Polish up jewelry district, but keep it intact

Los Angeles's historic jewelry district--long, considered an essential thread in the city's richly woven economic fabric--is the second-largest jewelry district in the world, employing more than 10,000 people in over 3,000 businesses. It also generates about $11 million in taxes each year that goes into the city's coffers, and provides a wellspring of opportunities for both workers and entrepreneurs.

But, like all industries, the jewelry district must change to meet the challenges that arise from new regulatory, technological and global market forces--or it will perish. Not all manufacturers will be able to make the transition to a different way of doing things that may be costly. Some will go out of business, others will be forced to move to other neighborhoods, where property values and regulatory standards are less stringent. Some fallout is to be expected. But too much displacement will destroy the district.(Continue Reading)

 

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