A mono-, di-, and triglyceride emulsifier is provided that is obtained by the interesterification or glycerolysis of triglycerides with glycerol. The diglyceride portion w/w is at least about 65% to about 80%, and most preferably from about 70% to about 80%. The high diglyceride emulsifier is useful in preparing a margarine from a selected quantity a non-hydrogenated vegetable oil and from an amount of saturated fat for use in puff pastry products. The puff pastry is trans fat free and a less than usual percentage of saturated fats. A preferred structured puff pastry margarine is prepared by mixing on a weight to weight basis about 14 parts of the high diglyceride emulsifier that is in predominantly stable beta crystal form, from about 14 to 27 parts of a non-hydrogenated vegetable oil, and from about 40 to about 52 parts of a saturated fat.