William “Bill” Gravely Underwood, founder of Underwoods Fine Jewelry and alumnus of the Sam M. Walton College of Business, died April 2 in Fayetteville
after a brief illness. He was 90 years old.
Underwood, whose name is synonymous with fine jewelry, opened a small retail store
in December of 1957 while attending the College of Business Administration at the
University of Arkansas. The store, located on Dickson Street, will celebrate its 66th
anniversary this year.
Originally from Oklahoma, Underwood received a degree in horology (the study of the
measurement of time or watchmaking) from Southwestern State College, now known as
Southwestern Oklahoma State University, and soon after joined the Navy as a watchmaker.
He served in the U.S. Navy from 1952 to 1956.
Upon returning from his military service, Underwood enrolled in 1957 as an undergraduate
at the Sam M. Walton College of Business – then known as the College of Business Administration
– to pursue a business degree courtesy of the G.I. Bill. In late December of that
year, he purchased a local jewelry store for $1,000 and paid the utilities, inventory,
advertising and rent from the monthly stipend he received from the G.I. Bill. Initially,
he lived at the store and was the sole employee. During class time he would close
the store, which specialized in college rings and fraternity pins, affordable inventory
that would appeal to students.
The jeweler earned many national accolades throughout his profession, from becoming
a certified gemologist in 1961 to being inducted into the National Jeweler Hall of
Fame 30 years later. He served as past president of the American Gem Society (AGS),
board member of Jewelers of America, chairman for the Oversight Committee for Advanced
Cut Grading for the AGS Laboratory and was one of first 29 jewelers in America to
earn a Certified Gemologist Appraiser title. Underwoods Jewelry even conducted the
official appraisal on a ring of famed singer Elvis Presley in 1979!
An alumnus and longtime supporter of the Walton College, Underwood had a long history
with the university. He earned a bachelor’s degree in business administration in 1961,
the same year he became a certified gemologist. He met his wife, LeAnn, at the University
of Arkansas. In 2001, both Bill and LeAnn were named members of Towers of Old Main,
a giving society, to reflect their support of the university. They established the
Underwood Honors Faculty Fellow Endowment in 2005. Underwood was named Entrepreneur
of the Year by Walton College in 2003 and received a Citation of Distinguished Alumni
from the Arkansas Alumni Association in 2019.
Famed architect E. Fay Jones designed the building on Dickson Street where Underwoods
Fine Jewelry is located. The two-story building, completed in 1966, is an iconic feature
in Fayetteville with its geometric mid-century signage and building. It stands out
as a Fayetteville original, just like its owner Bill Underwood.
Underwood is survived by his wife LeAnn, children Michelle Gass, Craig Underwood,
Vicki Nelson and their extended families. His funeral was held April 6 at the Central
United Methodist Church in Fayetteville. The family requests those who want to honor
Underwood to consider donations to the Walton College or the Walton Arts Center.
Since 2013, Lori McLemore has served as the marketing and communications officer for
the Sam M. Walton College of Business. In this role, she writes press releases and
features articles to promote the work of students, faculty and staff. 
