Jewelry Display 47th Avenue Diamonds, New York Diamond District.

47th Avenue Diamonds and Jewelry.

47th Avenue Diamonds:

47th Avenue is part of the New York Diamond District. That happens to be one of the most popular shopping areas globally for diamonds and fine jewelry.

The allure of the NYC Diamond District is that you can find diamonds of all shapes and sizes. It's also supposed to offer incredible prices and great value. In that case, many people go there to shop for diamonds, gems, and jewelry.

The United States is the largest diamond consumer market in the world. More than 90% of diamonds entering the country pass through New York City, and most of them travel through the Diamond District. Nearly all of the businesses in the Diamond District are related to diamonds and fine jewelry.

Where Is 47th Avenue Diamonds?

47th Street runs east-west between First Avenue in Manhattan and the West Side Highway in New York City. The street runs east-west, beginning at the United Nations headquarters. This street includes the Diamond District and also runs through Times Square.

The Diamond District, a commercial area between Fifth and Sixth avenues of Midtown Manhattan, covers only one block. Maiden Lane was four blocks north from Wall Street, New York's original diamond epicenter.

The new Diamond District emerged when dealers moved north from an older district near Canal Street, the Bowery. They also moved from a second district in the Financial District near Fulton and Nassau Streets.

The New York Diamond District:

In the 1920s, Maiden Lane rents rose dramatically as financial and insurance firms moved into the Financial District. The transition to move uptown began as a result of the high rents.

After Nazi Germany invaded Belgium and the Netherlands, the area gained prominence, forcing thousands of Orthodox Jews working in the diamond industry to flee Amsterdam and Antwerp to settle in New York City.

They remained a significant influence in the Diamond District after World War II. In 1941, the Diamond Dealers Club also moved up to midtown. The DDC is an exclusive club that acts as a de facto diamond exchange and private synagogue.

The Diamond Business:

Some people say that New York is home to the world's largest diamond industry and is the best place in the city for jewelry shopping. It is home to the most prominent jewelry and diamond district in the United States.

The local industry employs more than 33,000 people, many of whom come from worldwide. Most businesses operate out of booths that rent from the district's 25 exchanges.

Many operations hire commission-based barkers to hawk their wares on the street level. However, the district's most distinctive feature is the presence of street lights that illuminate the corners with diamond-motif streetlights.

According to The New York Times, the Diamond District has been a vibrant, bazaar-like market since the 1920s. Many deals can be closed with a simple traditional blessing (Mazel and Brucha in Hebrew, which means "luck and blessing") and a handshake.

Prominent Places of Interest:

Four prominent trade-related buildings are also part of the NYC Diamond District:

  • The GIA headquarters is at 50 West 47th Street.
  • The 580 Fifth Avenue Exchange.
  • The DDC (Diamond Dealers Club).
  • The International Gem Tower.

The New York Diamond District and 47th Avenue are also near other landmarks like Rockefeller Center or Radio City Music Hall.

The Hub of the Industry:

New York Diamond Dealers have one advantage: they are close to where jewelers make jewelry. That means they can offer a wide range of styles from low to high prices.

When you walk around the diamond district, you'll see signs that read:

  • 20% Off.
  • 50% Off.
  • 80% Off.

Those kinds of signs are prominent in some 47th Street shops and exchanges. You'll also see them in mall stores and independent Mom and Pop jewelry stores.

Seeing those signs everywhere makes some people think everything is a bargain on 47th Avenue and the Diamond District. After all, it is headquarters to some of the largest firms in the world.

Competition is fierce, and everybody claims to be selling diamonds wholesale. However, that doesn't necessarily mean that every item you see is a bargain. First, you have to ask yourself, how much did those dealers mark their prices up to mark them down so much?

It also stands to reason that legitimate wholesalers are not going to sell diamonds wholesale to the public. First, because they're not going to risk alienating legitimate wholesale accounts for one-off sales. Second, because there are legal implications that accompany use of the word wholesale in advertising.

In order to qualify, a wholesaler must sell for the purposes of resale only, according to the Jewelers Vigilance Committee. That means that the only way to buy wholesale diamonds and jewelry legitimately is with a resale permit for valid business purposes.

How to Ensure You Don't Get Burned:

Comparing characteristics and prices is the only way to determine if an item is worth the price. For that reason, you should compare similar things in different places. If you notice price differences, ask the jeweler to explain the reasons.

Good salespeople should be able to explain why their product is more expensive. You can always ask for more information if they don't answer your questions.

47th Street is an excellent place to compare prices because many independent jewelers are on the same block. Ask for a look at the loose stones. It would be best to ask about color, cut, and clarity (regardless of whether there is a diamond grading certificate).

Double Check the Details (and then do it again):

Be aware that there are differences between natural and lab-grown diamonds. There are also treatments, such as laser drilling and fracture filling, that improve the appearance of inclusions.

The Federal Trade Commission (FTC) and Jewelers Board of Trade require stores to disclose treatments in writing on the sales receipt. However, some companies try to bury the truth and refer to laser-drilled and fracture-filled diamonds as "Clarity Enhanced."

Fracture Filling is semi-permanent, where a foreign substance is injected into cracks and laser drill holes into the stone to improve clarity. The filling is temporary, and the GIA-GTL and most other gem labs will not grade fracture-filled diamonds.

That is one of the reasons why diamond grading reports from independent labs are essential. A grading report documents the results of qualified professionals' careful inspection of the stone.

Why Do I Need Diamond Grading Report?

The report will include information about the stone's size, overall dimensions, and weight, regardless of the origin. Unfortunately, not all diamonds come with grading reports.

Many dealers prefer to grade diamonds themselves and do not adhere to the worldwide grading system. That does not necessarily mean that their grading standards are not accurate. However, it does make it challenging for consumers to compare characteristics and prices accurately.

In contrast, many lab-graded diamonds are available in the NY Diamond District and online. On the one hand, there are advantages to seeing diamonds and buying them in person.

On the other hand, it's nice to shop for diamonds online without the pressure of a salesperson breathing down your neck. Plus, we find that many online dealers provide more in-depth information, such as:

  • Clarity photographs.
  • High-resolution videos.
  • ASET Scope images.
  • Hearts and Arrows Scope images.
  • Ideal Scope images.

Not to mention the added peace of mind of no hassle returns and lifetime upgrades. Consequently, some online diamond dealers offer the best of both worlds with stores in New York.

Online Vendors with New York Locations:

Consequently, we have more than 35+ years of experience in the diamond business. In that case, we know the industry's intricacies inside and out.

It can be fun to run around 47th Avenue and the Diamond District. However, the truth is that diamond prices depend on the stone's characteristics, not where you buy it.

Online diamond dealers offer some of the best diamond prices we've seen. If you want to see NY Diamonds in person, you can visit the following stores:

In that case, you can visit their physical locations or shop online from the comfort of your home or office. You can also buy diamonds online from companies that ship globally.

The Best Places to Buy Diamonds Online:

Note that the following URLs contain affiliate links, and we may earn a small commission if you complete a purchase after clicking on them:

The NY Diamond District vs Buying Online:

Regardless of whether you buy a 47th Avenue Diamond in the NY Diamond District or you prefer to buy online, it pays to learn about diamonds before you buy.

The One Minute Diamond Buying Guide from Nice Ice is one of our favorite tutorials. It provides a step-by-step blueprint that you can follow for diamond buying success.