The Diamond District in NYC is one of the most popular places to shop for diamonds, gemstones, and jewelry. It is one of the premier diamond centers in the world, with thousands of wholesalers and retail jewelers crammed into a few city blocks.
If you’re looking for a diamond, jewelry, or gemstone and want to know where the best deals are in the Diamond District NYC, then this article is for you!
What is the History of the Diamond District NYC?
The Diamond District was born in 1795 on Maiden Lane, a street a few blocks from present Wall Street. The area has been known as “The Diamond District” since before the 1900s when Jewish immigrants from Europe started setting up shop there.
They flourished because they had connections to Europe’s diamond markets. This made them stand out from other businesses in Manhattan at the time (which relied on goods produced elsewhere).
Why is it called the Diamond District in NYC? The Diamond District took its name after its most important industry: diamonds. Today it’s home to many fine jewelers who specialize in selling diamonds (and other precious stones) at wholesale prices directly to retailers worldwide.
There are over 4,000 diamond wholesalers and retailers in this small neighborhood on West 47th Street between Fifth Avenue and Sixth Avenue—and many of them still deal diamonds! It’s one of the oldest and largest diamond districts in the world.
Where is the Diamond District NYC?
The Diamond District NYC is a bustling hub of jewelry, diamonds, and other luxury goods. It’s also one of the most famous streets in New York City.
What street is the Diamond District NYC? The Diamond District is on West 47th Street between Fifth Avenue and Sixth Avenue or, if you’re looking at it from another angle, the side opposite Madison Square Garden. In the early 20th century, the street was named “Diamond Alley” due to the many diamond merchants who set up shop there. However, in 1921, it was renamed West 47th Street due to confusion with another Diamond Alley elsewhere in Manhattan (which still exists today).
Is the Diamond District in NYC worth it? The Diamond District is worth it. It’s a great place to shop for diamonds, gemstones, and other fine jewelry pieces. The deals you can find here will make your wallet happy, too!
If you’re looking for an engagement ring or wedding band, the Diamond District offers an array of attractive options at prices that won’t break the bank.
How To Get To The NYC Diamond District?
The Diamond District is located in Midtown Manhattan, between West 47th Street and West 34th Street. It’s also between Fifth Avenue and Sixth Avenue, making it easy to get to from any part of the city (or even New Jersey).
There are many subway stations nearby, including Grand Central Station (4/5/6) Times Square Station (N/Q/R), Bryant Park Station (B D F M), Herald Square Station (B D F M), and 42nd Street Port Authority Bus Terminal.
If you’re coming from the west side of Manhattan, you can take the B D F M subway to 42nd Street Station and walk one block to Fifth Avenue. From there, it’s only a few blocks north on 47th Street until you hit the Diamond District. If you’re coming from Brooklyn or Queens, you can take the N Q R train to Times Square Station and then go up to 42nd Street Port Authority Bus Terminal.
Coming from the east side of Manhattan, you can take the 4 5 6 train to Grand Central Station and walk one block down 42nd Street until it meets Fifth Avenue. Then head north on 47th Street until you hit the Diamond District.
How Does the Diamond District NYC operate?
If you’ve ever been to New York, you know that 47th street between 5th Avenue and 6th Avenue is known as the Diamond District. To get an idea of how big this place is, consider this: of all diamonds that enter the United States, 90% come through New York City.
How does the Diamond District work? Since its 18th-century origins as a barter economy, the rules that governed NYC Diamond District have mostly stayed the same. On 47th Street, the so-called Jewelers’ Row of New York, you will routinely see men dressed in traditional black Hasidic clothing walking from shop to shop.
You can find these Diamond District NYC Jewish merchants, called diamantaires, with jeweler’s loupes raised, examining their inventory and speaking loudly in Yiddish, Russian, Hindi—and many other languages. It is common to see these diamantaires casually engaged in a tough negotiation with a diamond wholesaler, trying to secure the best possible price for clients.
This barter economy, in which diamond buyers acquire gems from NYC Diamond District stores and then sell them elsewhere for a profit, has contributed to these establishments’ popularity. Haggling for goods is an exciting, innate experience: buyers waving their hands and shouting at sellers, the seller walking away as if to end negotiations—only to return a few minutes later. Naturally, every price haggling will have a winner and a loser. However, everybody wants to win, and nobody wants to be on the losing end.
What to Look Out for in the Diamond District NYC?
As a premier diamond shopping destination, aside from its legit shops, the Diamond District NYC is also known for its many tourist traps. Shops are known to offer ridiculously low prices on diamonds and other jewelry items, hoping you’ll be lured into buying from them. However, it’s best to avoid falling for these tricks as they’re often scams that will only make you lose money in the long run. When shopping in this district, always look out for the following:
Check for authenticity
The Diamond District is one of the most popular tourist attractions in New York City. But it’s also a prime target for thieves, so you have to be careful. The best way to avoid being ripped off is by checking for authenticity. Diamonds are sold loose, not set in rings or other jewelry pieces. So if you see a store selling loose stones at high prices and claiming they’re real, run away before they can trap you into buying something fake!
