The district emerged in the 1920s when downtown jewelers looking to escape the high rents of the Financial District relocated to Midtown. Today diamonds are the state's #1 export, and over 90% of the country's diamonds move through New York City.
To see how this cutthroat industry really works, we trekked up to 47th Street and checked out the district ourselves.
The district employs 22,300 workers, and another 10,000 if you include indirect employees
Eric Goldschein
The Fifth Avenue side of the district has fewer solicitors and diamond hawkers. Its jewelers also pay higher rents
Eric Goldschein
On the 6th Avenue side, there are more flashing lights and solicitors looking to pull you inside
Eric Goldschein
In fact, hawkers standing outside their stores is one of the biggest problems still facing 47th Street, says Grumet of the 47th Street Business Improvement District
Eric Goldschein
To compete with stores selling similar merchandise, retailers work to make their presentation as flashy and eye-catching as possible
Eric Goldschein
One method for getting customers? Have an attractive woman or trust-worthy-looking old man stare at you through the window
Eric Goldschein
Upstairs, diamond manufacturers work at cutting and polishing the imported rough diamonds, which are sold to retailers below
Eric Goldschein
Seen here is a diamond cutter at Diamex, Inc. Today, the majority of the stones come from Canada. Many of the smaller diamonds come from India as well.
Some stores deal mostly in exotic or unique jewelery and non-monetary gold to carve out their own market
Eric Goldschein
Alongside retail stores are diamond exchanges, where tons of independent sellers share space
Eric Goldschein
Diamond factories don't need much space to cut and polish, which is a huge money-saver in an area with high rents
Eric Goldschein
47th Street caters to almost every demographic, with a range of items and prices
Eric Goldschein
"99.999% of the people in this industry are as honest as the day is long, they won't take a pencil off your desk," says Ronnie Vanderlinden, VP of the Diamond Manufacturers and Importers Association of America
Eric Goldschein
"If you're good," says Jack Picciotto of PeachTree on Fifth, "there's nothing wrong with competition. I've been here 38 years so I've got it all, referrals and walk-ins"
Eric Goldschein
There are still ways for the district to improve, including increased security and helping to bring jobs back to New York
Eric Goldschein
"We are increasing security," said Grumet, who obtained a Homeland Security grant for new security cameras in the district. "We're devoting funds to marketing and going to government for capital improvement"
Eric Goldschein
New York's restaurant industry also has a staggering economic impact
