Wow - Quite the story! We had a similar start. When I was in undergraduate school, my dad was in a bad accident.
Ironically parallel to your story, I also went in to help out. I knew quite a bit as it was always a family discussion since I was a young child. At 10-12, I was doing errands for my dad in the city, carrying jewelry around the corner etc, the midtown jewelry center in NYC. I learned from many european jewelers in the city who taught me techniques in jewelry making and design, even repair and restoration. Time went on and in the late 70's, gold was already deregulated many years. We now had a store on the island but my folks were old school and afraid to raise prices on older stock that cost very little. Well, that was an accident waiting to happen. How could you replace stock selling it at old prices with gold prices so high. They were also older as my dad was 40 when I was born. It was tough working together so I made them an offer. Long story short, they retired down south and I paid them for 5 years buying a failing business. Then in late '79 going into 1980, we hit the gold rush. We had lines at the door from my bombardment of ads. I rebuilt the shop which then became a full fledged jewelry store from repairs, restoration, engagement rings, watches and even then collectible gifts such as lladro & Hummel. I wore many a hat from owner to designer, buyer and all inbetween. My wife and I also took the GIA courses. Later on, while all in college, each of my 3 daughters worked for a period of time along with the sales help. My wife became a gemologist, now hospice nurse. Basically closed 4 years ago and retired. It was a long journey. Now people ask, " What do you do with yourself all day " and the answer is ... Whatever I want ...
... I started the koi pond 27 years ago and did a third and last rebuild in 2013. We travel, have fun, grandkids ( 6 ) and listen to our married daughter's complain about their husbands. Regular STUFF ...