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Well Known Diamond Street Is 47th Street in New York

2012: Well Known Diamond Street Is Consuming 40% Diamond Jewelry

Gold has been glittering but some investors are setting their sights on what could be the next gold -- diamonds. An all access pass to the mysterious diamond industry. i look forward to it. You know you are from new york or just visiting. If you are looking for a diamond, anybody knows where to go. The world famous diamond district.

This street is really the epicenter of the american diamond industry. Rueben runs a diamond business in new york. 40% of the world jewelry consumption is consumed in america, and almost all of that diamond jewelry gets processed through this st. There are huge diamond vaults under all of these businesses and the businesses around here are all part of the diamond industry. about 4,000 small diamond businesses that employ about 4,000 people and there is only one place where all the biggest tealers get together. That is the new york diamond dooler's club. This is the first time a tv camera has ever been allowed on the trading floor.

Every day hundreds of the biggest diamond dealers in new york get together to trade the precious gem. work with me here. Tell me about that handshake. Bha does that mean here? That handshake seals the deal. Speaking of diamond pricing, want to guess how much this -- don't look at me. Look at her. Intense yellow diamond is being sold for? It's for sale. you can buy it. Take a guess at the price. If you're the first to get it right, a prize pack. no diamonds. All yours. Diamond

You were blindfolded for part of this. That was the gold special. I should have been blindfolded. You want to be blindfolded. What was great is to see the biggest diamond mine in the world. One of the largest open pits in the world. Two miles across. almost a half a mile deep. It's going towards a half a mile deep. You can't see the bottom. What they do to manufacture these diamonds is amazing. What i love in the age of technology, it still can be done with a handshake. And that was very interesting. Rueben was very nice to let us in there to actually film people. 9:00 tonight, eastern time. see you later.

(From CNBC)

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