New York City is the undisputed center of the diamond and jewelry industry for North America and much of the world. While New York’s diamond and jewelry businesses are located in neighborhoods throughout the five boroughs, a single block on West 47th Street between Fifth and Sixth Avenues in midtown-Manhattan is the epicenter of these two industries. These businesses generate over $24 billion in economic activity and employ over 22,000 people. This report focuses on this economic activity and the impact of this extraordinary block that is New York’s Diamond District.
The report offers an assessment of the industry’s needs based on government data and interviews with local businesses. It represents a renewed call to City and State government to help maintain the competitiveness of the diamond and jewelry sectors through financial and technical assistance. Additionally, it presents strategies that the 47th Street BID can pursue immediately in order to address some of the issues on the street as well as help businesses plan for the future.