47th Street Looks To Finished Jewelry For Profits

The diamond centers in Belgium and Israel have spent millions of dollars promoting their industries around the world in recent years. New York City's 47th St. has been quiet by comparison, but that's not to say there haven't been changes. A majority of the big diamond houses in New York City have gone into finished jewelry lines in a big way, and now many smaller colleagues are following suit. Their products range from the mass market jewelry of M. Fabrikant & Sons Inc. to the specialty lines of Lazare Kaplan International to the one-of-a-kind, six-figure necklaces of William Goldberg Diamond Corp. The reason for this shift is basic 1990s diamond economics: finished jewelry usually has a higher markup because price competition has cut loose diamond profits to the bone. "Diamonds have been trading as commodities because of certificates and price competition," says Alan Kleinberg

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