The Story of the Diamond District: 47th Street in Manhattan, New York
You can find a diamond store in almost every city in the world. In New York City in the US, diamond shops are not only present in all 5 boroughs, they have a rich history and a compelling history in the birth of the world-renowned diamond district.
Today, the Diamond District begins on 47th Street in Manhattan, the heart of New York City, but it wasn’t always this way. The roots of the Diamond District go back to the centuries-old Hasidic community of Eastern Europe; particularly in Antwerp, Belgium, which was and still is the diamond capital of the world.
During the 15th century, the Jewish community forged an exclusive and distinctive relationship with the diamond industry. The social and economic structure of the time offered the Jewish people limited employment options. One of the options available was to engage in trade in the diamond industry. The dominant Christian culture throughout Europe disapproved of the handling of goods and money, and as a result, the Jewish community took on these essential roles necessary to sustain trade.
The persecution of the Jewish people throughout Europe has a long and arduous history. Countless incidents of Jewish members of communities large and small being wanted and exiled took place in Eastern and Southern Europe; forcing mass migration north, with many seeking refuge in Belgium.
The outbreak of World War II in Europe caused catastrophic unrest in the Jewish community, greatly affecting the Antwerp diamond market. Those Jewish refugees who managed to emigrate and enter the United States arrived with only a handful of their belongings and a great deal of knowledge and understanding of the diamond industry.
Diamond shops in New York City began to migrate from what was once Maiden Lane, to the 47th Street area of Manhattan, New York. This area, once known as the Garment District, was dirty and neglected until the influx of the diamond store repopulated it. The establishment of the Diamond District in Manhattan, literally speaking, is a rags-to-riches story. The establishment of clusters of diamond shops in this area of New York City, and the institution of stone and metal craftsmen around it, has cultivated the acclaimed New York Diamond District, which has become the Diamond Capital of North America.
Anthropologist and author Renee Shield writes in Diamond Stories: 47th Street’s Lasting Change; “The diamond, a stony object transformed into a sparkling jewel of astronomical price, has enabled Jews to transform themselves from rejected refugees in one country to respected businessmen in another.“
Today, the second and third generation of those immigrants carry on their family’s legacy in the diamond shops on 47th Street in New York City. If you visit the street and are a keen observer, you may see a handshake that is believed to be an “exchange of diamonds.” The handshake signifies trust that is distinct from the Jewish community. In today’s diamond trade, there is no such thing as credit-based trading as we know it in common terms, rather “trust-based trading” occurs, and credit is issued on the basis of personal integrity rather than power. purchasing.
A visit to the Diamond District is worth a special trip. This is where the largest selection of fine jewelry, diamonds, watches and gemstones in a wide range of cutting-edge styles and designs is available to view, try on and buy. Prices for diamonds and fine jewelry are typically lower near the Diamond District compared to department stores and jewelry chains outside of Manhattan. As you set foot on the pavement in the Diamond District, you’ll find thousands of independent diamond shops in New York City with expert suppliers ready and willing to serve you. Whether you’re a repeat customer or a one-time purchaser, it would be their pleasure and yours to allow them to assist you.