklaces, earrings, and the likes. The prices for these items start in the five-figure region and typically enter into the million-dollar range. Given such prices, it is reasonable to estimate that Marco has made millions from his jewelry shop.
Peter Marco’s Excellent Personal Service Sets Him apart from the Rest of the Crowd
Peter Marco is surely not the only starry-eyed teenager to have worked in a jewelry store but he is just one of a few to have made it in the industry and the reason is multi-faceted. First, Peter is really passionate about what he does. This has him rolling out of bed with enthusiasm for each day and such positivity means that he never has a shortage of vision to pour into his exquisite pieces.
Another thing that has helped Marco in the industry is his ability to give his customers exactly what they want. The famed jeweler does not impose his vision on his clients but is willing to stand back and let them pour out their inspiration and ideas. He then proceeds to bring that idea to life with the result that the client feels as if they were the ones that created it.
Marco’s flagship store is also renowned for its excellent personal service and reasonable prices and it goes without saying that this is what fuels repeat and referral business. Despite all these achievements, Peter Marco remains quite humble and is always willing to learn. He is eternally curious and this leads him to create new relationships which helps him in curating new inventory and creating new designs each day.
The Jeweler has Sued the Likes of Offset for Non-Settlement of Their Bills
Just like every other businessman out there, Peter Marco’s net worth has taken a hit from the common hazards of the industry and one of them is the failure of some customers to settle what they owe. This has resulted in several lawsuits by the Jeweler to recover his money. Back in December 2019, Marco sued Migos rapper, Offset, for an unpaid $47,000 bill that stemmed from an October 2018 transaction.
According to the court filing, the rapper bought blings that were worth as much as $110,000 and made a deposit payment of $63,000 which left a balance of $47,000. It was expected that he would pay this within the next few weeks but this failed to materialize up until December 2019 when Marco and his lawyers sent a demand letter to him for payment within the next even days. He equally failed to pay and they filed an action in court against him. They asked for not only the outstanding debt but the interests that had accrued as well as the cost of attorney fees for instituting the action.
Another celebrity that Peter Marco has taken to court is Rich the Kid. The rapper had started patronizing him in October 2017 and went on to snap up various pricey items such as necklaces, crosses, and Patek Philippe watches. He paid for these items through steady installments but after a while, he stopped making payments, and a debt of about $235,000 accrued. Just like Offset, Rich the Kid failed to defray same even after demand letters and so, Marco was forced to institute a lawsuit against him in May 2020.
It is not known how these lawsuits were eventually resolved and so, it is quite reasonable to assume that the parties involved may have reached a mutual agreement as to the terms of payment and thus withdrew the suit from the court.
Peter Marco’s world-class collection of diamonds have been worn by popular celebrities and public figures that include:
- Floyd Mayweather;
- Cardi B;
- Snoop Dogg;
- Michael Blakey;
- Sam Cassell;
- Shaquille O’Neal;
- Offset from the Migos;
- Paul Pierce;
- Ricky Martin;
- The Weeknd.
Favourite Quotes From Peter Marco
”Metamorphosis is a transformation of an idea to a sketch and then to a magnificent work of art to be adorned.”
”I surround myself with the most talented jewellers and designers.”