You can find a diamond shop in almost every city in the world. In New York City in the US, diamond shops are not only present in all 5 boroughs, but have a rich history and a compelling story in the birth of the world renowned diamond district.
Today, the Diamond District begins at 47th Street in Manhattan, the heart of New York City, but that wasn’t always the case. The Diamond District’s roots 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 a unique 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 frowned on 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 large and small communities being targeted 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 shop 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 them, has cultivated the heralded New York Diamond District, which has become the Diamond Capital of North America.
Anthropologist and author Renee Shield writes in Diamond Stories: Lasting Change from 47th Street; “The diamond, a stony object transformed into a sparkling jewel of astronomical price, has allowed 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 of 47th Street in New York City. If you visit the street and are a keen observer, you might see a handshake that is believed to be a “diamond exchange.” The handshake signifies trust which is different from the Jewish community. In today’s diamond trade, credit-based exchange does not exist as we know it in common terms, but “trust-based exchange” occurs, and credit is issued on the basis of personal integrity rather than purchasing power. .
A visit to the Diamond District is worthy of 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. Diamond and fine jewelry prices are often lower near the Diamond District compared to department stores and chain jewelry stores outside of Manhattan. As you set foot on the pavement of the Diamond District, you’ll find thousands of independent diamond shops in New York City with expert vendors ready and willing to serve you. Whether you are a repeat customer or making a one-time purchase, it would be our pleasure for them and for you to allow them to assist you.