​The Diamond Dealers Club (DDC) is proud to announce its plans to move to the International Gem Tower at 50 w. 47th Street.

"The International Gem Tower (IGT) is critical to the future success and stability of the diamond industry on 47th Street in New York. I believe that this new facility and trading floor will be an incredible benefit to our members," said DDC President, Reuven Kaufman. "Our members will enjoy the modernity, prestige and value that IGT has to offer. We are confident that the Club's presence will enhance the experience for IGT owners, visitors and tradesmen. Now is an excellent opportunity for DDC members to secure office space still available from Extell Development, the developers of IGT, and be in the same location as the DDC and other major companies in the industry."

"We are excited to welcome the Diamond Dealers Club to the building," said Gary Barnett, the founder of Extell. "Having the DDC at the International Gem Tower completes our vision for a modern industry center in New York." The DDC will be located on the 11th floor, where members will have the opportunity to conduct their business out of a brand new, beautifully designed, open trading floor with state of the art technical facilities, relaxing cafeteria and break area, and views out of the gorgeous floor to ceiling windows.

"There were many people on both sides who worked tirelessly to make this possible," Kaufman added. "Gary Barnett gave the DDC this incredible opportunity, made us feel welcome, and has been exceedingly gracious in his dealings with us. Elliot Krischer, Secretary of the DDC, is an invaluable asset to the Club and was instrumental in bringing this opportunity to fruition. Raizy Haas, Senior Vice President of project management and development at Extell, has been a pleasure to work with in leading the effort to ensure that the new space will meet the unique needs of the DDC and its members. The DDC's Officers and Board Members have dedicated themselves throughout this process to ensuring that our members are given the best opportunities to succeed in today's market. DDC's Managing Director, David Lasher, and General Counsel, William Lerner spent countless hours to make this deal possible and have worked diligently to ensure that the DDC remains the 'Beating Heart' of the diamond trade in New York, the epicenter of the diamond industry ."

The DDC is in the process of building its new trading floor at the International Gem Tower. We look forward to welcoming you at our new home.

About Diamond Dealers Club (DDC)

The Diamond Dealers Club (DDC) is the largest diamond trade organization in the U.S. and one of the leading diamond exchanges in the world. The DDC works diligently to support and encourage the growth of the U.S. diamond industry. The mission of DDC of New York is to foster the interests of the diamond, colored stone and jewelry industry by providing, regulating and maintaining a facility as a DDC; promoting just and equitable principles in trade; establishing industry-wide standards of disclosure; disseminating accurate and reliable information; and carrying out the activities and objectives of the organization in accordance with the laws of the State of New York and the U.S.

The DDC recently hosted a well-received seminar on how to protect your loose stones and jewelry with patents, trademarks and copyrights; and how to know if you may be violating someone else's patents, especially patented diamond cuts. The DDC would like to thank the presenters of the seminar, Neil B. Friedman and Charles Rauch from the Intellectual Property & Technology Group of Hodgson Russ's New York City Office.

We hope the presentation was educational and enjoyable. For those who were unable to attend the event, you can download the presentation slides from the event by clicking here.

Thank you to those attended, and we look forward to offering our members more seminars that meet their needs in the future.

Monday, the Diamond Dealers Club (DDC) of New York, in conjunction with the Gem & Jewellery Export Promotion Council (GJEPC), greeted close to 100 exhibitors and several hundred buyers at its third India Diamond Week on the DDC’s trading floor in Manhattan. The DDC is creating trading opportunities in today’s market by welcoming international diamantaires to trade at the largest bourse in the U.S.

“This has been the busiest and most successful opening day we’ve had so far for India Diamond Week. We see the DDC trade show as a tremendous opportunity for dealers, wholesalers and manufacturers around the world to connect and forge significant business relationships,” said DDC President Reuven Kaufman. “This is the third time that we have welcomed diamantaires from India on our trading floor, in order to create new connections, build on existing relationships, and generate success for our industry.”


The event aims at increasing communication between diamantaires and promoting business globally.  “DDC week is a good kick-start for the targeted American markets,” said Chirg Kakadia, Director of Sheetal Manufacturing.  Kakadia continued that DDC Trading Weeks, “give you a level of confidence and bring good business in the future. This is our second time and we are going to come back all the time for the shows.”


