Since the 1960s, ‘580’ on Fifth Avenue, New York, USA has developed a reputation as the premier location for diamond merchants in the city. The ninth floor of the 580 Fifth Avenue building is now the decided site to provide the space needed for a new diamond polishing facility in a bid to reignite the “epicentre of the diamond industry”. The brand new operational area will be transferred over to Diamex Inc., who will take over responsibility as supervisor and function operator of the facility.
Kenneth Kahn, acting Building Manager Kenneth reported that “diamond and jewellery manufacturing in the US has almost completely been transplanted to countries where it’s become more cost effective to do business. Many of those jobs were lost to companies overseas, and I’m pleased to announce that this new relationship with Diamex is allowing for manufacturing to return to 47th Street, the epicentre of the diamond industry.”
The newly constructed area will expand over approximately 2,000-square-feet. The diamond cutting shop is expected to employ around 15 artisans. The building is presently undergoing a $50 million (£32.1 million) capital programme in order to make improvements to both the exterior and interior of it.
Ronnie VanderLinden who is the current President of Diamex explained: “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,”
“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,” VanderLinden added.
An excellent set up in its own right, ‘580’ runs its own post office where it may independently orchestrate jewellery and gem shipment registrations. It also has its own customs brokers for shipping and receiving purposes and established relationships with leading secure transport companies, like Brinks, Malca-Amit, Dunbar Armored, and Ferrari Express. For security support it also has its own safe vault in the lower lobby sealed by a 22 tonne door.