Pratt Center Research
Growing a More Equitable EconomyThe Perfect Setting: Economic Impact of the Diamond and Jewelry Industry in New York City
Report | January 21, 2009
This report focuses on the economic activity and impact of New York’s Diamond District, an extraordinary block on 47th Street between 5th and 6th Avenues, which employs 22,300 people, many of which are historically disadvantaged workers. The report provides recommendations for NYC’s diamond and jewelry sector to maintain competitiveness in a global market. The industry can increase its economic impact by strengthening its relationships with design schools and other design-oriented industries, by making capital improvements to create a more cohesive and attractive look to the district, and by expanding its marketing and promotional activities.
This report was prepared by the Pratt Center for Community Development based on Economic Impact Analysis by the Fiscal Policy Institute and was the result of a year-long effort by the 47th Street Business Improvement District, in collaboration with the Empire State Development Corporation.