L.G. Balfour was born in 1885. He was a native of Kentucky and was educated in the public schools of Louisville. He received a B.A. degree from the University of Louisville and an LL.B. degree from the University of Indiana.

For five years, he was a traveling sales representative for a manufacturer of fraternity jewelry. While performing this job, he saw firsthand the problems within this industry such as poor quality and poor service. 

On June 13th of 1913, he founded the L.G. Balfour Company and set up shop in an old unused loft in Attleboro Massachusetts. This site was chosen because of the skilled jewelry craftsmen that lived in the area. Balfour hired four craftsmen, a production man, a tool maker, a die-cutter, and a stone setter. With a weekly payroll of ninety dollars, the new company began to take orders for fraternity jewelry. 

As the first orders came in, the company established a reputation for creating a superior product at the right price and with on-time delivery. As increased orders flowed in the company expanded its operations and product line. Medals, plaques, and sports trophies became a new part of the business. In 1922 Balfour began selling high school graduation rings and they quickly became a major part of its business. In 1928 a commercial department was added and Balfour also expanded into a paper products division and a leather and ceramics division.