47th Street Diamond District in NYC is located between Fifth Avenue and Avenue of the Americas (also known as Sixth Avenue). The traffic runs from east to west. The diamond district block is well known as Jewelry Way and it is close to Time Square.
The Diamond District is in Midtown Manhattan and it attracts thousands of visitors from around the world. The jewelry district started to operate on 47th street when the dealers moved from their previous location, the Canal Street area. The diamond dealers used to work in the Bowery area around 1920. This was another location where the dealers used to have their clients come. Then it was the Financial District near Fulton and Nassau Street in the beginning of 1931. The last location where the dealers used to operate was on Maiden Lane since the 18th century. “The move to the north or uptown started in 1941. “The district grew in importance when Nazi Germany invaded the Netherlands and Belgium, forcing thousands of Orthodox Jews in the diamond business to flee Antwerp and Amsterdam and settle in New York City” founded in Wikipedia.
The Diamond District on 47TH street is one of the most important places to trade, buy and sell diamonds in the world.
There are other important locations such as: The Antwerp Diamond District located in Belgium, The Diamond Exchanged District in Ramat Gan- Israel, Johannesburg in South Africa, Mumbai in India, Los Angeles Jewel District and Jewelers’ Row in Philadelphia.
Diamond district figures account for about 400 million in sales a day. It estimates that 90% of diamonds in the US enter through New York. Today there are about 3000 businesses on the block located in the 25 exchanges or in the 46th Street corridor. The Gemological Institute of America (GIA Lab) is also located in NYC’s Diamond District.
This exclusive area of New York welcomes people from around the world. Many of them are looking for engagement rings, wedding bands and while others are trading big and fancy diamonds. For locals or foreigners, it is a real spectacle to walk by the Diamond District in Midtown NY and enjoy the fine diamonds from around the world.