Steve Feldman, a veteran of over 45 years in the jewelry business, is stepping into retirement with a wealth of stories and insights from his career. Starting in the late 1970s with National Jeweler, Feldman’s journey was as unpredictable as it was rewarding.
A First Day to Remember
Feldman’s entry into the jewelry world was marked by a press conference held by Milt Gralla, the publisher of National Jeweler, to announce that the magazine would be published twice a month.
“It wasn’t exactly met with a standing ovation,” Feldman recalls, “but it set the tone for the fascinating ride ahead.”
Shaking Up the Lab-Grown Gem Industry
After leaving National Jeweler, Feldman joined Chatham Created Gems, where he championed lab-grown colored stones. He launched the bold “Don’t Call Them Synthetic” campaign to challenge misconceptions about lab-grown gems.
“I argued that the term ‘synthetic’ makes people think ‘fake.’ Public perception matters,” he says.
Despite early successes, price wars among producers eventually devalued lab-grown gemstones, a lesson Feldman warns could repeat in today’s diamond market.
Marketing Diamonds and Challenging Norms
As the Director of Sales and Marketing for Hasenfeld-Stein, a De Beers sightholder, Feldman encountered the diamond industry’s inner workings. He famously questioned De Beers’ “two months’ salary” marketing mantra:
“It sounded like a fortune to me, and I said so—until they buried me in marketing propaganda.”
Honoring a Holocaust Survivor’s Legacy
Working alongside Alexander Hasenfeld, a Holocaust survivor and company founder, left a profound impression on Feldman.
“He was one of the most remarkable people I’ve ever met. His resilience and humanity were inspiring.”
Advocacy for Ethical Grading
At GCAL, a diamond grading lab, Feldman became an outspoken advocate for strict grading standards. He criticized what he saw as industry-wide laxity:
“The grading deficiencies are widely known, but nothing changes. It’s disappointing and could hurt the industry long-term.”
Reflections on Lab-Grown Diamonds
Feldman re-entered the lab-grown sector at GCAL and saw echoes of his past:
“Lab-grown diamonds offer great margins now, but pricing might spiral too low to maintain value. Where it goes in five years is anyone’s guess.”
Looking Back with Gratitude
As Feldman transitions into retirement, he reflects fondly on his career:
“So much has changed, and yet so much remains the same. I’ve been part of incredible moments, and I hope I’ve made a meaningful impact.”
Steve Feldman’s legacy highlights the highs and challenges of the jewelry industry, offering lessons for those who follow in his footsteps.