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Economic Report Lauds Impact of NY’s Diamond District

Aug 1, 2011 3:26 PM   By Ricci Dipshan
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RAPAPORT... The 47th Street Business Improvement District (BID) in Manhattan, which oversees the city's famed Diamond District, praised recent findings of an economic impact report that favored a unified street design to attract new businesses and more shoppers.

New York's diamond industry accounts for an economic impact of $24 billion and it employs more than 32,000. The report also concluded that jewelry was the third-most exported product from New York state. The report was organized by the Pratt Institute and the Empire State Development Corporation and it outlined the district’s growing economic significance.

Michael Grumet, executive director for the 47th Street BID,  commended the continued efforts to make the Diamond District a safe and viable place to do business. The group has obtained a Homeland Security grant to install security cameras and has made progress on redesigning the district’s layout.  “We will soon be the first district in New York City with L.E.D. light poles,” Grumet added.

While the 47th Street BID was quick to point out that there are still challenges facing the area – including the ongoing presence of solicitors and street hawkers – it was optimistic that it’s efforts were producing real results.  “We have had a great year on all fronts,” concluded Grumet.

Richard N. Gottfried, a New York State Assemblyman representing parts of midtown Manhattan, said, ''Diamonds are also the number one product the state exports. While everyone knows about 47th Street, I don’t think people have a clue as to how much business takes place here.''
Tags: 47th Street Business Improvement District, New York City, Ricci Dipshan, Richard N. Gottfried, Scott Stringer
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