Consuming Passions | 47th Street By Lynn Yaeger My last visit this afternoon is to Stephen Herdemian, perhaps the most egalitarian dealer on my list, a 25 year veteran of the district, Herdemian carries everything from a 1927 class ring to a platinum or diamond Edwardian wristwatch. In fact, Herdemian sold me the ring I wear almost every day, a ruby and diamond gypsy - which means the stones are set deep in the gold - that I purchased for $1,100 a few years ago. I bring up the practice of letting customers take jewelry home on spec, and he laughs and tells me there's an ongoing joke on the street: "If someone in the business asks for 10 bucks out of your wallet you's say no, but them them have a $30,000 bracelet? No problem!" It's been a long day, but as usual I have a hard time pulling myself away. The diamond shaped lampposts just outside the window are glowing in the early evening dusk. Herdemian sums up what makes treasure hunting here so magical: "Just when you think you've seen the most beautiful example of something - oh my God, there'll never be another antique bracelet or necklace or ring as good as this one - some guy comes along and reaches into a ratty bag and there it is. Your jaw drops and you're amazed."