MajorsDec 24, 2024
Nordstrom Family, Partner to Take Retailer Private in $6B DealMembers of the founding family have partnered with Mexican retail company El Puerto de Liverpool to acquire Nordstrom.
SourcingDec 30, 2020
CNBC Show Explores the Diamond District
The new “Streets of Dreams with Marcus Lemonis” series shines a spotlight on 47th Street and some familiar industry faces.
Marcus Lemonis met with Reuven Kaufman, the then-president of Diamond Dealers Club of New York, in the new “Streets of Dreams” series. (Photo credit: Ralph Bavaro/CNBC)
New York—New York City’s Diamond District was once again in the spotlight.
This time, 47th Street starred in the premiere episode of CNBC’s new series “Streets of Dreams with Marcus Lemonis” Tuesday night.
The CEO of Camping World and the host of CNBC’s reality show “The Profit” met up with several familiar industry faces as he explored the district and learned more about how diamonds are priced, polished, and purchased.
This street alone is responsible for around $24 billion in sales, Lemonis said, making diamonds the No. 1 export of New York State in terms of dollar value.
Lemonis visited the International Gem Tower to head upstairs to the Diamond Dealers Club of New York and meet with then-president Reuven Kaufman.
Kaufman talked about the changing face of the wholesale business as Indian dealers are welcomed into the once majority Jewish community and how the business is based on trust.
“In this industry, you have to trust the person [you’re buying from],” explained Kaufman.
After haggling, Lemonis left with a $26,000 diamond tennis bracelet to bring back to one of his retail stores.
Lemonis sat down with diamond dealer Fishel Beigel, who has been in the business since the 1970s, as well as third-generation jeweler-to-the-stars Richie Nektalov, also known as Richie Rich, the founders of Shiffon Co., and ALTR Created Diamonds President Amish Shah.
“It is a matter of pride and a great opportunity for ALTR Created Diamonds to showcase the burgeoning lab-grown diamonds market and our place as its pioneer,” Shah said in a press release about the company’s appearance.
Lemonis also met up with Rapaport Group Chairman Martin Rapaport to discuss the history of the price list and the changing industry.
The show will also visit Nashville’s Music Row, Denver’s Green Mile, and other notable streets throughout the series.
More on Sourcing
The Latest
MajorsDec 24, 2024
Boucheron Bets on Las VegasThe brand has opened its second U.S. location in the Fontainebleau resort and casino.
EditorsDec 24, 2024
The Spectrum Jewels I Want to Find Under the Tree Associate Editor Lauren McLemore highlights pieces from the AGTA Spectrum & Cutting Edge Awards she’d be thrilled to unwrap on Christmas.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
IndependentsDec 23, 2024
Philadelphia 76ers’ Tyrese Maxey Stars in The 1916 Company’s New CampaignThe retailer’s “On the Clock” campaign celebrates how time, precision, and purpose come together.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsDec 23, 2024
My Favorite Piece of the Week Jewels of 2024Associate Editor Natalie Francisco chose her 12 favorite Piece of the Week picks from the year gone by.
GradingDec 23, 2024
GIA Adds Filler Identification to Emerald ReportsLab clients have the option to request this addition on their emerald reports.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
