Thursday, June 23, 2022

What Is The Diamond District In New York

The Future Of The Diamond District

Secrets in the New York Diamond District

Many Diamond District deals that once closed with a handshake and the Yiddish word Mazle now take place online. You can see whats currently in stock at some Diamond District shops there. And 1,200 new members have recently joined the Diamond Dealers Club the organization considered the anchor of the diamond trade online.

Massive Risk With No Legal Recourse

How has the diamond district withstood the pressures of time?

It helps to understand the mechanics of a typical diamond transaction.

Practically all diamonds on 47th Street are new ones very few come from pawns or estate sales. They arrive in New York by multiple pathways, but as an example: the diamond giant DeBeers mines stones in Africa and then sells them rough or uncut in London. These are resold in Antwerp. Then most go to Mumbai and Gujarat, India for polishing and cutting, before arriving at 47th Street, where they are then sold to dealers and jewelry manufacturers.

Forty-seventh Street is, in fact, a thick network of middlemen, with diamantaires buying and selling large caches of diamonds much like stock brokers buy and sell at the New York Stock Exchange. And since diamonds are so expensive a pocketful of diamonds easily exceeds hundreds of thousands of dollars in value diamantaires rarely have sufficient liquid assets to pay for stones in cash. So they rely on purchasing stones on credit.

But a credit sale exposes a diamond seller to an enormous financial risk. Because diamonds are portable, universally valuable and virtually untraceable, a would-be purchaser on credit could easily abscond with a cache of diamonds. Even if a thief skipped town, leaving assets behind that a jilted seller could recover, those assets would pale in value to lost diamonds.

Welcome To Diamond Exchange Nyc

We are not your typical jewelry store in New York City. We are 3rd generation diamond dealers located in the heart of the NYC Diamond District. What sets us apart is our amazing fine diamond jewelry selection and unbeatable wholesale diamond prices. We carry a very large selection of loose diamonds, engagement rings, diamond earrings, diamond necklaces, and we are experts at custom jewelry. We also pay top dollar to customers that are interested in selling or consigning their unwanted diamond jewelry. We are by appointment only so please fill out our contact form to get started.

If you are looking for wholesale diamonds in NYC then Diamond Exchange NYC has you covered. We carry every shape and every size diamond. Our goal is to get you the best deals on diamond jewelry based on your budget. When customers come to us looking for engagement rings or diamond earrings we show them in detail exactly what they are buying. We offer high-quality GIA certified diamonds including round diamonds, princess cut diamonds, emerald diamonds, oval diamonds, radiant diamonds, marquise diamonds, cushion cut diamonds, asscher cut diamonds, fancy colored diamonds, and more. Schedule an appointment today by simply filling out our contact form or by calling us today at .

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Where Is The Location Of Nycs Diamond District On The Map

You can find the Diamond District in NY along West 47th Street in between the 5th and 6th Avenue. In the excerpts from Google Map below, I had indicated the district with a red line.

Most stores are open on weekdays and Saturdays from 9.30am to 5.30pm. Do note that the opening hours may vary from store to store and certain businesses only allow visitors by appointment only.

Tip #5 A Reliable Grading Report Is A Must

Big Apple Secrets: New York Diamond District, Part 1

One common trick jewelers employ to misrepresent their diamonds is through the use of appraisals with overly inflated values and shady grading certification. Bear in mind that NOT all grading certification are made equal.

If a vendor tries to sell you a diamond with a certificate from dubious gemological labs like EGL, GAI, IGI, GALA and etc, I can assure you that the grading standards are poor and the diamond will be overgraded in its true properties. That is to say, a G VS1 diamond graded by an unknown lab would likely be a J SI1 if the same stone was graded by GIA. Youll end up paying more for a diamond that only sounds better on paper!

In order to know exactly what you are buying and that the diamond is being represented correctly, you should only consider diamonds graded by GIA or AGS .

Heres how an authentic GIA grading report looks like.

Heres how the platinum light performance report from AGS looks like.

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Tricky Lingo To Watch Out For

Finally, here are some lingo you may hear buzzing around the New York Diamond District. Familiarize yourself with them, so you don’t fall for any shlok .

  • Fancy yellow diamond scams. Are you looking for a yellow diamond? You can easily be duped on the color. Yellow diamonds are naturally colored and are rarer than white diamonds. But watch out, not all yellow diamonds are a true fancy-color diamond.

Yellow diamonds have a different color grading scheme. They’re graded as: Fancy Light Yellow, Fancy Yellow, Fancy Intense Yellow, and Fancy Vivid Yellow. Colorless diamonds, on the other hand, are graded from D to Z. The lower the alphabet means the more yellow a diamond is. A sneaky salesman may try to sell you a low-colored diamond and say it’s a Fancy Light Yellow diamond.

You may hear the term “fancy” and be fooled into thinking it’s a rarer yellow diamond, when it’s really a low-colored white diamond. This makes for an easy scam.

