History of the Diamond District NY

Last week, we touched briefly on the Diamond District NY. If you were wondering what the background was on the district and how it became the revered diamond capital of the U.S., here is some interesting history that explains how and why this area became a hotbed of reputable jewelers and diamonds engagement rings.

According to The Encyclopedia of New York City by the New York Historical Society, the district was created when dealers moved north from a previous district created between Bowery and Canal that was established in the 20s. In 1931, the diamond district moved to the Financial District near the intersection of Fulton and Nassau streets. The move to midtown started in 1941. The area grew in numbers and prominence when the Netherlands and Belgium were invaded by Nazi Germany, forcing many Orthodox Jews in the diamond industry to flee Antwerp and Amsterdam and settle in New York City. Today, the area is one of the primary centers of the worldwide diamond industry. It has been said that a one day total of the sales made on the block average to about $400 million.