It's only a block long in the heart of New York's theater district, but most diamonds imported into the U.S. find a brief home on 47th Street between Fifth and Sixth avenues. This is where they're acquired, brokered, exchanged, cut into sparkling jewelry pieces and sold.

If you've done your homework, know what to look for, are careful and are good at haggling, the conventional wisdom is that you can save 50 percent or more on diamond and other jewelry purchases in the Diamond District, as compared with department and chain jewelry-store prices. As a shopper's bazaar, few areas of New York City have more security. Video cameras cover the area like a blanket as police in street clothes and privately hired security personnel mix with and watch shoppers and pedestrians.

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