NEW YORK — A venerable name in fine jewelry, Henry Dunay has emerged from bankruptcy with a more fine-tuned focus, catering to appointment-only special orders and specialty stores.
The new business, called HDDI, opened this month in a 1,000-square-foot studio on West 48th Street here. Dunay, who founded his original namesake company more than 50 years ago, said he took the last year to find out “what my people want again…if you listen, then you can make what they want.”
The firm filed for Chapter 11 bankruptcy protection in June 2009, a symbol of how much the recession hurt the fine jewelry sector. Among the factors cited in court papers were “a decline in jewelry sales corresponding with the national economic downturn, the decision of Neiman Marcus Group Inc. to take setoffs [generally deductions from money owed to satisfy past claims] and…bank termination of credit lines necessary to fund ongoing operations.”
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In addition to Neiman Marcus, Dunay sold his pieces, which started at about $4,000 and reached as much as $500,000, to Bergdorf Goodman and independent retailers around the world.
The jeweler said his new collection features 12 pieces and will grow to 40 by yearend. Most of the line — about 60 percent — is still gold but he has incorporated other metals such as brass “to make [the price] more palatable” to consumers, he said. The price point begins at $3,000 and ranges to $10,000 “for more exciting things.”
“It’s the best thing in the whole world, not to have it saturated…just selling to the kind of people who appreciate what I do,” Dunay said. “In this economy, we have to be a little more realistic. When things were fine and wonderful, I’d make a necklace for a million dollars, and customers would say, ‘How come you didn’t use bigger diamonds?’”