New York is one of the world’s premier diamond centers, along with London, Mumbai, Johannesburg, Rumat Gan, and Antwerp. The “Diamond District,” as it’s called, can be traced back to the 1800’s when diamond merchants staked claim to Maiden Lane and Canal Street, located in downtown Manhattan. Brides-to-be demanded their engagement diamonds come from Maiden Lane, and high society began to purchase all their jewelry from the shops in lower Manhattan as well.
Several times, jewelers tried to make the move to midtown but everyone wanted to be able to say they bought their diamonds on Maiden Lane, so they kept coming back.
In the early 1900’s, financial institutions began to show interest in moving to the downtown area, and rents began to rise. Eventually, jewelers could no longer afford to remain downtown and looked to make the move once again. Over the next 15 years or so, buildings were erected specifically to entice jewelers to move to 47th street, and by 1925, the present day new NYC Diamond District had been born.
Today, there are over 2600 independent jewelers in the District, who sell all sorts of precious stones and precious metals and are no longer just in the diamond business.
Manhattan Gold and Silver is proud to be headquartered at 45 W 47th Street, in the heart of the Diamond District, since 1985. Visit us to refine all your gold and precious metals, and leave with money you can invest in anything you want…even a diamond! We are a wholesale precious metals firm serving businesses throughout North America.