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 1795 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.
The Diamond District Moves to 47th Street
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.
The Diamond District Today
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. The District is located between 5th and 6th Avenues and isn’t far from Rockefeller Center and Radio City Music Hall.
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. The Diamond District is the center of the US diamond market and handles more than 90% of all diamonds that enter the country.
Diamond District in Pop Culture
The Diamond District has been featured in a few different movies and songs including:
- 2019’s Uncut Gems starring Adam Sandler – This film used some Diamond District employees as movie extras.
- 2004’s Closer starring Natalie Portman and Jude Law
- Cardi B’s 2018 single featuring Bad Bunny and J Balvin, I Like It
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.
