The Holiday Season is one of the most popular times for grooms to propose to their brides with diamond engagement rings. In fact, more than one in four men decides to pop the question between Thanksgiving and New Years Eve. But, according to NY Post’s interview with David Levy of
David Levy Diamonds & Fine Jewelry, New Yorkers might not find the best diamond deal in the famous NY Diamond District.
The New York Diamond District, located in Manhattan on 47th Street between Fifth and Sixth Avenues, has been famous for decades for housing the most well established diamond trade and professional jewelers since the 1920s.
To this very day, it houses offices of some of the biggest names in gemology and diamond dealing including the Gemological Institute of America (GIA), The International Diamond Institute (IGI), the European Gemological Laboratory (EGL) and the Diamond Dealers Club (DDL).
But despite the prestige and the abundance of diamond and fine jewelry retailers located in the district (approximately 2,600 total), the David Levy is recommending that diamond consumers, specifically men looking to buy their women diamond engagement rings, take their business elsewhere.
In the NY Post’s Dec 20th article,
“Jingle Bell Rocks”, David Levy implies that the NY Diamond District is past its prime. Years ago, the
NY Diamond District housed merchants and traders who controlled most of the flow of rough and polished stones into the United States. This control gave them access to diamonds that other American merchants didn’t have, and with a direct supply, it also allowed them to keep prices low.
Today, this is no longer the case. The 47th Street strip of diamond merchants has turned into a tourist trap. Levy goes so far as to liken the famed NY Diamond District to a car dealership. “I always walk by those stores, and I’m looking in and wonder, who’s in there?” Levy told the Post.
According to the article, many of the shops in the Diamond District can actually be rented for a day and abandoned the next, making it hard to find a trustworthy jeweler. There are also rumors of appraisal scams by retailers who own more than one store on the street and have deals with particular appraisers.
So, men, if you are like 1/4 of the country’s men in love and you’re looking to buy diamond engagement rings for your girlfriends this holiday season, the NY Diamond District may not be your best bet. Do your research and make sure you’re buying from a trustworthy
diamond retailer. And never forget to ask for a receipt.
