History 101: NYC’s Diamond District
NYC’s Diamond District is currently located in Midtown Manhattan between 6th and 7th Avenues on 47th Street. However, it was not always nestled in this part of town. Back in the 18th century, the Diamond District was on Maiden Lane in Lower Manhattan.
During this time, people immigrating to the United States needed an area to sell jewelry, diamonds, and other such things they brought with them. Some of these new business owners even had connections overseas to keep supplies coming in on a regular basis.
This also became a major entry point for diamonds entering the United States and attracted diamond buyers from all over. As the Diamond District grew, it resulted in two other districts springing up in lower Manhattan. One of the new districts was on Canal Street near The Bowery. The other new district was near Fulton and Nassau Streets, in what we know as the Financial District today.
Eventually, as banks, finance companies, and insurance companies started moving into buildings in Lower Manhattan, they gradually caused rents to increase. As such, it made it hard for diamond buyers and sellers to maintain their current locations and still earn a profit.
Around 1941, Midtown Manhattan was just starting to develop. This location offered lower rents and an ideal location for the Diamond District. Gradually shop owners, diamond dealers, and others involved in the diamond trade move their locations from the three different ones in Lower Manhattan to Midtown Manhattan.
Another factor that influenced the Midtown Manhattan location was the influx of Jewish immigrants during World War II. Several of these newly arrived people were in the diamond and jewelry business. They also liked the lower rents offered in Midtown Manhattan. Their involvement helped to expand the Diamond District even more and help shape what it has become today.
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Did you know that roughly 95% of all diamonds that enter the United States come through NYC’s Diamond District? The Diamond District today is home to more than 2,500 diamond and jewelry operations. On any given day, you can find numerous individuals and wholesalers shopping for deals in the Diamond District.
Even the chain jewelry stores shop at NYC’s Diamond District to buy diamonds and jewelry at wholesale prices before shipping them off to their retail stores. If you also want to save money on diamonds and jewelry, then a visit to the Diamond District is recommended.
Where Else Can I Get Deals on Diamonds and Jewelry in NYC?
If you are looking for great deals on diamonds and jewelry in NYC outside the Diamond District, you will want to visit one of our many GEM Pawnbroker locations throughout NYC. We have a wide selection of quality diamonds and jewelry for sale. We also pay top dollar for diamonds and jewelry when you need cash quickly.
Our cash for diamonds pawn loan process is simple and quick. There is no credit check, and we offer easy payment plans so you can pay off your loan and get your diamonds and jewelry back. We have GIA (Gemology Institute of America) and JA (Jewelers of America) appraisers at each of our locations to ensure your diamonds and jewelry are valued fairly.
To find out how much cash you can get for your diamonds and jewelry, visit your nearest GEM Pawnbroker location in NYC or call us at 718-596-5626 today!