India Diamond Week at the DDC will be held through August 27th at the DDC’s headquarters in the heart of the diamond district at 580 Fifth Avenue at 47th Street in New York.

For more information on India Diamond Week, or to become a member of the DDC and participate in our next Diamond Week, contact our executive office.

 

About Diamond Dealers Club (DDC)

Diamond Dealers Club (DDC) is the largest diamond trade organization in the U.S.  and one of the leading diamond exchanges in the world. DDC works diligently to support and encourage the growth of the U.S. diamond industry. The mission of DDC of New York is to foster the interests of the diamond, colored stone and jewelry industry by providing, regulating and maintaining a facility as a DDC; fostering just and equitable principles in trade; establishing and promoting industry-wide standards of disclosure; disseminating accurate and reliable information; carrying out the activities and objectives of the organization in accordance with the laws of the State of New York and the U.S.

NEW YORK, NY (January 14, 2015) – This week, the Diamond Dealers Club (DDC) of New York is welcoming hundreds of diamantaires after the holiday season to participate in its second edition of India Diamond Week.

“When we introduced India Diamond Week in August, we discovered a true gem for our diamond dealers. It’s important to build on that momentum by providing shows like this for our members and participants,” said Reuven Kaufman, DDC President.

In conjunction with the Gem & Jewellery Export Promotion Council (GJEPC), the Diamond Dealers Club is hosting over 70 exhibitors comprised of India-based companies and DDC members and companies.

As a first-time participant, Chirag Kakadia, Director, Sheetal Manufacturing Company Pvt. Ltd., sees the benefits. “It’s been fantastic for us,” said Kakadia. “As companies without a presence in the United States, it’s a great gateway to enter into the marketplace.” He said this platform offers a way to get connected. “DDC has cooked the food for us. All that matters now is how we eat it.”

Another first-time India Diamond Week participant, Chetan M. Javeri of Chetan M. Javeri based in India, said he’s happy with the experience. “I think this is a boost for business, and that we will have a positive season ahead.”

Alpesh Ahir of Bhavani Gems Pvt. Ltd. said, “This is my second India Diamond Week at the DDC. This time I’m able to pick up where I left off a few months ago, and make more sales while seeing familiar faces. This is a good platform because it gives all the diamond manufacturers an opportunity to come and explore the market.”

A member of the DDC for 39 years, Izhak Grum of LLD USA, Inc. described how these shows make an impact on business. “If you meet more people, you’ll make more sales. That’s what shows are all about.”

India Diamond Week is taking place on the DDC’s trading floor through Thursday, January 15th at 5:30 p.m. To be a part of the action, contact our executive office at 212-790-3600 or visit www.nyddc.com for more information.

NEW YORK, NY (January 6, 2015) – In less than a week, the Diamond Dealers Club (DDC), in conjunction with the Gem & Jewellery Export Promotion Council (GJEPC), will host its second edition of India Diamond Week on the DDC’s trading floor in Manhattan.

“Due to the success of our first India Diamond Week in August, we decided this is the ideal time for us to partner again with India, a global diamond leader,” said Reuven Kaufman, the DDC’s president. “Shows like this offer a healthy boost for the industry as a whole and re-energize the marketplace by providing diamantaires with the opportunity to build business and restock following the holiday season.”

To date, the following Gem Jewellery Export Promotion Council (GJEPC)-affiliated companies will exhibit at India Diamond Week: Arihant Star, Bhavani Gems Pvt. Ltd., Bhavna Gems, Chetan M. Javeri, Dhanera Diamonds, D. Navinchandra Exports Pvt. Ltd., Excel Overseas Pvt. Ltd., Fancy Collection, Gaba Diamond Pvt. Ltd., Hari Krishna Exports Pvt. Ltd., Jodhani Brothers, Kakadiya Brothers, KGK Diamonds (I) Pvt. Ltd., Khodal Gems, Kiran Gems Pvt. Ltd., K. P. Sanghvi & Sons, Mahendra Brothers Exports Pvt. Ltd., Mohit Diamonds, M. Suresh Co. Pvt. Ltd., Narola Gems, Raj Gems, Sheetal Manufacturing Co. Pvt. Ltd., Shivam Jewels, Shri Balaji FancyDiam Pvt. Ltd., Venu Diamond, and Venus Jewel.  

