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London Bourse Reaches Out to Jewelry Workshops

Jul 31, 2016 7:35 AM   By Rapaport News
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The London Diamond Bourse (LDB) launched a new membership category that enables workshop owners to maintain a presence in the city’s diamond district after soaring rents have forced them to leave.

The LDB is offering mounters, setters and polishers space in the bourse to meet customers and letting them use the exchange’s postal address.

Rents in London’s Hatton Garden have doubled to $93 (GBP 70) per square foot in the last year three years, according to a Reuters report June 21 that cited commercial property agency Richard Susskind & Company.

“We know that many mounters, setters and polishers in Hatton Garden are, or are under threat of, relocating away from the area,” said Victoria McKay, the LDB’s chief operating officer. “This is because they are being served notice or finding their rents being pushed to unaffordable highs. This pressure from the property market presents problems as it could lead to the London trade becoming fragmented.”

LDB does not have the facilities to accommodate the actual workshops, McKay added.
Tags: finance, hatton garden, LDB, london, London Diamond Bourse, Rapaport News, rent, u.k., Victoria McKay
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