The Diamond District, which occupies the small stretch of 47th Street between 6th and 7th Avenues in Manhattan, has been in existence since the 1920s. To outsiders, it is a place of mystery and intrigue where deals are made on handshakes and unknown languages of nods and gestures are spoken. But to those on the inside, it is a close-knit community of mostly immigrants whose relationships blur the boundaries between business and personal. Steeped in centuries of tradition, many found themselves in the trade by chance and inheritance, following their families’ historic involvement and a need to flee persecution from their countries of origin.
The Diamond District is the last manufacturing district in NYC where an entire ecosystem is built around a single industry. However, the long-term survival of the District is in question. The Diamond District, following similar manufacturing trends in the United States, is disappearing as more of the production is outsourced to countries like India and China where labor is cheaper; consumers are increasingly purchasing jewelry online; and the children of merchants are not interested in taking over their families’ businesses. Today, there are over 2,600 independent businesses operating in the Diamond District where there was over 3,500 only three years ago. Its decline is palpable with “For Rent” signs displayed on many booths across jewelry exchanges and the closure and upcoming demolition of one of the largest jewelry exchanges on the b
