William Chalson & Co., Inc., one of the industry’s best-known fine jewelry manufacturers, has shut its doors.

At press time, the 92-year-old New York City company was scheduled to close on March 1, according to co-owner Robert Chalson. A letter announcing the closing was mailed to the company’s clients on Feb. 12.

Chalson said there were “dozens” of reasons for the closing, including the company’s lease, due for renewal on March 1, which would have doubled in cost. That raised the question of whether to stay or relocate. “We decided it’s time for us to move on,” Chalson said.

The company, best known for its 18k and platinum diamond and colored stone jewelry, was founded by William “Pop” Chalson, a Russian immigrant and skilled jewelry trade craftsman. His son Bernard joined him in 1934. In 1970, his grandsons, Lawrence and Robert, took over, and in 1994, great-grandson John joined the company. The firm was one of the few three-time winners of the Diamonds International Award, earning it permanent membership in the prestigious Diamonds International Academy.