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The brick and tile arcade, which opened to foot traffic on November 30, 1966, links Devonport Rd and Grey St and is a well-known thoroughfare and shopping hub for locals.
Original tenants, Neville and Lawrence Stewart, learned the jewellery and watch-making trades from their father, Don, and the trio have run Don Stewart Jewellers together for more than half a decade.
Mr Stewart (senior), now 87, still works in the shop until 2pm each day while his sons, aged 61 and 64, are planning for their retirement.
When the arcade opened, the jewellery shop relocated from Wharf St to the shop which is now home to the Silky Oak Chocolate Company, before moving to their current location, on the corner of the arcade and Devonport Rd, in 1971.