New York, Shanghai Bourses to Work More Closely

Reuven Kaufman, president of the DDC (pictured, left), and Lin Qiang, his counterpart at the SDE (right), signed a memorandum of understanding Monday following a meeting of the World Federation of Diamond Bourses (WFDB) in Macau, the DDC said in a statement Tuesday. 

The two parties agreed to create new business contacts and share information on market developments. They will also establish trading weeks in both bourses, with a delegation from the SDE due to visit New York for the inaugural China Diamond Week at the DDC.

The move comes after the DDC relocated to more modern premises in New York’s International Gem Tower in June from its previous home on 580 Fifth Avenue.

“We sincerely appreciate the friendship of the SDE throughout the years and look forward to learning from each other, and most importantly, doing more business together,” Kaufman said. “We are excited in the coming months to open up our new and state-of-the-art trading floor to delegations from China and all over the world. We are encouraged by their renewed interest and recognition of the vitality of the New York diamond market.”

Qiang said the new DDC trading floor would be an “attractive venue” for the Shanghai bourse’s members.

“We are sure WFDB organizations from all over the world will capitalize on this opportunity to create new ways to work with the trade in New York,” Qiang added.