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Diamond manufacturing returns to New York in a big way.

Oct 13, 2010 7:30 PM   By Rapaport News
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The New York diamond industry’s premier building, 580 Fifth Avenue, constructed  space for a new polishing facility, which is now operating under the direction of Diamex Inc.

The effort to build and open this new cutting and polishing facility in Manhattan was part of an ongoing plan, by which the partners of 580 Fifth Avenue work to reinvigorate diamond manufacturing in New York City’s historic Diamond District.

“Diamond and jewelry manufacturing in the U.S. has almost completely been transplanted to countries where it’s become more cost effective to do business,” said Kenneth Kahn, executive manager for 580. He explains the building's commitment to the industry in this week's Rapaport Diamond News Broadcast.

The new cutting and polishing shop resides on the ninth floor and occupies an approximately 2,500-square-feet. It already houses 18 master cutter artisans.

“Arthur Margolin and Kenneth Kahn have been instrumental in setting up the new factory, so we can restore life to a business in these most challenging economic times,” said Ronnie VanderLinden, president of Diamex. “In this country, there’s been too much emphasis on the benefits of outsourcing to the detriment of an entire industry. It’s time to insource. The professionals in our business need to stick together and 580 Fifth Avenue is allowing us to take a big step in that direction.”

580 Fifth Avenue is owned and managed by descendants of the original owners.  The building is completing a $50 million capital improvement program to enhance the interior and exterior of the building.

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