In 1989, Schwartz became the third generation to take over her family’s diamond business after her mother passed away. This is when she renamed it Lorraine Schwartz Diamonds & Fine Jewelry. At the same time she began to refocus the direction of the business to focus on selling at higher end retailers like Bergdorf Goodman in New York City. This allowed her to operate by appointment at her 5th Avenue showroom in Manhattan and by private commission. In doing so she was able to take risks moving away from traditional fine jewelry making things she liked and wanted to wear. Some higher end clients took notice of the new designs and were sold as customers. In the 1990's the business grew greatly and celebrities began to follow her in her jewelry creations. By the 2000's she was focusing still on private by appointment and commission based work moving into mostly high jewelry most of which made for celebrities and for red carpet events. The business continued to grow and became a staple on the red carpet.