There will also be a wide range of companies represented by DDC members exhibiting at India Diamond Week, including: Allure Diam Ind., AmGad Inc., A. Shaer & Sons, Baguette Diam Inc., Benjamin Dimenstein & Son, BlueRays Inc., Dharm International, Diamonds by Israel Standard Inc., Diatraco Corp., Eld Diamonds LLC., ElOr Co. Inc., Hershel Horowitz Corp., I&P USA Corp., Jewelex New York Ltd., K. Girharlal Inc., Michael Poulad, MID House of Diamonds, Moshe Zwiebel Diamond Corp., Namdar Inc., Naskar Trading, NCH, Novel Collection, Rapaport, Rio Diamonds, Robert Moskovitz Co., Rosy Blue Trading, Inc., SB Diamond Corp., Solomon Cohen Diamonds, Star Solitaire Inc., Takat Gems USA, Inc., TP Diamonds, and White Pine Trading LLC.  

India Diamond Week at the DDC will be held from January 12 – January 15, 2015 at the DDC’s headquarters in the heart of the diamond district at 580 Fifth Avenue and 47th Street in New York. To register, visit http://www.nyddc.com/india-diamond-week.html. For more information about India Diamond Week, or to become an accredited member of the DDC, contact our executive office.

About Diamond Dealers Club (DDC)
Diamond Dealers Club (DDC) is the largest diamond trade organization in the U.S. and one of the leading diamond exchanges in the world. DDC works diligently to support and encourage the growth of the U.S. diamond industry. The mission of DDC of New York is to foster the interests of the diamond, colored stone and jewelry industry by providing, regulating and maintaining a facility as a DDC; fostering just and equitable principles in trade; establishing and promoting industry-wide standards of disclosure; disseminating accurate and reliable information; carrying out the activities and objectives of the organization in accordance with the laws of the State of New York and the U.S.

New York Adapting to Changing Diamond Market
Q&A with David Lasher, Managing Director of the New York Diamond Dealers Club

Dec 21, 2014 2:32 AM   By Rapaport News
RAPAPORT... The Diamond Dealers Club (DDC) is the trading bourse located in New York’s Diamond District, representing diamantaires that are responsible for the majority of loose diamonds that enter the U.S. Founded in 1931, the DDC has since played an active role in major industry initiatives due to its position in the world’s largest diamond consumer market. David Lasher, the DDC’s freshly appointed managing director, recently spoke to Rapaport News about the role the club plays in the New York trade and some of its recent initiatives to boost activity:

Rapaport News: What is your background?

DL: I didn’t know anyone in the diamond industry before I worked at the Diamond Dealers Club (DDC). Reuven Kaufman, president of the DDC, initiated me into the business when he hired me and for that I am indebted to him. 

During my first year and a half at the DDC my role was director of marketing and development. This August I was named managing director. 

Rapaport News: How many members does the club have?

DL: We have close to 1,500 members, who comprise a cross-section of the entire diamond industry. The largest membership groups are the dealers, wholesalers and smaller scale manufacturers, who together make up the bulk of the industry. But we have everyone from the world’s largest manufacturers and sightholders, to individual brokers who take stones from office to office all day long. 

I would say that over 90 percent of our members live in the tri-state area [of New York, New Jersey and Connecticut], although we do have many international members that come to New York often. They join the DDC because they either want a place from which to work when they are in New York or they want to take advantage of the club’s services and initiatives, which they might not have access to in their home market.

Rapaport News: What is the most important service the club provides to its members?

DL: I think the single most important service we provide our members is our arbitration system. We also provide a secure location to trade diamonds, a shared office space for our members in the heart of New York’s diamond district, special trade events and the networking and reputational advantages that come with being a member. 

However, arbitration has always been an important part of the trade and the DDC because the diamond industry operates with such different rules from everybody else. 

A real estate investor might buy a property for $2.1 million and pay extra for lawyers, closing costs, etc. But the last diamond deal I witnessed was concluded for $3.5 million over the phone when one dealer said mazal to another. A person in the real estate industry would find it hard to believe that the deal was closed on just a “mazal” without signing a contract and no court would understand that either. 

