RAPAPORT... The Diamond Dealers Club of New York (DDC) and the Indian Diamond and Colorstone Association of New York (IDCA) recently concluded an agreement that allows members of each organization to become members of the other.

The deal was signed at DDC’s New York offices and was attended by Mr. Sushil Goyal, IDCA president, Ash Chalisa, IDCA office manager, Mosche Mosbacher DDC president, and Loius J. Rohde, DDC director of member services.The DDC, which was established in 1931, has over 1,800 members, while the IDCA, founded in 1984, has 200.

 

Under the agreement, IDCA members can become DDC members by paying discounted annual fees. As DDC members they will enjoy access to the organization’s arbitration board as well as its Bonding Web Trading program (BWT), which allows members to upload their inventory to the DDC diamond exchange web site. Members will also have access to the DDC’s insured shipping center (ISC) and discounted rates on shipping through TransGuardian and Wells Fargo insurance services.

“This is our vision for the New DDC,” Mr. Mosbacher said. “The Indian community has been tremendously successful in our industry. For too long, that has made non-Indian businesses feel challenged. We want to change that. All communities in our industry should cooperate as a single family. Unity will strengthen and improve all our opportunities – and not only for us, but for the generations who follow us.”

Mr. Goyal expressed the IDCA’s enthusiasm with the agreement: “We’re very enthusiastic about this new partnership. Our members have long been asking for the kind of benefits that our two organizations are now putting together. We feel that our collective strength will help us negotiate ever more streamlined costs and better returns for our industry.”

Going forward Mosbacher noted that the deal between the two organizations could grow to encompass more incentives. “[This is] just the DDC package as of today,” said Mr. Mosbacher. “We are working diligently – and continuously – to add more and more benefits. It has never been more worthwhile to join the DDC.”

Both organizations plan to host a seminar entitled “How to Save Money as a DDC-IDCA Member” in August to explain all the new advantages in detail to current and prospective members. Ongoing seminars explaining the new membership benefits will also be available at the DDC premises.