  • Back alley and estate diamonds. These are diamonds sold on the secondary market . In other words – someone else owned it. Maybe this doesn’t bother you, but you should know its origination. For example, was it stolen? How many people owned it? These are just a few questions that pop in my head.
  • Tip

    Its Business As Usual As The Hollywood Spotlight Turns On 47th Street

      In the Diamond District on Monday, a couple of days after Uncut Gems set an opening weekend box office record for the indie film company A24, the Orthodox Jews who work in the jewelry business were, well, not studying every facet of the film.

      Avi Fertig, executive director of the Diamond District Partnership, said he hasnt seen the film, which is set along 47th Street and stars Adam Sandler as a wired jeweler with a gambling habit. Friends in the business who saw the film said it showed the typically unglamorous, pressurized work and long hours put in by professional diamond merchants, said Fertig. But the film was not antagonistic to the profession.

      Any publicity is good publicity, said a middle-aged man behind his counter in a building on 47th Street near Sixth Avenue. Like all the workers along the block who spoke to The Jewish Week, he declined to give his name, for reasons of security.

      In the comedy-drama crime thriller, which opened in select theaters last Friday and will open for general release on Christmas Day, Sandler plays Howard Ratner, a philandering, cussing, gambling-addicted diamond merchant. In that role, which has shown Sandlers unexpected serious acting chops and garnered some Oscar buzz, he conducts shady business, makes deals with loan sharks and works with A-list celebrity customers, including retired NBA superstar Kevin Garnett.

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      If they catch the film, that is.

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      What It Is Like Buying Diamonds In The Diamond District

      If you decide to shop in the Diamond District, prepare yourself for a shopping experience like almost no other.

      1. Be Ready for High-Pressure Sales

      If youre one of those people who feel guilty when you dont buy something, or you like to take your time to consider before purchasing, or you just like to browse, this may not be the place for you. With so many dealers competing for a sale, you might be easily overwhelmed. High-pressure tactics may include offering you something at a discount but only if you purchase it right away.

      2. Know Your Stuff

      Try to get somewhat familiar beforehand with color, clarity, cut, and carat weight, the 4Cs of diamond quality standardized by the Gemological Institute of America .

      3. Read Reviews

      Check out reviews of different sellers. Make an appointment with any you like.

      4. Be Savvy

      Dont mention your budgeted price upfront, wait until a dealer offers you a price. You may even want to haggle, a common Diamond District practice.

      5. Get An Authentic Grading Certificate from the Vendor

      Buy diamonds that have been graded by the GIA. This is the most accurate and reputable diamond grading laboratory on the market.

      6. Get It in Writing

      Absolutely get a sales slip with any return policy written on it. Maybe reconsider if the owner doesnt have a return policy.

      How Much Does A Jeweler Pay For A Diamond

      �ᴷ�� Walking NYC (Narrated) : Diamond District on 47th Street, Manhattan (November 11, 2019)

      On average, according to jewelry industry estimates, diamond engagement ring prices range from $3,500 to $5,000. That includes the cost of the diamond and the setting, which can add a few hundred or a few thousand dollars to the cost depending on the metal type, the ring design and any side stones you choose to add.

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      How To Sell Diamonds In The Diamond District

      If you want to sell your jewelry to a Diamond District dealer, similar suggestions apply:

    • Research is key.
    • Once again, avoid pressure and dont be pushed into selling for a price you are not comfortable with.
    • Check that the merchant has a properly displayed second-hand dealers license from the New York City Department of Consumer Affairs.
    • The state requires that a dealer get a signed document of ownership and the transaction amount. Have your picture ID and avoid anyone who doesnt require these.
    • What Is The Diamond District In New York

      The Diamond District is the worlds largest region of diamond exchange. It is home to diamond merchants who both sell and buy individual diamonds and other gemstones. It is also where countless retail jewelers and wholesalers do business and contains many independent jewelers. If youre searching for where to buy wholesale jewelry in New York or looking for the best diamond stores in NYC, the Diamond District is your destination.

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      The History Of The Diamond District In Nyc

      The history of the Diamond District in NYC began in 1795 on a Manhattan street called Maiden Lane. It was here that diamond merchants first established a base of operations to sell diamonds from all over the world to high society patrons. In the early 1900s, many financial establishments wanted a presence in the downtown area, and jewelers struggled to pay the ever-increasing rent. So, they began to collectively relocate to uptown Manhattan. Builders erected buildings on 47th Street that were specifically tailored to entice jewelers, allowing them to move with ease. This enabled them to re-establish a new area centered around the diamond and jewelry industry. By 1925, the Diamond District as we know it today was established.

      In the 1940s, World War II and the invasion of many European countries caused countless individuals to flee to New York City to establish businesses, many of which included jewelry shops. Diamond District jewelers came from all over the world, including Amsterdam, Antwerp, Tel Aviv, and more. Over the last century, some things have changed about the Diamond District, but much remains the same.

      The way diamond merchants still do business is surprisingly similar to decades ago, with a handshake as the official means of securing a deal. Although technology has advanced within the stores, diamond merchants from across the globe love to do business in the old-world barter type economy that continues to serve them well.

