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The Associated Press August 1, 2011, 12:48PM ET

Report recommends steps for NYC Diamond District

A new report recommends steps New York City's Diamond District can take to safeguard its future.

The report says the bustling one-block area should use unifying design elements to draw attention to its high-end goods.

It also recommends the area strengthen its relationship with other design-oriented industries.

The report was issued Monday by the 47th Street Business Improvement District.

It says many of the challenges that threatened the district 20 years ago still remain. They include competition from abroad and the high cost of doing business in the city.

The report says the diamond and jewelry business in the city generates an annual $24 billion in economic impact.

The report was prepared by the Pratt Center for BID in collaboration with the Empire State Development Corporation.

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