The Snob's Guide to NYC's Diamond District
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“Are you buying today? Selling?” the shill whispers as you walk down West 47th street, Manhattan’s Diamond District, one magical block between Fifth and Sixth Avenues, for me a street of dreams. It’s a world unto itself, with its own rules and customs, and it may be intimidating at first, but do not be deterred! The atmosphere is admittedly not what you would describe as genteel, but “the street” as aficionados call it, does have a certain rough charm, which will be revealed to you if you persist.
And I have persisted. Maybe it is the transparent incongruity of the District that appeals—the shabby guys clutching brown paper bags stuffed with diamonds; the nondescript storefronts with their dazzling displays; the cult-like complicity of those who have been buying and selling here for decades.
It may be one short block, but an estimated ninety percent of diamonds in the United States pass through here. It is currently home to more than 2,600 businesses, employs 33,000 people, boasts an average of $400 million in daily transactions, and rings in approximately $24 billion in annual sales.
If you want to be part of that 24 billion, you will have to crack the code of the street. Though my expertise lies in the area of antique jewelry—I know virtually every vintage dealer on 47th—I realize that many people come here for new jewelry, especially to buy that once in a lifetime major purchase—the diamond engagement ring. Still, the tips I have gleaned over the years can be applied to any innocent abroad in this wild country of midtown.
First off-don’t be scared! Dealers can smell fear! You want to at least act like you know what you are looking at. Be polite, ask questions, and don’t be seduced by rapidly descending prices, or the gambit that the price is only good for right now! Today only!
If someone is mean and dismissive, don’t take it personally—shrug it off and move on. You will find another dealer who will share his or her passion for jewelry with you. You need to cultivate this person and rely on them.
Once you have been taken under the wing of a few lovable dealers—it helps if you’ve actual bought a few things—the whole world of 47th Street will open up to you. You will learn that upstairs in these seemingly dull office buildings are hundreds—maybe thousands—of craftspeople. If you are lucky, your new dealer friends will introduce you to some of these secret “to the trade” sources—sorcerers who can do incredible things—not just fixing your clasps, restringing your pearls and sizing your rings, but turning grandma’s dowdy brooch into a heart-stopping pendant.
Now that you have established a rapport—sort of like a gold-plated version of street cred—you will be privy to a range of benefits that seem to hark back to medieval times. You may sometimes even be able to borrow a precious jewel and play with it at home, with maybe just a flimsy receipt and sometimes with no paper at all guaranteeing that you will return it in a timely manner. This is called taking something “on memo.” (And when it comes to actually paying—remember, cash is king—and bargaining is de rigueur.) But do not trifle with this largesse!
Uncut Gems (The Criterion Collection)
When the movie Uncut Gems was being filmed on the street –it offered a harrowing portrayal of the district—there was a scene where a gentleman who clearly took advantage of the memo system was literally being hung out an upper story window. One of my repair guys, walking to work that morning, didn’t realize a film was being shot. He just shrugged and went on his way.
But of course, this would never happen to you! You would never walk away with a gem-studded trifle with no plans to return it. Instead, you will fork over the money—at the mutually happy price you have arrived at—and then you will decide you need earrings to match! Before you know it, you will find yourself, like me, drawn back to this singular street, cash warm in your pocket, diamonds blinding your eyes.
DK Bressler (open by appointment)
Keyamour (open by appointment)
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