A kiss on the hand
May be quite continental,
But diamonds are a girl’s best friend.
A kiss may be grand
But it won’t pay the rental
On your humble flat
Or help you at the automat.
Men grow cold
As girls grow old,
And we all lose our charms in the end.
But square-cut or pear-shaped,
These rocks don’t loose their shape.
Diamonds are a girl’s best friend.
–Jule Styne, 1953
Midtown Manhattan is home to the world’s largest shopping district for diamonds and fine jewelry. The quiet, elegant shops of Tiffany, Cartier, Van Cleef & Arpel, Harry Winston, DeBeers, H. Stern, Bulgari, Mikimoto, Dunhill and Piaget are clustered in the area around 5th Avenue and 57th Street.
Ten blocks further south, on West 47th St between Fifth Avenue and the Avenue of the Americas, is an entirely different type of jewelry shopping experience. Over 90 percent of the diamonds that enter the United States go through New York City, and most of those spend some time on here, in the Diamond District.
The District, confined to a single city block, holds close to 3,000 jewelers, most of them working in booths within the marketplaces known as exchanges. Inside the exchanges, haggling is expected. The deals often involve great displays of emotion with buyers and sellers gesturing wildly and shouting in dozens of languages.
Out on the street, barkers stand outside the shops, urging passersby to enter and offering to buy unwanted gold, silver and platinum. Couriers rush along the sidewalks, briefcases holding fortunes in jewels handcuffed to their wrists. Rich and poor alike stop to gaze at the glittering windows, behind which, it is said, total receipts for a single day’s trade average $400 million.