Also, the incredibly long time that court litigation can take, and the expense involved, is particularly devastating to our industry.

Therefore, our unique industry requires a method to resolve disputes cheaply, quickly and easily, that understands the peculiarities of our trade practices. I can’t overstate the importance of that to the industry.

Rapaport News: How does arbitration in the diamond industry differ from the handling of cases in courts?

DL: The courts are not just slower to reach decisions than arbitration panels, but they also have to abide by whatever laws and precedents exist in that specific locality. From the court’s point of view, there is no such thing as buying a stone by saying mazal. The court may consider it a contract or it may not. There is also all the minutiae of diamond transactions, which is hard for outsiders to understand. You need real experts and just bringing those experts in can make court costs astronomical.

Arbitration is particularly important for international transactions. Think about a dispute between a dealer in Hong Kong and a dealer in New York over a stone. Even if these cases were resolvable in international courts, they would involve tremendous costs and complications, such as trying to understand a foreign court system and searching for good lawyers for foreign laws in a foreign language. 

The international arbitration of the World Federation of Diamond Bourses (WFDB) is a vastly simplified and unified system, and no matter where you are, you can always elect to have your arbitration in English.

Rapaport News: How has the business changed for DDC members over the years?pasting

DL: It used to be that all the diamantaires needed from the DDC was the trading infrastructure; a place to sit that was safe for buying and selling diamonds. They needed our office to deal with arbitrations, verify who was a member of the DDC and ensure that the members were all honorable, respectable people. We had little to do with creating new business because it was already there and healthy.

However, now you have external forces that are really changing the industry, and not just in New York. The generous bank financing isn’t there anymore and neither are the profit margins. That means that diamantaires are being squeezed on both sides. You have less money to play with and your rough costs are high, which means both your volume and margins are lower. 

Basically, we have gone from a system where profit was more evenly distributed within the industry, and where all of the players were concerned for the overall health of the industry, to a very short-term profit-focused and even narrow-minded approach to doing business. 

You have to leave enough fat on the bone for everyone, especially because the middle of the market plays such a vital role in distribution. One of the unique features of the diamond industry is the incredible speed at which the right stone is matched with the right buyer. The diamond also tends to move to wherever it can generate the most profit because of the midstream distributors. If they can’t distribute and operate at a profit, then they will leave for new opportunities to make money in other industries.

Rapaport News: How are DDC members dealing with these market forces?

DL: You definitely have to build your own brand name and add value, but I think that occupying a niche is also very important to the market’s midstream. 

For diamond dealers, their brand is what they can do for their clients. If someone needs colored melee or triple-EX goods in sizes below 1-carat and without fluorescence, you want to be the person who is known for supplying that. Within specific niches it is also important if someone has a reputation for great customer service and maintaining long-term relationships. 

That not only applies to dealing with the independent jewelers. When a large chain needs a very specific assortment of goods it is not going to be a sightholder who spends the time sorting through everything from their production line. Most of them are focused on making their profit from manufacturing and leave these special jobs to someone who is willing to pick through a parcel of 3,000 stones to come up with 300 that match the buyer's specifications.

Another important thing that our members are doing is buying back from the public and re-cutting stones in New York. That is probably one of the main ways that cutters in New York are employed right now.

Until recently we experienced a swing away from dedicated, long-term relationships because of goods being offered online, which made entire inventories easily accessible to a much larger number of people. However, I’m increasingly seeing that the pendulum is swinging back and people want to do business with a dealer they know and trust. In today’s uncertain market, with ever greater risks, people want trustworthy and reliable suppliers. It’s a big competitive advantage for a dealer to be able to say, “I’m a member of the DDC, I’ve been vetted, there’s an arbitration system to make sure I back up my commitments, and an entire organization dedicated to backing up the reputation of its members.”

Rapaport News: What policies have been implemented at the DDC to stimulate the market in New York?

DL: Reuven Kaufman has guided both the major projects of the DDC and the ideas behind how we need to adapt to the changing market. From my first moment working in the club, we have seen eye to eye on the direction the club needed to go. Reuven’s guideline for the DDC has been to not only focus on how many members we can bring in, but how we can build up the club and make it great.

