Diamond District, Manhattan
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The Diamond District is an area of New York City located on West 47th Street between Fifth Avenue and the Avenue of the Americas (Sixth Avenue) in midtown Manhattan, within walking distance of many New York City attractions. It is located one block south of Rockefeller Center, three blocks south of Radio City Music Hall (along the Avenue of the Americas) and three blocks south of St. Patrick's Cathedral (along Fifth Avenue). Also one block east of the Broadway Theater District. The area is one of the four primary centers of the global diamond industry (along with London, England, Antwerp, Belgium and South Africa), as well as the premiere center for jewellery shopping in the city. An estimated 90% of diamonds in the United States enter through New York.
Operation
It has been reported (by WNBC-TV's Jane Hanson on her Jane's New York special on the Diamond District) that total receipts for the value of a single day's trade on the block average $400 million. There are 2,600 independent businesses located in the district, nearly all of them dealing in diamonds or jewelry. Most are located in booths at one of the 25 "exchanges" in the district. Many deals are finalized by a simple, traditional blessing and handshake. The Diamond Dealers Club, an exclusive club that acts as a de facto diamond exchange, has its own synagogue. Retailers with shops line the streets outside. Above the bazaar is the Gemological Institute of America, which trains gem dealers. Getting the best deal means shopping around and bargaining over prices.
Competition
The diamond industry and gem retailers are struggling to compete with retailers who can offer diamonds and other gems of similar quality, but at greatly reduced prices. Even stores such as Costco now offer diamonds for sale, with price guarantees that traditional retailers are difficult to match.
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