Check for quality
Diamonds are rated by their quality, determined by four factors: color, clarity, cut, and carat weight. If you’re buying diamonds as an investment, then it’s essential to know the grade of each stone so you can maximize your return on investment.
Even if a diamond is genuine, it doesn’t necessarily mean high quality. You can often get a better deal by buying from a store that sells higher-quality stones. An excellent way to tell the difference between low and high-quality diamonds is by looking at their color. A “D” grade diamond will have a slight yellowish tinge to it, while an “E” grade diamond should be completely colorless (unless you’re looking for something that has been treated).
Check for price
If you’re buying a diamond as an investment, getting a good deal is crucial. The best way to do this is by comparing the prices for which other stores are selling diamonds and shopping around. A diamond’s carat, cut, color, and clarity determine its price. If you’re looking for a low-cost diamond, try searching for one that has been cut into a simple shape (like a round or princess cut) instead of something fancy like a marquise or heart shape. You can also check out some of the less expensive options at several jewelry stores in the district.
Check seller or dealer’s customer service, reputation, and history
Always perform due diligence on the store’s track record to ensure that you’re dealing with a reputable dealer or seller. Please ensure that the store has been in business for a while. Look up reviews on sites like Yelp or Google to see what other customers have said about them. You can also visit the Better Business Bureau’s website to see if they have any complaints against them.
You need to know what to look for to get the best deal. You should be able to spot a fake Tiffany engagement ring if you see one. But how do you pick between two or three different models?
How to Shop in the Diamond District NYC?
There are a few things you can do to make sure the diamond you’re buying is authentic, and not just fool’s gold:
Ask for a certificate of authenticity
A reputable store will have this in hand before they sell you anything—if they don’t have one, walk away! Several diamond authenticity authorities in the district, like the Gemological Institute of America (GIA), will provide a laser-etched certificate for your stone. If you don’t have this, it’s probably not real.
Ask for a certificate of origin
This shows where your diamond came from. It also indicates what kind of quality control went into its mining process (if any). If there’s no such documentation, run away as fast as possible because it means whoever sold it needs to be more honest with their sourcing practices or production methods.
Get a second opinion from someone who knows gemstones!
Anyone selling diamonds should be able to recommend someone else who does appraisals. If they are still determining who would be best suited for this task, consider doing business with them.
Where to Shop in the Diamond District NYC?
If you want to go shopping for diamonds but have yet to determine precisely where they have them all lined up for sale, don’t worry! What are the Diamond District NYC best stores? We’ve got your back. These are some of the best places to buy diamonds:
ID Jewelry
This is the place to go if you’re looking for a great selection of diamonds. They have everything from engagement rings to everyday pieces you can wear daily! You can find them in the Diamond District at 15 West 47th Street, #305.
Dreamstone
This is one of the most popular stores in the Diamond District, with a vast selection of engagement rings and other pieces. They also excel in quality and customer service. Their shop is at 15 West 47th Street, #803.
Roman Malakov Diamonds
This is one of the most well-known jewelers in the Diamond District. They have a great selection of wedding rings and other pieces and a great reputation for quality and customer service. You can find them at 1 West 47th Street.
Ultimate Diamond Co.
This is a great store if you want something unique. They have a wide selection of engagement rings and some beautiful pieces that would make a great anniversary or birthday gift. You can find them at 19 West 47th Street.
Leigh Jay & Co.
This is an excellent store for quality and prices. They have a great selection of engagement rings and other less expensive pieces than other Diamond District stores. You can find them at 115 W 45th St #504.
Jangmi Jewelry
Located at 44 West 47th Street, #GF16, Jangmi has been providing quality diamonds and gemstones for the past three decades. A member of the New York Diamond Dealers’ Club, Jangmi has one of the largest jewelry inventories in the Diamond District, enabling the shop to provide extensive options to address any budget and preference.
Be street smart to get the best deals in the Diamond District NYC
We hope this article has helped you to understand what you need to know when shopping in the Diamond District NYC. After more than two centuries, the Diamond District remains the capital of the far-reaching global diamond trade.
And while it might sound like this is the place you want to be if you’re shopping for an engagement ring, the truth is that it can be incredibly overwhelming. Preparing yourself before you stroll into the shops of Diamond District NYC jewelers would be best.
From how diamonds are priced under the barter system among diamond traders in the Diamond District NYC, you’ll surely be also interested in our post, “Most Expensive Diamonds Ever Sold at Auctions: Price, Origins and Properties.”
