New York City’s Diamond District was once again in the spotlight.
This time, 47th Street starred in the premiere episode of CNBC’s new series “Streets of Dreams with Marcus Lemonis” Tuesday [December 26] night.
The CEO of Camping World and the host of CNBC’s reality show “The Profit” met up with several familiar industry faces as he explored the district and learned more about how diamonds are priced, polished, and purchased.
This street alone is responsible for around $24 billion in sales, Lemonis said, making diamonds the No. 1 export of New York State in terms of dollar value.
Lemonis visited the International Gem Tower to head upstairs to the Diamond Dealers Club of New York and meet with then-president Reuven Kaufman.
Kaufman talked about the changing face of the wholesale business as Indian dealers are welcomed into the once majority Jewish community and how the business is based on trust.
“In this industry, you have to trust the person [you’re buying from],” explained Kaufman.
After haggling, Lemonis left with a $26,000 diamond tennis bracelet to bring back to one of his retail stores.