Our keystone initiative is the diamond trading weeks that we hold jointly with other bourses, which was an idea Reuven initiated at our bourse with the Israel Diamond Exchange, and which we have since extended to our fellow diamantaires in Antwerp and India. The motivation behind the events is the belief that if you get dealers into a room together, they are going to do business and make new connections.

Since a lot of the diamond trade has moved online, the natural trend is for the industry to be less personal than it used to be. Therefore, it’s more vital than ever for people to talk to each other, because at the end of the day the diamond industry is still about trust and relationships. 

Rapaport News: Where do you see the DDC headed in the next 10 years?

DL: We're working hard to find ways to add value to our members’ businesses. Our central long-term goal is for the DDC to play a greater role in strengthening ties between U.S. wholesalers and retailers. We want to bring together all sides of our industry in a way that only the DDC can, by facilitating safe transactions within the U.S. trade across the entire diamond pipeline, and ensuring that any issues that arise can be resolved quickly and efficiently. 

Our other major focus is to continue to work with the bourses around the world to stimulate the trade globally and increase the amount of face-to-face interactions at the clubs by continuing to expand the trading events. I think the trading centers are increasingly realizing that we're not in it just for our respective local markets but to stimulate the trade globally. Together with our fellow bourses, we’re working with all of the major players in the field to promote the overall health of our industry, to make this a great business to be in for many years to come.

Read the article on Rapaport's website here: 
http://www.diamonds.net/News/PrintArticle.aspx?ArticleID=49902&ShowArticle=zAWoTGC2YX6qD9VBmgYntWPIc36IUXfc

The DDC is pleased to announce its participation in the JA New York Winter Show, Sunday, January 18 through Tuesday, January 20, 2015.

We are currently offering showcases in the DDC Pavilion and individual booths near the pavilion to our members at reduced rates. Please inquire for booth pricing. 

If you are interested in being a part of the DDC pavilion at the JA Winter Show, please contact David Lasher by email at [email protected] or by phone at (212) 790-3600.

NEW YORK, NY (November 12, 2014) – The Diamond Dealers Club, in conjunction with the Israel Diamond Exchange, is welcoming hundreds of buyers, manufacturers, dealers and exhibitors this week at Israel Diamond Week, taking place from November 10th – 13th on the DDC’s trading floor.

“We’re seeing a high volume of transactions, a wide array of goods, diamonds in all colors, shapes and price points, and strong business connections being made between our DDC members and our Israeli friends,” said Reuven Kaufman, president, Diamond Dealers Club. “This tremendous event is all due to the solid relationship we built with our friends from the IDE, whom I’m very grateful for and proud to work with to help move our industry forward.”

IDE President Shmuel Schnitzer, is thrilled with the show’s progress thus far and noted the peak holiday season sales opportunities available at the show. “Last year’s Israel Diamond Week was busy, but I see even more business being conducted on the trading floor this year. There’s stronger attendance, and a lot more outsiders are participating this time around, which is very positive.” 

Israel Diamond Week exhibitors are taking advantage of this prime opportunity and unique venue to do business. Chaim Lazarus, director of Lili Diamonds said, “Any event that can be created for people to meet and interact with each other in a platform like this for retailers and buyers is wonderful for our industry.”

Samuel Namdar, president of Namdar, Inc., noted that Israel Diamond Week has a good impact on business from the supplier end and the sales end. “The nicest thing about these shows at the DDC is that I’m one floor below. Usually we have to travel far to participate in other shows. We can’t be any closer than this!”

