The Diamond District, NYC
The Diamond District is an area of New York City located on West 47th Street between Fifth Avenue and Sixth Avenue (Avenue of the Americas) in midtown Manhattan, within walking distance of many New York attractions.

It is located one block south of Rockefeller Center, three blocks south of Radio City Music Hall (along the Avenue of the Americas), three blocks south of St Patrick's Cathedral (along Fifth Avenue), and one block east of the Broadway Theater District. The Plaza Arcade, lined with shops, connects the street to Rockefeller Center.
he district was created when dealers moved north from an earlier district near Canal Street and the Bowery that was created in the 1920s, and from a second district located in the Financial District, near the intersection of Fulton and Nassau Streets, which started in 1931. The move uptown started in 1941.

The district grew in importance when the German Nazis invaded the Netherlands and Belgium, forcing thousands of Orthodox Jews in the diamond business to flee Antwerp and Amsterdam and settle in New York City. Most of them remained after World War II, and remain a dominant influence in the Diamond District.
A notable, long-time anomaly of the district was the famous Gotham Book Mart, a bookstore, which was located at 41 West 47th Street from 1946 to 2004.
The area is one of the primary centers of the global diamond industry (along with London - rough stones; Antwerp, Belgium - historical but waning; Mumbai, India - increasing in significance, Ramat Gan, Israel - also growing, and Johannesburg, South Africa - the major historical source), as well as the premier center for jewelry shopping in the city. An estimated 90% of diamonds in the United States enter through NY.
 
Operation
It has been reported 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 (mazel und brucha) 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 entails shopping around and bargaining over prices.
 
Companies from the New York Diamond Exchange
The Diamond District is the world’s largest shopping district for all sizes and shapes of diamonds and fine jewelry at tremendous prices and value. When you shop for diamonds and fine jewelry, this is the first and only place to shop- New York ’s Diamond District.
It’s only a block long in the heart of the theater district but most diamonds imported into the United States find a brief home on 47th Street between Fifth and Sixth avenues.

This is where they’re acquired, brokered, exchanged, cut into sparkling jewelry and sold. The United States is the world’s largest consumer market for diamonds. Over 90 percent of the diamonds that enter this country go through New York City and most of them go through the Diamond District.
More than 2,600 independent businesses are located in the Diamond District, and nearly all of them are related to diamonds or fine jewelry. Because the 47 th Street merchants are located so close to where jewelry is made and where diamonds are cut and traded, our jewelers can offer you a tremendous variety of precious goods, great values and industry expertise.
 
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