Gold necklaces in the window of a jewelry shop in the Diamond District neighborhood on Oct. 8.
Photographer: Michael Nagle/Bloomberg
NYC Jewelers Are Rushing to Cash In on Gold’s Rally Over $4,000
The chatter in Manhattan’s Diamond District this week has been as much about market charts as carats and cuts.
The gold rally rippling through global markets is reverberating from trading floors down to the cramped corridors of Manhattan’s Diamond District, where shop owners hawking bangles and coins are cashing in on quick deals.
Bullion’s surge past $4,000 an ounce this week means chatter in the Midtown district — a go-to destination for traders dealing gems and precious metals for more than a century — has been as much about market charts as carats and cuts. The buying and selling has roiled jewelers as they plot strategy around their inventory and attempt to keep pace with the change in prices.