Among the 160+ exhibitors at Israel Diamond Week are a wide range of companies represented by DDC members, including: A. Shaer & Sons, American Gem Corp., A-One Gems, Inc., Atit Diamonds, Baguette Diam Inc., Benjamin Dimenstein & Son, Blue Star, Bluerays Inc., Chai Gem Corp., Charlie Oh, DBS Diamonds Inc., Dharm International, Diacentre Inc., Diamond Project Inc., Diatraco Corp., Divina Creations Inc., E.S.Y. Inc., El Or, ELD Diamonds LLC, Emby, Globe Diamonds Inc., Hershel Horowitz Corp., I & P USA Corp., Imperial Brilliants, Isaac Nussbaum Diamonds, Isaac Rogel, J. Zupnick and Co., Jack Reiss, Japan Auction House, Jewelex New York, K. Girdharlal Inc., Kahiri Diamonds/Philip Lazarus, Kanton Diamonds, Leo Einhorn Inc., LLD USA, MaozDiam, Matsui Pearl Corporation, Michael Poulad, MID House of Diamonds, MJ Gross, Moshe Zwiebel Diamond Corp., N.C.H. Diamonds, Namdar Inc., Naskar Trading LTD, Nissanoff Itzhak, Novel Collection, Prisma Impex, Rahmanim’s Imports, Rapaport, RichDiam, Rio Diamond, RMC Diamonds, Robert Moskovitz Co., Ruchi Diamond, Inc., S.B. Diamond Corp., S.D. Diamond, Sanghavi Solitaire Inc., Shirtal Diamonds, Simantov Bros., Solomon Cohen Diamonds, Sterling Diamonds, TP Diamonds, WF Diamonds, White Pine Trading, and Yerushalmi Brothers Diamonds.

For more information about Israel Diamond Week, other future shows at the DDC, or to inquire about how to become an accredited member of the DDC, please email us at [email protected]. 

Photos:
Above: Israel Diamond Week 2014 on the DDC's trading floor.
Below, left to right: Reuven Kaufman, DDC President and Shmuel Schnitzer, IDE President welcome guests at Israel Diamond Week's reception at the DDC, Tuesday, November 11, 2014.

NEW YORK, NY (November 3, 2014) – The Diamond Dealers Club, the largest diamond trade association in the U.S., is ready to welcome over 155 exhibitors, along with hundreds of guests, to its trading floor next week. In its third edition of this popular show, participants from abroad, DDC member exhibitors, and visitors, will fill the DDC’s aisles in one of the last big business and deal-making events for the industry before the holiday season.

“Israel Diamond Week is becoming one of our signature shows,” said Reuven Kaufman, president, Diamond Dealers Club. “We already feel the excitement and energy from those who are visiting the DDC for the first time, as well as our “regulars” – those who have experienced the show before, and are coming back to generate more business on our trading floor.”

In the last year, the Diamond Dealers Club has presented diamond dealers, manufacturers and brokers with one-of-a-kind shows on its premises. The events offer participants new ways to forge relationships and interact with diamantaires from around the world and with those they might never have had the chance to meet otherwise.

“Our specialty shows, such as India Diamond Week, Antwerp Diamond Week, and the upcoming Israel Diamond Week, give the entire industry a boost. We see a trend in going back to the traditional practices, like face-to-face interactions and networking with reputable peers, and how this is crucial to business,” added Kaufman.

For more information about Israel Diamond Week, or to inquire about how to become an accredited member of the DDC, please call our executive office. If you are not a DDC member and would like to attend Israel Diamond Week, please register by using this registration link:  http://www.en.isde.co.il/form.aspx?id=28458.

Mr. Parek Applauded by the DDC for His Key Leadership Position and Efforts to Bring About Closer Ties Between India and the U.S. Diamond Trade

NEW YORK, NY (August 18, 2014) – The vice chairman of the Gems & Jewellery Export Promotion Council (GJEPC) India, Pankaj Kumar Parek, was presented with an award by Reuven Kaufman, president of the Diamond Dealers Club, and Eli Izhakoff, WFDB and DDC honorary president, at a reception in honor of the first India Diamond Week in New York.  Mr. Parek was recognized for his leadership qualities on behalf of the diamond industry and for his outstanding efforts to bring about closer cooperation between the GJEPC India and the Diamond Dealers Club.

At the DDC’s cocktail reception and networking event on Wednesday evening, DDC president Reuven Kaufman introduced Mr. Parek as “one of the most important people in the Indian diamond industry, and someone who has worked so hard to enhance and improve the industry in India and American-Indian relationships,” he said.

The GJEPC India’s vice chairman, Pankaj Kumar Parekh, said it was a privilege to be at the DDC and that he accomplished his goals for the show. “All our exhibitors are smiling. There is Internet business and online trading, but every diamond dealer feels that one-on-one is definitely better. It was a privilege to be here, to meet our target audience directly and with no interruptions.“ He added that the impact of these types of shows on India’s diamond trade can only be positive.

