Diamond District

A block away from the Veteran’s Day parade on Fifth Avenue, there was an armed robbery of a jewelry store “Standard Watches” on the eighth floor of the 23 West 47th Street building in the Diamond District.

The story of the Gulaylar Group brings to mind the patrimonial capitalism of the Gilded Age, when the helms of industries were passed down the family line. The nearly 80-year-old Turkish conglomerate headed by Mehmet Gulay, son of the founder Ishan, for more than six decades, is showing no signs of slowing down.