Diamond cutter takes a shine to China (hktdc.com)


	Vincent Chow of Chow Sang Group, Varda Shine of the DTC and Mickey Weinstock (centre) during a visit to the factory in Panyu

	Mainland workers are better skilled than any other workers in the world, according to Mr Weinstock

A leading Belgian diamond cutter is amazed that he was able to achieve an extraordinarily high level of success in Asia in just two years.

Today, Mickey Weinstock, President and CEO of Mickey Weinstock & Co NV, has a diamond trading business in Antwerp, a factory with over 100 workers in Panyu, southern China, and a thriving partnership with one of Hong Kong's leading jewellery retail chains, Chow Sang Sang, which has about 90 retail stores all over the Chinese mainland.

Mr Weinstock is a master diamond cutter and gemologist trained in Antwerp, Belgium, the heart of the world's diamond industry. He began his career working in the family diamond business his family founded in Antwerp after World War One. In 1989, he was among the first to develop the "Heart & Arrows" cut which reveals eight hearts and eight arrows in a diamond. He has also trademarked an exclusive line of Hearts and Arrows diamonds: The Love Diamond.

"I sold mostly to Japanese customers who were very fond of ideal makes or top quality, well cut diamonds in the 80s," explained Mr Weinstock. However, by the mid-90s, the Japanese economic bubble burst and he was left with a lot of inventory.

HK partnership

"I became interested in Southeast Asia. A friend introduced me to one of Hong Kong's leading jewellery stores, Chow Sang Sang. By 2000, Chow Sang Sang had become our largest customer, so we were thinking of forming a partnership."

This collaboration was very successful and the Chow Sang Sang Group was chosen to become a Sightholder of the Diamond Trading Company, thus enabling it to buy rough diamonds from the commercial arm of De Beers, the world's largest diamond company. This title is so exclusive that it is only shared with two other companies in China and 92 other Sightholders in the whole world.

Mr Weinstock enjoyed success selling the Love Diamond in China as Chow Sang Sang customers recognised the perfect craftsmanship of the cut. Nonetheless, he was finding it increasingly difficult to cut the smaller size diamonds in Belgium and compete with the lower wages of Southeast Asia.

Sights on PRD

In 2004, he joined a high profile business meeting in Hong Kong with officials from Guangdong Province arranged by the Hong Kong Trade Development Council. "We were told that the best place to set up a factory was in the Pearl River Delta in southern China. We took this advice and in January 2005, set up a three storey factory in Panyu."

The Guangzhou Mickey Weinstock factory is in the Shawan Jewelry Industrial Park, near the Panyu Import/ Export Department. It took only six months to set up the space and train about 100 workers. "I am extremely happy with the mainland craftsmen. They are better skilled than any other workers in the world. We employ young people straight out of school and they have a terrific desire to learn.

"Last August a delegation from De Beers came to visit our factory and was very impressed by our capability. Our mission is to be the best diamond cutting factory in the world with manufacturing, productivity, and marketing," said Mr Weinstock.

Fifteen years ago, the axis of the jewellery business was New York, Paris, Rome. However, Mr Weinstock suggested that "today, the axis of retail jewellery is Dubai, Hong Kong, Shanghai, Tokyo.

Mr Weinstock stressed that because of China's emerging role as a world player, "Hong Kong is the ideal location for us. From here, we have perfect access to the other emerging jewellery centres Tokyo, Shanghai and Dubai."