      Jewelry Services In The Ny Diamond District

      Diamond and Jewelry Way in New York City

      The 47th street New York diamond district also provides jewelry related services such as jewelry and watch repairs, metal engravings, and pearl restringing. And beyond these street-level sales operations is a hidden army of diamond cutters, blockers, sorters, graders, and polishers. In addition, the Diamond Dealers Club, the premier U.S. diamond exchange and the largest and oldest active organization in the U.S. diamond trade is also located in the New York City Diamond District. In short, everything and anything related to diamonds, gemstones, and jewelry can be found in the New York City Diamond District.

      Although historic, the New York City Diamond District didnt start on 47th Street.

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      Places To Eat In The Diamond District

      Shopping is exhausting. Jewelry shopping is even more tiring.

      There arent many places to eat within the Diamond District itself, but there are a few:

      • Sushi Fussion A Fantastic Sushi and Fish Restaurant.
      • Taam Tov An Uzbeki Restaurant known for their mouth-watering delicacies.

      This list will be updated with the rest of the restaurants.

      Origin Of Ny Diamond District

      The earliest origins of New Yorks Diamond District actually began in Jewish communities of Antwerp, Belgium, and other cities of Eastern Europe. In the 15th century, the diamond industry was one of the few occupations available for European Jews as the church condemned them from handling select goods and money.

      When Jews were banished from Spain and Portugal in the 1490s, many Jews took their expertise in the diamond industry and fled to modern-day Belgium. However, persecution followed relentlessly, as the Holocaust resulted in the death and refugee status of countless Jews. Those who managed to escape to the United States arrived with little else but their rich knowledge of the diamond industry.

      While New Yorks Diamond District started in the Financial Districts Maiden Lane, the co-location of financial and insurance companies caused rent to skyrocket, shifting the New York City Diamond District to Canal Street and the Bowery. But the influx of Jewish diamond merchants in conjunction with the expanding creep of downtowns rising rent prices pushed jewelry stores in diamond district New York to move to their new and currently known location, 47th Street.

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      Where Is The Nyc Diamond District

      While it sounds huge, the Diamond District actually doesnt take up much space. It runs on 47th street between 5th and 6th Avenue in Manhattan. You cannot mistake the entrance as you walk on 5th Ave. Two giant diamond motif street lights flank the crosswalk, signaling you have come to the right place, the jewelers say. The energy is palpable people rush up and down the street buying, selling, and making deals.

      Even the Gemological Institute of America, which is the worlds foremost authority on diamonds, gemstones, and pearls, resides there. However, the District wasnt always in Midtown Manhattan. According to the Smithsonian, it began on Maiden Lane, four blocks north of Wall Street, from the mid-19th century until the 1920s. Then, wealthy banks increased rents in the area, subsequently forcing the District to 47th Street.

      The Famed Nyc Diamond District

      Diamond District: Shopping for an Engagement Ring

      Some places conjure up fantastic images of grandeur in our heads. The Taj Mahal in India, the strip in Vegas and Rodeo Drive in LA all leave an indelible imprint on our minds. The New York Diamond District has a similar reputation. Just one city block of 47th street, the towering buildings whose street-level edifices are festooned with sparkling earrings, elegant rings and flashy accessories lure tourists in by the busload and even attract New Yorkers .

      As iconic as the Diamond District is, 47th street wasnt even the original hotspot for jewelers in NYC. In the 1800s, the jewelry hotspot was centered, coincidentally Im sure, around Maiden Lane and Canal St, just a few blocks from Wall Street. In 1924, the New York Times stated that the bride-to-be who could show a ring from Maiden Lane was thrice happy.

      Rising rents and other factors forced jewelers to look upwards and eventually they settled on one long block of 47th street between Fifth Avenue and Avenue of the Americas. Many of the buildings housed exchanges on the ground floors, where you can go from counter to counter looking at different offerings of gold, diamonds and other metals and gems. You could have your watch fixed on one counter, pick out a pair of diamond earrings across the aisle and have your emerald reset into a different ring two counters down.

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      Where Is The Diamond District In New York

      The Diamond District in New York is located on West 47th Street between Fifth Avenue and Avenue of the Americas in Midtown Manhattan. The Diamond District is one block off of Madison Avenue, famous for the iconic fashion houses flagship stores. Its a stones throw from Times Square and is home to over 2,500 jewelry stores. Some are standalone shops while others host dozens of jewelry counters vying for attention.

      Be Prepared For Aggressive Sellers

      Just browsing? Not interested in purchasing anything? That might change once youre in the District. Sellers can be extremely pushy and convincing. The Diamond District is a highly competitive marketplace, which will encourage aggressive behavior from those who seek to sell to you, Moran explains. He compares the experience of shopping there to taking a sip from a fire hose. He adds, Remember, the strongest and best dealers like to sell, are happy to sell, but dont need to sell. If the salesman seems desperate, RUN.

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