During my children's upbringing, I made it a regular practice to use my GoPro Hero 2 to record our various adventures. My son Davey really wanted to buy a diamond and I wanted to buy him one as a memory when we were in New York City in the Diamond District. Make sure to watch the end of this video where 18-year-old Davey find the diamond still in his drawer.
The Diamond District on 47th Street in New York City is one of the premier locations globally for the buying and selling of diamonds and other precious stones. This stretch in Midtown Manhattan, nestled between Fifth Avenue and the Avenue of the Americas (Sixth Avenue), is home to hundreds of independent jewelers and diamond exchanges. It's a bustling marketplace where both wholesale and retail transactions take place daily.
The exact number of diamonds bought and sold in the Diamond District is difficult to quantify due to the vast number of transactions and the private nature of many deals. However it's estimated that approximately 90% of the diamonds entering the United States pass through New York City, with a significant portion of those transactions occurring in the Diamond District.
The Diamond District became a center for the diamond trade in the mid-20th century, primarily due to the concentration of jewelers, diamond cutters, and merchants in the area. Its location in Manhattan, a global financial and cultural hub, also contributes to its significance. The district offers everything from raw stones to exquisite jewelry, making it a one-stop-shop for all diamond-related needs. This concentration of expertise and resources has solidified its status as a central marketplace for diamonds.
The Diamond District is not run by a single entity but is made up of a variety of businesses, including individual jewelers, small and large retailers, wholesalers, and diamond exchanges. These businesses are often family-owned and have been passed down through generations. There are also important organizations and trade groups that represent the interests of the businesses in the Diamond District, such as the Diamond Dealers Club, which acts as a central body for the trade and arbitration of diamond transactions.
The Diamond District is considered one of the best places in the world to shop for diamonds and other precious stones due to the vast selection and the depth of expertise available. Customers can find everything from affordable gems to rare and high-value diamonds.
The area's reputation for quality, variety, and competitive pricing, combined with the expertise offered by the merchants, makes the Diamond District an appealing destination for both novice buyers and seasoned collectors. However, as with any high-value market, it's advisable to proceed with caution, seek recommendations, and consider independent valuations where possible.