ColumnistsMay 15, 2024
Squirrel Spotting: Why Retailers Struggle to Fire BrandsWhy do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
SourcingJul 22, 2016
10 Buildings Set for Demolition in NYC Diamond District
Extell Development, which constructed the new International Gem Tower, apparently has more plans for the area that serves as the center of the city’s jewelry trade.
New York--The developer that constructed the shiny new building in New York’s Diamond District reportedly plans to raze 10 older buildings in the same area, which is home to a myriad of jewelry industry firms.
New York City building records show that on July 13, the city approved the demolition of 10 W. 47th St., which is located between Fifth and Sixth avenues and is owned by Extell Development.
The city gave permission to Extell to raze 562 and 564 Fifth Ave. back in May, records show.
And, according to New York neighborhood news site DNAInfo.com, the development company received permission to demolish seven more buildings earlier this year: 3 to 13 W. 46th St. and 2 W. 47th St.
No information has yet been made public about Extell’s plans for the area. The company did not respond to National Jeweler’s request for comment on the news reports, nor did it answer questions about its plans for the Diamond District.
Extell Development is the same company that constructed the International Gem Tower, the new building at 50 W. 47th St. that was built specifically for the diamond and jewelry trade, with 24-hour security, a vault and interior loading docking among its amenities.
However, the cost of office space at the 34-story tower--much of which is commercial condo space that must be purchased, not leased--is too high for many of the smaller, family-owned firms in the jewelry industry.
Overall, there is concern about rising rents in the Diamond District, said Michael Grumet, executive director of the 47th Street Business Improvement District (BID).
“It’s a matter of supply and demand. There are more jewelers looking and there’s less space,” he said.
Two West and 10 West, two of the buildings reportedly earmarked for demolition, are “fairly large” when compared to other spaces in the Diamond District, Grumet said.
And while the district’s flagship building, 580 Fifth Ave., also known as “the 580 building” or simply “580,” remains untouched and is actually in the middle of a $50 million renovation, it is at capacity.
The Diamond District, a mix of street-level retail and office space that’s home to stone traders, manufacturers and polishers, has been the geographical center of New York’s diamond and jewelry industry since the 1940s when it gravitated north from its former home around Canal Street and the Bowery.
Grumet said jewelry is the largest manufacturing industry in New York.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
AuctionsMay 15, 2024
Red Diamond Breaks Records at Phillips GenevaThe “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
Events & AwardsMay 15, 2024
See Who’s in JA’s 2024 ‘20 Under 40’ ClassThe annual list recognizes young professionals making an impact in jewelry retail.
Brought to you by
Record Gold Prices Have Consumers Undeterred. Here’s Why.Despite the rising prices, consumers continue to seek out the precious metal.
IndependentsMay 15, 2024
David Mann Jewelers in Upstate NY to Close After 35 YearsOwner David Mann is heading into retirement.
Weekly QuizMay 09, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
FinancialsMay 15, 2024
Brilliant Earth’s Sales Fall Flat in Q1 While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
AuctionsMay 14, 2024
2 Huge Yellow Diamonds Are Heading to AuctionChristie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
MajorsMay 14, 2024
Platinum Born Taps ‘Born Leaders’ for New CampaignThe ad aims to position platinum jewelry as ideal for everyday wear.
GradingMay 14, 2024
Instappraise Adds Trifold Brochure to Appraisal OfferingsRetailers can customize and print the appraisal brochures from their store.
Lab-GrownMay 13, 2024
Lab-Grown Diamond Brand Lightbox Cuts Prices by 25 to 40%The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
TechnologyMay 13, 2024
Christie’s Website Brought Down by Hackers, Watch Auction Postponed The site has been down since Thursday evening, just ahead of its spring auctions.
AuctionsMay 13, 2024
Madeleine Albright’s Jewelry, Pins a White-Glove Sale at Freeman’s | HindmanThe late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
IndependentsMay 13, 2024
Zachary’s Jewelers Names Mother’s Day Jewelry Contest WinnersThree fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
IndependentsMay 10, 2024
Frank Adams Jewelers Names New CEOKimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
CollectionsMay 10, 2024
Piece of the Week: Carina Hardy’s ‘Birth of Venus’ NecklaceAs a token of womanhood, this necklace depicts when Venus was born from the sea.
MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
