According to a report conducted by the Pratt Center for Community Development and funded by the Empire State Development Corporation and the 47th Street Business Improvement District, the Diamond District in New York is due for a makeover. The report recommends that the New York Diamond District make capital improvements to its appearance and step up its marketing efforts to transform itself into a tourist hub. The district, home to over 4,000 diamond businesses, comprises a one-block stretch of 47th Street between Fifth and Sixth Avenues. Diamonds processed in the district are the state’s number one foreign export by value. The District employs over 22,000 people and generates more than $24 billion in economic impact each year. The report also found that diamonds, jewelry, and gold were three of New York State’s top four exports.

“This is a place where people from all over the world come to for visiting, for tourism, but also to purchase what is surely their most important asset in their entire lives… And that would be the wedding ring that brings a couple, and keeps a couple together,” said New York City Comptroller John Liu.

It is believed that the capital improvements that will give the district a more attractive appearance will boost business. Suggestions have included creating a streetscape design, replacing sidewalks with a material that shimmers, washing the building exteriors, and working with New York City’s tourism agency to boost promotion. Manhattan Borough President Scott Stringer has provided the district with a $100,000 grant to implement LED pedestrian lighting on the block.

“The neighborhood does look a little downtrodden,” said Adam Friedman, director of the Pratt Center and author of the report. “It does look a little seedy, and when you think about what's going on in the block, it's not at all reflected in the character of the block.”

"With government assistance to ensure the District is accessible and appealing to tourists, these strategies can enhance one of New York City's more iconic industries and ensure not only its continued existence but success for the future," reads an excerpt from the report.

The report has also recommended that the traditionally family-run businesses branch out by providing internship, apprenticeship, and training opportunities for outsiders as a measure to ensure the area’s longevity.

"For New York City's diamond and jewelry industry to remain strong and vibrant, it will need an influx of new workers, the next generation of young people to move the industry forward and continue to compete in global markets," said the report.

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