Rapaport Interview: NY Manufacturer Talks China and Sparkling Cuts

Market Analysis
25/07/2015 09:39

Hertz Hasenfeld is CEO of the family owned Hasenfeld-Stein, a New York-based polished diamond manufacturer and supplier. The company is known in particular for supplying diamonds to high-end, independent jewelers in the North American and Greater China markets.

On China's market: "I still l think China has the most potential. We’re just scratching the surface. It’s a developing economy experiencing growing pains, which is understandable. But I also think the middle class in China is going to continue to grow and the Chinese are a society that appreciates hard assets. They’re going to accumulate wealth and diamonds, which will certainly be a part of that. I think there is more growth potential in China than anywhere else in the world. Don’t count China out because of the current downturn."

On the cut: "When I joined the business in the ‘70s, size was everything, but since then maximizing size has really fallen by the wayside. With advances in technology and grading, everything today is about the cut which essentially means light performance. People, especially the youth, are much savvier on the technical details. They do research on the Internet and want to understand what they are buying. Everyone would rather have an excellent cut stone for the same money. The awareness of cut and light performance is growing across all markets and becoming very important."