What do Bailey Banks and Biddle, Americus Diamond, Fay Cullen, The Diamond Cellar, The Shane Company and Helzberg Diamonds each have in common with the Diamond District in NYC?? Sit on that for a moment, and we will come back to the answer near the end of this article . . .
Walk into just about any ground floor store in the diamond district, a small strip in New York on 47th Street between 5th and 6th Avenue, and you will immediately find dozens of different merchants there to greet you. This little part of Manhattan is the gold and diamond source for both the city and the country. There is a lot of action happening in each one of these little stores on 47th Street: merchants are taking phone calls, negotiating with customers (and each other!) and setting the tempo for the diamond trade across the country. The real action, however, is not in the retail shops below it is in the wholesale shops above. There, tens of thousands of diamonds are being redirected across the country to legendary retail jewelry stores that don’t have any presence on the island of Manhattan: Bailey Banks and Biddle, Americus Diamond, Fay Cullen, The Diamond Cellar, The Shane Company and Helzberg Diamonds, for example (Ah ha!).
For more information on the History of the Diamond District click the link.
So while you’re haggling for the best retail price on a single diamond at ground level, 1000 feet above you someone is doing exactly the same thing, but for a wholesale shipment of 50, 75, even 100 diamonds or more – very exciting!
You need to be prepared
Walking into the diamond district without knowing the basics is ill advised. Knowing the difference between diamond cuts and diamond shapes can mean the difference between a very productive negotiation and a one sided one. So you need to gain knowledge. The good news is that you don’t need to be able to spot the difference between a G and H colored diamond (GIA certifications do this for you), you just need to know the value difference. We refer folks to the James Allen website. James Allen has a diamond-pricing tool that shows the effect on price with a change in shape, cut, color, clarity and carat. As an aside, for online diamond buyers, James Allen’s prices are very competitive, the site is easy to use, has a terrific online chat feature and the company is rated A+ by the Better Business Bureau. All very appealing if you don’t need to physically hold the diamond before you buy it (we recommend that first time diamond purchasers work with a qualified jeweler listed on New York Jewelers Directory to physical see the diamond).
For more information about Negotiating the Best Price in the NYC Diamond District click the link
Whether you are purchasing a diamond ring for an upcoming engagement, earrings for an anniversary or a tennis bracelet “just because,” a trip to the Diamond District is highly recommended. With a little diamond-value education, some basic research and a good idea of what you want, the trip should prove well worth your while. Now it just comes down to finding the right jeweler. That is what we specialize in. To begin, go to our home page and click on the spyglass on the left to choose a category (i.e. Engagement Rings) and location (presumably Manhattan-Diamond District). From their select three jewelers and off you go!
We hope you find the perfect New York jeweler who will provide you with the perfect diamond. Please make sure you come back and rate your experience!