New York Diamond District

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What you should know about the New York Diamond District

People planning to shop for their dream diamonds in the U.S. should not miss visiting the New York Diamond District. This neighborhood features more than 2,600 independent jewelry stores that sell not only diamonds but pearls, engagement and wedding rings, antique jewelry and other precious stones. The area is just one of the main global diamond centers along with London, Antwerp in Belgium, Mumbai in India, Ramat Gan in Israel and Johannesburg in South Africa.

New York Diamond Bourse Protecting Diamond Trade

Diamond trading requires a central exchange to protect the integrity and interests of the business. This diamond exchange also known as the bourse is considered as the main reason of the industry’s great success. Through this bourse, people involved in the diamond trade are able to establish a favorable interaction and cooperation with one another to achieve a common goal despite the existing daily competition on the global markets. ... Read More

The United States is the biggest consumer market for loose diamonds all over the world. Of the total volume of diamonds that enter the country, more than 90 percent go through New York City and of those that enter New York City, most go through the Diamond District. Specifically, the district is located at the 47th Street between the 5th and 6th Avenue, very near many of New York’s famous tourist attractions.

History

The diamond business in New York can be traced back in the late 1800s and early 1900s when the first diamond shops were put up in lower Manhattan. The first stores selling diamonds first set up on Maiden Lane and later on Canal Street.

It was in the mid 1920’s when the area was referred to as the “Diamond District” owing to the flourishing diamond industry. Later in 1941, the district spread to the uptown area to where it is situated today.

From just selling diamonds, the jewelry shops there today offer a wide range of jewelry as well as other services such as cleaning, repair of jewelry and watches and restringing.

Numerous shops

It’s hard to imagine that just one block could accommodate thousands of jewelry shops. However, not all merchants have their own stores as most have only booths in the 25 jewelry exchanges spread throughout the diamond district.

Each exchange features some 100 independent jewelry merchants that allow shoppers to compare jewelry and prices. From one booth to another in the exchange, jewelers offer a different range of jewelry pieces to help consumers search for their ideal diamond. They can even try out the pieces themselves to determine how they fit.

The biggest jewelry exchange in the world is located at 55 W. 47th Street where some 115 jewelers can be found. In going to the Diamond District, visitors and shoppers can take the subway train. Those driving their own vehicles have lots of parking areas to choose from – Kinney Systems, Rockefeller Center Garage, Central Parking, Manhattan Parking, Central Parking Systems, Resource Parking and Edison Park Fast.

The NY Diamond Exchange

The New York Diamond Exchange (NYDEX) is a diamond brokerage and trading organization found right in the Diamond District. Established in 1979, the exchange features diamond manufacturers, traders and cutters who have access to the biggest diamond sources in the U.S. and who interact here every day. Most of these suppliers of diamonds are members of the New York Diamond Dealers Club.

The NYDEX sells only diamonds certified by the Gemological Institute of America (GIA) and offers a one-week written money-back guarantee for their diamonds. During this seven-day period, customers who are not satisfied with what they got can return their diamond pieces without any conditions and get a full refund.

Endless tradition

People who have been working and shopping at the Diamond District would say that the place is full of tradition. For families involving several generations and who prefer quality and uniquely designed diamonds, the district has enabled them to establish a good relationship with a trusted jeweler. Numerous customers notably engaged and married couples have also sought the Diamond District for their ideal engagement or wedding rings. Many years later, their own children would do the same when they reach that same stage in their lives and look for that perfect ring.

This long tradition never wanes and relationships built between customers and jewelers are deeply valued. A solid relationship based on trust usually leads to fruitful deals which oftentimes serve as good as a written contract.

Buying tips

Searching for that ideal diamond may not be that easy at the Diamond District. There are some things potential customers should know of in order to make their buying experience a fruitful one. Firstly, shoppers need to know what they are really looking for to prevent them from being easily swayed by jewelry sellers who are most often very upfront and aggressive in their marketing strategy. There are sellers who have strong convincing powers that they won’t let you go unless you buy from them. The others will approach you right away once they spot you slowing down near their stalls. At the Diamond District, the supply far exceeds the demand so customers need to be firm in what they want.

Patience is also important when buying because you are visiting a place where hundreds of jewelers abound and looking for that genuine piece may take you the whole afternoon or even the whole day. Just imagine you will be browsing at millions of different pieces some of which may look the same but may vary in prices by thousands of dollars.

To earn the respect of salesmen, buyers need to know the basics such as the 4C’s of the diamond notably its color and clarity and the certification process and what’s stated in them. Additionally, shoppers should have a good idea of what type, cut, setting and price range of the diamonds that they want. If you’re armed with the right information, the salesmen will deal with you with more respect and not take advantage of you.

For people looking for high quality stones, choose the shiny and well-kept storefronts where the environment is more comfortable with less pressure. On the other hand, for those wanting to avail of competitive prices, the diamond exchanges are ideal. These exchanges are wide open spaces featuring small stalls and not individual stores. Haggling is allowed so any price you are quoted can still be lowered by as much as half the price before a final deal is reached.

Finally, buy only the certified diamonds. You would know if they are certified based on their prices. Diamonds sold at a lower price are usually uncertified as they come from the real wholesalers. There are, however, experts available in every diamond exchange that can certify diamonds in a matter of minutes.

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