DIAMOND DEALERS CLUB - A HISTORICAL OVERVIEW

The New York Diamond Dealers Club was established in lower Manhattan in 1931, in the midst of the worst economic depression in American history. At that time, the idea of venturing into a new business seemed absurd to most, yet a small group of forward-thinking diamantaires chose to initiate the first big step for a New York-based diamond trade association. They were convinced that American diamond dealers should follow the lead of their European colleagues and organize a secure, private exchange for their trading.

World War II caused many European dealers to immigrate to the United Sates, thereby expanding the numbers of the Diamond Dealers Club. In the post war years, the U.S. diamond trade took on a bustling, thriving character. As the Club developed and expanded, it outgrew its space. The Club was forced to move several times to accommodate its increasing number of members.

In the 1940's, the Club decided to move to a West 47th Street location, uptown and away from its mainstream of business. By 1956, the Diamond Dealers Club experienced space problems again. The trading floor was greatly enlarged, and made more comfortable for the membership. In 1985, the Club moved to its current location at 11 West 47th Street where it occupies spacious quarters that include a trading floor, modern communications, administrative space, and restaurant facilities.

As the Club's presence grew on 47th Street, the number of jewelry and diamond businesses increased overwhelmingly. Within a few years, the street was well on its way to becoming the highly concentrated display of diamonds and diamond jewelry that it is today -- probably the largest in the world. Indeed, 47th Street is now marked by signs identifying it as Diamond & Jewelry Way, since more than 2,000 businesses devoted to the diamond and jewelry industry are conveniently located in the heart of Manhattan.