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Press Release: The Diamond Dealers Club (DDC) of New York president Reuven Kaufman announced that its membership was extremely pleased that the Gemological Institute of America (GIA) provided it with its new DiamondCheck machine to be used without charge by club members to determine whether stones were natural or synthetic. According to Kaufman, the GIA technology will assist the membership to assure both themselves and their clients that their goods are correctly classified as natural or synthetic.
Kaufman reported that, while it is neither illegal nor unethical to deal in synthetic diamonds, passing synthetic stones off as natural diamonds could potentially have a harmful impact on our industry by undermining consumer confidence. This follows reports that some synthetic diamonds submitted to certifying labs for grading have, perhaps inadvertently, been mixed with parcels of natural diamonds in the past year or so. The DDC president also said that the club, which was established in 1931, was committed to an ongoing education program for its members with respect to synthetic diamonds and it conducts seminars on how they may be effectively identified as well as potential action by bourses worldwide for knowingly passing off synthetic stones as natural diamonds. Kaufman particularly expressed his gratitude to GIA’s leadership: Susan Jacques, the lab's president; Tom Moses, the senior vice president and Wuyi Wang, the director of research at GIA in arranging for the placement of DiamondCheck in the club's trading floor. He added that the “DDC is a major diamond trading center, one committed to an industry built on integrity, trust and reputation. The installation of DiamondCheck technology by GIA, the first bourse to which GIA provided this equipment, will help us to both prevent synthetic diamonds from entering the market as natural diamonds as well as to ensure the maintenance of the high degree of consumer confidence that is critical to the industry worldwide.” About the Diamond Dealers Club (DDC)
Established in 1931, the Diamond Dealers Club is the voice of the U.S. diamond industry and is the oldest and largest diamond-trading bourse in the country. A member of the World Federation of Diamond Bourses, the DDC’s nearly 2,000 members come from across the U.S., Europe, Japan, India, South Africa and Israel. The DDC is headquartered in a 25,000 square foot facility in the heart of the diamond district in the World Diamond Tower at 580 Fifth Avenue and 47th Street. To learn more about the Diamond Dealers Club, please visit www.nyddc.com. Rapaport News is not responsible for, and does not endorse, the content of any third-party press release. This is not a Rapaport Press Release. It has been provided as additional information for our clients.
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