[Congressional Record (Bound Edition), Volume 160 (2014), Part 6]
[Senate]
[Pages 7826-7827]
[From the U.S. Government Publishing Office, www.gpo.gov]




               47TH STREET BUSINESS IMPROVEMENT DISTRICT

 Mr. SCHUMER. Mr. President, I would like to take a moment to 
recognize New York City's 47th Street Business Improvement District, 
47th Street BID. The 47th Street BID is a not-for-profit organization 
formed in 1997 by the merchants and landlords of the Diamond District, 
one of New York City's best known and most vibrant economic areas. The 
47th Street BID has been instrumental in establishing the Diamond 
District as a central hub for the world's diamond and jewelry 
industries and has worked to cement its place as a powerhouse component 
of New York's economy.
  The Diamond District, which consists of one block in midtown 
Manhattan--located on West 47th Street between Fifth Avenue and Sixth 
Avenue--is home to a significant portion of New York's diamond 
manufacturers, wholesalers, and retailers and serves as the home base 
for two industries that hold a great deal of importance for New York: 
the diamond industry, including both rough and wholesale diamonds, and 
the finished-jewelry industry. These two industries are extremely 
important to New York's tourism sector and are responsible for 
employing thousands of New Yorkers in highly-skilled jobs. New York 
City's diamond industry is also home to high-quality jewelry 
manufacturing, and aspiring artists come from all over the world to be 
trained in New York in the art of creating this much sought-after 
jewelry. The diamond and jewelry sector also supports a large number of 
high-profile, critical New York industries as well, including fashion, 
entertainment, and hospitality.
  It is estimated that over half of the diamonds that come to the 
United States enter through New York, and the Diamond District is known 
all over the world as the international center for the diamond and 
jewelry trade. The Diamond District is also home to two foreign-trade 
zones--the International Gem Tower at 50 W. 47th Street and the World 
Diamond Tower at 580 Fifth Avenue, which also houses the 47th Street 
BID headquarters. People flock from all over the world to buy and sell 
diamonds and other gems in these free trade zones. The 47th Street BID 
has also been instrumental in enhancing the economic development 
activities of the Diamond District and making the area safer and more 
beautiful for merchants and consumers who work and shop there. The 47th 
Street BID also installed flowers, holiday decorations, and banners in 
the Diamond District. It also recently undertook an initiative to keep 
the district clean--an initiative which is now one of the highest-rated 
sanitation programs in all of New York City. Additionally, the 47th 
Street BID developed and operates the Diamond District's website, which 
has become a key resource for shoppers and merchants alike, who rely on 
the site for referrals.
  New York's Diamond District is an incredible example of how an 
industry can continuously grow and thrive in a competitive economic 
climate, and the 47th Street BID has played a large role in helping to 
make the Diamond District--and the people who work there--a tremendous 
success. By promoting the Diamond District, facilitating trade, and 
keeping the district clean and safe for customers, merchants, and 
traders alike, the 47th Street BID has ensured that this critical New 
York industry remains a power house within

[[Page 7827]]

New York, a major economic engine for the city and State, and an 
international hub for this global industry.

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