New York, New York is without a doubt one of the most important diamond trading hubs in the world. And the heart of the New York diamond industry is the famed 47th Street, which is due for a paradigm change when the International Gem Tower opens for business and many of the city's diamond and jewelry dealers relocate into the state-of-the-art facility.

But now an enterprising gemstone designer is adding yet another facet to the local diamond industry – literally mining the sidewalks and streets for scraps of diamonds and precious metals that might have dropped by the wayside.

The New York Post devoted a video feature to Raffi Stephanian, who makes spare cash by literally scraping through the dirt and mud of the streets and gathering up diamond and ruby chips and bits of platinum and gold.

Stephanian told the Post that in one week, he'd panned nearly $850 worth of gold form the 47th Street sidewalks. The urban prospector said that what was in the streets was left behind by the industry and was "close to a mother lode."

Moreover, since the chips of gemstones and precious metals are already processed, they are worth more than the same minerals in their rough form.

Interviewed by WBCS 880, Stephanian graciously said that he wasn't self-centered and wouldn't mind if his recent wave of publicity brought others into the field of urban diamond prospecting.

In fact, the gemstone designer said, he might be about to trigger a "new gold rush."

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