During an interview at the DDC, Mr. Parekh spoke about international trade and the importance of the American market. “India’s largest buyer is always the U.S. We’re happy our old client is gearing up again. The jeweler’s economy is on the way to recovery. As the U.S. economy improves, it’s always to our advantage.”

Mr. Parekh also highlighted trends in the marketplace and the success of the show for exhibitors. “The marketplace is improving. Diamantaires who brought one carat and above to the show, were in greater demand,” he remarked. Mr. Parekh also spoke with appreciation about the symbiotic relationship between the GJEPC India and the DDC. “The two complement one another. Our relationship goes back to history. It’s very old and we are sure it will last a long time.”

Due to the enthusiasm by exhibitors to come back for another show at the DDC soon, Mr. Parekh advised, “We anticipate even greater numbers of attendees next time.”

Event Creates a “Positive Impact” on International Diamond Trade, says the GJEPC Vice-Chairman, Pankaj Kumar Parekh

NEW YORK, NY (August 14, 2014) – Today marks the conclusion of the first India Diamond Week at the Diamond Dealers Club (DDC) in conjunction with the Gems & Jewellery Export Promotion Council (GJEPC). Significant business transactions and new connections were made on the DDC’s Trading floor by U.S. and overseas participants, including DDC members and exhibitors from abroad.

The four-day exhibition, following on the heels of Antwerp Diamond Week and Israel Diamond Week, welcomed diamantaires from India to the U.S. This is the DDC’s third major initiative in only a few months to draw new audiences and forge bonds between diamantaires at the center of the diamond trade – New York City’s Diamond Dealers Club.

The GJEPC’s Vice-Chairman, Pankaj Kumar Parekh, shared his enthusiasm for the event. “We jumped on the privilege to participate when it was offered to us. Our relationship with the DDC is very strong. We complement each other and can’t survive without one another. The event was so successful that India diamantaires are already eager to come back to the DDC next month!”

To formally mark the occasion, DDC President Reuven Kaufman welcomed guests at a cocktail reception and networking event on Wednesday evening. “I was thrilled to see all the tables, all the aisles, completely full,” he said as he addressed the crowd. “By hosting India Diamond Week, and other shows at the DDC, we are witnessing new relationships forming, business deals happening – our trading floor coming alive again.”

The show exceeded the expectations of India Diamond Week exhibitors. Many expressed gratitude for being invited to participate and for reaping the rewards of doing business in real-time.  Ashok Nadoda of Shree Ramkrishna Exports Pvt. Ltd, one of the largest diamond manufacturers in India, said this was a totally new experience for them. “This is the destination for us to meet our customers and grow our business. We do more than fifty percent of our business online. By being here, this is the best way we can meet people, which helps increase our business tremendously,” he said.

Mitesh Zaveri of Hari Krishna Exports Pvt. Ltd, commended the DDC for conceiving and creating the show. “We didn’t know what to expect and we’re very pleased with the results,” he said. “We sold a nice amount of goods. Now that we participated in this show, we’ll come up with new goals so we can sell more next time.”

Local wholesalers and diamond companies noted that the DDC’s India Diamond Week presented them with an opportunity to network face-to-face, build new relationships and maintain bonds with companies they don’t usually interact with in person, which is critical to business and making deals.

“I think the U.S. market works hand-in-hand with the Indian market,” said Penina Rapaport of the Rapaport Group. “We’re seeing a lot more development with Indian companies, which is why it’s very important to have India Diamond Week. People really appreciate shows at the Diamond Dealers Club.”

Henry Desai of Bluerays Inc., a local manufacturer and wholesaler said, “It’s important to build new relationships and maintain bonds with these companies.”

WFDB and DDC Honorary President, Eli Izhakoff, attended the reception on Wednesday evening. “It’s a pleasure for me to see the reemergence of the DDC. The manifestation of this event, following the recent shows, brings people together to create new energy on the trading floor. I’m looking forward to watching the DDC continue to blossom under Reuven Kaufman’s careful and dutiful guidance.”

For more information about upcoming shows at the DDC, or to become a member, contact our executive office.