Diamond district jewelers closing up shop
April 20, 2009 01:20PM
Diamond District
Manhattan's diamond district has dozens of vacant booths, empty showcases and "for rent" signs, and jewelers in the area say business is down 50 percent over the past year. The city's jewelry industry is facing a tough credit landscape as lenders who once specialized in gem financing are cutting back or even exiting the niche. The combination of plummeting demand and dwindling credit threatens to shrink the city's industry, which employs 25,000 people, and endangers plans for a city-subsidized 41-story tower designed to strengthen the diamond district. Nationwide, the number of jewelry company bankruptcies has doubled in the past year to 34 in the first quarter. [Crain's]
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Comments
Anonymous
another vacant lot (for a very long time) brought to you by Gershon
Comment #1 Posted By: Anonymous 04/20/09