The New York Diamond District

The Diamond District in New York is one of the most significant global diamond centers in the world. Based in the heart of midtown Manhattan, on West 47th Street , the Diamond District has become as much of an important landmark as any of its surrounding New York City attractions. Many people who wish to buy diamonds, pearls, engagement rings, wedding bands, antique jewelry or any other kind of precious gemstone jewelry for that matter will choose to shop at this famous New York district.

The Diamond District in New York owes its name to the undeniably thriving diamond trade evident in that area. However, the district was not always located in midtown Manhattan, as it is today. In fact, during the mid 1920's the area known as the Diamond District was actually located in lower Manhattan, specifically around the Canal Street area, presently known as China Town. The move uptown began only during World War II, around 1941. It happened as a result of the arrival of thousands of Orthodox Jewish diamond traders to New York who fled from Nazi occupied territories, such as the Netherlands and Belgium. Most of these Jewish immigrants remained in New York even after World War II came to an end and formed a dominant influence on the Diamond District today.

It is estimated that an astonishing 90% of all diamonds traded within the United States enter through New York in one way or another, specifically through Manhattan's Diamond District. Seeing as the United States is in fact the biggest consumer market for loose diamonds in the entire world, this 90% figure means that the Diamond District sees vast quantities of diamonds passing through. In fact, it has been reported that the value of a single business trading day in the district sums up to around $400 million (!). Therefore, it is no wonder that the area is considered one of the primary diamond centers in the world, along with other central industries located in London, Antwerp, Mumbai, Ramat-Gan, and Johannesburg.

Nearly all of the 2600 independent businesses located in the Diamond District deal with diamonds or jewelry. However, most of the diamond jewelers do their business from a booth located in one of the 25 diamond exchanges in the district. The New York Diamond Exchange (NYDEX) is the center for diamond brokerage, harboring diamond manufacturers, traders and cutters. Each of the 25 exchanges features around 100 independent diamond dealers, giving the consumer an ideal jewelry shopping experience. The consumer could look around, view the wide range of jewelry pieces offered in the different booths and conveniently compare prices between one booth to the next. For consumers looking for a bargain, shopping at the diamond exchange is the ultimate solution since haggling is customary. This means that any asking price could be lowered to even half of the price before the final deal is reached. Although NYDEX only sells diamonds that have been certified by the Gemological Institute of America (which happens, to be situated on the premises), consumers could still turn to the many helpful experts available in the diamond exchange to receive any sort of clarification regarding diamonds, in a matter of minutes.

Everyone who has shopped at the Diamond District in New York will agree that the area is full of tradition. Establishing a good relationship with a specific diamond jeweler in the district is very common for everyday consumers. Some will even return time and time again to purchase different jewelry throughout their lives from their trusted and preferred jeweler. Many deals made in the Diamond District are finalized by a handshake and then followed by a simple and traditional blessing – "mazel and brucha" – which translates from Hebrew to good luck and blessings. The firm relationships established between consumers and jewelers located in New York's Diamond District leads to fruitful deals that will oftentimes carry on through several generations. Word of mouth plays an important role in keeping the district thriving with good business.

The famous Diamond District in New York has established itself as one of the most influential diamond centers in the world. Many people planning to shop for diamond jewelry will choose to do so in this area due to its good reputation and high prestige. In addition to top quality diamond merchandise, consumers can also find great deals whilst shopping at the traditionally run Diamond District in busy midtown Manhattan.