New York’s diamond district witnesses a new kind of frenzy during Diwali gold buying

For nearly a century, the diamond district has operated with an air of anxious chaos as traders, hustlers and everyday people unload or stock up on jewels and precious metals. But the recent soaring price of gold — $4,267.90 an ounce at the close of market Friday — along with rising prices of silver and platinum have created a new kind of frenzy on the block, according to NYT News Service.

More salespeople on the sidewalk hoisting “We buy gold” signs in the air and catcalling for customers. More stacks of $100 bills counted in the open air. More armored cars loading and unloading bars of metals. More nervous people with darting eyes clutching bags of potential payouts close to their chest. Situated in the middle of the block between Fifth and Sixth avenues filled with jewelers and precious metals dealers, Bullion Exchanges feels like ground zero for the chaos.

On a day late last week, a bar of gold worth nearly $1.5 million rested on a scale. Plastic bins of shimmering necklaces, earrings and bracelets were stacked on the floor. Ziplock bags of gold rings lay scattered across a desk. The real-time price of gold flashed across a screen mounted to the wall.