New York City's diamond and jewelry industries generated more than $24 billion for the economy in 2009 and provided US$4.2 billion worth of added value to New York City through wages, profits and indirect business taxes, according to a recently released year-long study measuring the impact of New York's diamond and jewelry sectors on the city and state economies.
The study added that in 2009, New York's diamond and jewelry sectors produced an estimated $5 billion in total annual output and directly employed 19,500 people, with total employee compensation of $1.5 billion. In total, there were a total of 25,400 direct and indirect jobs associated with New York's diamond and jewelry production activities.
The study also notes that the number of diamond and jewelry companies in both the manufacturing and wholesale sectors has declined 7 percent since 2000.
While the report, prepared by the Pratt Center for Community Development on behalf of the 47th Street Business Improvement District, in collaboration with the Empire State Development Corporation, asserts that the diamond sector is New York's largest export generator, it recommended six steps for the city to implement in order to ensure the success of the diamond district's future.
Among the recommendations are for the 47th Street diamond and jewelry hub, which runs between Fifth and Sixth avenues, to upgrade the physical appearance of the area's buildings and market itself as a tourist destination. The study also suggests that the diamond and jewelry district work with area universities and training programs to prepare and groom the next generation of diamond and jewelry workers.
To read the impact study, click the icon below: