In the 1970's, George Harrison was seeing the demise of his great band and wrote the song, "All Things Must Pass." Is this the case with the great 47th street?
It seems that two major factors are coming into play for this theory. 47th street in Manhattan, for those that don't know, is a street where you can purchase the finest GIA diamonds, antique jewelry and precious gems. From the 1950's to the present it has been the place where one can purchase a diamond for a thousand dollars or for millions of dollars. But the street we know, as a retail outlet, is changing.
First, real estate prices in midtown Manhattan are skyrocketing. Buildings are now being sold, and converted, into hotels! Factor number two, is our good friend the internet. Now, with a touch of your finger on your laptop, smart phone or computer you can purchase a beautiful antique engagement ring or a piece of art deco jewelry and not leave your home. You can do your homework and find out the reputation of the antique jeweler or diamond store you are looking at. You don't have to leave your house or fly to NYC to buy a piece of jewelry, or look for an engagement ring! 47th street is changing for sure. It will, however, stay the epicenter of the world's wholesale diamond and jewelry industry, with major dealers from europe, the far east and middle east all coming to do business in NYC. Unfortunately, what our grandparent's know as 47th street has changed!