Travelers to New York City are able to enjoy some of the world’s finest cuisine, culture and shopping. It is a destination that sees millions of tourists and business travelers each year, but it is also the destination for approximately ninety percent of the diamonds that are sold in the United States on an annual basis.In a small neighborhood on West 47th Street, between Fifth and Sixth Avenues, visitors, shoppers and residents will find the world-famous “Diamond District“. This area is the home to over 2,600 businesses, most dealing in diamonds and jewelry.
The area began to develop around 1941 as émigrés fleeing the developing political situation in Europe came to the United States for safety and to continue working in the global diamond trade. Various neighborhoods played host to the diamond businesses, but by the 1940s the West 47th Street area became known as the official Diamond District.
The neighborhood is also home to the Gemological Institute of America, the not for profit institute dedicated to the field of gemology and one that is respected world-wide for its educational programs and gem identification and grading services. It was the Gemological Institute of America that first created the famous “four Cs” used in grading and assessing diamonds that is still used today. Their system of reviewing cut, color, clarity and carat weight still establishes the dollar value of a diamond and it is the system they use in grading and certifying stones.
The neighborhood is the premier jewelry-shopping destination in the city because the merchants and vendors, whether in independent shops or one of the many booths housed in the approximately 25 “exchanges”, are located so close to where the jewelry is made, cut and graded. Shoppers are guaranteed a tremendous variety and selection of loose stones and high-quality jewelry at great values.
In 1997 a majority of the vendors and landlords in the neighborhood created the 47th Street Business Improvement District (47th Street BID), which is a not for profit organization dedicated to improving the appearance, safety and commercial success of the district. The stated goals of the group are to make the Diamond District safer, cleaner and more beautiful for the many merchants and consumers who shop and work in the neighborhood every day. In only a few short years they have successfully developed a much stronger relationship with the New York City Police Department, and received some of the city’s highest ratings in sanitation and cleanliness. The organization has installed 19 highly-decorative street lights, with a historic and Art Deco appearance, and regularly installs flowers, seasonal decorations and banners throughout the neighborhood to make visitors and consumers welcome. The group also has developed a comprehensive web site, offering educational information for individuals seeking to purchase diamonds and jewelry in the district. They emphasize the good deals are found only by knowing what to look for in good jewelry and they encourage consumers to shop around and even haggle for the best deals.
Some of the major tips and points that they give to shoppers include comparison shopping, avoiding unscrupulous merchants and salespeople by ignoring hawkers who solicit business from their shop doors and sidewalks, reminding shoppers to be mindful of discount shops as quality and price are not guaranteed, encouraging consumers to be well-educated about items such as gold and platinum qualities and unique items like colored diamonds, always requesting a written sales slip with the merchant’s contact information and full purchase details, asking about refund and exchange policies, and finally to only purchase from dealers who honor the “Jewelry Buyer’s Bill of Rights“.
The Diamond District and the 47th Street BID created the “Jewelry Buyers Bill of Rights” in order to make all shoppers aware of their many consumer rights and of the demands they can make of a vendor in the district. The Bill also gives contact information for recourse if a buyer is dissatisfied with the service they receive.
It has been estimated that the total business and daily revenues within the neighborhood approach a dollar amount of $400 million. Yet in this technologically-driven world where you can buy diamonds online as never could have been imagined just a few years ago, a great deal of this business is transacted by the loose diamond merchants who are satisfied to continue in the same manner of business as initially established over sixty years ago in the neighborhood - deals are sealed with a handshake and traditional blessing called a “mazel und brucha”.
The Diamond District neighborhood is within walking distance of many major New York attractions - visitors can walk to Rockefeller Center in minutes, or travel a mere three blocks to Radio City Music Hall or St. Patrick’s Cathedral, or walk one black to the wonderful Broadway Theater District. There are some unusual cafeterias and dining establishments patronized by many of the vendors and they make for a unique experience for a visitor to this unusual and distinct destination.
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