The Transformer of the Diamond District PDF Print E-mail
2016-09-02 14:50:30
#12 MEHMET GÜLAY, 26 - IGT Jewelry Shopping Mall
The Diamond District of New York, between Fifth Avenue and Sixth Avenue in midtown Manhattan, has been known for having many jewelry shopping stores next to each other since the 1920’s. According to Jane's New York special on the Diamond District, total receipts for the value of a single day's trade on the block average $400 million. An estimated 90% of diamonds in the United States enter through New York. There are 2,600 independent businesses located in the district, nearly all of them dealing in diamonds or jewelry. Most are located in booths at one of the 25 "exchanges" in the district, and in a public corridor to 46th Street. Until the opening of IGT Jewelry Shopping Mall in 2014, the district had not had any new, high-end modern setting shopping center. The IGT Jewelry Shopping Mall brings boutiques with the world’s finest gems, watches and designers together in a venue of unmatched urban luxury. The 20,000 square-foot IGT Jewelry Shopping Mall, located on the first three floors of the Extell Development Co.’s new tower, includes 80 linear feet fronting West 47th Street between Fifth and Sixth Avenues.

Mehmet Gulay is the CEO of IGT Jewelry Shopping Mall, a collection of high-end jewelry boutiques whose 2014 opening is transforming New York’s Diamond District. The Turkish entrepreneur led acquisition and development of the site, comprising the entire retail section of the $750 million International Gem Tower, through City’s Property Development, a division of his family’s Istanbul-based company, Gulaylar Group. The first mall of its kind, the venture is the company’s signature U.S. real estate project, taking advantage of both expertise in property development and a history in jewelry production and sales. Gulay holds a bachelor’s degree in economics from New York University.

The Gulaylar Group, founded in 1926, is the only Turkish gold and diamond wholesaler in the U.S., where it has operated since 1998. The jewelry division, the company's largest, includes wholesale stores as well as retail chains and handles $680 million in gold and diamond imports annually. Gulaylar has also expanded into tourism, with the ultra-luxury, five-star Elegance Hotels International brand, and property development, with commercial sites such as shopping malls and logistics warehouses. Gulaylar's new jewelry shopping mall will be a key feature of the Diamond District's most prestigious address, the International Gem Tower.
Last Updated ( 2016-09-09 15:30:21 )
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