Welcome to 47th Street — The Diamond District

In the heart of Manhattan, a world exists that is very different from anything else in the United States. It is a world that is only slightly more than 600 feet long, yet it has maintained a lifestyle that is unique and dates back to ancient times. It is a glittering fantasyland where billions of dollars worth of fine diamonds and other gems are bought and sold. This is the world of 47th Street, from Fifth Avenue west to the Avenue of the Americas. It is the heart of the multi-billion dollar diamond business, handling more than 90 per cent of all jewelry grade diamonds sold in the United States.

Sometimes referred to by the media as the "Street of Diamonds", 47th Street is also known among diamond people as "The Street". From the diamond shaped lighting fixtures at both ends of the street, the block is jammed with individual stores and exchanges, their windows ablaze with shimmering diamonds and other fine gems.

The diamond business in New York began in the late 1800s and early 1900s. The first diamond merchants, most of which were European Jews, set up shops in Lower Manhattan, first on Maiden Lane and then on Canal Street. By the mid 1920s, a thriving diamond industry had been established that was known as "The Diamond District".

In 1931, the Diamond Dealers Club was founded. It was originally located on Nassau and Fulton Streets. As some dealers became more affluent, they were able to set up offices in mid-Manhattan, as close as they could get to the luxury stores on Fifth Avenue. The block of West 47th Street, between Fifth Avenue and the Avenue of the Americas, was the ideal choice.

When the Hitler and the Nazis overran Belgium and the Netherlands, the diamond dealers of Antwerp and Amsterdam fled. Many eventually arrived in New York. By this time, more diamond dealers from downtown had moved uptown.

In 1941, the Diamond Dealers Club moved "uptown" to 47th Street. A shrine to American individualism, 47th Street's hub is the Diamond Dealers Club. It is the most powerful organization in the nation's diamond business, often handling disputes among the constantly changing tableau that is 47th Street.

Today, more than 20 languages are spoken on 47th Street and dealers now represent virtually every nationality.

Now celebrating its "Diamond Jubilee", "The Street" remains unique, and behind this diamond curtain lies an exciting and exotic world where diamonds and other fine gems are displayed and sold, often at the best prices in town. Among the 2,600 dealers, cutters and manufacturers who are based on 47th Street, competition is fierce. And yet, the entire system operates on a simple, strict code of honor: a person's word is his bond. Millions of dollars worth of stones may pass on consignment from one dealer to another, with nothing to record the transaction but a handshake. As a result, many of today's dealers are second, third and fourth generation diamond merchants with customers who return year after year, introducing new generations to the glittering wonders of 47th Street.