NEW YORK) Harry Winston is a family business no longer.Today, Ronald Winston announced he will be relinquishing his executive role at Harry Winston Inc. The 67-year-old has been appointed honorary chairman of the corporation. After 118 years of lineage and heritage in the famed jeweler, there will no longer be a Winston at the head of the diamond house.

Ronald, who is the son of the late Harry Winston (known the world over as the Kind of Diamonds), took over after his father’s death in 1978 and contributed to the brand’s global expansion. He joined the company in 1965 and expanded the firm from a company with two stores to a global business with jewelry sales in the far east and a watch business to be reckoned with.

“It has been a thrill continuing my father’s tradition and sharing the beauty of the finest gems for so many successful years,” Winston said in a statement. “With the Harry Winston name in good hands for the future, it’s the right time to focus on other passions. I wish the company continued success.”

Winston, who lives in Scarsdale, New York, with his wife and son, intends to use his time to focus on his family and commit to his focus on AIDS research at The Institute for Human Genetics and Biochemistry, which he founded 30 years ago. He is also writing an upcoming book about his family’s history entitled King of Diamonds.