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A Brief History of New York City’s Diamond District

By   /   April 9, 2015  /   No Comments

New York’s diamond district, nestled in midtown Manhattan between Times Square and Rockefeller Center, most famous for its flashing neon signs, street hawkers, and the seemingly endless amount of jewelry stores. New York Loan Company is proud to find its home in one of the most popular and iconic areas of the world.

Until the beginning of the 20th century, the diamond district was located not on 47th street, but in downtown Manhattan on Maiden Lane. Maiden Lane has a long and important past in New York City’s history. It was the location of the first salve revolt in New York 1712, and Thomas Jefferson moved to live on Maiden Lane in 1790, while he was Secretary of State under George Washington. From the late 18th century until the 1920’s, Maiden Lane was the shopping and jewelry center for lower Manhattan. However as more and more financial companies located to that area, it became too expensive for most diamond vendors, and they started looking for a more affordable and permanent location.

New buildings were then created on 47th street to directly entice jewelers and diamond dealers to move to the area. By 1941, jewelers started moving uptown, and the new diamond district had been established. 47th street also grew in importance during this time, because thousands in the orthodox Jewish diamond and jewelry community had to flee Antwerp and Amsterdam to settle in New York, thus skyrocketing the district as one of the most important in the world.

Now the area between 5th avenue and 6th avenue is a thriving street with over an estimated 2,600 business and where 90% of the nation’s diamonds enter through. It is also where the new International Gem Tower is located, and where New York Loan Company is honored to reside.   Please visit New York Loan in person at 50 W 47th St Suite 319, or call 212-997-5626.

 

Read the full article here: New York Loan

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