The History of 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 USA, diamond shops are not only present in all 5 boroughs, but they have a rich history and a compelling history in the birth of the world-renowned diamond district.

Today, the Diamond District begins on Manhattan’s 47th Street, the heart of New York City, but it wasn’t always that way. The roots of the diamond district can be traced 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 a unique and distinct relationship with the diamond industry. The social and economic structure of the time offered the Jewish people limited job options. One of the options available was to start trading 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 assumed these essential roles necessary to sustain commerce.

The persecution of the Jewish people throughout Europe has a long and arduous history. Innumerable incidents of wanted and exiled Jewish members of communities large and small 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 diamond market in Antwerp. 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 stores 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 abandoned until the influx of the diamond shop repopulated it. The establishment of the Diamond District in Manhattan, literally speaking, is a story from poverty to wealth. The establishment of diamond shop clusters in this area of ​​New York City and the institution of stone and metal artisans around them has cultivated New York’s heralded Diamond District, which has become the Capital of the North American Diamonds.

Anthropologist and author Renee Shield writes in Diamond Stories: Enduring Change of 47th Street; “The diamond, a pebble object transformed into a sparkling jewel at an 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 continue their family’s legacy at the diamond shops on 47th Street in New York City. If you visit the street and are a good observer, you can see a handshake that is believed to be a “diamond exchange”. The handshake signifies trust that is distinct from the Jewish community. In today’s diamond trade, credit-based exchange does not exist as we know it in common terms, rather a “trust-based exchange” occurs, and credit is issued on the basis of personal integrity rather than power. monetary acquisitive.

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 are available to view, try 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 will find thousands of independent diamond stores in New York City with expert suppliers ready and willing to serve you. Whether you are a repeat customer or making a one-time purchase, it would be your greatest pleasure, and yours, to let them help you.